Racetrack operator Manila Jockey Club said Tuesday it teamed up with AKL Properties Inc., an affiliate of Ayala Land Inc., to redevelop a 60-hectare property in Carmona, Cavite into a business hub.
MJC said in a disclosure to the stock exchange both parties were appointed as the development managers of the property during the signing of the agreement. No other details were disclosed.
This is the second partnership between MJC and ALI. In 2007, MJC also tapped ALI to redevelop a portion of its former San Lazaro Hippodrome into a residential, commercial and business district in Manila.
MJC moved its racing operations from Manila to a sprawling 77-hectare property in Carmona, Cavite.
Under the new partnership with ALI, MJC will have to again relocate its horsing operations elsewhere to unlock the value of its Cavite property after land prices south of Metro Manila had increased significantly because of massive infrastructure development in the area.
MJC conducts its races two days every week on an alternating schedule with the other racing clubs. The company also has off-track betting stations.
MJC widened its net loss to P133.7 million in 2018 from P119.8 million in 2017 due to equity share in the net loss from unit MJC Investments Corp. amounting to P166 million.
Gross sales from operations including revenues from racing, cockfighting, rentals, real estate sales and other ancillary services rose 26 percent to P953.4 million from P756.1 million in 2017.
The increase came primarily from cockfighting operations which improved as a result of an increase in the number of cockfights and OTB stations.
The share price of MJC jumped 15.2 percent Tuesday to P3.79.