Philippine Racing Club Inc (Philippines)

Philippine Racing Club Inc. (PRCI) is a company located in Makati, Philippines. It was incorporated on May 2, 1937, and registered with the Philippine Securities and Exchange Commission. PRCI operates and maintains a racetrack covered by its franchise and manages betting stations in Metro Manila and other parts of the country. The company is also involved in acquiring and developing real properties, including leisure, recreational, and memorial parks, as well as owning, operating, managing, and selling real estate. PRCI's shares of stock are listed on the Philippine Stock Exchange. The company's registered office and principal place of business are located at Saddle and Clubs Leisure Park, Brgy. Sabang, Naic, Cavite. In 1937, a group of Filipino and American businessmen established the Santa Ana Turf Club, which is now known as PRCI. The company uses modern horseracing equipment to provide fast and accurate computation of dividends for horse racing enthusiasts. Until the end of 2008, PRCI's racetrack facility was located in the Santa Ana district of Makati City. However, it was eventually redeveloped into a mixed-use, residential-commercial project. Since January 6, 2009, horseracing has been conducted in the new racetrack complex in Naic, Cavite. PRCI is one of three operating racing clubs in the country, along with Manila Jockey Club, Inc. (MJCI) and Metro Manila Turf Club, Inc. (MMTCI). These clubs have the same sets of horse owners, horses, jockeys, trainers, and other racing personnel. Prior to 2013, PRCI races were held every other day, alternating between PRCI and MJCI. With the entry of MMTCI in 2013, the racing calendar has been divided among the three racetracks, with only one track operating on each racing day. The Philippine Racing Commission (Philracom) supervises the racing operations of PRCI, MJCI, and MMTCI, while the Games & Amusements Board (GAB) oversees the betting aspects of racing. PRCI's franchise for horse racing was renewed through R.A. No. 7953 on March 30, 1995, for another 25 years, starting in October 1997 and lasting until 2022. The franchise allows PRCI to construct, operate, and maintain one racetrack in Makati City or anywhere within the provinces of Rizal, Laguna, and Cavite, and conduct horse races there. PRCI is also authorized to take or arrange bets for races conducted in or outside the Philippines. The franchise requires PRCI to pay a franchise tax on its gross earnings from horse races, which replaces other taxes imposed by the local or national government on the activities covered by the franchise. Additionally, PRCI's revenue from betting is fixed at 8.5% of total wager funds or gross receipts from the sales of betting tickets. The distribution of wager funds is as follows: 82% goes to estimated gross dividends of holders of winning tickets, 8.5% is the gross revenue share of PRCI (inclusive of value-added tax), 8.5% is allocated to gross prizes of horse owners, jockeys, and trainers, and 1% is shared by Philracom and GAB. Approximately 16% of the total wager funds is paid to the government in the form of taxes, including value-added tax, documentary stamp tax, and taxes on winnings and prizes.