Canterbury Park Q1: Net income experiences 64% drop
Revenue during the quarter offered a more positive outlook.
Canterbury Park Holding Corporation has released its financial results for the first quarter of 2024, highlighting growth in all revenue segments but a decline in net income.
Total net revenue reached $14.1m during the quarter, a rise of 6% year-over-year. All segments of the business’ revenue increased, including casino revenue by 3.5%, 3.6% in pari-mutuel revenue, 17.5% in food and beverage, and 15.4% in other revenue.
This improvement in revenue from last year has been put down to “unusually mild winter weather,” as well as the attendance numbers experienced at events and entertainment offerings that took place during the quarter.
Net income, however, significantly fell in the year’s opening quarter, down 64% to just under $1m, while net loss was valued at $852,000. The loss in Q1 2024 has been put down to the share of depreciation, amortization and interest expense from Doran Canterbury joint ventures.
Operating expenses also rose during the quarter from $11.7m in Q1 2023 to $12.3m in Q1 2024. Higher labor and contracted services costs as well as other increased costs across the business have been described as the reason behind this rise.
However, adjusted EBITDA grew 14% during the quarter to a value of $3.2m compared with the same period last year.
The management team at Canterbury Park gave some thoughts on the results, saying, “As we continue to optimize our operations and are positioned to benefit from the full potential that will be unlocked by the development of Canterbury Commons, we remain equally focused on exploring additional opportunities to create new value for our shareholders.
“Expanding the gaming offerings at Canterbury Park would benefit our shareholders and importantly help us secure the long-term viability of Minnesota’s horseracing industry, which supports thousands of jobs and generates approximately $400m in economic benefits to the state.”
In other results-based news, Bragg Gaming has also released its figures for Q1 2024, with the supplier experiencing a slight decline in gross profit, but on the other hand an increase in revenue.
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