Manila Jockey Club Inc. (MJC), the country’s premier horse racing club and one of Asia’s oldest, is shutting down its 155-year-old horse racing operations to focus on real estate development.
In a disclosure to the Philippine Stock Exchange on Wednesday, MJC said its legislative franchise for horse racing would expire on Oct. 23 this year but its board had decided that it would not pursue an application for renewal.
But MJC said it was reserving the right to revive this legacy business by filing an application for a new franchise – either under its own name or through a new wholly-owned subsidiary – in the future.
“Pending said new franchise, the company shall, in the interim, focus on its real estate business, i.e., development and/or leasing of its existing real estate properties,” the disclosure said.
“The board expects no significant impact on the company’s financial condition in 2022 and in the years to come. The cessation allows the company to pivot to more stable revenue streams,” it added.
Manila Jockey started as a social club of horse racing aficionados from prominent Spanish, American, and Filipino families in Manila in 1867. MJC itself was established as a business entity in 1867.
In recent decades, MJC has unlocked property values from its race track, which was relocated from San Lazaro, Manila to Carmona, Cavite in 2003. It has since then diversified into gaming, property development, leisure, tourism and sports operations.
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