Nasdaq:CPHC
Canterbury Park Announces Amphitheater Development for Canterbury Commons, Plans to Modernize Horse Stabling Area
New projects will add to property’s entertainment experience and strengthen horse racing operations
SHAKOPEE, Minn., Feb. 08, 2022 (GLOBE NEWSWIRE) — Canterbury Park Holding Corporation (NASDAQ: CPHC) (“Canterbury” or the “Company”) today announced two new proposed development projects that will respectively elevate the entertainment experience at the property and significantly strengthen the Company’s horse racing operations. One project includes the Company’s agreement to sell approximately 40 acres in the northeast corner of the property to Minneapolis-based Swervo Development Corporation (“Swervo”), which plans to build a state-of-the-art 19,000-seat amphitheater as part of the Canterbury Commons™ development, subject to state and local regulatory approvals.
Pending approval of the amphitheater development, Canterbury also plans to invest in significant improvements to its horse stabling area. This multi-million dollar barn area redevelopment project will continue the Company’s ongoing commitment to provide quality horse racing in the state of Minnesota as well as allow for future development of Canterbury’s underutilized land.
“These new proposed development projects are significant steps in our long-term vision to continue to position Canterbury Park, Canterbury Commons and the City of Shakopee as a leading regional destination that offers a combination of residential, hospitality, commercial, retail and entertainment attractions and experiences,” said Randy Sampson, Chairman and CEO of Canterbury Park. “The proposed amphitheater will be a centerpiece of our Canterbury Commons development and reflects our strategic focus on working with accomplished partners to create best-in-class live, work and play amenities and customer experiences as we continue the development of our available land.”
“We welcome the news about Canterbury Park’s further investment in its horse racing operations and look forward to starting the city review process for Swervo’s amphitheater proposal, which has tremendous potential to provide additional entertainment choices and boost our local economy,” Shakopee Mayor Bill Mars said. “Canterbury Park has deep roots in Shakopee, and its development efforts will only strengthen our community in the future.”
New 19,000-Seat Amphitheater
Canterbury Park and Swervo have entered into a purchase agreement whereby Swervo will acquire approximately 40 acres of land along Canterbury Road and Unbridled Avenue, subject to the receipt of needed regulatory approvals. Swervo Development has been working with the City of Shakopee as the city completes an environmental review of their amphitheater development proposal. The Environmental Assessment Worksheet (EAW) assesses the impact of the proposed development on traffic, sound, water, sewer and other environmental factors, demonstrating that these factors have been sufficiently considered and will be in compliance with all local and state regulations. Upon completion, the 19,000-seat amphitheater is expected to be a significant attraction for major music acts and other events. The new amphitheater will build on Swervo’s past success in developing similar projects, including their successful transformation of the 1930s-era Armory building in downtown Minneapolis into a vibrant 8,400-person live music venue and events center in 2018.
“The initial EAW report confirms our belief that Canterbury Commons is an ideal site for entertainment venues like the proposed amphitheater,” Sampson said. “We have successfully managed large events for many years and the transportation infrastructure is in place and able to accommodate the projected traffic. Canterbury Park has been a good neighbor in Shakopee for over 27 years and we take our community responsibilities very seriously. The EAW is the first step in the approval process for Swervo’s proposed amphitheater project, and we look forward to working with the community and hearing their feedback as the review process progresses. We are confident this amphitheater will be embraced by both the community and people throughout this region who have wanted a high-quality performance venue to enjoy outdoor concerts during our limited summer seasons.”
Renovation of Horse Stabling Areas
Canterbury’s planned investment in its horse stabling area will include a renovation of existing facilities, the addition of new barns, stables and dorms, and a reconfiguration of the existing training track. Canterbury intends to present this redevelopment plan to the Minnesota Racing Commission for regulatory review in the second quarter of 2022. If approved, construction is expected to commence following the 2022 live racing season without interrupting the 2023 racing season.
“This is a significant investment in Minnesota’s horse racing industry and an important commitment by Canterbury Park,” said Pete Mattson, President of Minnesota Horsemen’s Benevolent & Protective Association, an advocate for owners and trainers participating in thoroughbred racing in the state of Minnesota. “The modernization of the stable area at Canterbury Park is important to the horses and people that call Canterbury Park home each summer. We look forward to working with Canterbury throughout the process to create an improved stable area for the future of racing in Minnesota.”
