n 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 started as a mining firm that was transformed into a an investment holding company in 1997.