MJCI Investments Inc. (MJCI), a company controlled by listed racetrack operator Manila Jockey Club Inc., is spending P383 million to put up and operate a Pagcor-accredited casino project in Sta. Cruz, Manila.
Corporate information officer Peter Francis Zagala said MJCI was looking to fund the project through a cash infusion from its stakeholders or a loan package from banks.
"We hope to start with the casino project this year," said Zagala.
The company last year got an approval from the Philippine Amusement and Gaming Corp. (Pagcor) to run a casino, which would have an initial 200 slot machines and 10 gaming tables.
Once the casio building is completed, MJCI will start planning for the construction of a hotel adjacent to the establishment.
"The hotel would definitely enhance the casino operations. Maybe in two to three years time, that would be finished," said Zagala.
Both the hotel and casino will rise on a 1.6-hectare lot, which is a portion of MJCI’s sprawling 12-hectare property in Sta. Cruz, Manila.
Incorporated in March 1937, MJCI is currently engaged in the construction, operation and maintenance of a racetrack located in Cavite and holding of horse races therein with bettings both directly or indirectly by means of mechanical, electric and computerized totalizator.
It is also engaged in the development and sale of residential complex through joint venture arrangements with some developers. In 2005, the company entered into joint development agreement with Ayala group’s Avida Land Corp. and Community Innovations Inc. to develop lots within its Manila property into residential condominium buildings and townhouses.
A similar agreement was forged in 2004 for the development of a 17-hectare lot in Carmona, Cavite.