“We are very excited about both of these projects and the opportunity to complement our horse racing, card casino and entertainment operations with a world-class outdoor music venue in Canterbury Commons. These projects will provide significant employment and economic benefits for the City of Shakopee and the surrounding region as well as enhance our horse racing operations,” Sampson explained. “The amphitheater and barn area redevelopment projects, along with the other high-quality developments already underway, demonstrate our continued commitment to provide distinctive and complementary experiences that meet our guests and the community’s expectations and improve the quality of life in Shakopee and Scott County.”
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About Canterbury Park
Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Card Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company offers live racing from May to September. The Card Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility. For more information about the Company, visit www.canterburypark.com .
Cautionary Statement
This press release contains forward-looking statements concerning the Company’s possible or anticipated future financial performance, business activities, plans and two new proposed development projects. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “believes,” “expects,” “anticipates,” “intends” or similar expressions are intended to identify forward-looking statements. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: (1) the risk that the required regulatory approvals for the proposed amphitheater project or the proposed improvements to the horse stabling areas will not be timely received, if at all; (2) the conditions to closing of the Company’s purchase agreement with Swervo Development may not be timely satisfied, if at all; (3) the risk that the proposed amphitheater may not be constructed for any other reason; (4) the proposed amphitheater, if approved and constructed, may not positively impact the Company’s card casino or racetrack operations or positively contribute to the Company’s real estate development strategy; (5) the improvements to the horse stabling areas may involve unexpected costs, liabilities or delays; and (6) the identified improvements to the horse stabling areas are conditioned upon the proposed amphitheater project and any changes to the proposed amphitheater project may impact the Company’s plans for the improvements to the horse stabling areas or the timing or cost of the same. Additional risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements include the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2020 and other factors set forth in reports filed with the Securities and Exchange Commission.
# # #
CONTACT: Contact: Jeff Maday Media Relations Manager (952) 292-7524 [email protected] Investor Contact: Richard Land, Jim Leahy JCIR 212-835-8500 or [email protected]
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Nasdaq:CPHC
Canterbury Park Holding Corporation Announces Quarterly Cash Dividend

SHAKOPEE, Minn., March 13, 2025 (GLOBE NEWSWIRE) — Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today announced that the Company’s Board of Directors, pursuant to its dividend policy, approved a quarterly cash dividend of $0.07 per share that will be paid on April 14, 2025 to stockholders of record on March 31, 2025. At this quarterly rate, the annual dividend is equivalent to $0.28 per common share.
About Canterbury Park
Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com.
Cautionary Statement
From time to time, in press releases and in other communications to shareholders or the investing public, Canterbury Park Holding Corporation may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans based on management’s beliefs and assumptions. These forward looking statements are typically preceded by the words such as “believes,” “expects,” “anticipates,” “intends” or similar expressions. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties, including those disclosed in our periodic filings with the Securities and Exchange Commission, which could cause actual performance, activities, future dividends or plans after the date the statements are made to differ significantly from those indicated in the forward-looking statements when made.
Investor Contacts: | |
Randy Dehmer | Richard Land, Jim Leahy |
Senior Vice President and Chief Financial Officer | JCIR |
Canterbury Park Holding Corporation | 212-835-8500 or [email protected] |
952-233-4828 or [email protected] |
Nasdaq:CPHC
Canterbury Park Holding Corporation Reports 2024 Fourth Quarter Results

SHAKOPEE, Minn., March 10, 2025 (GLOBE NEWSWIRE) — Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (Nasdaq: CPHC) today reported financial results for the fourth quarter and full year ended December 31, 2024.
