Canterbury Park Holding Corporation (Canterbury) has released the company’s financial performance for the second quarter of 2024. After undergoing a marketing reinvestment program in order to drive visitation from high-end players to its casino properties, Canterbury saw decreases in net revenues and net income throughout the quarter.
Total net revenues for Q2 2024 were reported to be $16.2m, a 0.9% decrease year-over-year while net income saw a much more significant drop, decreasing 93.6% from the prior year period for a Q2 2024 total of $338k.
Adjusted EBITDA managed to see an increase, however, rising 1% year-over-year for a total of $2.4m during the second quarter of 2024.
“Casino revenue declined year-over-year primarily reflecting ongoing efforts to optimize our marketing reinvestment program. We are focused on optimizing cash flow from our Casino operations by driving more consistent visitation from our high-end players and limiting short-term swings in volume,” Canterbury President and CEO Randy Sampson said.
“The collective 6.7% year-over-year increase in Pari-mutuel, Food and Beverage and Other revenues in the 2024 second quarter offset the decline in Casino revenue as we had two additional live race days compared to last year and benefited from our ongoing efforts to position our event center as a leading destination for events of all sizes in the region.”
Canterbury also announced continued progress on the construction of its state-of-the-art amphitheater which is expected to open during the Summer of 2025.
The company’s barn relocation and redevelopment plan is also underway, with planned backside improvements on schedule for completion in early 2025. Canterbury also recently began work on the road adjacent to the amphitheater which will open development potential of roughly 25 acres in that portion of the site.
Casino revenue decreased by just over $500k from its Q2 2023 total, generating $9.8m in revenue for the second quarter of 2024.
