Belle Corporation, a shareholder in the City of Dreams casino resort located in Manila, experienced a substantial rise in revenue during the second quarter of 2022. This surge was attributed to the loosening of pandemic-related limitations within the Philippines.
The corporation’s overall revenue climbed to PHP 1.51 billion (US$27.3 million), a significant leap from PHP 848.8 million recorded during the corresponding period the previous year. This upward trend persisted throughout the initial six months of 2022, with total revenue reaching PHP 2.82 billion, a considerable jump from PHP 1.75 billion in 2021.
This expansion coincides with the Philippines’ choice to ease business and travel constraints enforced earlier in the year to address a spike in COVID-19 infections. The relaxation of these measures has revitalized the nation’s tourism and gaming sectors.
Belle Corporation’s net income following taxes for the second quarter of 2022 amounted to PHP 661.2 million, a sharp turnaround from the PHP 181.6 million deficit registered during the same timeframe a year prior. This positive shift underscores the company’s resilience and adjustment amidst demanding conditions.
Further solidifying this upward course, the Philippine Amusement and Gaming Corporation (PAGCOR) announced a remarkable 68% revenue surge for the first half of 2022. This encouraging report from a prominent industry entity emphasizes the overall expansion of the gaming domain within the Philippines.
During July of 2022, prominent figures from the gaming industry convened in the Philippines. Notable attendees included Peter Johns, the creative force behind IDX Games; Angel Sueiro, the chief operating officer of a significant Philippine hospitality conglomerate; and David Lawrence, the top executive at Thunderbird Resorts and Casinos. Their presence at the ASEAN Gaming Summit centered around discussions regarding the current state and future trajectory of the Philippine gambling landscape.
