Belle Corp., the leisure estate and gaming firm of the Sy group, reported a consolidated net income of P462.4 million for the first quarter of 2025, up 5 percent from P439.7 million, driven by the growth in its casino business.
Belle said in a disclosure to the stock exchange its share in gaming revenue at City of Dreams Manila through its subsidiary Premium Leisure Corp. rose to P432.6 million in the first quarter of 2025, higher by 8 percent versus P401.2 million in the same period in 2024.
Revenues from leasing the City of Dreams Manila to Macau-based Melco Resorts amounted to P588 million, slightly higher than the P580.2 million recorded a year earlier.
Despite increase in gaming revenues, Belle reported a slight decline in total consolidated revenues for the first quarter of the year.
Revenues fell to P1.3 billion in the first three months of 2025, down 1 percent year-on-year as sales from real estate business dropped 6 percent to P739.7 million.
Belle said the sale of real estate and property management at the Tagaytay Highlands complex contributed P151.7 million in revenue, lower by 28 percent from from the previous year’s level,
Belle holds a 50.1 percent stake in Pacific Online Systems Corp., (POSC) which recorded flat revenues of PHP129.5 million in both 2025 and 2024. POSC leases online betting equipment to the Philippine Charity Sweepstakes Office for its lottery operations.
Melco Resorts said in February it was considering “strategic alternatives” regarding its role in City of Dreams Manila as part of the group’s aim of moving to an “asset-light” investment strategy.
