Canterbury Park Holding Corporation Reports Second Quarter Results
SHAKOPEE, Minn., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation ("Canterbury" or the "Company") (NASDAQ:CPHC) today reported financial results for the three and six months ended June 30, 2025.
($ in thousands, except per share data and percentages)
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
Change
2025
2024
Change
Net revenues
$15,666
$16,202
(3.3%)
$28,807
$30,300
(4.9%)
Net (loss) income
($327)
$338
(196.8%)
($627)
$1,336
(146.9%)
Adjusted EBITDA(1)
$1,873
$2,407
(22.2%)
$3,812
$5,620
(32.2%)
Basic EPS
($0.06)
$0.07
(195.3%)
($0.12)
$0.27
(146.2%)
Diluted EPS
($0.06)
$0.07
(195.3%)
($0.12)
$0.27
(146.2%)
(1)
Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures, and reconciliations of non-GAAP financial information are included later in the release. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenues.
Management Commentary"Throughout the first half of 2025, we remained focused on our development and growth strategies and mitigating the impact of increased competition. Second quarter revenues of $15.7 million reflect a smaller year-over-year decline versus the first quarter of 2025. Similar to the first quarter, our second quarter results reflect the competitive environment in addition to the impact of fewer live race days versus the prior year period. Notably, casino visits and player counts remain relatively stable though betting levels declined. Adjusted EBITDA of $1.9 million resulted in an adjusted EBITDA margin of 12.0%, slightly lower than the prior year period, partially reflecting the costs to ramp up our casino marketing efforts that are delivering some early signs of success," said Randy Sampson, President and Chief Executive Officer of Canterbury Park.
"For the casino business, we are re-calibrating and expanding our marketing programs to attract and retain new customers, and increase visitation from high-value guests. For our horse racing operations, we finished the barn relocation and are completing several other renovations which are dramatically improving the racing experience and the environment for our horsemen. In our events business, we have already driven record attendance for several 2025 events and intend to further expand our special event offerings with more large-scale events planned for the balance of the year.
"At the same time, we continue to unlock the monetary value of our real estate through our Canterbury Commons expansion, as our vision to transform Canterbury into a premier regional destination to live, play, work and stay continues to take hold. We are exploring additional trackside development opportunities that would add to the nearly 1,000 residential units, five restaurants and breweries, two music and entertainment venues, 57,000 square-feet of office space, and other distinct amenities already open or under construction.
"While our growth and efficiency initiatives are focused on 2025 and beyond, we continue to believe that our record of consistent annual cash flow generation, return of capital through our quarterly cash dividend and strong balance sheet are not fully recognized in our current valuation. Canterbury has no debt and we believe our cash, tax increment financing (TIF) receivables and real estate joint ventures are valued at over $10 per share. In terms of liquidity, we have nearly $17 million, or approximately $3.33 per share, in cash and short-term investments at the end of the 2025 second quarter. We have nearly $20 million, or approximately $3.90 per share, in TIF receivables on our balance sheet at quarter's end, on which we expect to receive payments beginning in the fourth quarter of 2025. Lastly, we have contributed a total of just over $16 million, or approximately $3.17 per share, in land and cash to our real estate joint venture development projects for which we share in the economics. This estimated $10.40 per share value does not include the roughly 50 acres of land held for future development, the current value of which is not fully reflected on our balance sheet due to it being recorded on a cost basis. We remain committed to delighting our guests, serving our residents and driving significant long-term value to our shareholders."
Canterbury Commons Development Update The Company's barn relocation and redevelopment plan is substantially complete with over 300 new stalls completed and in operation. Swervo Development Corporation continues to make progress on the construction of its state-of-the-art 19,000-seat amphitheater, which will be operated by Live Nation Entertainment. Canterbury is also nearing completion of a ...
