Belle Corporation has posted consolidated net income of PHP1.32bn ($22.4m) for the nine months ending 30 September 2025, representing a 14% decrease from the PHP1.53bn recorded in the same period last year, according to its quarterly report filed with the Securities and Exchange Commission.
The Manila-based company, which partners with Melco Resorts & Entertainment in City of Dreams Manila through its ownership of the integrated resort's land, saw total revenues decline 5% year-on-year to PHP3.88bn, down from PHP4.09bn in 2024.
Gaming revenue share through Belle's subsidiary Premium Leisure Corporation fell 12% to PHP1.32bn, compared to PHP1.50bn in the corresponding 2024 period. This decline was partially offset by a modest 1% increase in lease income from City of Dreams Manila, which contributed PHP1.76bn.
The company's real estate operations also faced headwinds, with sales falling 28% to PHP123.9m. Additionally, revenues from real estate sales and property management operations at Tagaytay Highlands decreased by 12% year-on-year.
On a positive note, Belle reduced its total debt by 34% to PHP6.75bn as of 30 September 2025, down from PHP10.29bn in the prior-year period. Interest expense also decreased by PHP59.3m to PHP510.5m, reflecting both lower outstanding loans and reduced interest rates. The company's average interest rate stood at approximately 5.77% per annum during the period.
Cash and cash equivalents increased 37% to PHP3.22bn, up from PHP2.36bn at year-end 2024, driven primarily by revenue collections net of operational expenses.
The results come amid ongoing speculation surrounding potential changes in ownership at City of Dreams Manila. In September, DigiPlus Interactive clarified that while it continues to evaluate acquisition opportunities, no agreement has been reached regarding Melco Resorts' stake in the integrated resort.
Belle Corporation joined this year's activities commemorating the International Coastal Cleanup 2025 on 30 September
