The organisation stated that lower figures were due to the ongoing Covid-19 pandemic and the eruption of the Taal Volcano, which disrupted operations in Tagaytay City and Batangas. Consolidated revenues declined by 44%, from PHP7.7bn in 2019 to PHP4.2bn in 2020.

Belle Corp is a real estate firm that owns 79% of its subsidiary Premium Leisure Corp (PLC), through which it holds interest in Manila’s City of Dreams. The casino is operated by Melco Resorts and Entertainment.

Gaming revenues at City of Dreams Manila declined 79%, from PHP2.9bn in 2019 to PHP635.2m in 2020, “as gaming operations were either suspended or substantially limited during the last nine months of 2020.” The casinos were closed in March and later allowed to re-open at 30% capacity.

Belle Corp said: “The effects of the Covid-19 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.”

The cost of gaming operations for 2020 was PHP135.7m, against PHP135.9m in 2019.

Belle’s real estate operations earned PHP3.2bn for 2020, an 8% drop from PHP3.5bn in 2019.