- Flexi Group
Belle Corporation reports Q2 growth as Philippine Covid restrictions ease
Belle Corporation has published its Q2 2022 financial results, reporting an increase in revenue from its City of Dreams Manila integrated resort.
The company owns shares in the resort through an agreement between subsidiary Premium Leisure Corp and Melco International. Belle revenue is calculated proportionately according to its resort shares.
Gross revenue stood at PHP1.51bn ($27.3m), a rise from the Q2 2021 total of PHP848.8m. Gross revenue for the first six months of 2022 stood at PHP2.82bn, an increase from the total in the same period in 2021 of PHP1.75bn.
Net income after tax in Q2 2022 amounted to PHP661.2m, a significant increase from the PHP181.6m loss in Q2 2021. H1 net income after tax totalled PHP1.13bn, an increase from H1 2021’s total of PHP265.4m.
These positive results come as the Phillippines begins to relax restrictions on businesses and travel, put in place in response to a surge in Covid-19 cases at the beginning of 2022.
The Philippine Amusement and Gaming Corporation (PAGCOR) reported similarly positive results for H1 2022, confirming a 68% revenue increase.
The organisation generated PHP26.7bn from January 2022 to June 2022, equating to a 68% increase from the PHP15.88bn total from the same period in 2021.
H1 2022 income from gaming operations amounted to PHP24.7bn, a 67% increase from the H1 2021 total of PHP14.77bn.
At the ASEAN Gaming Summit in July 2022, IDX Games CCO Peter Johns gave his thoughts on the burgeoning Philippine gaming market, along with a number of other industry figures including PH Resort Group COO Angel Sueiro and Thunderbird Resorts & Casinos Casino General Manager David Lawrence.