Pagcor to set up gaming center in Cavite racetrack

Manila Jockey Club Inc. has signed contracts with the Philippine Amusement and Gaming Corp. (Pagcor) for the establishment of a slot machine and gaming center at the San Lazaro Leisure Park in Carmona, Cavite.

In a disclosure to the Philippine Stock Exchange, Manila Jockey said the contracts were executed pursuant to the memorandum of understanding signed between the company and Pagcor in October 2003.

Manila Jockey earlier forged an agreement with Pagcor for the establishment of a casino at the San Lazaro Leisure Park’s Turf Building, which is being developed into a mixed-use complex.

The park’s Turf Club has complete racing facilities anchored on a world-class racetrack designed by the Japan Racing Facilities Co. Ltd., with 1,600 stables, a 3,600-square meter grandstand and four floors that can accommodate up to 2,000 spectators.

The Carmona horse racing facility is a joint venture between Manila Jockey and KPPI Land Corp. of the Kuok Group.

Once the racetrack is completed this year, the club will start developing some 23 hectares of the property into a residential-gated community overlooking the racetrack.

Manila Jockey recently struck a deal with Community Innovations Inc. (CII) and Laguna Properties Holdings Inc. (LPHI) for the joint development of the old racetrack in Sta. Cruz, Manila into a residential subdivision.

Under the agreement, CII and LPHI, both wholly-owned subsidiaries of property giant Ayala Land Inc., will develop 6.47 hectares of the 16-hectare San Lazaro Hippodrome with Manila Jockey contributing the land.

The joint development will be the first joint venture in Manila for CII and LPHI.

A portion of the racetrack has earlier been developed into a mall by SM Prime Holdings Inc.

Manila Jockey now has a total of 270 quality off-track stations, 29 of which are located in the provinces. It earlier forged a partnership with TAB Philippines, Inc., an Australian company that provides video and data facilities, for horse racing broadcast via satellite to offsite-betting stations outside Metro Manila.