EBITDA up with Melco lease
The owner of City of Dreams Manila in the Philippines’ Entertainment City complex has posted a 19 percent increase in recurring net income for the first nine months of 2019 due to growth in its gaming and real estate businesses.
According to the Manila Standard, Belle Corp.’s recurring net income reached PHP2.9 billion (US$54.3 million) for the first nine months of 2019 and consolidated net income was P2.7 billion (US$50.5 million), only 1 percent year-on-year from 2017. Belle said the lower growth rate in consolidated net income is due to one-time gains recorded in 2017 from sales and non-core investments and properties.
Through its subsidiary, Premium Leisure Corp., the company’s EBITDA from its income share in gaming operations of City of Dreams Manila increased by 30 percent to PHP1.8 billion for the nine-month period, up from PHP1.4 billion in the prior-year period. Belle also saw increased EBITDA from its real estate businesses of PHP1.8 billion, an increase of 8 percent year-on-year.
Belle said a significant portion of this real-estate-related EBITDA was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila to Melco Resorts & Entertainment, the Standard reported.
