Canterbury Park marginally higher, while profits from casino have been declining. For the three months ending September 30, 2024, and September 30, 2023, Canterbury Park Holding Corporation made $19.3 million.
Casino revenue fell 3.4% from the previous year, mostly as a result of a loss in table game revenue and a lower average collection rate.
“Canterbury’s 2024 third quarter results once again demonstrated our ability to deliver consistent, solid financial performance,” stated Randy Sampson, the company’s president and chief executive officer. Canterbury Park marginally higher: “As we continue to carry out measures aimed at providing strong contributions from all areas of our operations, net revenues and adjusted EBITDA of $19.3m and $3.3m, respectively, were both marginally higher than the previous year. As we continue to position our venue as a premier regional destination for events of all sizes and concentrate on bringing new, exciting entertainment to the property, like the debut of the Canterbury Park rodeo in July, this focus is reflected in the third quarter’s 28% year-over-year increase in other revenues. Small year-over-year drops in casino, pari-mutuel, and food and beverage revenue were counterbalanced by the significant contributions from these activities. Our emphasis on increasing operational efficiency and giving cash flow generation first priority is seen in the quarter’s adjusted EBITDA margin of 17%, which is higher than the 16.6% margin for the same period in 2023.”
See also:
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In order to develop the surplus land surrounding the property into Canterbury Commons, a regional hub for living, working, and playing, we are still collaborating with elite partners. Over 900 residential units, five restaurants and breweries, two music and entertainment venues, 57,000 square feet of office space, and other unique amenities are presently available or in the process of being developed. These facilities form the foundation of a completely new community in the area. We anticipate that Canterbury Commons will generate new long-term revenue streams and economics for the company, in addition to bringing new, 24-hour traffic and energy to the property.
“Canterbury is in a strong position to produce both short-term and long-term financial results. Our steady yearly cash flow generation, solid balance sheet with almost $22 million in unrestricted cash and short-term investments, about $17 million in tax increment financing receivable, and return of capital initiative through our quarterly cash dividend, all of which we feel are not adequately reflected in the company’s current valuation.” The substantial value of our real estate, which we are releasing with the construction of Canterbury Commons, adds to this. “We are still on course to implement plans that will significantly increase long-term value for our shareholders for the remainder of this year and beyond.”
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