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Canterbury Park Holding Corporation (symbol: CPHC) is Minnesota's premier destination for entertainment and gambling. The company operates a renowned card casino, offering both poker and traditional casino games. From May to September, you can experience the thrill of live horse racing, while simulcast wagering on races from across the country is available year-round.
Canterbury Park is more than just a racetrack and casino. It's a vibrant hub for diverse events, including snowmobile races, arts and crafts shows, trade shows, concerts, fundraisers, automobile shows, competitions, and private parties. This makes it a multifaceted venue that appeals to a wide range of interests and demographics.
The company is divided into four key segments:
- Horse Racing: This segment covers pari-mutuel wagering operations on both simulcast and live horse races.
- Casino: Focused on unbanked card operations, this segment generates the majority of the company's revenue.
- Food and Beverage: This includes concessions, catering, and event services provided at the racetrack, enhancing the overall customer experience.
- Development: This segment represents Canterbury Park's real estate development operations, expanding its footprint and creating new opportunities for growth.
Recent achievements of Canterbury Park include the successful hosting of major events and the continued development of its real estate operations. The company maintains a solid financial condition, thanks to its diverse revenue streams and strategic partnerships. With a focus on providing top-notch entertainment and gambling experiences, Canterbury Park Holding Corporation continues to be a significant player in Minnesota's entertainment landscape.
Canterbury Park Holding (Nasdaq: CPHC) announced its Q3 2024 financial results. Net revenues were $19.3M, a slight increase from $19.27M in Q3 2023. Net income rose 77.9% to $2.02M, and Basic EPS increased 73.9% to $0.40. Adjusted EBITDA saw a 2.8% rise to $3.28M. However, for the nine months ended September 30, 2024, net income dropped 63.5% to $3.36M, with Basic EPS down 64.2% to $0.67. Operating expenses fell slightly to $17.4M in Q3 2024 from $17.5M in Q3 2023. The company recorded a $1.7M gain from a land transfer, offsetting declines in Casino, Pari-mutuel, and Food & Beverage revenues. Canterbury Commons development continues, adding residential units, commercial spaces, and entertainment venues. CEO Randy Sampson emphasized future growth potential, backed by strong cash flow and real estate assets.
Canterbury Park Holding (NASDAQ: CPHC) has announced a quarterly cash dividend of $0.07 per share, payable on October 14, 2024 to stockholders of record on September 30, 2024. This equates to an annual dividend of $0.28 per common share. Canterbury owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, offering live racing from May to September, 24/7 casino card games, and simulcast horse racing wagering. The company is also pursuing mixed-use development opportunities on approximately 140 acres of underutilized land surrounding the racetrack, previously known as Canterbury Commons™, to enhance shareholder value.
Canterbury Park Holding (Nasdaq: CPHC) reported its financial results for Q2 2024, showing a mixed performance. Net revenues slightly decreased by 0.9% year-over-year to $16.2 million, while net income dropped 93.6% to $338,000 due to the absence of a one-time land sale gain from the previous year.
Adjusted EBITDA climbed 1% to $2.4 million. Despite a 5.2% decline in Casino revenue, increases in Pari-mutuel, Food & Beverage, and Other revenues partially offset the losses. The company also recorded a loss of $1.2 million from equity investments.
For the six months ended June 30, 2024, net revenues increased by 2.2% to $30.3 million. Operating expenses rose by 1.4% to $27.4 million. Net income for this period fell 83.4% to $1.3 million. Canterbury's development projects, including Canterbury Commons, are making progress, with several new commercial and residential buildings scheduled to open soon.
Canterbury Park Holding (NASDAQ: CPHC) announced a quarterly cash dividend of $0.07 per share, payable on July 12, 2024, to shareholders of record on June 28, 2024. This brings the annual dividend to $0.28 per share.
Canterbury Park, located in Shakopee, Minnesota, operates the state's only thoroughbred and quarter horse racing facility, along with a casino that offers 24/7 card games. The company also provides year-round simulcast horse racing wagering and hosts various entertainment events.
Additionally, Canterbury Park is developing approximately 140 acres of land around the racetrack, originally designated for Canterbury Commons™, to enhance shareholder value through mixed-use development opportunities.
Canterbury Park Holding reported financial results for the first quarter of 2024, with net revenues increasing by 6.0% to $14.1 million and Adjusted EBITDA rising by 14.0% to $3.2 million. The company experienced growth in revenue across all reporting segments and made progress in developing Canterbury Commons. The introduction of historical horse racing terminals at Canterbury Park was approved, despite facing legal challenges. The company remains focused on creating new value for shareholders and delivering long-term growth.
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