A prominent entity in the Philippine gambling sector, Belle Corp, declared a substantial rise in earnings from its City of Dreams Manila integrated complex for the April-June quarter of 2022. This favorable development was included in the company’s most recent financial report.
Belle Corp’s ownership in the complex is managed through Premium Leisure Corp, a branch that runs a collaborative enterprise with Melco International Development. The income distribution is determined by Belle’s equity percentage.
Gross earnings surged to PHP1.51 billion (US$27.3 million), a considerable jump from PHP848.8 million during the corresponding period in 2021. The initial six months of 2022 presented an even more optimistic outlook, with gross earnings hitting PHP2.82 billion compared to PHP1.75 billion in the prior year.
Profitability mirrored a comparable upward course. Post-tax net earnings for the second quarter of 2022 reached PHP661.2 million, a sharp difference from the net deficit of PHP181.6 million in the second quarter of 2021. For the first half of the year, post-tax net earnings amounted to PHP1.13 billion, a substantial enhancement from the PHP265.4 million documented for the corresponding period in 2021.
These remarkable outcomes emerge as the Philippines continues to relax commercial and travel limitations enforced earlier in the year to counter a spike in COVID-19 infections.
This favorable pattern is reflected across the Philippine gambling industry. The Philippine Amusement and Gaming Corporation (PAGCOR), the nation’s gambling authority, announced a 68% year-over-year growth in earnings for the first half of 2022.
PAGCOR’s earnings from January to June 2022 reached PHP26.7 billion, up from PHP15.88 billion in the same timeframe last year. Aggregate gaming earnings for the first half of 2022 hit PHP24.7 billion, a notable increase from the PHP14.77 billion registered during the same timeframe in 2021.
During the ASEAN Gaming Summit in July of 2022, Peter Johns, who holds the position of Chief Creative Officer at IDX Games, participated in a panel discussion. He was joined by prominent figures in the industry, including Angel Sueiro, the COO of a significant resort corporation in the Philippines, and David Lawrence, who serves as General Manager for Thunderbird Resorts and Casinos. The focus of their dialogue was the promising future of the expanding gaming sector within the Philippines.
