In 1937, a group of Filipino and American businessmen organized the country’s largest racing club, the Santa Ana Turf Club, which is now known as Philippine Racing Club, Inc. (PRCI). PRCI uses modern horseracing equipment designed to provide fast and accurate computation of dividends for horse racing enthusiasts. Until the end of 2008, PRCI’s racetrack facility is located at the Santa Ana district in Makati City. The last official horseracing at the 21.6-hectare Makati City racetrack was conducted on December 21, 2008 to pave the way for the eventual re-development of the Makati City property into a mixed use, residential-commercial project (see Note 12.3 to the audited financial statements). Starting on January 6, 2009, horseracing is conducted in the new racetrack complex in Naic, Cavite.
Starting 2013, PRCI is one of three operating racing clubs in the country [the other two are: Manila Jockey Club, Inc. (MJCI), the operator of San Lazaro racetrack, and Metro Manila Turf Club, Inc. (MMTCI), the operator of Malvar, Batangas racetrack]. Substantially same sets of horseowners and horses, jockeys and trainers and other racing people use the three racetracks. Until the end of 2012, PRCI races were conducted every other Tuesdays, Wednesdays, Thursdays, Fridays, Saturdays and Sundays. The race venues were alternatingly shuttled between PRCI and MJCI. With the entry of MMTCI in 2013, the racing calendar has been divided among the three racetracks; racing days are alternating held so that only one track operates in each racing day. Racing operations of PRCI, MJCI and MMTCI are under the supervision of the Philippine Racing Commission (Philracom) while the betting aspects of racing are under the supervision of the Games & Amusements Board (GAB).
PRCI’s franchise for horse racing was renewed through R.A. No. 7953 on March 30, 1995 for another 25 years starting October 1997 up to year 2022. The franchise grants PRCI the right to construct, operate and maintain one racetrack in the City of Makati, or anywhere within the provinces of Rizal, Laguna and Cavite and conduct horse races therein. Under the franchise, PRCI may take or arrange bets for races conducted in or outside the Philippines. Also under the franchise, PRCI shall pay a franchise tax on its gross earnings from horse races and this tax shall be in lieu of any and all taxes, except income tax, that are imposed by the local or national government on the activities covered by the franchise.
Also under the franchise, the revenue of PRCI from betting is fixed at eight-and-a-half percent (8.5%) of total wager funds or gross receipts from the sales of betting tickets. The complete distribution of wager funds as fixed by the franchise law of PRCI is as follows:
82.00% estimated gross dividends of holders of winning tickets
8.50% gross revenue share (inclusive of value added tax) of PRCI
8.50% gross prizes of horseowners, jockeys, trainers
1.00% share of Philracom and GAB
100.00% Total Wager Funds
About 16% of the total wager funds goes to the government in the form of taxes such as value added tax, documentary stamp tax and taxes on winnings & prizes.
On May 3, 2011, the Board of Directors resolved to amend the Company’s registered office from Santa Ana Park, A. P. Reyes Avenue, Makati City to Saddle & Clubs Leisure Park, Brgy. Sabang, Naic, Cavite. The Securities and Exchange Commission (SEC) approved this change in corporate address on June 16, 2011.
Contact No.: (+632) 890 – 4015
Address: Saddle & Clubs Leisure Park
Governor’s Drive Brgy. Sabang Naic, Cavite
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