Canterbury Park Holding Corporation has published its financial results for the second quarter and first half of the year, ending June 30. The company posted a 12% higher revenue for Q2 2022 when compared to last year’s corresponding quarter.
During Q2, overall company revenue reached nearly $17.8m, a significant improvement from last year’s Q2 results. In its six-month results, company revenue climbed by 25.2% year-over-year to total $31.4m.
Net income for the quarter dropped by 6.1% to $1.7m when compared to the previous year’s quarter. However, when comparing its six-month results from this year and last year, the company posted $3.5m in net income, reflecting a 45.8% spike.
Adjusted EBITDA held steady year-over-year for Q2 at $3.6m, while adjusted EBITDA rose by more than 41% and reached $7.1m for the first six months of this year.
Canterbury Park President and CEO Randy Simpson commented: “We had a strong second quarter with revenue rising 12% to $17.8m and adjusted EBITDA growing 1% to $3.6m year-over-year, both of which were records for our second quarter.
“Our business was strong across our operations including Card Casino visitation and spend trends, particularly within the most valuable segments of our players.”
Simpson commented about the company’s strategy for the future amid economic uncertainty.
“In addition to our strong revenue growth, we remain focused on diligently managing our cost structure to account for the current economic and inflationary environment,” he said.
“Our Adjusted EBITDA as a percentage of total revenue of 20% continues to exceed pre-pandemic levels and reflects our ability to effectively manage against the ongoing impact of rising labor costs and inflation.”
Canterbury Park Holding Corporation is based in Shakopee, Minnesota, and owns and operates Canterbury Park Racetrack and Card Casino. The racetrack is Minnesota’s only thoroughbred and quarter horseracing facility, which offers live racing between the months of May and December.
