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Canterbury Park Posts Q4 Loss as Revenues Decline Y/Y Amid Competition
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Shares of Canterbury Park Holding Corporation (CPHC - Free Report) have slipped 6.9% since reporting results for the fourth quarter of 2024. This compares to the S&P 500 index’s 2.3% decline over the same time frame. Over the past month, the stock has lost 8.5% compared with the S&P 500’s 8.4% fall.
Revenue & Earnings Decline Y/Y in Q4
Canterbury Park reported a fourth-quarter 2024 diluted loss per share of 25 cents against earnings of 27 cents in the prior-year quarter.
CPHC reported net revenues of $11.98 million, a 4.4% decrease from $12.53 million in the same period of 2023. Adjusted EBITDA fell 34.9% year over year to $1.34 million from $2.05 million.
For the year, net revenues were nearly flat at $61.56 million compared with $61.44 million in 2023. However, net income plunged 80% to $2.11 million from $10.56 million, whereas diluted EPS declined to 42 cents from $2.13. Adjusted EBITDA for 2024 was $10.23 million, a 2% decrease from $10.45 million a year ago.
Canterbury Park Holding Corporation Price, Consensus and EPS Surprise
Casino revenues, which represent Canterbury Park’s largest business segment, declined 4.9% year over year to $8.99 million in the fourth quarter of 2024, reflecting increased competition in the market. Pari-mutuel revenues fell 9.5% year over year to $1.13 million due to a lower simulcasting handle. However, Food & Beverage, and Other revenue categories posted modest increases of 1.7% and 2%, respectively.
Operating expenses rose slightly to $12.08 million from $11.94 million in the prior-year period, driven by higher salaries and benefits expenses due to annual wage increases and increased depreciation expenses related to the company’s barn relocation and redevelopment plan. However, these were partially offset by lower advertising and marketing expenses.
CPHC also recorded a loss from equity investment of $2.1 million in the fourth quarter of 2024 against a $939,000 gain in the prior-year quarter due to depreciation, amortization and interest expenses from its joint ventures.
Management Commentary & Strategic Initiatives
Canterbury Park’s management acknowledged that the fourth quarter was seasonally the slowest for the company and highlighted efforts to mitigate competitive pressures in its casino operations. CEO Randy Sampson outlined several initiatives to enhance guest service and expand marketing efforts beyond existing customers to attract patrons. The company also introduced table game offerings and emphasized growing its non-gaming entertainment business, which saw a record number of mid and large-scale events in 2024.
Additionally, management stressed cost-control strategies to drive operating efficiencies while maintaining cash flow generation. Looking ahead, Canterbury Park expects capital expenditure to decline year over year in 2025 and 2026, following the completion of its tax increment financing infrastructure and barn redevelopment projects.
Canterbury Commons & Real Estate Developments
The company’s mixed-use real estate development project — Canterbury Commons — continues to expand. The site now features nearly 1,000 residential units, multiple restaurants and breweries, entertainment venues, and 57,000 square feet of office space, with another 50 acres available for development.
Recent updates on joint venture projects include an 87% leasing rate for Phase II of The Doran Group’s Triple Crown Residences and the full completion of repairs for Phase I, which received its certificate of occupancy in February 2025. Additionally, 80% of the 147-unit senior housing complex, The Omry at Canterbury, has been leased.
Other commercial developments include the opening of a pizza restaurant, fitness center and BBQ restaurant within the Winners Circle development, with an additional 28,000-square-foot office building under construction. A music venue, restaurant and bar by Trackside Holdings LLC are also expected to open in spring 2025.
Other Developments
Canterbury Park continues to advocate for a potential economic benefit if online sports betting is approved in Minnesota. The company emphasized that its strong balance sheet, with more than $15 million in unrestricted cash and short-term investments, positions it well for future opportunities.
CPHC continues to unlock value from its real estate holdings through new partnerships and developments. Discussions are ongoing with potential developers for the remaining 50 acres of Canterbury Commons, which may include office, retail, hotel and restaurant spaces.
