Canterbury Park Holding Corporation has published its financial results for its fourth quarter and year ended December 31, 2018. The company, which owns and operates Canterbury Park Racetrack and Card Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the state, achieved net revenues of $59.1m, an increase of 3.8% compared to 2017 net revenues of $57m.
Pari-Mutuel revenues increased $262,000, or 2.5%, primarily due to an increase in guest fee and simulcast revenues, partially offset by a reduction in live racing revenue. Card Casino revenues increased $1.9m, or 6.1%, due to a $2.3m increase in table games revenue, partially offset by a decrease in poker revenues of $626,000.
The company’s net income increased 39.8% to $5.7m in 2018 compared to net income of $4.1m in 2017. For the 12 months ended December 31, 2018 compared to the same period in 2017, earnings before interest, taxes, depreciation and amortization increased to $10.2m from $7.1m.
Canterbury Park’s President and Chief Executive Officer Randy Sampson commented: “We are pleased with the strong increases in revenue and net income over the prior year, as well as the fact that we achieved year-over-year revenue growth for the tenth consecutive year. Our 2018 revenues and net income were the highest in the company’s history. We believe we are continuing to make progress in growing our core business as well as our real estate development efforts.”
Commenting on results in the company’s core businesses, Sampson added: “Our increase in Card Casino revenue in 2018 of 6.1% was due to a higher hold percentage on our table games, as well as an increase in volume resulting from a strong economy and increased promotional expenditures.
“Pari-mutuel revenues increased by 2.5% in 2018 compared to 2017 due to a 3.0% increase in simulcast revenues and a 15.9% increase in guest fee revenue as a result of increased out-of-state handle due to two additional racing days, as well as our schedule change that included live racing on Wednesdays in August compared to Sundays in 2017. Those increases were partially offset by a reduction in live racing revenues from on-track handle due primarily to the change to Wednesday racing. Food and Beverage revenues also increased slightly in 2018, benefiting from the two additional live racing days as well as price increases compared to the prior year.”