Belle Corporation increased third-quarter net income by 31.5% even as its share of gaming revenue from City of Dreams Manila edged lower, demonstrating how lottery equipment rentals and falling finance costs are reshaping the Philippine group’s earnings mix.
The listed company reported PHP684.6 million in consolidated net income for the three months ended 30 September 2026, against approximately PHP520.7 million a year earlier. Quarterly revenue rose 12.9% to PHP1.59 billion, according to results filed with the Philippine Stock Exchange on 29 October and reported on 30 October.
Casino participation softens, but remains ahead for nine months
Belle receives a share of City of Dreams Manila gaming revenue through subsidiary Premium Leisure Corporation. That contribution fell 2.8% year on year to nearly PHP530 million in the third quarter, although it improved 13.4% from the second quarter.
The nine-month picture remains positive: gaming revenue share reached PHP1.48 billion, up 12.5% from the comparable 2025 period. Quarterly lease income from the land and buildings used by Melco Resorts’ Philippine operating unit was also stable, increasing 0.7% to PHP591.7 million.
These two lines give Belle an unusual dual exposure to the property. It participates in gaming activity while also collecting comparatively predictable rent. For more reporting on operator economics and Philippine market structure, see IGI’s Companies hub and Markets hub.
Lottery technology becomes the quarterly growth engine
The largest operating shift came from lottery equipment. Revenue from equipment rentals nearly tripled to PHP358.4 million, according to Asean Gaming’s review of the filing. The business is conducted through Pacific Online Systems Corporation’s PinoyLotto Technologies joint venture, which supplies online lottery equipment to the Philippine Charity Sweepstakes Office.
That increase more than compensated for the softer casino contribution. It also reduces the extent to which a single quarter’s gaming performance at City of Dreams Manila determines Belle’s consolidated result.
Deleveraging adds a second profit lever
Interest expense and other financing charges fell 34.8% in the quarter to PHP111.6 million. At the end of September, consolidated debt stood at PHP3.10 billion, down 41.2% from PHP5.28 billion at the end of 2025. For the first nine months, net income rose 25.7% to PHP1.66 billion on revenue of PHP4.32 billion.
The balance-sheet improvement matters beyond the current quarter. Belle holds a provisional gaming licence for a planned Clark integrated resort and has been seeking an operating partner for a development previously costed at no less than US$300 million. Lower debt does not fund that project by itself, but it improves the group’s negotiating position and future financing flexibility.
Our view
Belle’s result is stronger than the 2.8% casino-share decline suggests. The group has three economically different income streams — gaming participation, property rent and lottery infrastructure — and two of them provided meaningful protection this quarter.
We expect investors to focus next on whether lottery rental revenue can hold its new level and whether Belle converts its stronger balance sheet into a credible Clark partnership. Until then, City of Dreams Manila remains central, but it is no longer the only line capable of moving group profit.
