Belle Corp’s net revenue for the first nine months of 2020 fell by 96% from PHP2.6bn last year to PHP93m ($1.9m).
Excluding extraordinary and non-recurring items, the company’s consolidated recurring net income was PHP680m, a 75% drop from PHP2.7bn the last year. The company’s gaming revenue fell 86% to PHP325m.
For Q3, the company recorded a net loss of PHP129m compared to income of PHP515m in 2019. Quarterly revenue was PHP905m, a 42% decline from PHP1.6bn the previous year.
Belle Corp owns half of City of Dreams Manila in the Philippines and said in its report: "The decreases in revenues and profits resulted primarily from COVID-19 related developments.
"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, 2020 in compliance with Government initiatives to contain the virus.”
Pacific Online, which is partly owned by Belle Corp’s subsidiary Premium Leisure Corp, also reported a 71% drop in revenue to PHP221m, compared to PHP766m in 2019.