MANILA JOCKEY CLUB, INC.
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Manila Jockey Club Inc, with registered office address in Pasig City, is a Philippine-based private company engaged in the commercial sports activities. It was founded in 1867.
The firm specializes in the construction, operation and maintenance of the racetrack located in Cavite. It operates horse races with bettings directly or indirectly by means of mechanical, electric, and computerized totalizator. Moreover, Manila Jockey is involved in the development and selling residential complexes through joint venture arrangements with the area developers. It predominantly operates in the Philippines.
The Company which was one of the first racing clubs in Asia, was incorporated in 1937 to primarily engage in horse racing.
Description and history
The Company was incorporated on March 22, 1937. On October 23, 1972, the Company was granted a franchise through Republic Act No. 6631 to operate and maintain a racetrack and conduct horse races therein. The term of the franchise was for a period of twenty five (25) years which expired on October 27, 1997. On November 23, 1997, the franchise was renewed for another twenty five (25) years by Congress under Republic Act No. 8407. Under the franchise, the Company shall pay franchise tax equal to 25% of its gross earnings from horse races. This tax shall be in lieu of any and all taxes that are imposed by the local or national government on the activities covered by the franchise. The Company cannot operate its race track and conduct races without the franchise.
No material reclassification, merger, consolidation or purchase or sale of a significant amount of assets that occurred during the fiscal year ending December 31, 2002 except for the purchase by installments of a 77 hectare property located in Carmona, Cavite where a new race track will be developed. Likewise there were no transactions with and/or dependence on related parties at the term of the filing of the report.
The Company does not foresee any effect of existing or probable governmental regulations on the business. There is no need for any government approval other than its franchise for the conduct of horse races and the operations of the race track.
This subsidiary was created so that the Company can venture into projects that would enhance the value of its real estate properties particularly those located in Sta. Cruz, Manila. It granted in favor of SM Prime, Inc., the right to purchase the shares of the Company’s subsidiary, San Lazaro Properties Holdings, Inc., owner of four (4) hectares of property located at Sta. Cruz, Manila. SM Prime intends to build a shopping mall complex within said four hectare property. Said subsidiary does not have any pending bankruptcy, receivership or similar proceedings.
Construction, operation and maintenance of the racetrack located in Cavite
SYCIP GORRES VELAYO & CO
US SIC Code
14/F STRATA 1000 BUILDING
City province or state postal code
1605, PASIG CITY
Phone: +63 2687 9889
Fax: +63 2631 2846; 2631 6366
Country address: PHILIPPINES