Net revenue decreased 8.1 per cent compared to the same period in 2022.
US.- Canterbury Park Holding Corporation has released its Q2 2023 financial results. Net revenues for the three months ended June 30 decreased 8.1 per cent to $16.3m, compared to $17.8m for the same period in 2022. The company said that “second-quarter results represent a continuation of the stable trends in our business”.
Operating expenses for the three months ended June 30 were $15.3m, an increase of $196,000, or 1.3 per cent, from $15.1m for the same period in 2022. A gain on the sale of land of $6.5m was reported in relation to the sale of 37 acres to Swervo for the future development of an amphitheater.
The company recorded an income tax expense of $2.1m? net income of $5.3m, and diluted earnings per share of $1.07. Adjusted EBITDA was $2m compared to $3.6m for Q2 2022.
The company said in a statement: “Our performance exceeded pre-Covid levels and was in-line with our expectations, given the impact of higher costs and a reduced racing calendar.”
it added: “While below recent quarters reflecting the impact of higher costs and a reduction in racing days compared to last year, we believe adjusted EBITDA as a percentage of revenue will rebound over the balance of 2023 and continue to exceed historical pre-Covid levels due to the proactive initiatives undertaken during the pandemic to improve our cost structure and operating efficiency.
“Casino revenue rose 3.9% over the prior year as higher visitation and spending trends more than offset lower table games hold for the quarter. Our 54-day live racing meet began on May 27 and, in the quarter, we ran 15 days compared to 25 in the prior-year period. Pari-mutuel revenue declined 31.8% year-over-year primarily due to a significant decline in out-of-state handle on Canterbury Park races.”
In May, Canterbury Park completed the sale of 37 acres of land to Bloomington Investments, an entity related to Swervo Development, for $8.8m. The land is situated adjacent to County Road 83 and Unbridled Avenue in the northeast corner of Canterbury’s campus in Minneapolis.