Belle Corp Reports Record Gaming Revenue Growth for City of Dreams Manila

The Philippine gaming industry is showing strong momentum in 2026, as evidenced by the latest financial results from Belle Corp. The company, which plays a pivotal role in the success of the City of Dreams Manila integrated resort, demonstrated impressive dynamics in the second quarter. Specifically, its participation in gaming revenues surged, highlighting the ongoing appeal of Manila as a gambling destination. While the global market often faces volatility, the synergy between local owners and international operators like Melco Resorts & Entertainment appears to be paying off.

It is an exciting time for observers of the Asian casino landscape. Belle Corp benefits from a dual-stream income structure. On one hand, it receives fixed lease payments, and on the other, it holds a direct stake in the success of the tables and slot machines. This mix provides stability, even when visitor numbers fluctuate seasonally. The year-on-year growth suggests that the industry has moved past recent challenges and that Manila is increasingly solidifying its position as a regional gaming hub.

Numbers and facts

According to details for the second quarter ending June 30, 2026, the figures are highly positive. Belle Corp informed the Philippine Stock Exchange that its share of gaming revenue from City of Dreams Manila rose to PHP 467.2 million. This is equivalent to approximately US$ 7.6 million. Compared to the second quarter of 2025, this represents a substantial increase of 37.5%. Interestingly, there was a slight sequential decline of 3.8% compared to the first quarter of 2026, which saw revenues of PHP 485.7 million. Nevertheless, the current result remains significantly higher than the previous year's levels.

Net income for the company climbed to PHP 452.4 million, marking a 33.6% increase. Total revenue also grew by 11.9% to PHP 1.31 billion. This discrepancy between revenue growth and net income growth points toward improved margins. Stable lease income, earned through the rental of the property to the Melco group, stood at PHP 587.3 million in the second quarter. This figure remained virtually unchanged compared to the prior year, forming the bedrock of the company's balance sheet.

Background

The legal basis for these earnings is an operating agreement between Premium Leisure Corp, a wholly-owned subsidiary of Belle, and a subsidiary of Melco Resorts & Entertainment Ltd. Melco acts as the casino operator, while Belle receives a share of the profits. This partnership has proven successful over the years and allows Belle to accumulate capital for new ventures. One such project is the planned casino resort in Clark, Pampanga.

Belle aims to open another gaming destination about a two-hour drive from Manila. A provisional license has already been secured for this project. Discussions with potential operators are underway to possibly replicate the successful Manila collaboration at the new site. The current quarterly results provide management with the necessary tailwind to push this expansion forward.

"The growth in net income could be attributed to the gaming revenue from City of Dreams Manila, as well as lease income and other sources of revenue." - Belle Corp financial filing, Philippine Stock Exchange

Why it matters for German players

For German players, these developments in the Far East have no direct impact on daily life, but they highlight the strict separation of markets. While massive integrated resorts flourish in Manila, the German market is heavily regulated by the State Treaty on Gambling 2021 (GlüStV 2021). Anyone wishing to play online legally in Germany must stick to providers listed on the official whitelist of the Gemeinsame Glücksspielbehörde der Länder (GGL). Strict rules apply there, such as the €1,000 monthly deposit limit across all providers, monitored by the LUGAS system.

Furthermore, stakes on online slots in Germany are limited to €1 per spin. Such restrictions do not exist in high-roller paradises like Manila. German players should therefore be cautious when encountering international offers that advertise the profits of Asian resorts. Only GGL-licensed casinos provide the legal protection and security necessary in case of disputes or for addiction prevention. While high revenues in Asia show the global popularity of casinos, safety always takes precedence in the German system.

What it means for GGL-licensed casinos

For operators with a German license from the GGL, such news from Asia signals a stable global market but also serves as a reminder of the fierce competition for attention. German casinos must operate with significantly lower margins due to the high tax burden and compliance costs associated with LUGAS and OASIS. Growth of 37.5%, as experienced by Belle Corp, is hardly imaginable for German online providers under current regulatory conditions. However, regulation ensures a clean market that builds long-term trust.