According to disclosures on the Philippines Stock Exchange along with local reports, it looks like the Philippine real estate market is producing well for the big players.

First quarter results along with a bull market forecast are seeing some of the top firms increasing capital outlay for the rest of the year in light of current profits.

Former Senate President Manny Villar’s Vista Land and Lifescapes has seen improvements in residential sales and a strong leasing market which have contributed to net income of P2.3 billion (US46m) in the first quarter of 2017, an 11% hike.

Although the family company may have considered entering the casino market in 2012 their other developments seem to be buoyed well by the current economy. The company acquired Starmalls in 2015 which included 2 BPO commercial centers. Vista’s gross floor area of commercial space was over 630,000 sqm at the end of 2015 which was recently increased by 70,000 sqm, according to a report in the business section of

Megaworld Corp., the complete lifestyle developer is set to add 1,662 more rooms in four new hotels this year and in total expect to spend some P60 billion on new projects this year through subsidiary brands Empire East Holdings, Inc., Global-Estate Resorts, Inc. (GERI) and Suntrust Properties, Inc., Net income for the company net income grew 11% to P2.9-billion in the first quarter of 2017, from P2.6-billion during the same period last year.

There Westside City project under development with Travellers will be located in the heart of Entertainment City along Marina Bay. One of the next developments there will be a Grand Opera House which the company states will “establish our image as the new Broadway of Asia.”

Belle Corp., driving growth from City of Dreams Manila, saw an increase in their share of gaming income from the property doubled to P722 million. The Inquirer report also notes an 84 percent increase in recurring net income for the first quarter. Overall consolidated net income increased 90%.

Ayala Land, which comes into the casino picture indirectly through their mall at Bloomberry Resorts Corp’s Solaire Resort & Casino in Manila’s Entertainment City, posted an 18 percent gain year over year for the quarter with net income reaching P5.56 billion. Consolidated revenues were up 17% to P31.64 billion.

Ayala Land Inc president and CEO Bernard Vincent Dy said, “Property sales have been encouraging and our commercial revenues continue to be on an upward trajectory. Given these positive results, we remain committed to launch over P100 billion worth of projects to support our targets for the year,” according to Bloomberg and other reports taking from press and filings.

Ayala announced in early 2013 that they didn’t plan to go into the casino business, but rather, focus on family-oriented entertainment, not gambling.

SM Prime Holdings Inc., which operates nearly 60 malls with a total gross floor area of over 5.5 million sqm (~60m sq ft) experienced similar growth percentage-wise in the first quarter. Near the end of February, SM Group cemented control of Premium Leisure Corp. (PLC) on the open market. PLC owns half of the casino business at City of Dreams Manila. Members of the Sy family holds the top four positions at SM.

Henry S. Sy, Sr., serves as Chairman of the Board of SM Investments Corp. He is the founder of the SM Group and is currently Chairman Emeritus of SM Prime, SM Development, Highlands Prime Inc., BDO Universal Bank, Inc. and Honorary Chairman China Banking Corporation. Two other officers of the company; Jose T. Sio and Elizabeth Anne C. Uychaco hold seats on the Belle Corp board according to Reuters.