Pagcor approves casino operation of MJCI Investments

The state-run Philippine Amusement and Gaming Corp. (Pagcor) has approved the proposal of MJCI Investments Inc. (formerly Aries Prime Resources Inc.) to operate a casino.

In a disclosure to the Philippine Stock Exchange, the company said the casino will initially have 200 slot machines and 10 gaming tables.

Aries Prime will become a majority-owned subsidiary of publicly-listed Manila Jockey Club Inc. (MJCI) upon completion of a property-for-share exchange. The deal involves the transfer by MJCI of its non-racing related assets to Aries Prime in exchange for one share of stock of Aries for every P1 value of Manila Jockey assets.

Manila Jockey obtained in 2003 the approval of its shareholders to spin off non-core assets of the company to a qualified listed company in order to rationalize corporate assets by separating those relating to horse racing and those concerning real estate development.   

Incorporated in June 1955, Aries Prime is beefing up its capitalization to P1 billion from P500 million to accommodate the additional shares to be issued to Manila Jockey.

Aries Prime acquired around 52,000 square meters of land in Tanza, Cavite and entered into a joint venture agreement with Sta. Lucia Realty and Development Inc. for the development of the property into a residential, commercial and golf course complex.

Manila Jockey was granted a franchise to operate and maintain a racetrack and conduct horse races on October 1972. It also operates off-track betting stations (OTBs) and is expanding its OTB network in Metro Manila as well as in provincial areas. The company has a total of 339 OTB stations, 43 of which are located in provincial areas.

In line with its vision to expand its business operations and enhance shareholder value, Manila Jockey is also engaged in the development of its real estate assets through joint venture agreements with leading property developers.

Manila Jockey has recently ventured into gaming operations with the establishment of the Casino Filipino at the Turf Club of the San Lazaro Leisure Park in Carmona, Cavite, in partnership with Pagcor.