Philippines – Belle Corp wants to expand City of Dreams ManilaBy Phil - 24 April 2018
Belle Corp has asked it partner in Manila, Melco Resorts, to expand City of Dreams Manila using a one-hectare land adjacent to the property.
Belle President Manuel Gana revealed that the 6.2-hectare Manila resort, which has over 900 hotel rooms, needs more rooms as it was now operating at close to full capacity with an occupancy rate of over 90 per cent.
Growth of eight per cent at City of Dreams Manila helped to boost Belle Corp’s net income in the first quarter of 2018 which increased by 10 per cent to P857m.
Belle said recurring net income increased 17 per cent to P888m. It owns City of Dreams via its 78.7 per cent-owned subsidiary, Premium Leisure Corporation (PLC). Belle Corp.’s earnings before interest, taxes, depreciation and amortization (EBITDA) from its income share in the gaming operations of City of Dreams Manila came in at P474m in the first quarter of 2018 up from P439 million the year before.
Mr. Gana said: “We have one hectare across the City of Dreams, across the Hyatt entrance, and we proposed to Melco for an expansion because we need more hotel rooms in City of Dreams. It is almost filled to capacity every time. We have more than 900 rooms and the average occupancy is more than 90 percent We are waiting to hear back from them, with respect to their plans and designs. The ball is in Melco’s court. They have a lot of things on their plate. We can build our own hotel and capitalize on City of Dreams clientele but we prefer Melco to get involved so it can be consolidated into City of Dreams.”