Canterbury Park reports growth in its Q3 fiscal report
Both its adjusted EBITDA and quarterly revenue were the highest on record.
Canterbury Park Holding Corporation has published financial results for its third quarter, which ended September 30 2022. The company achieved several milestones during Q3, including all-time highs in year-over-year revenue and adjusted EBITDA growth.
During Q3, Canterbury Park reported 4.4% revenue growth year-over-year, which brought total revenue to $22.3m.
Adjusted EBITDA reflected a similar upward trend in the third quarter, growing by 3.2% and reaching $5.3m, the highest in company history.
Canterbury Park CEO Randy Sampson credited the company’s third-quarter success to operations reopening that were previously shut down during the pandemic.
He commented: “We achieved both record revenue and record operating income for the third quarter as visitation and spend per visit continues to outpace pre-pandemic levels and is driving improved financial results following the full reopening of our operations last year.
“In addition, our Food & Beverage and Events businesses continue to benefit from the return of more normalized operations, including increased demand for both catering and special events.”
Sampson went on to add that the company is on target with its expansion plans and is optimistic the forward momentum will continue into next year.
He said in closing: “Canterbury Park remains very well positioned to continue to benefit from our business-wide momentum as our Card Casino, Racing, Food & Beverage and Events operations generate consistent growth.
“We are excited to finish out 2022 on a strong note and enter 2023 delivering on our strategies to generate long-term shareholder value.”
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.
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