Manila Jockey Club Inc., one of the oldest horse racing clubs in Asia, said Wednesday it is ending its horse racing operations in Cavite province to focus on real estate business.
MJCI said in a disclosure to the stock exchange its board of directors decided not to pursue an application for extension or renewal of its legislative franchise, which is set to expire on Oct. 23, 2022.
The company, however, said that subject to market conditions, it would file an application for a new horse racing franchise either under its own name or through a wholly-owned subsidiary to be formed specifically to engage in the horse-racing business.
“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,” said MJCI.
The MCJI said its board expected no significant impact of the closure of horse racing operations on the company’s financial condition.
The company said it is generating lease revenues from office buildings in San Lazaro Leisure and Business Park in Carmona, Cavite.
MJCI said it was expecting a substantial reduction in operating expenses that would more than offset the loss in horse racing revenues.
MJCI was established in 1867 and conducts horse racing activities in Carmona, Cavite where it transferred from Manila.
The company formed joint venture partnerships with various property developers to develop its former racetrack in Sta. Cruz, Manila.
Share price of MJIC climbed 16.3 percent Wednesday to P1.50.
