Philippines – It has been reported today that a major casino resort developer in the Philippines; Belle Corporation, has posted financial reports for the entire twelve months of 2019, which show that both revenue and profits have plummeted compared with the previous year.
In figures released today, the firm has seen profit margins cut down to fifty-seven million dollars, down around twelve percent compared with 2018.
A filing to the Philippine Stock Exchange by the company’ parent company also confirmed that despite the disappointing trend, it was able to cut both its costs and expenses by as much as sixteen percent compared with the previous twelve months.
Belle Corporation currently generates revenue from gaming activities at the City of Dreams Manila; a luxury integrated resort and casino complex located on the Entertainment City gaming strip at Aseana Avenue and Roxas Boulevard in Paranaque, Metro Manila, Philippines.
The parent company of Belle Corporation also reported a seven percent decline in gaming revenue from the Manila establishment.
As Belle Corporation leases the land where the City of Dreams Manila complex is located, figures included revenue generated from both gaming activities and leasing.
The firm cited a number of reasons for the declining trend in both revenue and profits, with a major factor being weaker operating results of Pacific Online Systems Corporation; provider of Lottery and Keno equipment to the Philippine Charity Sweepstakes Office?.
Belle Corporation’s income from renting equipment and instant scratch ticket sales through Pacific Online Systems were down almost fifty percent compared with the same term in the previous year.