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Canterbury Park Posts Q4 Loss as Revenues Decline Y/Y Amid Competition
Shares of Canterbury Park Holding Corporation (CPHC - Free Report) have slipped 6.9% since reporting results for the fourth quarter of 2024. This compares to the S&P 500 index’s 2.3% decline over the same time frame. Over the past month, the stock has lost 8.5% compared with the S&P 500’s 8.4% fall.
Revenue & Earnings Decline Y/Y in Q4
Canterbury Park reported a fourth-quarter 2024 diluted loss per share of 25 cents against earnings of 27 cents in the prior-year quarter.
CPHC reported net revenues of $11.98 million, a 4.4% decrease from $12.53 million in the same period of 2023. Adjusted EBITDA fell 34.9% year over year to $1.34 million from $2.05 million.
For the year, net revenues were nearly flat at $61.56 million compared with $61.44 million in 2023. However, net income plunged 80% to $2.11 million from $10.56 million, whereas diluted EPS declined to 42 cents from $2.13. Adjusted EBITDA for 2024 was $10.23 million, a 2% decrease from $10.45 million a year ago.
Canterbury Park Holding Corporation Price, Consensus and EPS Surprise
Canterbury Park Holding Corporation price-consensus-eps-surprise-chart | Canterbury Park Holding Corporation Quote
Business Performance & Key Metrics
Casino revenues, which represent Canterbury Park’s largest business segment, declined 4.9% year over year to $8.99 million in the fourth quarter of 2024, reflecting increased competition in the market. Pari-mutuel revenues fell 9.5% year over year to $1.13 million due to a lower simulcasting handle. However, Food & Beverage, and Other revenue categories posted modest increases of 1.7% and 2%, respectively.
Operating expenses rose slightly to $12.08 million from $11.94 million in the prior-year period, driven by higher salaries and benefits expenses due to annual wage increases and increased depreciation expenses related to the company’s barn relocation and redevelopment plan. However, these were partially offset by lower advertising and marketing expenses.
CPHC also recorded a loss from equity investment of $2.1 million in the fourth quarter of 2024 against a $939,000 gain in the prior-year quarter due to depreciation, amortization and interest expenses from its joint ventures.
Management Commentary & Strategic Initiatives
Canterbury Park’s management acknowledged that the fourth quarter was seasonally the slowest for the company and highlighted efforts to mitigate competitive pressures in its casino operations. CEO Randy Sampson outlined several initiatives to enhance guest service and expand marketing efforts beyond existing customers to attract patrons. The company also introduced table game offerings and emphasized growing its non-gaming entertainment business, which saw a record number of mid and large-scale events in 2024.
Additionally, management stressed cost-control strategies to drive operating efficiencies while maintaining cash flow generation. Looking ahead, Canterbury Park expects capital expenditure to decline year over year in 2025 and 2026, following the completion of its tax increment financing infrastructure and barn redevelopment projects.
Canterbury Commons & Real Estate Developments
The company’s mixed-use real estate development project — Canterbury Commons — continues to expand. The site now features nearly 1,000 residential units, multiple restaurants and breweries, entertainment venues, and 57,000 square feet of office space, with another 50 acres available for development.
Recent updates on joint venture projects include an 87% leasing rate for Phase II of The Doran Group’s Triple Crown Residences and the full completion of repairs for Phase I, which received its certificate of occupancy in February 2025. Additionally, 80% of the 147-unit senior housing complex, The Omry at Canterbury, has been leased.
Other commercial developments include the opening of a pizza restaurant, fitness center and BBQ restaurant within the Winners Circle development, with an additional 28,000-square-foot office building under construction. A music venue, restaurant and bar by Trackside Holdings LLC are also expected to open in spring 2025.
Other Developments
Canterbury Park continues to advocate for a potential economic benefit if online sports betting is approved in Minnesota. The company emphasized that its strong balance sheet, with more than $15 million in unrestricted cash and short-term investments, positions it well for future opportunities.
CPHC continues to unlock value from its real estate holdings through new partnerships and developments. Discussions are ongoing with potential developers for the remaining 50 acres of Canterbury Commons, which may include office, retail, hotel and restaurant spaces.