Belle Corp. is moving forward with plans for a new integrated resort in Clark Freeport, Pampanga, after securing a provisional casino license from the Philippine Amusement and Gaming Corp. The planned development carries an initial investment of at least US$300 million and would mark the company’s second casino hotel project after City of Dreams Manila.

The company confirmed in a Philippine Stock Exchange filing that discussions are underway with potential casino operators, reports Manila Standard. Belle president and chief executive Armin Antonio Raquel-Santos said the group is speaking with three to four foreign operators, including current partner Melco Resorts & Entertainment Corp.

Belle already works with Melco through City of Dreams Manila, where it owns the land used by the integrated resort and receives revenue share along with regular rental payments. The Clark project appears to follow a similar asset-based approach, with Belle expecting to earn from land leasing and a share of gross gaming revenues once the property begins operations.

Operator Talks Shape Project Timeline

Belle said the development will depend on the selection of an operator, with the official opening targeted within two to three years from that engagement. The company aims to choose a partner within the year, although negotiations and market conditions will affect the schedule.

“We confirm that there are ongoing discussions with potential operators. Arrangements on this partnership shall be disclosed as soon as these have been agreed upon by transacting parties.

“With the planned application as co-licensee, Belle has set its internal timeline which includes planning and construction, with official launch targeted within two to three years from the engagement of an operator.

“The Belle Group has planned to invest at least US$300 million in the project and expects to derive lease and share in gross gaming revenues therefrom once the property becomes operational.”

The planned resort will use a co-licensing structure in which the chosen operator would handle gaming operations while leasing the land. After Belle finalizes the partnership, it plans to submit a revised development plan that reflects the operator’s design and operational requirements.

The provisional license was received by Sinophil Leisure and Resorts Corp. and Foundation Capital Resources Inc., gaming units under Premium Leisure Corp. Belle also requested the inclusion of Premium Leisure Corp. and Belle itself as co-licensees earlier this year, with that request still under assessment.

The proposed resort will occupy a five-hectare property in Clark and is expected to include casino and hotel components. Belle sees the location as a key advantage because the site sits near SM Mall in Clark, Clark International Airport, and the proposed North-South Commuter Railway project.

Clark has continued to develop as a casino and tourism area. Belle described the location as an emerging MICE tourism destination and gaming hub in the region. The area already includes several casino resorts, including Hann, Royce, D’Heights, Midori, Casino Plus, and PAGCOR-operated Casino Filipino Capital.

The project will also place Belle in competition with other integrated resort developments in the area, including Hann Resorts, owned by Hann Holdings Inc. Initial investment levels for Clark integrated resorts generally start at around US$300 million and may rise to US$500 million depending on the scale of the development.

Financial Results Support Expansion Plans

Belle’s push into Clark comes as its latest financial results show growth. The company reported net income of PHP524 million for the first quarter of the year, up 13 percent from PHP462 million in the same period a year earlier.

Total revenues reached PHP1.42 billion in the first quarter of 2026, rising 9 percent from PHP1.30 billion in the first quarter of 2025. Belle also reported that gaming revenue from its share of the casino business at City of Dreams Manila increased 12.3 percent year-on-year in the first quarter of 2026 to PHP485.7 million, equal to US$8.0 million.

The company said the gaming sector continues to face pressure from global uncertainties, though it expects demand to stabilize over time. Its Clark plan remains tied to the outcome of operator discussions, the final co-licensee structure, and the revised development plan that will follow once Belle selects its partner.