MJC sells receivables to raise funds for mixed-use complex

Manila Jockey Club Inc. has signed an agreement with the US-based Capmark Group for the purchase of the receivables of the horse racetrack operator from its share of developed lots in Carmona, Cavite.

In a disclosure to the Philippine Stock Exchange, Manila Jockey said the Capmark Group will acquire the receivables from its share of developed lots in its 17-hectare residential project known as Canyon Ranch, a joint venture between Manila Jockey and Century Communities Corp.

Canyon Ranch is located within Manila Jockey’s gaming and leisure complex, the San Lazaro Leisure Park.

Manila Jockey said proceeds from the assignment of receivables will be used to further develop the company’s mixed-use commercial, residential, business and retail/lifestyle complex at the old San Lazaro Hippodrome in Sta. Cruz, Manila.

Manila Jockey earlier forged an agreement with the Philippine Amusement and Gaming Corp. (Pagcor) for the establishment of a casino at the San Lazaro Leisure Park’s Turf Building in Cavite.

The Turf Club has complete racing facilities anchored on a world-class race track 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. A portion of the racetrack has been developed into a mall by SM Prime Holdings Inc.

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

Manila Jockey has over 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.