Philippines real estate and gaming firm Belle Corporation has reportedly announced that its net income for the first nine months of 2020 has fallen by 96.4% year-on-year to approximately $1.91 million owning to a coronavirus-related slowdown in business.
According to a report from GGRAsia, the firm holds a stake in the City of Dreams Manila development run by a unit of Asian casino and entertainments giant Melco International Development Limited and was hurt as operations at the 938-room venue were shuttered for 22 weeks from March 16 owing to the ongoing coronavirus pandemic. The source explained that this Entertainment City property has since been allowed to re-open at 30% capacity even as Manila and its 24 million inhabitants remain under a modified ‘general community quarantine’.
Manila-listed Belle Corporation reportedly used an official Thursday filing to describe its stake in City of Dreams Manila as a ‘primary growth driver’ before declaring that its revenues from gaming for the nine months to the end of September had plummeted by 86.4% year-on-year to just shy of $6.71 million owing to ‘Covid-19-related developments.’
As if this news wasn’t bad enough, the Philippines firm purportedly noted that issues linked to the coronavirus pandemic had moreover caused ‘weak results’ for its Pacific Online Systems Corporation subsidiary, which leases a range of lottery and keno betting equipment to the Philippine Charity Sweepstakes Office.
Reportedly read the filing from Belle Corporation…
“The effects of the pandemic began with declining tourist arrivals prior to the implementation of the community quarantines nationwide and was compounded by the temporary suspension of gaming operations at City of Dreams Manila on March 16 in compliance with government initiatives to contain the virus.”