Canterbury Park Holding Corporation, which owns Canterbury Park Raceway and Casino in Shakopee, Minnesota, has reported its first quarter results. Net revenues fell 2.5%, from $13.6 million to $13.3 million ($1.13 billion and $1.1 billion, respectively). However, net profit increased by 56.2%, from $1.77 million to $2.77 million ($147.3 million and $230.5 million, respectively).
The management of the facility made the following statement: The first quarter results are in line with our expectations for 2023 and demonstrate the stability of the business. We have moved beyond the impact of the pandemic and created a more efficient operating structure that allows us to achieve attractive cash flow levels.
The company said adjusted EBITDA, a measure of earnings before interest, taxes, depreciation and amortization, was $2.5 million ($208.5 million). The EBITDA margin of 18.7%, while lower than in recent quarters, remains well above historical levels.
Management also noted, During the quarter, we benefited from the continued regularization of our food and beverage activities and operations. This helped mitigate lower casino revenues compared to last year, even though we achieved our second-highest first quarter result.
The corporation said it will continue to pay close attention to its racetrack business. It’s about managing the cost structure and operating as efficiently as possible to help optimize operating results.
Note that Canterbury Park Holding Corporation sold an approximately 37-acre site to Swervo in April. The latter intends to build a state-of-the-art 19,000-seat amphitheater there, scheduled to open in 2025.
Reminder: Light & Wonder’s financial results for the first quarter of 2023 have been released.
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