Banner Year for Belle

City of Dreams Manila (l.) is still some months from opening, but Belle Corp. is already reaping the benefits. Revenues for the PSX-listed subsidiary of Philippine retail giant SM were up fivefold last year, thanks largely to payments from Melco Crown Entertainment, which will operate the resort.

Melco Crown Entertainment’s Philippines partner posted a sixfold increase in net income last year to on revenues that increased more than five times to 2.62 billion pesos (US.1 million).

Belle Corp. said its performance was “due to the receipt of revenues arising from lease and operating agreements with Philippine subsidiaries of Melco Crown Entertainment Ltd,” according a company filing with the Philippine Stock Exchange.

Belle, a unit of Philippine retail and banking conglomerate SM Investments, is the developer of the City of Dreams Manila gaming resort at the Entertainment City complex on Manila Bay and holds its gaming license. Melco Crown will operate the resort, which is slated to open the second half of this year with six hotel towers, 365 gaming tables, 1,680 slot machines and 1,680 electronic table games.