The Manila Jockey Club, home to gambling activities surrounding horse racing and cockfighting, saw a decrease in interest in the first half of this year. In a filing with the Philippine Stock Exchange, the company reported a net loss of $1.4 million. However, this was better than the same period last year, in which it lost $1.69 million.

First-half revenue was up 28.8% year-on-year, coming in at $7.3 million. In the second quarter of this year, it lost $460,622 compared to a loss of $975,545 a year ago. Casino-related revenue during the first half also declined.

The club is operated through a lease agreement with the Philippine Amusement and Gaming Corp (PAGCOR). The lease stipulates that the Manila Jockey Club can “lease [a] 1,427-square-metre [15,360 sq. feet] property, with modern slot machines, including the rights to a proprietary system of linking and networking the said slot machines in Turf Club Building, San Lazaro Leisure Park, Carmona, Cavite.” That agreement is currently under renewal and also stipulates that the club can “receive monthly variable rent equivalent to 35 percent of revenues less winnings/prizes and 5 percent franchise tax.”

According to the club’s filing, income through the agreement was down for the first half of the year. It reported the income at $125,458, while last year it had collected $189,139 for the same period.