Belle declares P1.9-B cash dividends

MANILA, Philippines - Listed leisure estate company Belle Corp. is handing out P1.9 billion in cash dividends to its shareholders.

The Henry Sy-led company told the local bourse that its board of directors approved the declaration of a special cash dividend worth P0.18 per share.

Belle said the payment of the dividend would be on March 9 to shareholders of record as of Feb. 10, 2015.

Belle’s principal assets include land and buildings located at the Pagcor Entertainment City in Paranaque City which are being leased on a long-term basis to Philippine entities controlled by Macau casino giant Melco Crown Entertainment Ltd.

The property is the site of the City of Dreams Manila gaming and resort operations, which encompasses 6.2 hectares of land and more than 30 hectares in building gross floor area.

Belle said it realized revenues of approximately P1.3 billion in 2013 from the lease to Melco Crown and more than P1.2 billion during the first nine months of last year.

Belle is also set to realize a share in earnings from City of Dreams’ gaming operations through its 78.7 percent-owned subsidiary, Premium Leisure Corp., which has an operating agreement with Melco Crown.

City of Dreams Manila soft-opened in December last year and is scheduled for its grand launch today.