Sy-blings’ Belle nears pre-pandemic figures with 2022 earnings soaring 130%

Sy-led leisure developer and gaming firm Belle Corp. saw its net income more than double to P1.7 billion in 2022, nearing pre-pandemic levels on the back of robust revenues which were driven by higher lease income and real estate sales.

In a statement, Belle said last year’s profit was 130 percent higher than the P745 million recorded in 2021. Revenues jumped 58 percent to P5.42 billion.

Belle president and CEO Jackson Ongsip said: “We built on the opportunities presented given the improving COVID-19 situation in the Philippines and around the world and the full economic reopening to deliver stellar results and continue our shared recovery.”

Given its strong financial performance, Belle’s management approved the declaration of P600 million worth of cash dividends or six centavos per share, payable on March 30 to shareholders of record as of March 15.

Belle is a developer of tourism destinations in the Philippines. Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by Manila Bay, which is being leased on a long- term basis to Melco Resorts and Entertainment (Philippines) Corp.

In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between its 79.78 percent-owned subsidiary, Premium Leisure Corp. and Melco.

Belle also owns approximately one hectare of undeveloped land across from the City of Dreams Manila site.