Belle Corp posted a 52 percent drop in first half revenue as its share of gaming revenue from City of Dreams Manila plunged 87 percent.
The company said in a statement to the Philippine Stock Exchange that its consolidated revenue fell to PHP2 billion ($40.6 million) from PHP4.2 billion a year earlier. Its share of gaming revenue was PHP248 million from PHP1.88 billion in the same period a year earlier.
Belle’s main asset is City of Dreams, which it leases to Melco Resorts & Entertainment. It gets a share of the gaming revenue as well as lease income from the resort.
In the reporting period, Belle posted recurring net income of PHP 515 million, down 76 percent.
Gaming operations remained suspended for the entire second quarter of 2020 due to a government-mandated shutdown to stem the spread of Covid-19.
Belle said City of Dreams Manila is using this time to prioritize the health of its employees, to establish protocols that ensure a safe working and recreational environment and to support the government in keeping people safe in restarting the economy.
Pacific Online Systems Corp, which is 50.1 percent-owned by Belle’s Premium Leisure Corp unit saw a 68 percent drop in revenue due to the closure of Philippine Charity Sweepstakes Office locations. The company leases online betting equipment to the PCSO for lottery and keno operations.
Belle said its real estate business suffered a 10 percent decline.