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US – Canterbury Park celebrates ninth year of growth

By - 27 March 2018

Canterbury Park Holding Corporation, who operates Canterbury Park Racetrack, Minnesota’s only thoroughbred horse racing racino, recorded net revenues of $57m in 2017, an increase of 8.6 per cent compared to 2016, securing its ninth consecutive year of growth.

The racino which is only allowed to operate card games saw revenues increased $2.7m, or 9.3 per cent, due to a $2.9m increase in table games revenue, partially offset by a decrease in poker revenues of $372,000.

Pari-Mutuel revenues increased $1m, or 10.9 per cent, primarily due to an increase of $737,000 in source market fees collected under the Advanced Deposit Wagering legislation that took effect November 1, 2016, and an increase in live racing revenue of $249,000.

Canterbury Park’s President and Chief Executive Officer Randy Sampson said: “We achieved year-over-year revenue growth for the ninth consecutive year. We continue to grow Card Casino revenues, due to strong increases in table games revenue driven by our aggressive marketing efforts and a strong economy. Pari-mutuel revenues increased by 10.9 per cent in 2017 compared to 2016. Our 2016 decision to reduce the takeout rate on our live racing to the lowest level in the country to promote our racing product nationally did not generate the increase in wagering volume we anticipated. By discontinuing this program and returning the take-out rates to statutory levels in 2017, we saw a 11.9% increase in live racing revenue compared to 2016. We also saw an increase of $737,000 of source market fees collected as a result the Advanced Deposit Wagering (ADW) legislation that took effect November 1, 2016. Food and Beverage revenues also increased due to our continued success in growing our catering and events business.”

Mr. Sampson added: “Looking ahead to 2018, we remain confident about prospects for the Company’s core businesses. We believe we can continue to achieve revenue and cash flow growth in our core businesses, primarily from our Card Casino, food and beverage and other non-gaming revenues. We also hope to build on our improved 2017 results in our pari-mutuel operations which have benefited from the stability and quality of racing provided by our Cooperative Marketing Agreement with the Shakopee Mdewakanton Sioux Community and ADW source market revenues.”

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