City of Dreams outperforms while peers bleed VIP

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What happened

Belle Corp reported its share of City of Dreams Manila gaming revenue rose 23% to US$15.5 million in the first half of 2026. This is Belle Corp's proportional cut as Melco's local partner, meaning the property-level GGR gain is larger in absolute terms. The result lands against a backdrop of sector-wide pain: Okada Manila posted a 15% GGR decline over the same period, and PAGCOR's aggregate numbers deteriorated significantly. City of Dreams Manila is moving in the opposite direction from the market.

Why it matters

VIP and junket-driven revenue has been contracting across Southeast Asian gaming markets for several years. Chinese outbound travel has not recovered to pre-2019 volumes at the same composition, and regulatory pressure on junket operators remains elevated in both the Philippines and the wider region. Properties that built heavy exposure to that segment are now absorbing the consequences.

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Sources: ASGAM

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