Philippine residential and leisure property developer Belle Corp. has unveiled plans to expand its casino operations within Manila’s Entertainment City and beyond.
Belle currently operates City of Dreams Manila, a multi-billion integrated resort, together with Hong Kong gambling operator Melco Resorts & Entertainment (recently rebranded from Melco Crown Entertainment).
During Belle’s latest shareholders meeting, the company’s Vice-Chairman Willy N. Ocier has revealed that City of Dreams Manila is fully operational and rapidly growing into a major player on the Philippine gambling scene. The official further noted that Belle is exploring different opportunities to expand the 6.2-hectare property and to extend its footprint beyond Metro Manila.
The company will leverage the experience of Melco in the operation of integrated resorts. The latter is managing casino resort properties in Macau and thus has access to Chinese and other customers from the Asia-Pacific region.
Belle is planning to submit a license application with PAGCOR, the Philippines’ gambling regulator. The company has discussed the matter with gambling officials and has been assured that its application will be reviewed. However, it is yet to become known whether it will be allowed to implement its expansion strategy.
Mr. Ocien has told local media that Belle is eyeing a 8,500-square-meter site right across City of Dreams Manila for the resort’s planned expansion. The official has pointed out that the lot could be used for the construction of more non-gaming facilities as part of the expensive complex, which was soft-opened in December 2014 as the second of four integrated casino resorts within Manila’s Entertainment City.
City of Dreams Manila generated gross gaming revenue of PHP25 billion in 2016. In comparison, Bloomberry Resorts Corp. reported gaming revenue of PHP38.54 billion, the greater portion of which came from its Solaire Resort & Casino, Entertainment City’s first casino complex.
Belle has also reported its financial results for the first quarter of the year. Consolidated net income totaled PHP782.5 million during the period in review, up 90% from a year earlier. The company’s recurring net profit increased 84% year-on-year to a total of PHP760 million. The significant growth was attributed to City of Dreams Manila’s performance.
According to Belle President and CEO Manuel A. Gana, suggestions that the recently opened Okada Manila resort would cannibalize revenue from its Entertainment City counterparts proved wrong and everyone was clearly growing in the luxury district.
Warming relations between China and the Philippines are expected to have quite a positive effect on the latter country’s tourism industry, if those relations are maintained and the proposed visa requirements relaxation is implemented.
Mr. Gana expressed hopes that a potential increase in the number of Chinese tourists visiting the Philippines would boost the growth of the country’s existing and yet-to-be-opened integrated resorts.
