Belle approves casino business split

    Belle Corp, a Philippine real-estate company, said its board has approved the split of its gaming business into a separately listed subsidiary.
    Under the terms of the transaction, Belle will sell all of its interest in PremiumLeisure and Amusement and its 34.5 percent stake in Pacific Online Systems to listed unit Sinophil. Belle will subsequently buy the non-gaming businesses of Sinophil, which include membership shares in Tagaytay Midlands Golf Club, Inc; a lot located within the Aseana Business Park at the Manila Bay Reclamation Area; several parcels of land in The Parks at Saratoga Hills within the Tagaytay Midlands Complex and undeveloped land located within the City of Tanauan, Province of Batangas.
    The financial terms of the accord have not yet been finalized.
    However, Belle will retain direct ownership of the land and building of City of Dreams Manila. The company is building the $1.2 billion resort with Melco Crown Entertainment.