($ in thousands, except per share data and percentages) | |||||||||||||||||
Three Months Ended December 31, | Twelve months ended December 31, | ||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||
Net revenues | $11,978 | $12,527 | -4.4 | % | $61,562 | $61,437 | 0.2 | % | |||||||||
Net income(1) | -$1,245 | $1,364 | -191.3 | % | $2,113 | $10,563 | -80.0 | % | |||||||||
Adjusted EBITDA(2) | $1,335 | $2,051 | -34.9 | % | $10,234 | $10,446 | -2.0 | % | |||||||||
Basic EPS(1) | -$0.25 | $0.28 | -189.3 | % | $0.42 | $2.15 | -80.5 | % | |||||||||
Diluted EPS(1) | -$0.25 | $0.27 | -192.6 | % | $0.42 | $2.13 | -80.3 | % | |||||||||
(1) Net income and basic and diluted EPS for the twelve months ended December 31, 2024 include a $1.7 million gain to the transfer of land to a new joint venture. Net income and basic and diluted EPS for the twelve months ended December 31, 2023 include a $6.5 million gain on sale of land.
(2) Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures, and reconciliations of non-GAAP financial information are included later in the release.
Management Commentary
“Throughout 2024, we focused on managing our operations to address the evolution of our business and market. In our seasonally slowest quarter, fourth quarter revenues of $12.0 million and adjusted EBITDA of $1.3 million, which together resulted in an adjusted EBITDA margin of 11.1%, reflect the efficacy of these efforts during a period when our Casino operations faced a recent increase in competition,” said Randy Sampson, President and Chief Executive Officer of Canterbury Park.
“To address the increased Casino operations competition, we are implementing several initiatives to further elevate guest service and are expanding our marketing programs beyond our traditional focus on existing customers to attract and retain new customers. We also continue to introduce new table game offerings to the market. Collectively, our goal is for these efforts is to better position Canterbury as the gaming entertainment venue with the best service and table game variety in the region. We are also focused on further expanding the non-gaming entertainment side of our business as we had more mid- and large-scale events in 2024 than ever before, which drove higher cash flow from Food & Beverage and Other operations. We expect to accelerate this momentum in 2025 with more exciting events planned than in prior years. As our business and market continue to evolve, we are bringing additional attention to our expense control strategies that are focused on creating more operating efficiencies. We expect our collective revenue optimization and expense control initiatives will help maintain our ability to again deliver solid annual cash flow this year and beyond.
“Canterbury Commons is firmly positioned as a premiere destination for living, playing and working that brings consistently high levels of traffic and energy to the property. With nearly 1,000 residential units, five restaurants and breweries, two music and entertainment venues, 57,000 square-feet of office space, and other distinct amenities already open or under development, and another 50 acres available for future development, we expect Canterbury Commons will create new long-term revenue sources and positive economics for the Company.
“We remain focused on a range of strategies to create long-term value for our shareholders, including significant efforts to ensure Canterbury will benefit economically if online sports betting is approved in Minnesota. We are well positioned for the future as we generate consistent annual cash flow and have a strong balance sheet with over $15 million in unrestricted cash and short-term investments and nearly $19 million related to our tax increment financing receivable. As we near the completion of both our tax increment financing infrastructure and our barn relocation and redevelopment plan, our capital expenditures will decline in 2025 compared to 2024 and further decline in 2026 to our historical levels of between $2 to $3 million per year. Finally, we continue to successfully unlock the significant value of our real estate through the development of Canterbury Commons. Accordingly, we believe that when considered collectively, these factors, along with our return of capital initiative through our quarterly cash dividend, are not reflected in our current valuation.”
Canterbury Commons Development Update
Swervo continues to make progress on the construction of its state-of-the-art amphitheater. The Company’s barn relocation and redevelopment plan is nearing completion with over 300 new stalls completed and in operation, with the balance of the planned backside improvements on schedule for completion prior to the 2025 live racing season. Canterbury is also nearing completion of the road adjacent to the amphitheater which will unlock the development potential of roughly 25 acres of land in that portion of the site.
Residential and commercial construction updates related to joint ventures include:
- Phase II of The Doran Group’s upscale Triple Crown Residences at Canterbury Park has leased 87% of its available units.
- Repairs on Phase I of the Triple Crown Residences were fully completed in late 2024 and a certificate of occupancy was granted in February 2025.
- 80% of the 147 units of senior market rate apartments at The Omry at Canterbury are leased.
- The pizza restaurant, fitness center and BBQ restaurant in the 10,000 square-foot commercial building within the Winners Circle development are all open.
- Construction of an additional 28,000 square-foot commercial office building within the Winners Circle development is ongoing. The primary user has 50% of the space under lease and discussions are ongoing with other potential tenants.
