Belle plans $250-M bond issue to fund casino project

MANILA, Philippines –  High-end leisure developer and gaming firm Belle Corp. is looking to sell up to $250 million worth of bonds in the international market in the first half this year.

Informed sources said Belle is planning to issue the bonds before June this year to help fund the P20- billion casino complexit is planning to put up along the Manila Bay reclamation area by yearend.

The casino complex, which forms part of a planned $1-billion integrated resort dubbed Belle Grande Manila Bay, is expected to propel the company to the billion-peso level in net income.

Belle generates P300 million to P400 million in net income from its real estate operations and equitized earnings from Pacific Online System Corp., the exclusive online lottery equipment provider in Visayas and Mindanao.

Aiming to capture a slice of the booming Asian gaming market, Belle Grande Manila Bay will make available 15,000 to 20,000 square meters of gaming space in the next three years with a total of 1,600 slot machines, 300-320 tables and 1,500 hotel rooms.

Belle has tapped AB Leisure Global Inc., a wholly owned unit of publicly-listed Leisure and Resorts World Corp. (LRWC), to operate what could be the biggest hotel and casino complex in the country.

The agreement would last 10 years and is renewable by consent of the two parties.

Under the agreement, LRWC shall get 15 percent of net winnings or 50 percent of the casino’s cashflow, whichever is higher.

Belle wholly owns Premium Leisure & Amusement Inc. (PLAI), which was granted a provisional license by the Philippine Amusement & Gaming Corp. to establish and operate a casino within the area.

Macau-based gaming consultancy firm Asia Pacific Gaming (APG) is expected to provide management expertise. It has extensive experience managing casinos and hotels in South Korea, China, Macau, Australia, New Zealand, Vanuatu, Tahiti and the United States.   

Southeast Asian nations are now building up their gambling sectors to cash in on the growing popularity of the high rollers market.

An expected growth in the number of Asian multi-millionaires and middle class following the region’s sharp rebound from the economic slump is seen to drive regional travel, including people flocking casinos.