Canterbury Park to pay cash dividend
Second dividend of the year following Covid disruption.
Canterbury Park Holding Corporation on Friday said the company’s board of directors approved a quarterly cash dividend of $0.07 per share.
Pursuant to the company’s dividend policy, the funds will be paid on April 14 to stockholders of record on March 31.
At this quarterly rate, the annual dividend is equivalent to $0.28 per common share, officials said Friday.
Canterbury Park Holding Corporation owns and operates Canterbury Park Racetrack and Card Casino in Shakopee, Minnesota. It is the only thoroughbred and quarter horse racing facility in the state.
The company generally offers live racing from May to December. The Card Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games.
The company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility.
In 2020, the track and casino were forced to close twice due to Covid mitigation measures implemented by the state of Minnesota – first from March to June, later from November into December.
In the face of lost revenue, the Canterbury board of directors temporarily suspended payment of a dividend to shareholders. The first post-Covid dividend was paid on January 28 to shareholders of record as of January 18. That dividend also was $0.07 per share.
The company says it is pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that originally was designated for a project known as Canterbury Commons. The company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures.
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