Philippines’ Belle Corp reports surge in 2023 revenue to €92.5 million
Belle Corp, a prominent player in the gaming industry in the Philippines, witnessed an uptick in its consolidated revenues for 2023, reaching PHP5.6 billion (€92.5 million). This marks a notable 3 percent increase from the PHP5.4 billion (€89.2 million) recorded in the previous year.
The surge in revenue was largely propelled by the company’s other gaming-related sources, including gaming revenue share and online betting equipment rental.
Key partnerships and ventures
The company’s strategic alliances, notably with City of Dreams Manila (CODM) and Melco Resorts and Entertainment Corporation (MRP), have been instrumental in driving its revenue growth trajectory. As an investor in CODM and operating in collaboration with MRP, Belle Corp has solidified its position in the competitive gaming landscape.
Belle Corp’s annual report, disclosed to the Philippine Stock Exchange, highlighted a significant boost in casino revenue attributed to its share in the gaming operations at City of Dreams Manila. The revenue surged by an impressive 50 percent year-on-year, reaching nearly PHP2.34 billion (€38.7 million) in 2023.
Jackson Ongsip, President and CEO of Belle Corp, attributed this growth to improvements across both mass and VIP segments at CODM. Efforts to expand the client base, coupled with rising local and international tourist arrivals, have contributed to CODM’s success amidst stiff competition from other integrated resorts in Entertainment City Manila.
Financial performance
The robust revenue growth translated into substantial gains for Belle Corp in terms of consolidated net income. The company witnessed a remarkable 42 percent surge, with consolidated net income reaching PHP2.4 billion (€39.6 million) in 2023, compared to PHP1.7 billion (€28 million) recorded in the previous year.
Pacific Online’s contribution
Furthermore, Belle Corp’s subsidiary, Pacific Online Systems Corporation (Pacific Online), also experienced a surge in revenues in 2023. Engaged in the national gaming lottery sector, Pacific Online leases online betting equipment and systems to the Philippine Charity Sweepstakes Office (PCSO) for its lottery operations nationwide.
The company reported revenues of PHP599.2 million (€9.9 million) in 2023, marking a notable 15 percent increase from PHP519.1 million (€8.6 million) realized in 2022. This growth underscores Pacific Online’s integral role in contributing to Belle Corp’s overall revenue stream.
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