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Richmond Mercurio - The Philippine Star
August 8, 2025 | 12:00am
Photo of an individual engaging in an online gambling site.
Canva photos
MANILA, Philippines — Belle Corp., one of the portfolio investments of SM Investments Corp., is awaiting clearer government regulations before proceeding with its entry into online gaming.
SM Investments president and CEO Frederic DyBuncio said that Belle is thinking of setting up its own online gaming, but it has been put on a pause to see first what happens with the regulations.
He said that Belle holds a Philippine Inland Gaming Operator or PIGO license as part of its physical license.
“That’s something which we are looking at. We wanted to wait and see first how the regulations will affect us,” DyBuncio said.
“But we’re hopeful that the regulations will help us, moving forward, and go back to the physical gaming,” he said.
The company continues to explore and pursue related ventures and high-growth opportunities in the gaming space that will enhance shareholder value.
Belle is a co-licensee and owner of the land where City of Dreams is located.
Its integrated resort in Entertainment City is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corp., which holds an operating agreement with Premium Leisure Corp. (PLC) subsidiary PremiumLeisure and Amusement Inc.
Belle, through its gaming-focused subsidiaries under PLC, filed last year an application for a gaming license to develop an integrated resort in the former American air base in Clark, Pampanga.
“We have submitted all of our requirements to PAGCOR. We’re actually now just waiting for them to officially inform us whether they will grant us a license or not, but that is a specific license for Clark,” DyBuncio said.
Bullish on the gaming sector’s resilience, Belle is committed to creating value for stakeholders through deliberate investments and expansion.
The move to develop an integrated resort in Clark underscores the company’s intent to cement its position in the gaming sector, while contributing to the nation’s economic development through tourism.
Meanwhile, with regard to Melco’s potential exit in City of Dreams Manila, DyBuncio said there is “one or two who expressed interest to look into the property.”
“I don’t know whether they are operators or just private equity that may want to invest then Melco manages the casino. I am not privy to the discussion,” DyBuncio said.
“But so far, nothing definite has happened yet. But for them (Melco), if they cannot sell it at the price they want, they are just going to continue the business,” he said.
Melco earlier tapped financial advisors to explore possible strategic alternatives for City of Dreams Manila.
“They managed all the hotels. They managed all the fit-out in the casino. They’re responsible for updating the machines, changing the slot machines and making sure that it’s what the consumers want to play,” DyBuncio said, referring to Melco’s role in City of Dreams Manila.
“Belle is the landlord so Belle owns the physical structure and Melco pays us rent on the structure and then Premium Leisure, who is a co-licensee of the casino, they earn based on the EBITDA earnings of City of Dreams. But we don’t share any losses. We do not have any financial risk in the casino,” he said.
