Canterbury Park Holding Corporation, which owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, has reported its first quarter results.
Net revenues for Q1 were down by 2.5 per cent, from $13.3m to $13.6m, but net income was up 56.2 per cent, from $1.77m to $2.77m.
The management commented: “Our first quarter results were in line with our expectations entering 2023 and demonstrate the stability of our business as we’ve moved beyond the impact of the pandemic and emerged with a more efficient operating structure that enables us to generate attractive levels of cash flow.
"First quarter revenue of $13.3m and adjusted EBITDA of $2.5m reflect an adjusted EBITDA margin of 18.7 per cent which, while below recent quarters, remains significantly above historical levels.
"During the quarter, we benefited from the continued normalisation of our events and food and beverage businesses, which helped mitigate lower casino revenue compared to last year even as we generated our second highest ever first quarter casino performance.
With the start of our 2023 live racing season coming later this month, we are confident that our guests will experience the level of excitement that Canterbury live racing is known to offer.
"At the same time, our diligent focus on managing our cost structure and operating as efficiently as possible will help us optimise the operating results of our racing business."
