Canterbury Park Holding Corporation has said its Q3 results reflected the “ongoing impact” of the COVID-19 pandemic, including state-mandated capacity limitations and “weakened” visitor demand subsequent to the reopening of its facilities.
Net revenue for the third quarter 2020 was $13.3m, down 29% from the $18.6m it posted in Q3 2019. Similarly, EBITDA was down 47% year-over-year for the same quarter.
The company said its net income increased 61%, but explained part of the rise was due to transfers of land to two of its joint ventures.
Randy Sampson, president and CEO of Canterbury Park, said table game revenue in its Card Casino improved throughout Q3.
While July figures were down by double digits compared to a year earlier, he said revenue was down single digits in August and up slightly in September.
In its racing and pari-mutuel operations, the company said it held a “safe and modified” 53-day race meet.
Capacity was limited to approximately 10% of the average number of visitors and 12 racing days were lost, resulting in a 65% decrease in on-track wagering on live races.
“We expect that when allowed to operate without the current restrictions and as guest visitation begins to return to pre-pandemic levels, the financial performance of these operations will continue to improve,” Sampson said.
