Canterbury Park Q2 net revenue reaches $15.7m

Canterbury Park Holding Corporation has released its second-quarter financial and business results. The company also published its results for the first half of 2025.

For Q2, Canterbury Park reported nearly $15.7m in net revenue, down $0.5m when compared to results posted one year ago, or a difference of 3.3%.

Operating expenses reached $15.2m in Q2.

Canterbury Park also reported a net loss for the quarter, amounting to $327,000, the equivalent of $0.06 per diluted share.

Adjusted EBITDA reached almost $1.9m in the second quarter, with an adjusted EBITDA margin of 12%.

Company President and CEO Randy Sampson summarized this quarter’s results by saying, “Throughout the first half of 2025, we remained focused on our development and growth strategies and mitigating the impact of increased competition. Second quarter revenues of $15.7m reflect a smaller year-over-year decline versus the first quarter of 2025.

“Similar to the first quarter, our second quarter results reflect the competitive environment in addition to the impact of fewer live race days versus the prior year period.”

For the front half of the fiscal year, the company posted $28.8m in net revenue, down by 4.9% when compared to figures reported during the same period last year.

Canterbury Park reported $3m in net loss in the first half of the fiscal year.

Adjusted EBITDA in the first six months dropped dramatically and reached $3.8m, down by 32.2% year-over-year.

Sampson briefly discussed the company’s trajectory for the back half of 2025 and said, “While our growth and efficiency initiatives are focused on 2025 and beyond, we continue to believe that our record of consistent annual cash flow generation, return of capital through our quarterly cash dividend and strong balance sheet are not fully recognized in our current valuation.

“Canterbury has no debt, and we believe our cash, tax increment financing (TIF) receivables and real estate joint ventures are valued at over $10 per share. In terms of liquidity, we have nearly $17m, or approximately $3.33 per share, in cash and short-term investments at the end of the 2025 second quarter. We have nearly $20m, or approximately $3.90 per share, in TIF receivables on our balance sheet at quarter’s end, on which we expect to receive payments beginning in the fourth quarter of 2025.”

In addition to the fiscal report, the company provided progress information on land-based projects.

Sampson gave an update on the Canterbury Commons project and commented, “We continue to unlock the monetary value of our real estate through our Canterbury Commons expansion, as our vision to transform Canterbury into a premier regional destination to live, play, work and stay continues to take hold.

“We are exploring additional trackside development opportunities that would add to the nearly 1,000 residential units, five restaurants and breweries, two music and entertainment venues, 57,000 square-feet of office space, and other distinct amenities already open or under construction.”

Laura Mack

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