Canterbury Park Holding Corporation reports developments tied to its Canterbury Park Racetrack and Casino in Shakopee, Minnesota, including horse racing, simulcast wagering, card casino operations, food and beverage service, entertainment events, and real estate development around the racetrack.
Recurring company updates include quarterly and annual financial results, Board-approved cash dividends, casino and racing operating commentary, special-event activity, and progress on mixed-use development opportunities for land associated with Canterbury Commons™.
Canterbury Park Holding Corporation (CPHC) reported a significant decline in financial performance for Q3 2020, largely due to the ongoing COVID-19 pandemic. Net revenues fell by 28.5% year-over-year, totaling $13.3 million, while nine-month revenues saw a 42.1% drop to $27 million. Despite these challenges, the company achieved a net income of $1.8 million, up 60.7% from Q3 2019, primarily aided by a $2.3 million gain from land transfers. Ongoing development at Canterbury Commons aims to secure long-term growth and liquidity.
Canterbury Park Holding Corporation (NASDAQ: CPHC) has appointed Mark Chronister to its Board of Directors effective October 1, 2020. This expansion brings the board to six members, with five being independent. Chronister, a financial expert with 40 years of experience, previously served as an audit partner at PwC. His expertise in corporate governance is expected to enhance the board's effectiveness as the company aims to regain pre-pandemic momentum in its Card Casino and pari-mutuel operations, while also pursuing real estate development opportunities around Canterbury Park.
Canterbury Park Holding Corporation (CPHC) reported significant financial declines for Q2 2020, impacted by COVID-19 closures. Net revenues dropped by 83.2% year-over-year to $2.8 million, with a net loss of $1.2 million compared to net income of $958,000 in Q2 2019. Adjusted EBITDA also fell, reflecting the challenges faced during operations suspension from March 16 to June 9, 2020. Despite these challenges, Canterbury initiated development agreements for Canterbury Commons, aiming to generate $250 million in long-term cash flows through new residential and commercial projects.