Manila Jockey investing at least P15b

Manila Standard Today

May 31, 2011

RACETRACK operator Manila Jockey Club Inc. plans to spend at least P15 billion over the next 10 years for its three huge township development projects with casino components.

Manila Jockey executive vice president and chief operating office Alfonso Victrio Reyno III told reporters following the listing of additional shares in the Philippine Stock Exchange that the company would develop over 300 hectares of land in Sta. Cruz, Manila, Carmona in Cavite and Mamburao in Occidental Mindoro.

Manila Jockey Club plans to allot between P4 billion and P5 billion for the last phase of the Manila township development, which will involve the construction of a 250-roomhotel to managed by Accor, a two-story casino, a commercial area and a four tower residential condominium project.

Reyno said the casino with a total floor area of 6,000 square meters was envisioned to have 500 slot machines and 50 gaming tables, while the commecial area would be patterned after Xin Tian Di in Shanghai, China.

Ayala Land Inc., the largest property developer, will build the four-tower residential development after committing to put up five towers in the area.

Manila Jockey is allotting P3 billion to P3.5 billion in capital expenditure for the Carmona township project. The development involves the construction of a 200-room resort hotel and spa, a five cluster mid-rise residential building and a sports club.

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