GGRAsia – Manila Jockey Club profit jumps in 2013

Manila Jockey Club profit jumps in 2013

Aug 04, 2014 Newsdesk Latest News, Philippines

The Manila Jockey Club Inc reported a profit of PHP2.1 billion (US$48.2 million) for 2013, up from PHP17.3 million a year earlier, the company said in a filing to the Philippine Stock Exchange. The gains were mostly from a capital infusion from a group of investors into its property development unit, MJC Investments Corp (MIC), the firm said on Monday.

“The variance is due mainly to the recognition of gain of control due to the re-measurement of retained interest in MJC Investments Corp MIC, net of impairment loss,” the company said.

The firm operates a casino called Pagcor Club San Lazaro (pictured) under a licence from the Philippine Amusement and Gaming Corp, according to the jockey club’s website. It operates a gaming pit and a VIP Club at the club’s racetrack at San Lazaro Leisure Park in the Cavite district of Manila.

Rent income from Pagcor amounted to PHP27.9 million, for the lease of 200 slot machines and the network system linking these machines, Manila Jockey Club said. The slot machines are rented through one of its subsidiaries, New Victor Technology Ltd. In return, NVTL is entitled to 35 percent of casino revenue.

Alfonso R. Reyno Jr, chairman of Manila Jockey Club, was re-elected last month.