Pagcor signs deal to operate casino in San Lazaro racetrack

ABS-CBN News

Posted at Mar 22 2010 06:05 PM | Updated as of Mar 23 2010 05:10 AM

MANILA, Philippines - State-run Philippine Amusement and Gaming Corp (Pagcor) has signed an agreement with an investment company to operate a casino in a property within the former racetrack in Manila.

In a disclosure to the stock exchange, listed firm MJC Investments Corp said it has sealed a deal with Pagcor for a casino at a soon-to-rise hotel in the former San Lazaro Hippodrome.

MJC owns a 1.4-hectare property within the property located in Sta. Cruz area in Manila. The former racetrack is now called San Lazaro Tourism and Business Park. The property is registered under the Philippine Economic Zone Authority, which means locators are subject to various incentives.

The casino facility "complements the government’s tourism program in the City of Manila," the statement said.

Under the deal, Pagcor will be the party that will "establish, manage, and operate" the casino, while MJC will construct the hotel.

MJC, formerly MJCI Investments, Inc.,  started as a mining firm that was transformed into a an investment holding company in 1997.