Belle Corporation has rescinded its revenue-sharing agreement with gaming investor Leisure Resorts World Corporation (LRWC).

The gaming and property unit of the Sy family made the announcement in a filing before the Philippine Stock Exchange on Friday. Belle will pay LRC a total of P5.09 billion (US$104.56 million) for the termination of the agreement.

So far, Belle has disclosed that it has given LRWC a total of P1.018 billion (US$20.9 million) upon signing of the new agreement, with the balance to be paid at the end of March 2017.

“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 in its latest filing.