Despite the decline in City of Dreams Manila’s share of gaming revenue, Belle Corporation reported an increase in profit during the third quarter of 2026. With stronger lottery equipment rentals and reduced financing costs redeeming the lower casino contribution, it enabled the earnings to grow faster than overall revenue.
Consolidated net profit rose 31.5% to PHP684.6 million ($10.7 million) for the quarter, while revenue increased 12.9% to PHP1.59 billion ($24.8 million). The results showed a different direction for the group’s total earnings and its quarterly casino gaming income.
Casino Revenue Share Falls While Lease Income Holds Steady
City of Dreams Manila reported gaming revenue shares amounting to PHP 530 million ($8.3 million) during the 3 months that ended on September 30. This showed a decline of 2.8% from the figures generated in the previous period a year ago, according to Belle’s quarterly filings.
Belle receives this income through its subsidiary Premium Leisure Corporation. The reported decline concerns Belle’s share of gaming revenue, rather than a figure presented as the resort’s entire casino revenue.
The group also generates rent revenue from Melco Resorts and Entertainment (Philippines) Corporation. The revenue has remained relatively steady with quarterly lease revenue at PHP591.7 million ($9.2 million), which is marginally higher than the previous year.
The resort continued contributing through separate gaming revenue-sharing and rental arrangements. While the gaming-related payment declined, the lease income did not follow the same downward movement during the quarter.
Lottery Equipment Rentals Provide Stronger Contribution
Lottery equipment rental revenue nearly tripled to PHP358.4 million ($5.6 million). The increase more than covered the reduction in Belle’s casino gaming revenue share, providing an important offset within the group’s results.
The business operates through Pacific Online Systems Corporation’s PinoyLotto Technologies Corporation joint venture. It leases online lottery equipment to the Philippine Charity Sweepstakes Office.
The improvement came from the equipment rental operation, making it distinct from Belle’s income connected to City of Dreams Manila. This enabled the company to generate higher revenues despite the decline in the casino revenue share contribution.
That contrast explains why the weaker casino figure did not prevent quarterly growth. Belle’s overall results reflected the combined performance of its income sources, with lottery rentals contributing enough additional revenue to outweigh the gaming-share decline.
Lower Financial Expenses Facilitate Profit Growth
Interest expense and finance expenses declined by 34.8% to PHP111.6 million ($1.7 million). The reduction provided further support to earnings alongside the increase in lottery equipment rentals.
With those costs lower, net profit grew faster than revenue. The quarterly improvement reflected both a stronger income from the lottery rental business and reduced financing expenses, rather than growth across every operating contribution.
The outcome also separates the casino revenue-share decline from the group’s broader profitability. Belle reported higher consolidated earnings despite receiving less gaming income from the resort during the period.
Nine-Month Gaming Share Remains Ahead of Last Year
Over the first 9 months of 2026, Belle’s gaming revenue share from City of Dreams Manila reached PHP1.48 billion ($23.2 million), up 13% year-on-year. The cumulative figure remained above the comparable period despite the weaker third quarter.
The quarterly decline reduced the gains recorded earlier in the year but did not erase them, and as a result, the year-to-date casino contribution remained stronger even though the latest quarterly comparison was lower.
