Philippine Racing Club
Philippine Racing Club, Inc. is a publicly-listed company engaged in constructing, operating and maintaining one racetrack in Makati or anywhere within the provinces of Rizal, Laguna and Cavite, and conduct horse races therein. It was previously known as Sta. Ana Turf Club, which was founded by a group of Filipino and American businessmen. PRC was granted by the Philippine government horse racing franchise under Republic Act 7953. Under the franchise agreement, PRC may take bets inside or outside the country. Its single major shareholder is the Leisure Management Hongkong Ltd. which accounts for 33% of the total shares. At the end of 2009, PRC employs a total of 601 regular employees. As of Apirl 15, 2011, PRC has a total market capitalization of P2.9 billion and share price of P5.20.
In 1937, a group of Filipino and American businessmen organized the Sta. Ana Turf Club, the forerunner of the Philippine Racing Club, Inc. By 1947, after World War Two, majority of the shares were passed on to the Reyes family. In 1952, the company was listed on the Philippine Stock Exchange. To date, its shares are traded under the stock symbol PRC.
In 1975, the company was renamed to its present corporate name and was granted a 25-year franchise through RA 6632 to operate a race track and conduct horse races. In 1995 PRC’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 the company the right to construct, operate and maintain one racetrack in Makati, or anywhere within the provinces of Rizal, Laguna and Cavite and conduct horse races therein. Under the franchise, PRC may take or arrange bets for races conducted in or outside the Philippines.
In 2009, PRC transferred its racing operation to the Naic, Cavite racecourse. Additional facilities were built including separate dormitory facilities for PRCI male and female employees involved in the racing operation and barracks housing for stable personnel. Stable lots are offered for long-term lease to horse owners who prefer to build their own stables. At year-end, two horse owners have built their own stable buildings. Horse population at the end of the year numbered close to 1,000.
PRC is one of only two operating racing clubs in the country. Manila Jockey Club, Inc., the operator of San Lazaro racetrack, is the other one. Races are supervised by the Philippine Racing Commission while game betting are supervised by the Games and Amusement Board.
Publicly-listed company JTH Davies Holdings, is a subsidiary of the Philippine Racing Club. As Jardine Davies, the company used to engage in a range of activities such as the distribution of agri-chemical products, construction supplies and middle income housing through former wholly owned units, subsidiaries and affiliates. In 2004, the company decided to changed its primary purpose from wholesale distribution to that of a holding company, which was subsequently approved by the Securities and Exchange Commission. From Jardine Davies, the company was renamed as JTH Davies Holdings, Inc. While reorganizing, certain assets of JTH were transferred to its subsidiaries.