Canterbury Park Holding Corporation has released its Q2 2023 financial and business results. The group said its results were consistent with company expectations.
Net revenue for Q2 reached $16.3m, representing an 8.1% decrease year-over-year. Adjusted EBITDA during the second quarter fell by 43.3% to $2m.
However, the company reported a substantial boost in its net income during the second quarter. Net income grew by 201.6% when compared to last year’s Q2 results and climbed to nearly $5.3m.
The company said the report reflects continuing fiscal stability for both its three and six-month periods.
Canterbury Park management released an official statement regarding its latest financial report.
The group said, “Canterbury Park’s second-quarter results represent a continuation of the stable trends in our business as our performance exceeded pre-Covid levels and was in line with our expectations, given the impact of higher costs and a reduced racing calendar.
“We believe adjusted EBITDA as a percentage of revenue will rebound over the balance of 2023 and continue to exceed historical pre-Covid levels due to the proactive initiatives undertaken during the pandemic to improve our cost structure and operating efficiency.”
Management also gave an update on its Canterbury Commons development project.
The company said in closing, “Development activity at Canterbury Commons remains on track as we continue to attract broad interest in our vibrant lifestyle community from diverse parties. During the second quarter of 2023, we completed the $8.8m sale of 37 acres of land to Swervo Development Corporation, which cleared the way for it to begin development of a state-of-the-art amphitheater.
“We are delighted that these venues diversify the on-site options and believe they will help drive further traffic to Canterbury Commons. ‘Live, Work, Stay, and Play’ is at the heart of our development approach, and we believe there is much more excitement to come as we work with new development partners that share our vision and enthusiasm for Canterbury Commons.”
