Philippines real estate and gaming company Belle Corporation has recently announced that its net income has decreased by 96.4 percent year-on-year to approximately $1.91 million in the first nine months of 2020 due to a coronavirus-related market slowdown.
According to a GGRAsia report , the company holds a stake in the development of the City of Dreams Manila operated by an Asian casino and entertainment giant Melco International Development Limited unit and was hurt as operations were shut down for 22 weeks from March 16 due to the ongoing coronavirus pandemic at the 938-room site. The source clarified that this Entertainment City property has since been allowed to re-open at 30 percent capacity even as Manila remains under an updated ‘general population quarantine’ with its 24 million inhabitants.
Manila-listed Belle Corporation allegedly used an official Thursday filing to identify its stake in City of Dreams Manila as a ‘primary growth driver’ before announcing that its gaming revenues had fallen by 86.4 percent year-on-year to just shy of $6.71 million due to ‘Covid-19-related developments’ for the nine months to the end of September.
The Philippines business allegedly noticed, as if this news was not bad enough, that issues related to the coronavirus pandemic had also produced ‘weak results’ for its subsidiary Pacific Online Systems Corporation, which leases a range of lottery and keno betting equipment to the Philippine Charity Sweepstakes Office.
The Belle Company filing read: “The effects of the pandemic began with declining tourist arrivals prior to the implementation of the community quarantines nationwide and was compounded by the temporary suspension of gaming operations at City of Dreams Manila on March 16 in compliance with government initiatives to contain the virus.”