Philippines real estate and gaming firm Belle Corporation is hoping to enlarge the City of Dreams Manila integrated casino resort and has reportedly asked its partner in the giant venue, Melco Resorts and Entertainment Limited, if it would like to join in its plan to expand the property.
According to a report from the Philippine Daily Inquirer newspaper, Manila-based Belle Corporation revealed that the 938-room City of Dreams Manila is currently posting occupancy rates of around 90% and it wants to alleviate some of this stress by building additional non-gaming amenities on an adjacent 2.4-acre parcel of land it already owns.
Located in the Entertainment City district of Manila, the 15.3-acre City of Dreams Manila opened in December of 2014 and Manuel Gana, President for Belle Corporation, reportedly told the newspaper that his firm is looking into the possibility of bringing more hotel rooms to the development. He purportedly also highlighted the fact that the existing facility only has one ballroom alongside a single swimming pool.
Gana reportedly told the Philippine Daily Inquirer that the decision on whether to expand City of Dreams Manila was now with Melco Resorts and Entertainment Limited although he declared that the Hong Kong-listed firm currently has ‘a lot of things on [its] plate’ such as attempting to win one of the first casino licenses in Japan.
Should Melco Resorts and Entertainment Limited decline to join in the expansion of City of Dreams Manila, Gana reportedly proclaimed that Belle Corporation would ‘be free to do something else’ such as taking over soon-to-be-privatized properties currently owned by the state-run Philippine Amusement and Gaming Corporation.
“We can build our own hotel and capitalize on City of Dreams Manila clientele but we prefer Melco Resorts and Entertainment [Limited] to get involved so it can be consolidated into City of Dreams Manila,” Gana reportedly told the newspaper.
The Philippine Daily Inquirer reported that Belle Corporation moreover owns approximately 1,977 acres of land in southern Luzon including plots in the Tagaytay Highlands and could be ready to open a new integrated casino resort in one of these areas within five to ten years.
The newspaper additionally reported that Belle Corporation recently posted a 10% increase year-on-year in its first-quarter consolidated net profit to almost $16.4 million thanks to a 17% rise in reoccurring net income to just beyond $16.9 million. The firm’s City of Dreams Manila earnings before interest, tax, depreciation and amortization for the three-month period purportedly swelled by 8% to reach almost $9.1 million although company-wide operating costs grew by 27% to hit slightly over $10.9 million.