Belle Corp earmarks P3 B for 2015 capex

MANILA, Philippines - Belle Corp., a company majority owned by the family of mall and banking tycoon Henry Sy, is returning to its real estate roots this year with City of Dreams Manila now up and running.

Belle vice chairman Willy Ocier said the leisure estate and gaming firm has earmarked about P3 billion for capital expenditures this year, higher than the P2.78 billion the company spent last year.

Ocier said majority of this year’s budget would be used primarily for property development.  

Belle targets to complete this year the seventh phase of its Lakeside Fairways development in Tagaytay as well the third nine-hole golf course of Tagaytay Midland.

The listed firm said the projects are eyed to “attain 100 percent completion in 2015.”

Belle, once a dormant mining and oil exploration company before shifting its focus towards property development in 1989, owns significant real estate assets in and around Tagaytay City.

Aside from real estate, the company is also into the gaming business through listed subsidiaries Premium Leisure Corp. (PLC) and Pacific Online Systems Corp.

The Sy family has consolidated its gaming assets, including its stake in City of Dreams Manila under PLC, formerly Sinophil Corp.

Belle’s principal assets outside Tagaytay and Batangas include land and buildings located at PAGCOR Entertainment City in Paranaque which are on a long-term lease to Melco Crown Entertainment Ltd. (MCE).

The property is the site of the City of Dreams Manila gaming and resort operations.

Belle also has a share in earnings from City of Dreams’ gaming operations through PLC, a 78.7 percent-owned subsidiary.

PLC has an operating agreement with MCE that entitles it a share of gaming revenues of City of Dreams Manila.

City of Dreams Manila soft-opened on Dec. 14, 2014 and had a grand launch last Feb. 2.

Belle said profits last year slipped by nearly a third last year to P2.56 billion from P3.64 billion in 2013 due to lower non-recurring gains.