Listed Manila Jockey Club Inc. (MJCI) on Tuesday said its board has approved the purchase of some 20 hectares of beachfront land in Mamburao, Oriental Mindoro.
In a disclosure to the Philippine Stock Exchange, the company said that it is planning to acquire the property in Mamburao, but did not provide a purchase price for the property.
The company said that the property to be purchased is adjacent to the 74-hectare beach property owned by Apo Reef World Resorts Inc.
“MJCI is in the process of implementing its investment agreement with Apo Reef World Resorts Inc. that would result in MJCI owning 50.6 percent of Apo Reef World Resorts Inc.,” the company said.
The transaction for Manila Jockey to buy a controlling stake in Apo Reef World for about P80 million started in 2014.
Manila Jockey’s income nose-dived 70 percent to P903,139 for the first three months of the year from last year’s same period of P3.09 million despite the rise of its revenues for the period.
Revenues, meanwhile, rose 24 percent to P89.24 million from last year’s P71.58 million.
Racing income was slightly up to P51.7 million from last year’s P51.3 million after the company had a 30-day racing day period for the period as against last year’s 27 days.
The company recognized revenue from real estate sales of P5.8 million for the period versus last year’s loss of P8.5 million. It recognized sales from its joint venture agreements with Ayala Land Inc. for the Sta. Cruz property in Manila and Century Communities Corp. for the Carmona property.
Manila Jockey said it expects Manilacockers Club Inc., a cockfighting unit, and Gametime Sports Technologies Inc. as its key drivers of growth this year. The cockfighting unit started operations in December.
“Management’s outlook is very positive looking back at the actual numbers it generated in the early months of its operations,” the company said.