3 weeks ago
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Leisure developer and gaming firm Belle Corporation reported an almost flat consolidated net income in 2024 amounting to ₱2.43 billion from the ₱2.42 billion it earned in 2023.
In a disclosure to the Philippine Stock Exchange, the firm said its consolidated recurring net income grew seven percent in 2024 to ₱2.44 billion from ₱2.28 billion in 2023.
Consolidated revenues increased by five percent to ₱5.89 billion last year from ₱5.6 billion in 2023.
“In 2024, the Belle Group remained profitable due to the resilience of our businesses, strategic focus and healthy balance sheet,” said Belle President and CEO Armin Raquel Santos.
He noted that, “Relying on our tried and tested business models, we worked with our management teams, employees and business partners to provide the finer things in life to our loyal patrons and customers.”
Belle also reported that its Board of Directors has approved the declaration of a regular cash dividend of ₱0.06 per share for a total dividend payment to its common shareholders of approximately ₱582.0 million payable on March 21, 2025 to shareholders of record as of March 7, 2025.
Belle is a developer of world-class resort destinations, gaming and leisure properties in the Philippines such as City of Dreams Manila and Tagaytay Highlands.
Its integrated resort in PAGCOR's Entertainment City is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corporation (Melco), which holds an operating agreement with Premium Leisure Corporation's (PLC) wholly owned subsidiary PremiumLeisure and Amusement, Inc.
Aside from lease income, Belle earns gross gaming revenues from City of Dreams Manila through its 99.55 percent ownership in PLC and owns approximately 1.5 hectares of presently undeveloped land from across the site.
Belle also owns significant real estate assets in the Tagaytay Highlands, Midlands and Greenlands complexes where it develops premium residential resort projects south of Metro Manila and holds majority proprietary shares in its exclusive club and golf facilities.
The firm also controls gaming firm Pacific Online Systems Corporation through the 50.1 percent ownership of PLC.
