Canterbury Park reports $13.1m in Q1 2025 revenue
The company confirmed its first quarter results.
Key Points
- Canterbury Park generated $13.1m in revenue during the first quarter, down 6.8% year-over-year.
- The company is investing in marketing and entertainment in the coming months
Quarterly results overview
Canterbury Park has reported financial results for the quarter ended March 31, 2025, posting $13.1m in revenue and reaffirming its long-term development strategy.
Full Q1 results
Adjusted EBITDA dropped 39.6% to $1.9m from $3.2m this time last year. The company posted a net loss of $299,000, or -$0.06 per diluted share, compared to a profit of $998,000, or $0.20 per share, in Q1 2024.
Casino revenue declined 8.6% year-over-year, while pari-mutuel wagering dropped 8.2%. Food and beverage sales were also down 5.9%. Only ‘other revenues’ saw growth, rising 9.3% on the back of event admission sales.
Operating expenses increased to $12.5m, up 1.3% from the prior year. The rise was attributed to wage increases, higher property taxes and expanded marketing costs.
The company also saw a loss of $1.6m related to its equity investments, up from $852,000 in Q1 2024, largely due to depreciation and interest expenses from its joint ventures.
The company remains debt-free with over $15m in cash and short-term investments and $19m in tax increment financing receivables.
Good to know: Canterbury Commons includes nearly 1,000 residential units and multiple commercial spaces under development or construction.
Future outlook
Canterbury is expanding its marketing efforts and event strategy, welcoming Jennifer Lauerman as its incoming VP of Marketing and Entertainment. Her background includes senior roles with Mall of America and other major entertainment brands.
Momentum continues across the Canterbury Commons development, with leasing progress reported in residential and commercial projects, and major attractions like a Live Nation-operated amphitheater nearing completion.
CEO comments
Randy Sampson, Canterbury Park President and CEO, stated: “We are re-focusing and expanding our marketing programs to address the increased competition to our casino operations. These programs target attracting and retaining new customers and increasing visitation from our existing high-value guests.
“We will soon welcome Jennifer Lauerman, our new Vice President of Marketing and Entertainment to lead our marketing, event and entertainment functions.
“Lauerman brings extensive experience and expertise in advertising, brand marketing and event planning and production having served in a number of regional marketing and event positions including Vice President of Marketing for the Mall of America, one of the largest retail and entertainment venues in the country.”
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