Leisure estate and gaming firm Belle Corp. incurred a net loss of P355 million in the second quarter, a reversal of the P1.21-billion net profit posted in the same period last year, as gaming revenues dried up following the suspension of operations of integrated gaming resort City of Dreams Manila since mid-March when Metro Manila was locked down.
This resulted in an 89-percent year-on-year drop in first semester net profit to P222 million primarily attributed to the coronavirus pandemic, Belle said in a regulatory filing.
Belle’s consolidated revenue declined by 52 percent year-on-year to P2.01 billion for the six-month period. For the second quarter alone, revenue dwindled to P586.3 million from P2.3 billion a year ago.
“The effects of the pandemic began with declining tourist arrivals prior to the implementation of community quarantines nationwide and was compounded by the suspension of gaming operations at City of Dreams Manila on March 16,” Belle said.
Belle’s primary growth driver, its share in the gaming revenue of City of Dreams Manila, fell by 87 percent year-on-year to P248 million in the first six months of 2020. —DORIS DUMLAO-ABADILLA