- The Company’s joint venture partner, Trackside Holdings, LLC, continues to make progress with construction of an approximately 16,000 square foot project on 3.5 acres of trackside land that will house a new music venue, restaurant and bar in the spring of 2025.
Residential and commercial construction updates related to prior land sales include:
- Pulte Homes of Minnesota continues development on the 45-unit second phase of its row home and townhome residences.
Developer and partner selection for the remaining 50 acres of Canterbury Commons, including 25 acres that will become available for development following the completion of the new road noted above, continues. Additional uses could include office, retail, hotel and restaurants.
Summary of 2024 Fourth Quarter Operating Results
Net revenues for the three months ended December 31, 2024 were $12.0 million, compared to $12.5 million for the same period in 2023. Compared to the prior-year period, Casino revenue declined 4.9% primarily due to increased competition in the market for certain games offered at Canterbury. Pari-mutuel revenue declined 9.5%, primarily due to lower simulcasting handle. Food & Beverage and Other revenue increased 1.7% and 2.0%, respectively, year-over-year.
Operating expenses for the three months ended December 31, 2024 increased slightly to $12.1 from $11.9 million for the same period in 2023. The year-over-year increase primarily reflects increased salaries and benefits, due primarily to annual wage increases, and increased depreciation expenses, due to placing assets into service related to the first and second phases of the Company’s barn relocation and redevelopment plan, partially offset by lower advertising and marketing expenses, reflecting proactive efforts to lower overall costs.
The Company recorded a loss from equity investment of $2.1 million for the three months ended December 31, 2024 primarily related to the Company’s share of depreciation, amortization and interest expense from the Doran Canterbury joint ventures. For the three months ended December 31, 2023, the Company recorded income from equity investment of $939,000 related to a gain recognized on insurance proceeds received by Doran Canterbury I.
The Company recorded an income tax benefit of $440,000 for the three months ended December 31, 2024 compared to income tax expense of $708,000 for the three months ended December 31, 2023. The Company recorded a net loss of $1.2 million, or $0.25 per diluted share for the three months ended December 31, 2024, compared to net income and diluted earnings per share for the three months ended December 31, 2023 of $1.4 million and $0.27 per share, respectively.
Adjusted EBITDA, a non-GAAP measure, for the three months ended December 31, 2024 and December 31, 2023 was $1.3 million and $2.1 million, respectively.
Summary of 2024 Full-Year Operating Results
Net revenues for the twelve months ended December 31, 2024 were $61.6 million, compared to $61.4 million for the same period in 2023. Casino revenues were $38.8 million for the 2024 full year period compared to $39.8 million for the same period in 2023 partially reflecting the increased competition in the market noted above. Pari-mutuel revenues were $8.2 million for the 2024 full year period and $8.3 million in for the same period in 2023. Full year Food & Beverage and Other revenues both increased in 2024 to $8.0 million and $6.6 million, respectively, from $7.8 million and $5.6 million, respectively in 2023. The increase in Food & Beverage and Other revenues reflects increased catering operations and admissions revenues, respectively, related to Canterbury’s hosting of new large scale special events in 2024.
Operating expenses for the twelve months ended December 31, 2024 were $56.9 million, a slight increase from operating expenses of $56.4 million for 2023. The year-over-year increase reflects higher depreciation and amortization, due to service upgrades for the Company’s barns and backside, and higher salaries and benefits expenses, primarily due to annual wage increases, which more than offset lower advertising and marketing and professional and contracted services expenses as compared to 2023.
The Company recorded a $1.7 million gain on the transfer of approximately 3.5 acres of land to a new joint venture during the twelve months ended December 31, 2024. The Company recorded a gain on sale of land of $6.5 million related to the sale of 37 acres to Swervo during the twelve months ended December 31, 2023.
The Company recorded a loss from equity investment of $5.5 million for the twelve months ended December 31, 2024 compared to a gain from equity investment of $1.5 million for the twelve months ended December 31, 2023. The net loss for the twelve month period ended December 31, 2024 is related to the Company’s share of depreciation, amortization and interest expense from the Doran Canterbury joint ventures, while the net gain for the same period a year ago is related to a gain recognized on insurance proceeds received by Doran Canterbury I related to an outstanding claim.
