Canterbury Park Holding Corporation has posted its financial results for the second quarter and six months ended June 30, 2020 this week, with losses across the board reflecting the impact of the COVID-19 pandemic and state-mandated closure of Canterbury from March 16 to June 9, 2020.
Net revenues for the three months ended June 30, 2020 decreased 83.2% to $2.8m compared to $16.4m year-on-year. The fall, said the firm, reflects a reduction in all areas of its operating revenue, primarily as a result of the temporary suspension of operations followed by the resumption of operations over the balance of the second quarter on a “very limited basis”.
Q2 saw a net loss of $1.2m, while net income and diluted earnings per share for the three months ended June 30, 2019 were $958,000 and $0.21, respectively. Adjusted EBITDA decreased 205.8% to a loss of $1.8m in the 2020 second quarter compared to 2019 second quarter adjusted EBITDA of $1.7m.
Looking at the headline figures for the year-to-date, net revenues for the six months ended June 30, 2020 decreased 51.1% to $13.7m compared to $28m for the same period in 2019. The firm recorded a net loss of $926,000, or diluted loss per share of $0.20 for the six months period, while net income and diluted earnings per share for the six months ended June 30, 2019 were $1m and $0.22, respectively.
Adjusted EBITDA decreased 138.3% to a loss of $916,000 for the six months ended June 30, 2020 compared to adjusted EBITDA of $2.4m for the same period in 2019.
“Our second quarter results reflect the impact of the suspension of operations at Canterbury for the majority of the quarter,” said Randy Sampson, President and CEO of Canterbury Park.
“Importantly, we believe the quick and decisive actions we took following the closure of our operations in mid-March, as well as the continued progress we are making to monetize the excess real estate that surrounds Canterbury, will ensure that we have the necessary liquidity and financial flexibility both to support our day-to-day operations as they continue to ramp up and our long-term development efforts.
“We were very pleased to begin welcoming our team members and guests back to Canterbury on June 10 when we reopened for what we anticipate will be 52 days of live racing as well as simulcast wagering operations. While limited to only 250 total guests for live racing beginning on our first day of operations, we have since expanded capacity to accommodate 750 fans divided across three separate areas.
“As we begin to return to normalized operations and look to regain our operating momentum, we believe we have the balance sheet and financial flexibility to support our Card Casino, pari-mutuel and hospitality growth initiatives as well as our ongoing efforts to create unique entertainment experiences for our guests, monetize our excess real estate and enhance value for our shareholders.”