Philippines real estate and gaming firm Belle Corporation has released its financial results for the first six months of 2016 showing an over 9.5% increase year-on-year in net profit to $19.54 million.
A subsidiary of SM Investments Corporation and one of the companies responsible for the City Of Dreams Manila integrated casino resort via the Premium Leisure Corporation joint venture, Belle Corporation revealed that its gross revenues for the six months to the end of June rose by in excess of 11.7% to $65.14 million while income before tax improved by 11.3% to hit $27.98 million.
For the second quarter, Belle Corporation revealed a 9.8% growth year-on-year in net profit to $10.74 million alongside a 12.5% boost in its gross revenues to $33.16 million.
“Premium Leisure Corporation’s gaming income share for the first half of 2016 almost doubled to $14.97 million from $7.69 million for the first half of 2015,” read a statement from Belle Corporation. “This was attributable to the ramp-up in gaming operations of City Of Dreams Manila, which held its grand opening in February of 2015.”
Belle Corporation’s partner in Premium Leisure Corporation, Melco Crown Entertainment Limited, recently reported second-quarter net revenues from City Of Dreams Manila of $120.2 million, which represented a 36.2% enhancement year-on-year. The Manila venue additionally saw its adjusted earnings before interest, tax, depreciation and amortization for the three-month period swell by 189.6% to $36.5 million primarily as a result of increased casino revenues including those from junket operations that began in the middle of 2015.
Melco Crown Entertainment Limited moreover declared that second-quarter mass-market table games drop at the 15-acre development perked up by 15.1% year-on-year to $134.3 million off of a hold percentage that had progressed by 4.5% to 29.9%. Continuing the good news, the firm explained that gaming machine handle for the period advanced by 10.8% to $515.4 million with a win rate that was 0.3% down to 5.8%.