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Belle Corporation, the Philippine Stock Exchange-listed ultimate parent of the Premium Leisure Corp and the property owner of the City of Dreams Manila, saw its share of casino proceeds from the integrated resort fall materially in 2025. Its share of these proceeds, as evidenced from Belle’s audited financials, which were disclosed by the company to the Philippine Stock Exchange, dropped 17 percent, falling from PHP2.29 billion (U.S.$39.66 million) in 2024 to PHP1.9 billion (U.S.$32.91 million) for the year ended December 31, 2025.
The company accounts for its share of gaming revenue from City of Dreams Manila through its ownership interest in Premium Leisure Corp; Belle’s entitlement to share in casino revenues derived from City of Dreams Manila is based on the existing operating arrangements that govern Premium Leisure Corp’s business operation under the properties of City of Dreams Manila. The gaming revenue share for Belle represents a continued linkage between Belle and the casino operations of the integrated resorts, notwithstanding the group’s desire to increase its overall footprint in other markets.
Revenues, Profit, and Dividend Declaration
The weaker gaming takes fed into lower group figures overall. Belle reported consolidated revenues of PHP5.29 billion ($91.62 million) in 2025, down from PHP5.89 billion ($102.01 million) a year earlier. Net income for the period slipped to PHP2.11 billion ($36.54 million), compared with PHP2.43 billion ($42.09 million) in 2024. Earnings attributable to equity holders of the parent company came in at PHP2.10 billion ($36.37 million), reflecting the bulk of the profit flowing through to Belle’s shareholders.
Despite the lower contribution from City of Dreams Manila, Belle’s board signed off on a cash dividend. The company approved a payout of PHP0.06 ($0.001) per share, with a record date set for March 13, 2026, and payment scheduled for March 27, 2026. The move indicates that Belle is maintaining shareholder returns even as it navigates a softer revenue environment, anchored by recurring income from its core assets.
Reliance on Entertainment City Income Streams
Belle’s results highlight how important its Entertainment City-linked business remains to the group. The auditors’ report noted that lease income and share in gaming revenue accounted for around 80 percent of total revenues in 2025. That mix shows that the company continues to rely heavily on income streams associated with its City of Dreams Manila assets, both as landlord and as a beneficiary of casino revenue via Premium Leisure Corp.
These recurring components provide a steady base for Belle’s financials, but they also underline the concentration risk around a relatively narrow set of properties and revenue drivers. It is against this backdrop that the company’s planned expansion into Clark becomes more significant, as it seeks to diversify beyond its existing Entertainment City position.
Clark Integrated Resort Plans Under Review
Belle also announced that, along with the announcement of its financial results for 2025, the company has also announced the status of its new integrated resort project located in Clark, Pampanga. The group, through subsidiaries of Premium Leisure Corp., filed an application with PAGCOR for a gaming license in July 2024. That filing marked the first formal step toward establishing a new IR outside Metro Manila, in line with Belle’s stated goal of widening its gaming portfolio.
On February 5, 2026, Belle requested that both Premium Leisure Corp. and Belle Corporation itself be included as co-licensees on the Clark project. The company described this move as being aimed at strengthening the project’s development and operational capabilities, effectively bringing the parent company closer to the regulatory license structure. The request is currently under regulatory assessment, with no final decision disclosed yet.
As mentioned earlier, the group believes that Clark is an ideal place for another integrated resort project, seeing this new project as part of its overall plan to expand and diversify outside of the Entertainment City area. As the group continues to face a declining revenue share from its gaming business within the City of Dreams Manila and a declining net income from its consolidated revenues, this proposed project is an important aspect of the group’s overall plan to expand and create new sources of revenue for future growth.
Source: Asia Gaming Brief (AGB)