The Company recorded income tax expense of $0.9 million for the twelve months ended December 31, 2024 compared to income tax expense of $4.4 million for the twelve months ended December 31, 2023.
The Company recorded net income of $2.1 million and diluted earnings per share of $0.42 for the twelve months ended December 31, 2024, compared to net income and diluted earnings per share for the twelve months ended December 31, 2023 of $10.6 million and $2.13 per share, respectively.
Adjusted EBITDA was $10.2 million for the twelve months ended December 31, 2024 compared with $10.4 million for the same period in 2023.
Additional Financial Information
Further financial information for the fourth quarter and full-year ended December 31, 2024, is presented in the accompanying tables at the end of this press release. Additional information will be provided in the Company’s Annual Report on Form 10-K that will be filed with the Securities and Exchange Commission on or about March 11, 2025.
Use of Non-GAAP Financial Measures
To supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, and which exclude certain items from net income, a GAAP measure. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest income (net of interest expense), income tax expense, depreciation and amortization, as well as excluding stock-based compensation (which includes our 401(k) match expense as this match occurs in Company stock), gain on insurance proceeds relating to equity investments, gain on disposal of assets, gain on the transfer or sale of land, depreciation and amortization related to equity investments, and interest expense related to equity investments. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net revenues. Neither EBITDA, Adjusted EBITDA, or Adjusted EBITDA margin are measures of performance calculated in accordance with generally accepted accounting principles (“GAAP”), and should not be considered an alternative to, or more meaningful than, net income as an indicator of our operating performance. See the table below, which presents reconciliations of these measures to the GAAP equivalent financial measure, which is net income. We have presented EBITDA as a supplemental disclosure because we believe that, when considered with measures calculated in accordance with GAAP, EBITDA gives investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes, and it is a widely used measure of performance and basis for valuation of companies in our industry. Other companies that provide EBITDA information may calculate EBITDA or Adjusted EBITDA differently than we do. We have presented Adjusted EBITDA as a supplemental disclosure because we believe it enables investors to understand and assess our core operating results excluding the effect of these items and is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business and provides a perspective on the current effects of operating decisions.
About Canterbury Park
Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com.
Cautionary Statement
From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, we may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans. These statements are typically preceded by the words “believes,” “expects,” “anticipates,” “intends” or similar expressions. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements. We report these risks and uncertainties in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. They include, but are not limited to: we may not be successful in implementing our growth strategy; sensitivity to reductions in discretionary spending as a result of downturns in the economy and other factors; we have experienced a decrease in revenue and profitability from live racing; challenges in attracting a sufficient number of horses and trainers; a lack of confidence in core operations resulting in decreasing customer retention and engagement; personal injury litigation due to the inherently dangerous nature of horse racing; material fluctuations in attendance at the Racetrack; material changes in the level of wagering by patrons; any decline in interest in horse racing or the unbanked card games offered in the Casino; competition from other venues offering racing, unbanked card games or other forms of wagering; competition from other sports and entertainment options; increases in compensation and employee benefit costs; the impact of wagering products and technologies introduced by competitors; the general health of the gaming sector; legislative and regulatory decisions and changes; our ability to successfully develop our real estate, including the effect of competition on our real estate development operations and our reliance on our current and future development partners; our obligation to make improvements in the TIF district that will only be reimbursed to the extent of future tax revenue; temporary disruptions or changes in access to our facilities caused by ongoing infrastructure improvements; inclement weather and other conditions affecting the ability to conduct live racing; technology and/or key system failures; cybersecurity incidents; the general effects of inflation; our ability to attract and retain qualified personnel; dividends that may or may not be issued at the discretion of our Board of Directors; and other factors that are beyond our ability to control or predict.
