Ayala to transform Cavite racetrack into business hub

MANILA, Philippines — The Ayala Group, one of the country’s biggest conglomerates, has bagged a deal to transform Manila Jockey Club’s 60-hectare property in Carmona, Cavite into a sprawling business hub.

While the Cavite property is already a mixed-use venue which includes the iconic race track and a stable for around 1,000 thoroughbreds, a casino operated by the Philippine Amusement and Gaming Corp. and a small venue for cockfighting, the entry of the Ayala Group, through its property arm Ayala Land Inc., would unlock values and hitch a ride on the wave of surging property valuations in the area.

In a disclosure to the Philippine Stock Exchange yesterday, Manila Jockey Club said it has  entered into an  agreement with AKL Properties Inc., an affiliate of Ayala Land Inc., to develop the 60-hectare property into a business hub.

“The parties have appointed Ayala Land Inc. as the development manager of said property,” Manila Jockey Club said.

The listed company will contribute the land which would be developed by Ayala Land. Manila Jockey Club will have an economic interest in the development.

The move means that Manila Jockey Club will again have to relocate its race track after moving this years ago from San Lazaro, Manila to Carmona, Cavite.

Manila Jockey Club was incorporated on March 22, 1937 and was granted a congressional franchise on Nov. 23, 1997, to operate and maintain a racetrack and conduct horse races.

At present, the company is also engaged in the development and sale of condominium units and residential properties and lease of an office building through joint venture agreements with property developers.

According to its profile, the company conducts its races two days every week on an alternating schedule with the other racing clubs.

The Manila Jockey Club also has off-track betting (OTB) stations where the betting public may place bets outside the racetrack on the horse races.

As of Dec. 31, 2016, the company had  221 OTB stations, 47 of which are located in provincial areas.

Manila Jockey Club holds 100 percent interest in SLLP Holdings, Inc.; San Lazaro Resources and Development Corp.; MJC Forex Corp.; Gametime Sports & Technologies Inc.; New Victor Technology Ltd.; and Manila Cockers Club Inc. (MCC).

In 2015, it incorporated a new wholly owned subsidiary, Hi-tech Harvest Ltd., (HHL), in Hong Kong whose primary purpose is to market and advertise the cockfighting operations of MCC.

It also owns 33.33 percent interest in Techsystems Inc. and 22.31 percent interest in MJC Investment Corp.