Canterbury Park Holding Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total assets increased to $114.2 million from $104.7 million at the end of 2023, driven by a rise in long-term assets, which grew from $68.4 million to $80.2 million. However, current assets decreased from $22.4 million to $19.2 million, primarily due to a decline in cash and cash equivalents, which fell from $21.9 million to $16.7 million.
Operating revenues for Q3 2024 were $19.3 million, a slight increase from $19.3 million in Q3 2023. Casino revenue, however, decreased by 3.4% to $9.9 million, while net revenues for the nine months rose by 1.4% to $49.6 million compared to $48.9 million in the same period last year. The company reported a net income of $2.0 million for Q3 2024, significantly up from $1.1 million in Q3 2023, while net income for the nine months dropped to $3.4 million from $9.2 million in the prior year.
The company’s total operating expenses for Q3 2024 decreased slightly to $17.4 million from $17.5 million in Q3 2023. Notably, the company experienced an increase in purse expenses and salaries, while advertising and marketing costs saw a significant reduction. The adjusted EBITDA for Q3 2024 was $3.3 million, reflecting a 2.8% increase from the previous year.
In terms of strategic developments, Canterbury Park is actively engaged in a mixed-use development project, Canterbury Commons™, on approximately 140 acres of underutilized land. The company also recorded a TIF receivable of approximately $17.0 million, which is expected to be fully collectible, linked to public infrastructure improvements in partnership with the City of Shakopee.
The company’s equity investment increased to $8.0 million, and the common stock issued rose to 5.0 million shares. The company has also amended its credit agreement, reducing its maximum borrowing capacity to $5.0 million, with an outstanding balance of $0 as of September 30, 2024. Overall, while Canterbury Park has seen growth in certain areas, challenges remain, particularly in net income and cash flow from operations.
About Canterbury Park Holding Corp
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