Canterbury Park Holding Corporation posts $16.3m in Q2 revenue

August 11, 2023
By
Leer en Español

The company said its Canterbury Commons construction project remains ‘on track.'

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.”

State-by-State

Product Spotlight

Bragg Gaming Group

Bragg Gaming Group is a global content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content and cutting-edge technology.
GA HUDDLE #087

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!
GA HUDDLE #086

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

As the Tribal gaming sector congregates once more in the Golden State, is it too cliché of me to suggest we are heading for a golden era of Tribal gaming? With the industry set to meet at the Indian Gaming Association t...

10-11-From-the-top
From The Top: Will youth be served by Sports Betting?
Two recent interviews in our Huddle podcast revealed to Las Vegas correspondent Brian Joseph just how young sports betting entrepreneurs are becoming.
12-GA-MAR-10-year-v2
The Global Gaming Awards: Rewarding Excellence
The 10th edition of the Global Gaming Awards took place in Las Vegas last year. Gaming America looks back... and ahead to this year's.
16-18-IGA-Preview
Preview: Indian Gaming Tradeshow & Convention
Gaming America looks ahead to the 2024 Indian Gaming Tradeshow & Convention and what attendees can expect when they arrive at the Anaheim Convention Centre.
20-22-GA-Mar-888-Holding-article
888 and the US Market: A cautionary tale
Gaming America explores the risk of resting on your laurels and the challenge of remaining relevant in a rapidly expanding market.