Belle Corp. has asked Philippine Amusement and Gaming Corp. for a lease for an additional 10 hectares for a third phase of its $1 billion joint venture Belle Grande Manila Bay casino hotel, which is to open next year. The initial phases are being built on a 6.2ha site in Entertainment City, the new Manila gaming zone already home to the Solaire casino hotel.
Belle said that Melco Crown (Philippines) Resort Corp., its joint venture partner and the local unit of Macau’s Melco Crown Entertainment Ltd., would pay $35 million a year in rent for the Belle Grande casino as well as split gaming revenue evenly. Belle reported net profit of 785 million pesos ($19.1 million) for the first quarter thanks to 1.03 billion pesos in rent payments from Melco which boosted revenues to 1.18 billion pesos. The company had earnings of 52.5 million pesos a year earlier.