Canterbury Park revenues fall 28.5% in Q3
Covid-19 measures mean the racecourse was operating at 10 per cent of normal capacity and lost 12 racing days in the quarter.
US.- Canterbury Park racecourse has reported a 28.5 per cent drop in revenue for the third quarter, as Covid-19 measures continue to have an adverse effect on business.
The Minnesota racecourse generated $13.3m in revenue in the three months ending September 30.
During the period, the racetrack was operating at a 10 per cent capacity and saw a 65 per cent decrease in on-track wagering at live events. It also lost 12 racing days but was able to provide a modified 53-day race meet.
However, the third-quarter report also shows a 116 per cent year-over-year increase in the handle from out-of-state wagering outlets due to the racecourse’s dynamic decision to shift its schedule to weekday afternoons.
The company’s management said in a statement: “Prior to the pandemic, we were achieving consistent operating improvement and expect we can regain that momentum as normalized operations resume.
“In the interim, we remain focused on providing an outstanding and safe entertainment experience at Canterbury Park while maintaining the cost and cash management discipline needed to ensure that we can execute on growth opportunities in the future.
“We are confident Canterbury Park has the balance sheet and financial flexibility to support our current operations and to execute on future growth initiatives for our Card Casino, pari-mutuel and hospitality operations at the appropriate time while unlocking value through the development of Canterbury Commons.”
