Updated February 26, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines - President Arroyo has declared the former site of the San Lazaro race track in Sta. Cruz, Manila owned by the Manila Jockey Club Inc. (MJCI) as a tourism economic zone.
Pursuant to the proclamation, MJCI and the Philippine Economic Zone Authority (PEZA signed yesterday the registration agreement entitling the listed horse race track operator to develop and operate several parcels of land consisting of 74,244 square meters as a tourism economic zone with information technology component.
The special economic zone, to be known as the San Lazaro Tourism and Business Park, will be developed in joint venture with property giant Ayala Land Inc.
ALI is currently building residential and commercial complexes, including one 14-story BPO building, in the area.
MJCI Investments Inc., a unit of MJCI, is allotting P383 million to put up and operate a Pagcor-accredited casino/hotel project in a 1.6-hectare lot.
Last year, MJCI secured the Philippine Amusement and Gaming Corp.’s nod to run a casino, which would have an initial 200 slot machines and 10 gaming tables.
Once the casino building is completed, MJCI will start planning for the construction of a hotel adjacent to the establishment.
Incorporated in March 1937, MJCI is currently engaged in the construction, operation and maintenance of a racetrack located in Cavite and holding of horse races therein with bettings both directly or indirectly by means of mechanical, electric and computerized totalizator.
The company is also engaged in the development and sale of residential complex through joint venture arrangements with developers.
In 2005, the company entered into a joint development agreement with the Ayala Group’s Avida Land Corp. and Community Innovations Inc. to develop lots within its Manila property into residential condominium buildings and townhouses. — Zinnia dela Peña