Canterbury Park Holding net revenue decreases in Q3
Net revenue was $18.3m, down 5 per cent year-over-year.
US.- Canterbury Park Holding Corporation has reported financial results for the three months ended September 30. Net revenue totalled $18.3m, a decrease of 5 per cent compared to $19.3m for the same period in 2024.
There were declines of 9.7 per cent in casino, 2.7 per cent in pari-mutuel, and 11.1 per cent other revenues, partially offset by a 13.1 per cent increase in food and beverage revenues. Net income was $487,000. Adjusted EBITDA of $2.8m resulted in an adjusted EBITDA margin of 15.4 per cent.
Randy Sampson, president and chief executive officer of Canterbury Park, said: “The quarterly results were consistent with year-to-date trends as we remain focused on increasing casino traffic and our ongoing growth and development strategies. Third quarter revenues of $18.3m reflect a 5.0 per cent decline versus the third quarter of 2024, largely related to reduced casino revenues partially as a result of low hold early in the quarter.
“Similar to recent prior quarters, casino visits and player counts remain relatively stable, while per patron wagering levels declined. We saw strong quarterly growth in our food and beverage operations and pari-mutuel revenues were in line with prior year results. Adjusted EBITDA of $2.8m resulted in an adjusted EBITDA margin of 15.4 per cent, reflecting lower casino revenue partially offset by a slight year-over-year decline in operating expenses.
“We continue to take measures to improve operating efficiencies, particularly labor which is our largest expense, while pursuing opportunities to continue to grow our entertainment and hospitality businesses and develop our real estate.”
