Content Writer: Janice Chew • Sunday, 25/11/2025 - 20:05:03 - PM
The Philippine-listed developer Belle Corp — landlord to the integrated resort City of Dreams Manila (COD Manila) — revealed that its share of gaming revenue from January to September this year fell by 12 % year-on-year. In numeric terms, Belle Corp’s gaming-revenue portion stood at roughly PHP 1.23 billion (US$22.4 million) for that nine-month span.
Despite the drop in gaming share, Belle still reported an increase in its leasing income from the property: the amount received from leasing COD Manila to Melco Resorts & Entertainment (Philippines) ticked up by about 1.3 % to PHP 1.76 billion (US$29.6 million). The company’s aggregate net income for the era slid by roughly 13.6 % year-on-year, landing at PHP 1.32 billion (US$22.4 million).
The mixed results highlight the roles that both property-leasing and gaming-share arrangements play in Belle’s business model. While leasing remains relatively stable, the decline in revenue share points to possible headwinds in COD Manila’s gaming operations — whether from softer demand, regulatory/legal pressures, or competitive dynamics. Earlier this year Belle also flagged a 24 % drop in its gaming-share income during Q2 alone.
For stakeholders, this suggests that while the property-asset flank of Belle’s portfolio offers some insulation, the gaming-linked component remains volatile. The leasing uplift is positive, but the reduced gaming revenue share signals caution for future earnings growth tied to COD Manila’s performance.