Key points:
- Canterbury Park’s Q4 2024 revenue fell by 4.4% year-on-year to $12m, with a net income loss of $1.2m compared to a $1.4m profit in Q4 2023
- Full-year revenue remained stable at $61.6m, a marginal 0.2% increase, but net income declined sharply by 80% to $2.1m
- Adjusted EBITDA for Q4 fell 35% to $1.3m, while full-year adjusted EBITDA declined 2% to $10.2m
Canterbury Park Holding Corporation has released its financial results for Q4 and full-year 2024, reporting a decline in revenue for the final quarter of the year.
For Q4 2024, Canterbury Park generated $12m in net revenue, reflecting a 4.4% decrease year-on-year.
The company also posted a net loss of $1.2m for the quarter, a sharp reversal from the $1.4m net profit recorded in the prior-year period.
Adjusted EBITDA for the quarter fell by 35%, dropping to $1.3m. The company attributed the quarterly declines to heightened competition in the local casino market, affecting its gaming segment’s performance.
For the full-year 2024, Canterbury Park reported total revenue of $61.6m, up slightly from $61.4m in 2023. However, net income declined significantly, dropping 80% to $2.1m.
Adjusted EBITDA for 2024 fell by 2% to $10.2m. Despite maintaining relatively stable revenue, the company’s profitability suffered due to rising operational costs and market competition.
Good to know: The company also plans to introduce additional table games in an effort to attract new players and retain existing customers
The Q4 results contrast with Canterbury Park’s Q3 2024 performance, where the company reported $19.3m in revenue, a slight 0.1% increase. Q3 2024 net income grew 77.9% to just over $2m, though year-to-date net income still reflected a 63.5% decline compared to the prior year.
Canterbury Park has outlined strategic plans to improve its competitive standing, including enhancing marketing efforts and expanding gaming options.
The company also continues development on phase one of the Triple Crown Residences, a mixed-use property project expected to be completed by late 2024. While revenue remained stable for the year, Canterbury Park faces ongoing profitability concerns amid changing market dynamics.
