MANILA, Philippines - Philippine Racing Club Inc. (PRCI) trimmed its net loss to P33.94 million last year from P42.65 million in 2009 due to the slight growth in betting income and a decrease in costs and expenses.
In a statement, the company said total revenues, however, slightly declined to P328.84 million. Revenues from club races inched up to P309.71 million from P305.78 million while lease revenues amounted to P14.77 million, or a drop from P15.89 million.
PRCI maintained its position as the industry leader by posting P4.08 billion sales in 2010. Although the increase in sales is not big, this is still a significant development because it reversed the big drop in sales registered in 2009, it said.
The share of OTBs (off-track betting stations) in the revenue generation remains the biggest source of sales due to the continuing expansion of the OTB network. As of end-December last year, the company had 288 OTBs compared with 292 OTBs in 2009.
PRCI is expanding outside of Metro Manila even as its existing OTBs in Bulacan and Pampanga in Central Luzon and Cavite, Rizal, Laguna and Batangas and in Bicol area south of Metro Manila continue to show encouraging potentials.
“With the use of satellite feed for video coverage of races, we expect a faster pace in putting up OTBs outside of Metro Manila in the near term particularly in the Luzon area,” PRCI said.
Except for the second racetrack (1,400-meter track), a new racing facility in Naic, Cavite had been completed at the start of 2009.
The immediate plan for Cavite project is to complete the 1,400-meter racetrack to complement the 1,600-meter track; the construction of additional horse stables to accommodate the additional horses that want to stay in Naic, Cavite; and the construction of additional housing facility for helpers and grooms of horseowners who lease stables in the site.