Belle Corp. chairman passes away

Benito Tan Guat, Belle Corp.’s chairman of its board of directors has passed away, according to the firm’s filing to the Philippine Stock Exchange last week.

The chairman died at the age of 85, according to his biography. He served as the President of Guatson International Travel and Tours, and had been chairman and director at Belle Corporation since June 24, 1999.

The election of Benito Tan Guat’s replacement will be made by the board of directors during its next regular meeting, added the firm in the filing.

Belle Corp, which owns Philippines’ City of Dreams Manila said total net income after tax for 2015 fell to P1.4 billion in 2015, down from P2.6 billion in the previous year.

Belle Corp attributed its operating growth in 2015 to higher revenue from its lease of the City of Dreams Manila property to Melco Crown Entertainment, and also increased income contributed by its listed subsidiaries, Premium Leisure Corp and Pacific Online Systems. Premium Leisure Corp has an agreement with Melco Crown which gives them a share of revenue of earnings at City of Dreams Manila.