Canterbury Park Holding Corporation's Q1 net revenue reached $13.3m, down 2.5% year-on-year.
However, the company’s net income significantly grew year-over-year. Net income during the first quarter climbed by 56.2% and totaled nearly $2.8m.
Adjusted EBITDA fell during the first quarter by 30% when compared to its total during Q1 2022. Total adjusted EBITDA for this year’s first quarter was close to $2.5m.
The group’s management team released an official statement commenting on its first-quarter results.
The company said its statement: “Canterbury Park’s first quarter results were in-line with our expectations entering 2023 and demonstrate the stability of our business as we’ve moved beyond the impact of the pandemic and emerged with a more efficient operating structure that enables us to generate attractive levels of cash flow.
“With the start of our 2023 live racing season coming later this month, we are confident that our guests will experience the level of excitement that Canterbury live racing is known to offer. At the same time, our diligent focus on managing our cost structure and operating as efficiently as possible will help us optimize the operating results of our racing business.”
In addition to its financial results for the quarter, the company provided a brief update regarding its Canterbury Commons construction project.
Canterbury Park concluded by saying: “Canterbury Commons continues to attract development interest, and we are quickly creating a vibrant lifestyle destination in Shakopee, including what we expect will be a world-class entertainment district anchored by Swervo Development Corporation’s 19,000-seat amphitheater.
“This exciting new attraction is expected to break ground later this spring following our recently completed 37-acre land sale to Swervo. In part to make way for the amphitheater and to free up additional land for development, progress continues on the first phase of our barn relocation and stable modernization efforts.”
