Belle Corporation nine-month net income rises 26% to PHP1.66bn

Philippine gaming and property group Belle Corporation reported PHP1.66bn ($26.0m) in net income for the nine months ended September 30, 2026, up 26% year-over-year. 

Consolidated revenue rose 11% to PHP4.32bn, according to its October 29 filing with the Philippine Stock Exchange.

Operating income increased 13% to PHP1.97bn as revenue growth outpaced a 10% rise in costs and operating expenses to PHP2.35bn. The filing did not report EBITDA, so operating income is the available earnings measure before financing costs and tax.

Belle Corporation has two income streams tied to City of Dreams Manila. It leases the integrated resort's land and buildings to Melco Resorts and Entertainment (Philippines) Corporation, generating PHP1.77bn in lease income, broadly flat from the comparable 2025 period.

Its subsidiary Premium Leisure Corporation also receives a share of the resort's gaming revenue. That share increased 13% to PHP1.48bn over the nine months, accounting for 34% of Belle Corporation's total revenue.

The group's lottery business supplied another growth source. Pacific Online Systems Corporation, which is 50.1% owned by Premium Leisure Corporation, recorded PHP617.3m in equipment rental revenue, up 59%. Its joint venture leases online lottery equipment to the Philippine Charity Sweepstakes Office.

The higher lottery revenue came with additional expense. Cost of lottery services increased 24% to PHP347.1m, while general and administrative expenses rose 3% to PHP1.08bn. Financing charges declined 30% to PHP358.0m, helping lift net income.

The standalone third quarter showed a different pattern from the nine-month gaming total. Belle Corporation's City of Dreams Manila gaming share fell 2.8% to PHP530.0m from PHP545.3m a year earlier. 

Equipment rental revenue, however, rose to PHP358.4m from PHP129.5m, helping total quarterly revenue increase to PHP1.59bn.

The quarter's net income rose to PHP684.6m from PHP520.7m. At Tagaytay Highlands, nine-month real estate sales revenue reached PHP181.2m and revenue from utility distribution totaled PHP212.7m. Those operations contributed alongside casino leasing, gaming participation and lottery services to the consolidated result.

In April, Belle Corporation's first-quarter results showed a 13% rise in net income to PHP524m, while its City of Dreams Manila gaming share grew 12% in that earlier three-month period.