Melco Resorts staying put in City of Dreams

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March 6, 2026 | 12:00am

MANILA, Philippines — Melco Resorts & Entertainment is staying put in City of Dreams Manila, according to its partner Belle Corp., one of the portfolio investments of Sy family’s SM Investments Corp.

“It’s been public knowledge that Melco, our partner in City of Dreams, has been trying to sell their shares. But unfortunately, they haven’t had any successful buyer for those shares,” SM Investments president and chief executive officer Frederic DyBuncio said in a recent briefing.

“In the meantime, they will continue to be our partner in City of Dreams,” he said.

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.

“The problem in City of Dreams right now is that there’s very little Chinese and Korean players who are coming to the market, so we’re really relying primarily on the mass market, which are really the Filipinos who go to City of Dreams,” DyBuncio said.

“The online business actually is now more or less half of the physical structure. But our performance still has been very good in City of Dreams because we really target more of the mass market,” he said.

Meanwhile, Dybuncio declined to give further updates on Belle’s planned expansion in Clark.

Belle, through its gaming-focused subsidiaries under PLC, filed in 2024 an application for a gaming license to develop an integrated resort in the former American air base in Clark, Pampanga.

“I cannot say much. You just need to wait for further announcements on the expansion in the Clark business,” DyBuncio said.

Listed Pacific Online Systems Corp., a subsidiary of Belle, recently expressed plans to step away from the online gambling business.

Pacific Online announced its divestment from HHR Philippines Inc., the operator  of online gaming platform Buenas PH, “because of the firm policy adopted by the national government against the licensing of online betting platform.”

Pacific Online likewise said it would discontinue its electronic lotto or “e-lotto” project with the Philippine Charity Sweepstakes Office, a P4.09-billion five-year contract for lease provision of a web-based app for e-lotto system awarded to the company in 2024.