Canterbury Park Holding Corporation has released its financial and business results for the fourth quarter of 2023. Company revenue during the quarter fell by 4.5% year-over-year to $12.5m.
Net income in Q4 reached $1.4m, while its adjusted EBITDA was $2.1m.
Canterbury Park management released an official statement outlining the company’s performance during the fourth quarter.
The company commented, “Our 2023 fourth quarter results, including net revenue of $12.5m, net income of $1.4m and adjusted EBITDA of $2.1m, represented a solid finish to a year in which we focused on managing our operations to address the evolution of our business.
“We believe adjusted EBITDA as a percentage of revenue of 16.4% and 17% for the fourth quarter and full year, respectively, are in the range of what we can anticipate going forward as we continue to optimize our operations.”
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.
Management provided an update on the Canterbury Common’s project by saying, “Development at Canterbury Commons continues at a rapid pace with significant ongoing activity across our site. Swervo Development Corporation has its amphitheater construction in full swing and is on schedule to open in the summer of 2025.
“Also, our Winner’s Circle development partnership with Greystone continues to bring additional ‘Live, Work, Stay, and Play’ features to Canterbury Commons in the form of a new 10,000 square-foot building now under construction.”
