MJCI is diversifying into real estate development by redeveloping its 16-hectare San Lazaro property in Manila. Pursuant to MJCI’s business plans, the SM Group will construct a shopping mall occupying four hectares on said property. The remaining 12 hectares of the San Lazaro property will be developed into a mix-use commercial/residential area.
Last year, MJCI acquired a 77-hectare property in Carmona, Cavite from KPPI Land Corp., where a new racetrack of world-class standard will be located along with a residential estate that overlooks the race-track, a hotel, an equestrian club, and a stable complex. Construction of the race track is ongoing. Racing is expected to start in January 2003.
MJCI’s gaming revenues, on the other hand, which was P2.89 billion last year, has been increasing due to an aggressive marketing expansion of its OTB network, now numbering 222. In partnership with one of Australia’s largest gaming companies, Jupiters, and TAB Philippines, MJCI is expanding its OTB network nationwide.
From its gaming operations, MJCI contributed P508 million to local and national taxes last year, and donated to various charitable and civic institutions such as the Ospital ng Maynila, the Philippine Tuberculosis Society, The White Cross, and the Dangerous Drugs Board.
Given the sound financial performance of MJCI last year and to position the company for further growth as it embarks on its gaming and property developments, the board of directors approved an increase of authorized capital stock from P100 million to P500 million and declared a 50-percent stock dividend in its meeting on March 20, 2002.