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GGRAsia – Belle Corp 2020 gaming revenue from CoD Manila dips 79pct


Belle Corp’s 2020 income from gaming revenue fell 78.7 percent year-on-year, the firm said in a Tuesday filing to the Philippine Stock Exchange.
The group has an interest in the gaming business of the City of Dreams (CoD) Manila casino resort (pictured), operated in the Philippine capital by a unit of Melco Resorts and Entertainment Ltd.
Such gaming revenue accruing to Belle Corp in 2020 was PHP635.2 million (US$13.2 million), versus PHP2.97 billion in 2019.
“The effects of the Covid-19 pandemic began with declining tourist arrivals” to the country – a target market for City of Dreams Manila – “prior to the implementation of the community quarantines nationwide,” said Belle Corp in its annual report. ....

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Tighter delisting rules 'beneficial' to stakeholders


Reporter
THE DECISION of the Philippine Stock Exchange (PSE) to tighten its rules on voluntary delisting has also given additional control to minority stakeholders, analysts said.
“The PSE’s additional rules (on voluntary delisting) are enough and give extra protection to minority shareholders,” said AAA Southeast Equities, Inc. Research Head Christopher John Mangun in an e-mail interview.
On Dec. 21, the PSE released a memorandum confirming that the Securities and Exchange Commission (SEC) had approved changes to voluntary delisting rules.
“The delisting must be approved by: a. At least two-thirds of the entire membership of the board, including the majority, but not less than two, of all of its independent directors; and b. Stockholders owning at least two-thirds of the total outstanding and listed shares of the listed company,” the PSE said in the memorandum. ....

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GGRAsia – Kevin Benning starts new senior role at Studio City, Macau