The board of Belle Corp has approved a reorganization that involves transferring the company’s gaming assets to subsidiary Sinophil Corp.
In a disclosure to the Philippine Stock Exchange, Henry Sy-owned Belle said its board approved the transfer of its 100 percent stake in Premium Leisure Amusements Inc (PLAI) and its 34.5 percent stake in Pacific Online Systems Corp to Sinophil.
Sinophil is another Sy-controlled company that holds investments in gaming and resorts. Before a change in its primary purpose in 1997, Sinophil used to be engaged in oil exploration.
PLAI is part of the consortium that holds the license for City of Dreams Manila, the casino resort that Belle and Melco Crown Philippines are building at the Entertainment City of state-run Philippine Amusement and Gaming Corp (Pagcor).
Despite giving up its interest in PLAI, Belle would continue to receive rental income, as it would retain direct ownership of the land and building on which City of Dreams Manila would rise.
Belle will also retain direct ownership and continue to develop its other assets, principally its properties in the Tagaytay Highlands and Midlands complexes, including surrounding residential and leisure assets of over 800 hectares of undeveloped land.รข€¨The reorganization is expected to be completed in August.
Belle earned P309.90 million in the first quarter, a 60 percent drop from the P777.8 million in the same three months of last year.
The 2013 income figure includes a non-recurring gain of P949.6 million received from the Philippine unit of Melco Crown Entertainment Ltd (MCE) upon the commencement of the Macau-based casino operator's lease on Belle's property, the site of the City of Dreams Manila integrated resort project.
Taking out the extraordinary gain, Belle’s consolidated profit would have surged by 174 percent in the first quarter of 2014.
- Interaksyon
