Belle Corporation Q3 Profit Rises 31.5% to PHP684.6m

Belle Corporation posted stronger earnings in the third quarter of 2026, even as its gaming revenue share from City of Dreams Manila declined. Higher income from lottery equipment rentals and lower financing expenses helped offset the weaker casino contribution, allowing net profit to increase at a faster rate than revenue.

The company’s consolidated net profit climbed 31.5% year-on-year to PHP684.6 million ($10.7 million) in the quarter. Revenue also advanced, rising 12.9% to PHP1.59 billion ($24.8 million).

The results highlight a divergence between Belle’s casino-related income and its overall financial performance.

City of Dreams Gaming Contribution Declines

Belle received PHP530 million ($8.3 million) in gaming revenue shares from City of Dreams Manila for the three months ended September 30. According to the company’s quarterly filings, this represented a 2.8% decrease compared with the same period last year.

The income is recorded through Belle subsidiary Premium Leisure Corporation. It reflects Belle’s share of the resort’s gaming revenue, rather than the property’s total casino earnings.

Belle also receives rental payments from Melco Resorts and Entertainment (Philippines) Corporation under a separate arrangement. Quarterly lease revenue reached PHP591.7 million ($9.2 million), recording a slight increase from the previous year.

Consequently, the two revenue streams moved in different directions: the gaming revenue share weakened, while lease income remained broadly stable.

Lottery Equipment Rentals Nearly Triple

A stronger performance from Belle’s lottery equipment rental business helped compensate for the lower casino contribution. Revenue from this activity almost tripled, reaching PHP358.4 million ($5.6 million).

The operation is conducted through Pacific Online Systems Corporation’s joint venture, PinoyLotto Technologies Corporation, which provides online lottery equipment for lease to the Philippine Charity Sweepstakes Office.

The increase in rental income more than offset the reduction in gaming revenue share from City of Dreams Manila. It also strengthened the group’s overall revenue performance, despite the decline in its casino-related contribution.

This meant Belle’s quarterly growth was supported by different parts of its business, rather than an improvement in gaming revenue from the resort.

Reduced Financing Costs Support Higher Earnings

Belle also benefited from a substantial reduction in interest and finance expenses. These costs fell 34.8% year-on-year to PHP111.6 million ($1.7 million) during the quarter.

The lower expenses added to the contribution from lottery equipment rentals, supporting the 31.5% increase in consolidated net profit. As a result, earnings growth outpaced the 12.9% rise in revenue.

The figures show that the decline in City of Dreams Manila’s gaming revenue share did not translate into weaker overall profitability for Belle, as stronger rental income and reduced financing costs supported the quarterly result.

Nine-Month Gaming Revenue Share Up 13%

Despite the third-quarter decline, Belle’s cumulative gaming revenue share from City of Dreams Manila remained higher for the first nine months of 2026.

The company recorded PHP1.48 billion ($23.2 million) in gaming revenue share over the period, representing a 13% increase year-on-year.

Although the latest quarterly performance moderated the gains made earlier in the year, it was not enough to reverse the positive year-to-date comparison. Belle’s gaming revenue share therefore remained ahead of the corresponding period in 2025.