Canterbury Park reports $19.3m in net revenue for Q3 2024
The company reported decreases in operating revenues for its casino, pari-mutuel and food & beverage segments.
Key Points
- While net revenue increased by just 0.1%, adjusted EBITDA and net income increased by 2.8% and 77.9%, respectively
- The company’s YTD net revenue of just under $3.4m would reflect a 63.5% decrease year-over-year
Canterbury Park has announced its financial results for the third quarter of 2024, reporting increases in net revenue, adjusted EBITDA and net income. The company saw a net revenue of $19.3m during Q3 2024, which reflects a 0.1% increase from what was reported for the third quarter of 2023.
Net income increased by a sizable 77.9% year-over-year for a total of just over $2m, but the year-to-date (YTD) net income figure of $3.4m would represent a 63.5% decrease from what was reported during the prior year period.
Canterbury Park’s adjusted EBITDA increased 2.8% year-over-year, reported to be just under $3.3m during the third quarter of 2024.
“Canterbury’s 2024 third quarter results again demonstrated our ability to deliver consistent, solid financial performance. Net revenues and adjusted EBITDA of $19.3m and $3.3m, respectively, were both up slightly compared to the prior year as we continue to execute on initiatives focused on delivering solid contributions from all segments of our operations,” Canterbury Park President and CEO Randy Sampson said.
“Canterbury is well-positioned to deliver solid financial results in the near and long-term. We remain on track to execute on strategies over the balance of this year and beyond that will further create long-term value for our shareholders.”
Good to know: Canterbury Park stated that it continues repairs on phase one of the Triple Crown Residences, expected to be fully complete in late 2024
While total revenue for the company increased, the operating revenues for its casino, pari-mutuel and food & beverage all decreased from the prior year period.
Casino revenue declined by 3.4% year-over-year for a total of just under $9.9m, while pari-mutuel and food & beverage operating incomes were $3.3m and $3.1m, representing decreases of 2.3% and 6.3% from the prior year period, respectively.
Operating expenses declined by nearly $100k to be reported at $17.4m for the third quarter of 2024, reflecting lower advertising and marketing expenses as well as proactive efforts to lower overall costs.
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