International edition
September 28, 2021

Transaction expected to be finalized by the end of March 2017

Belle-Leisure Resorts deal terminated

Belle-Leisure Resorts deal terminated
Belle Corp. has terminated its revenue-sharing agreement with bingo operator Leisure Resorts World Corp (LRWC).
Philippines | 11/08/2016

Belle Corp. has terminated its revenue-sharing agreement with bingo operator Leisure Resorts World Corp (LRWC).

B

elle will pay P5.09 billion to LRWC, with P1.018 billion paid upon signing of the new agreement and the balance at the end of March 2017, the company told the stock exchange.

"Under the terms of this newly signed agreement, the LRWC Group will be able to finalize its transaction with the Belle Group by the end of March 2017. Thereafter, the March 13, 2013 agreements will be deemed terminated," Belle said.

The companies entered into several agreements in January 2011 for the leasing, fit out, and operation of a $1 billion integrated casino development project within Pagcor Entertainment City.

The agreements, however, were amended in March 2013 as Belle tapped Melco Crown Entertainment Ltd to operate the project, now named City of Dreams Manila.

Under the amended agreements, 30 percent interest in the net lease income of the project and the 30 percent share in the gaming revenue derived therefrom would be paid by Belle and its unit, Premium Leisure and Amusement Inc., to LRWC.

Belle shares closed at P3.10 on Friday, up 2.31 percent. LRWC shares also closed 3.52 percent higher at P5.30.

What is your opinion about this article?
  • I like it
    %
    0 votos
  • I don't like it
    %
    0 votos
  • I have not thought about it
    %
    0 votos
Leave your comment
Newsletter Subscription
Subscribe to receive the latest news and updates
Enter a valid email
Complete the captcha
Thank you for registering to our newsletter.
Follow us on Facebook