By Zinnia B. Dela Peña (The Philippine Star) Updated April 28, 2011 12:00 AM
MANILA, Philippines – Shareholders of Philippine Racing Club Inc. (PRCI) approved yesterday the joint venture between the race track operator and Ayala Land Inc. (ALI) involving the development of PRCI’s 21-hectare property in Makati into a mixed-use estate.
PRCI said the property, which used to house the company’s race track operations until 2008, will be its contribution in the joint venture. It will include recreational, entertainment, commercial, retail, office, residential and hotel components.
Several years ago, ALI teamed up with Manila Jockey Club to gain access to a part of the latter’s former San Lazaro racetrack area in Sta. Cruz.
PRCI trimmed its net loss to P33.93 million last year from P42.65 million in 2009 due to the slight growth in betting income and a decrease in costs and expenses.
Total revenues, however, slightly declined to P328.84 million. Revenues from club races inched up to P309.71 million from P305.78 million while lease revenues amounted to P14.77 million or a drop from P15.89 million.
PRCI maintained its position as the industry leader by posting P4.08 billion sales in 2010. Although the increase in sales is not big, this is still a significant development because it reversed the big drop in sales registered in 2009.
The share of OTBs (off-track betting stations) in the revenue generation remains the biggest source of sales due to the continuing expansion of the OTB network. As of end-December last year, the company had 288 OTBs.
PRCI is expanding outside Metro Manila even as its existing OTBs in Bulacan and Pampanga in Central Luzon, and Cavite, Rizal, Laguna and Batangas and Bicol area south of Metro Manila continues to show encouraging potentials.
Except for the second race track (1,400-meter track), the new racing facilities in Naic, Cavite has been completed at the start of 2009.
The immediate plan for the Cavite project is to complete the 1,400-meter racetrack to complement the 1,600-meter track; the construction of additional horse stables to accommodate the additional horses that want to stay in Naic, Cavite; and the construction of additional housing facility for helpers and grooms of horseowners who leave stables in the site.
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