Philippine-listed company Belle Corporation's latest financial report shows that the gaming revenue share from its Manila "City of Dreams" resort fell by 12% year-on-year before the third quarter of 2025, dropping to 1.31 billion pesos (about 22.38 million US dollars). Although the rent income paid by the casino operator MGM International Philippines increased slightly by 1% to 1.76 billion pesos, the decline in gaming dividends still reflects the intensifying competition in Manila's high-end gaming market and changes in consumer trends. Belle Corp also explicitly stated that it does not consider acquiring MGM's shares in the City of Dreams and plans to shift the focus of business expansion to the emerging gaming hotspot of Clark Freeport Zone.
Performance and Revenue Composition
For the first three quarters of 2025, Belle Corp obtained a revenue share of 1.31 billion pesos from the gaming business in the City of Dreams, a 12% decrease from the same period last year. Meanwhile, the rent income received from the casino operator MGM was 1.76 billion pesos, an approximate 1% increase year-on-year. Revenue from providing lottery system equipment to the Philippine Charity Sweepstakes Office through Pacific Online Systems Corporation remained stable at about 388.4 million pesos, consistent with the previous year.
Business Layout and Strategic Adjustments
Belle Corp, through its subsidiary Premium Leisure Corporation, holds stakes in the City of Dreams, but the company's senior management has clearly stated that it is not considering acquiring MGM's shares in the project. As part of strategic adjustments, the company announced in January 2025 that it would shift the focus of business expansion to the Clark Freeport Zone, positioning it as a "strategic new stronghold" for future development. This decision reflects the company's response to changes in the regional layout of the Philippine gaming market.
Market Impact and Industry Trends
The decline in gaming dividends at the City of Dreams indicates that competition in Manila's high-end gaming market is becoming increasingly fierce, and consumer spending patterns are changing. Although rent income has maintained a slight increase, the decrease in dividend income still puts pressure on overall performance. Belle Corp's diversified business strategy has somewhat mitigated the fluctuations in the gaming business, and revenue from lottery system equipment has remained stable. The company's strategic shift to the Clark Freeport Zone also indicates a new round of regional layout adjustments in the Philippine gaming market.
