Minus one-time gain Belle net income down

MANILA, Philippines - The absence of a non-recurring gain pulled down the profits of the SM Group’s gaming arm and upscale leisure developer Belle Corp.

In a disclosure to the Philippine Stock Exchange (PSE), Belle said its consolidated net income declined 60 percent to P309.9 million in the first quarter from P777.8 million a year ago.

The listed firm said last year’s first quarter performance included a non-recurring income of P949.6 million from the Philippine subsidiaries of Macau-based casino giant Melco Crown Entertainment Ltd.

Belle is constructing the $1.3-billion City of Dreams Manila complex in the Manila Bay reclamation area.

Melco Crown, for its part, leases the property and would operate the integrated casino.

Melco Crown started leasing the property in March last year.

Core net income of Belle Corp., which excludes non-recurring items, nearly doubled to P196.9 million in the first quarter from P113 million in the previous year.

City of Dreams Manila would reportedly offer 365 gaming tables, 1,680 slot machines and 1,680 electronic table games.

The integrated casino project is Melco Crown’s first gaming foray outside Macau where it operates the City of Dreams and Altira Macau casinos. City of Dreams Macau is famous for its world-class gaming and entertainment offerings, including The House of Dancing Water Show and party place Club Cubic.

City of Dreams Manila is scheduled to open in October, making it the second integrated casino complex to operate in the Philippine Amusement and Gaming Corp.’s 120-hectare Entertainment City which is groomed to become the Philippines’ version of the Las Vegas strip. In March last year, port mogul Enrique Razon opened the $1.2-billion Solaire Casino & Resort at the Entertainment City.