The Manila Jockey Club has been racing since 1867 and yesterday announced it would be installing betting stations in the state-owned PAGCOR casinos from next month. The MJC’s 35 off-track betting (OTB) stations set up in the 1950s following the public listing of the Club on the Manila Stock Exchange have now been widely expanded to 263 OTBs in Metro Manila and adjacent provinces. OTB remains as the major source of racing revenues and is made possible by technological breakthroughs in the totalizator system and satellite live feed.
The MJC has signed a memorandum of understanding with PAGCOR and hopes to have some of the OTB stations operating in casinos during December, in time for the Presidential Gold Cup race. PAGCOR presently operates 13 casinos as well as 18 slot machine VIP clubs.
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Both companies believe the move to place OTBs in casinos will be beneficial for both parties. The MJC already has a successful OTB at Resorts World Manila.
According to the MJC, horseracing revenues this year are expected to be slightly higher than in 2010. Revenues are expected to grow still more in 2012 with the roll-out of further OTB stations throughout the Philippines. The Resorts World station opened in August this year is already the fourth highest revenue producing OTB station. (E-11.29.11)
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