Property developer Belle Corp. of the Sy family is consolidating all gaming interests under subsidiary Sinophil Corp. as part of a corporate reorganization strategy.
Under the plan, Belle will infuse its 100 percent stake in Premium Leisure Amusements Inc. and its 34.5 percent equity in Pacific Online Systems Corp. into Sinophil, Belle noted in a disclosure to the Philippine Stock Exchange (PSE) Monday, saying the move was green-lighted by its board of directors.
Premium Leisure forms part of consortium, which was given a license by the Philippine Amusement and Gaming Corp. (PAGCOR), to build "City of Dreams" in Entertainment City. City of Dreams will be operated by partner Melco Crown (Philippines) Resorts Corp.
“Belle will retain direct ownership of the land and building of City of Dreams Manila, from which it will continue to receive rental income," the disclosure read.
"It 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 currently undeveloped land,” Belle added.
Early Monday, Belle asked the PSE for a temporary trading suspension of its shares ahead of announcing "material information" that could impact on its share prices.
The company expects the reorganization and consolidation of its gaming interests to be completed in August 2014.