The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Canterbury assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
Investor Contacts: | |
Randy Dehmer | Richard Land, Jim Leahy |
Senior Vice President and Chief Financial Officer | JCIR |
Canterbury Park Holding Corporation | 212-835-8500 or [email protected] |
952-233-4828 or [email protected] | |
– Financial tables follow –
CANTERBURY PARK HOLDING CORPORATION’S | |||||||||||
SUMMARY OF OPERATING RESULTS | |||||||||||
Three months ended | Twelve months ended | ||||||||||
December 31, | December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Operating Revenues: | |||||||||||
Casino | $8,994,643 | $9,459,017 | $38,774,702 | $39,781,166 | |||||||
Pari-mutuel | 1,125,731 | 1,243,905 | 8,226,047 | 8,253,615 | |||||||
Food and Beverage | 1,038,071 | 1,020,738 | 7,968,157 | 7,828,980 | |||||||
Other | 819,092 | 803,403 | 6,593,382 | 5,573,097 | |||||||
Total Net Revenues | 11,977,537 | 12,527,063 | 61,562,288 | 61,436,858 | |||||||
Operating Expenses | (12,075,269 | ) | (11,939,193 | ) | (56,861,654 | ) | (56,425,975 | ) | |||
Gain on Transfer/Sale of Land | – | – | 1,732,353 | 6,489,976 | |||||||
(Loss) Income from Operations | (97,732 | ) | 587,870 | 6,432,987 | 11,500,859 | ||||||
Other (Loss) Income, net | (1,587,787 | ) | 1,484,047 | (3,396,260 | ) | 3,479,390 | |||||
Income Tax Benefit (Expense) | 440,116 | (708,000 | ) | (923,885 | ) | (4,417,000 | ) | ||||
Net Income | $(1,245,403 | ) | $1,363,917 | $2,112,842 | $10,563,249 | ||||||
Basic Net Income Per Common Share | ($0.25 | ) | $0.28 | $0.42 | $2.15 | ||||||
Diluted Net Income Per Common Share | ($0.25 | ) | $0.27 | $0.42 | $2.13 | ||||||
RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | |||||||||||
Three months ended | Twelve months ended | ||||||||||
December 31, | December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
NET INCOME | ($1,245,403 | ) | $1,363,917 | $2,112,842 | $10,563,249 | ||||||
Interest income, net | (478,835 | ) | (544,769 | ) | (2,071,511 | ) | (1,978,122 | ) | |||
Income tax (benefit) expense | (440,116 | ) | 708,000 | 923,885 | 4,417,000 | ||||||
Depreciation and amortization | 944,807 | 837,100 | 3,620,899 | 3,145,372 | |||||||
EBITDA | (1,219,547 | ) | 2,364,248 | 4,586,115 | 16,147,499 | ||||||
Stock-based compensation | 372,932 | 335,817 | 1,447,009 | 1,378,373 | |||||||
Gain on insurance proceeds related to equity investments | – | (1,698,800 | ) | – | (4,227,701 | ) | |||||
Loss on disposal of assets | 55,714 | 176,425 | 49,214 | 157,160 | |||||||
Gain on transfer/sale of land | – | – | (1,732,353 | ) | (6,489,976 | ) | |||||
Depreciation and amortization related to equity investments | 1,415,230 | 439,270 | 3,086,695 | 1,753,256 | |||||||
Interest expense related to equity investments | 711,109 | 434,186 | 2,796,932 | 1,727,192 | |||||||
ADJUSTED EBITDA | $1,335,438 | $2,051,146 | $10,233,612 | $10,445,803 | |||||||
Nasdaq:CPHC
Canterbury Park Holding Corporation Announces Quarterly Cash Dividend

SHAKOPEE, Minn., Dec. 16, 2024 (GLOBE NEWSWIRE) — Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today announced that the Company’s Board of Directors, pursuant to its dividend policy, approved a quarterly cash dividend of $0.07 per share that will be paid on January 14, 2025 to stockholders of record on December 31, 2024. At this quarterly rate, the annual dividend is equivalent to $0.28 per common share.
About Canterbury Park
Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com.
Cautionary Statement
From time to time, in press releases and in other communications to shareholders or the investing public, Canterbury Park Holding Corporation may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans based on management’s beliefs and assumptions. These forward looking statements are typically preceded by the words such as “believes,” “expects,” “anticipates,” “intends” or similar expressions. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties, including those disclosed in our periodic filings with the Securities and Exchange Commission, which could cause actual performance, activities, future dividends or plans after the date the statements are made to differ significantly from those indicated in the forward-looking statements when made.
CONTACT: Investor Contacts: Randy Dehmer Senior Vice President and Chief Financial Officer Canterbury Park Holding Corporation 952-233-4828 or [email protected] Richard Land, Jim Leahy JCIR 212-835-8500 or [email protected]
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