Manila Jockey Club, Inc. (MJC) was incorporated on March 22, 1937, and was granted a franchise on October 23, 1972, through Republic Act No. 6631, to operate and maintain a racetrack and conduct horse races. The company conducts its racing operations in its horse racing facility in Carmona, Cavite. MJC also operates off-track betting stations (OTBs) and is expanding its OTB network in Metro Manila as well as in provincial areas. As of December 31, 2008, the company had a total of 230 OTB stations, 23 of which are located in provincial areas. In line with MJC's vision to expand its business operations and to enhance the value of the shareholders' investment, the company is also engaged in the development of its real estate assets through joint venture agreements with leading property developers. MJC has recently ventured into gaming operations with the establishment of a casino known as the Pagcor Club San Lazaro located at the 3rd Floor of the Turf Club at the San Lazaro Leisure Park in Carmona, Cavite. MJC has also agreed with Ayala Land, Inc. for the development of two office buildings with single-level retail development on a property of MJC in Sta. Cruz, Manila, which was formerly part of the San Lazaro racetrack. MJC's three (3) wholly owned subsidiaries are the San Lazaro Resources and Development Corporation, SLLP Holdings, Inc., which was formerly named SLLP Development, Inc., and New Victor Technology Ltd. Source: SEC Form 17-A (2008)