Canterbury Park Holding Corporation has released its financial report for the third quarter of its fiscal year. During the third quarter, the company reported decreases in net revenue, net income and adjusted EBITDA when compared to results from last year’s corresponding quarter.
Net revenue for Q3 fell by 13.6% and totaled nearly $19.3m. Net income during the quarter reached $1.1m, representing a year-over-year decline of 61.1%.
Adjusted EBITDA dropped by 46.6% during the third quarter and totaled almost $2.9m.
Along with its financial figures, the company released an official quarterly update on its Canterbury Commons development project. The 140 acres of underutilized land near the racetrack is currently being repurposed into an entertainment destination.
The company said in a statement, “Development activity at Canterbury Commons continued to expand with a broad array of partners bringing exciting amenities to our vibrant lifestyle community and exploring new opportunities. Swervo Development Corporation has begun full-scale development of its state-of-the-art amphitheater with significant activity underway on the 37-acre site.
“Further, the initial success of the Badger Hill Brewery and Bravis Modern Street Food restaurant are drivers of traffic to Canterbury Commons and helping us make good on our promise of ‘Live, Work, Stay and Play’ across the broader Canterbury Commons development.”
Canterbury Park Holding Corporation is based in Shakopee, Minnesota. The group owns and operates Canterbury Park Racetrack and Card Casino.
Its racetrack is known throughout the state as Minnesota’s only thoroughbred and quarter horseracing facility, which offers live racing between the months of May and December.
