Philippine Racing Club, Inc. has formally decided to separate its horseracing business effective November 2022 by authorizing its wholly owned subsidiary, Santa Ana Park Racing Club, Inc. to pursue the application of a new horseracing franchise with the Congress of the Philippines in view of the expiration in October 2022 of the current horseracing franchise of PRC. PRC will no longer pursue the renewal of its horseracing franchise under its own name. During its regular meeting on April 19, 2022, the Board of PRC unanimously resolved and approved such decision.

Starting November 2022, PRC will concentrate on its real estate development business while the horseracing business will be run and managed through its wholly owned subsidiary SAPRC. Management believes that this set-up will immediately bring economic benefits to both businesses. With the expiry of its horseracing franchise in October 2022, PRC will cease its horseracing operation.