Due to pandemic constraints and the Taal volcano eruption, LESSOR and City of Dreams Manila co-licensee Belle Corp. posted a net profits of P891.7 million last year, down nearly 70% from P2.92 billion the year before.
“Belle’s strong operating performance for 2020 was achieved despite economic headwinds triggered by the COVID-19 (coronavirus disease 2019) pandemic, as well as the Taal Volcano eruption in January 2020, which impacted its real estate operations in Tagaytay City and Batangas,” according to a regulatory filing on Tuesday.
Thanks to the pandemic, total sales fell by 44 percent to P4.17 billion from P7.47 billion.
“As a product of the COVID-19 pandemic, all of the company’s market divisions suffered sales declines,” Belle added.
To conform with government regulations, gaming activities at the City of Dreams Manila were briefly halted on March 16 and were “substantially limited” for the rest of the year.
Premium Leisure Corp. (PLC), a Belle subsidiary, saw its gaming income from the resort and casino drop by 79 percent to P635.2 million from P2.98 billion.
PLC also controls 50.1 percent of Pacific Online Systems Corp., the Philippine Charity Sweepstakes Office’s online betting facilities lessor. Pacific Online’s sales fell by 67 percent to P328.4 million from P989.9 million.
Meanwhile, sales from Belle’s real estate activities dropped by 8% to P3.21 billion from P3.50 billion the year before. Melco Resorts and Entertainment (Philippines) Corp. leased the land and buildings of City of Dreams Manila for P2.66 billion.
The pandemic and the Taal volcano eruption also impacted sales and property management operations at Belle’s Tagaytay Highlands complex, resulting in revenues of P546.5 million in 2020, down from P832.3 million the previous year.