MJC posts P82.4M net income in 2002

The Manila Jockey Club (MJC) remained on the profit track last year as its net income reached P82.4 million, lower than the previous year as the company prepares to relocate its operations from Manila to Cavite.

In 2001, MJC — the operator of the 16-hectare San Lazaro Hippodrome in Sta. Cruz, Manila — recorded a turnaround as it earned about P390 million, on improved revenues of P2.89 billion from its gaming business.

During the two prior years, MJC posted losses of P16.28 million and P26.327 million in 1999 and 2000, respectively.

Company officials attributed the increase in income to the improvement in its operating revenues, along with gains from the sale of a four-hectare portion to the SM Group of retail tycoon Henry Sy.

In April 2001, MJC granted SM Prime Holdings, the holding firm for the SM Group’s mall operations, the right to develop and put up a shopping mall in their property.

Under the terms of the agreement, SM Prime will be given a call option or the right to purchase on a staggered basis over a span of three years the shares of stock of San Lazaro Holdings Corp., a wholly-owned subsidiary of MJC which holds the property.

With the sale proceeds, MJC has set out plans to relocate its horseracing facility from Sta. Cruz, Manila to a bigger and more modern 77-hectare lot in Carmona, Cavite to pave the way for the old site’s development into a mixed-use real estate project.

The relocation project will be undertaken by KPPI Land Corp., a unit of Kuok Philippine Properties Inc.

With limited horseracing games, MJC posted an operating income of P109 million, on revenues of P470 million.

Established in 1937 and listed in 1963, MJC is principally engaged in the gaming business, mainly horseracing. As one of the oldest racing clubs, it conducts horse races in the San Lazaro Hippodrome. It also operates a number of off-track betting stations throughout Metro Manila.