Canterbury Park Holding reports Q4 results
The company has posted revenue of $11.9m, down 4.4 per cent from the same period in 2023.
US.- Canterbury Park Holding Corporation, owner and operator of Canterbury Park Racetrack and Casino in Shakopee, Minnesota, has reported revenue of $11.9m for Q4. That’s a drop of 4.4 per cent from the same period in 2023. Adjusted EBITDA was $1.3m, down 34.9 per cent.
Randy Sampson, president and chief executive officer of Canterbury Park, said: “Throughout 2024, we focused on managing our operations to address the evolution of our business and market. In our seasonally slowest quarter, fourth quarter revenues of $12.0m and adjusted EBITDA of $1.3m, which together resulted in an adjusted EBITDA margin of 11.1%, reflect the efficacy of these efforts during a period when our Casino operations faced a recent increase in competition.”
Sampson said that to address the increased competition, the company is implementing initiatives to improve guest service and is expanding its marketing programmes.
“Collectively, our goal is for these efforts is to better position Canterbury as the gaming entertainment venue with the best service and table game variety in the region,” he said. “We are also focused on further expanding the non-gaming entertainment side of our business as we had more mid- and large-scale events in 2024 than ever before, which drove higher cash flow from Food & Beverage and Other operations.”
Sampson added: “We remain focused on a range of strategies to create long-term value for our shareholders, including significant efforts to ensure Canterbury will benefit economically if online sports betting is approved in Minnesota. We are well positioned for the future as we generate consistent annual cash flow and have a strong balance sheet with over $15m in unrestricted cash and short-term investments and nearly $19m related to our tax increment financing receivable.”
