Canterbury Park Holding Corporation reports 12% Q2 revenue growth
Canterbury Park Holding Corporation has published its Q2 financial results, reporting a net revenue total of $17.8m.
Net revenue for the period grew from $15.9m, representing a 12% increase year-on-year. H1 net revenue amounted to $31.4m, representing a 25% rise.
Canterbury attributes this positive result to a return to normalised operations after Covid-19 restrictions and capacity limitations in the previous year.
Q2 net income fell to $1.7m, a drop of 6%. However, H1 net income totalled $3.5m, a 46% upturn.
Adjusted EBITDA for the quarter grew 1% to $3.6m, while H1 saw a 44% rise to $7.1m.
Both basic and diluted earnings per share saw a Q2 drop of 8%, from $0.39 to $0.36, rising 43% for H1 from $0.51 to $0.73.
Operating expenses for H1 totalled $26.3m, a 25% increase. This reflects the expansion of company operating areas after the lifting of previous restrictions.
Canterbury President and CEO Randy Sampson said: “We had a strong second quarter with revenue rising 12% to $17.8m and adjusted EBITDA growing 1% to $3.6m year-over-year, both of which were records for our second quarter.
“Our business was strong across our operations including Card Casino visitation and spend trends, particularly within the most valuable segments of our players.
“That said, lower table games’ hold in our Card Casino during the quarter negatively impacted revenue performance compared to the same period in 2021.”
Canterbury owns and operates Canterbury Park Racetrack and Card Casino in Shakopee, Minnesota, with live racing held from May to December. The Card Casino hosts both poker and table games, 24 hours a day, seven days a week.
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