Canterbury Park reports $18.3m revenue for Q3, net income falls 75.9%

Canterbury Park Holding has reported its financial results for the third quarter of 2025, as both net revenue and net income fell from the prior year period, with the operator reporting a total revenue of $18.3m, equating to a decrease of 5%. 

Net income for Q3 2025 came in at just $487,000, representing a decrease of 75.9% and said to be primarily attributed to reduced casino revenues partially as a result of low hold early in the quarter. The operator’s adjusted EBITDA for the third quarter of 2025 fell 14.2% for a total of $2.8m throughout the period. 

“The quarterly results were consistent with year-to-date trends as we remain focused on increasing casino traffic and our ongoing growth and development strategies,” Canterbury Park President and CEO Randy Sampson said. 

“Similar to recent prior quarters, casino visits and player counts remain relatively stable, while per patron wagering levels declined. We continue to take measures to improve operating efficiencies, particularly labor which is our largest expense, while pursuing opportunities to continue to grow our entertainment and hospitality businesses and develop our real estate.”

Over the first nine months of 2025, Canterbury Park has generated a net loss of $139,000, which represents a decrease of 104.1% from the near $3.4m net income reported throughout the same period in 2024. Within the period ending September 30, adjusted EBITDA was just over $6.6m, but the figure still equates to a decrease of 25.6% from the prior year period. 

Casino revenues for Canterbury Park fell 9.7% to just over $8.9m, while pari-mutuel and food & beverage operations accounted for $3.2m and $3.5m of revenue for Q3 2025, respectively, equating to a decrease of 2.7% but a 13.1% increase for the latter. Other revenue for the operator accounted for $2.6m of the total Q3 2025 revenue but decreased 11.1% year-over-year. 

Despite a 0.6% decrease in operating expenses reported by Canterbury Park for Q3 2025 to $17.3m, the operator still witnessed a 71.2% decrease in operating income throughout the quarter. 

Kirk Geller

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