Canterbury Park Holding Corporation (CPHC) Bundle
An Overview of Canterbury Park Holding Corporation (CPHC)
General Summary of Canterbury Park Holding Corporation (CPHC)
Canterbury Park Holding Corporation (CPHC) operates in the gaming and entertainment industry, primarily focusing on horse racing and casino operations. Established in 1994, the company is headquartered in Shakopee, Minnesota, approximately 20 miles southwest of Minneapolis. The facility is notable for being the only location in Minnesota offering live thoroughbred and quarter horse racing, which runs seasonally from May to September. In addition to live racing, CPHC provides year-round simulcasting of out-of-state races and operates a casino featuring unbanked card games, including poker and table games across 80 tables.
As of 2024, CPHC has expanded its revenue sources to include food and beverage services, admissions, advertising, and various entertainment events held at the racetrack. The company continues to develop underutilized land around its facility, known as Canterbury Commons™, to create mixed-use developments, enhancing its operational footprint and revenue potential.
In terms of sales, CPHC reported total net revenues of $19,284,000 for the three months ended September 30, 2024, and $49,585,000 for the nine months ended September 30, 2024, reflecting a growth trajectory in its core operations.
Company's Financial Performance in the Latest Financial Reports
For the three months ended September 30, 2024, CPHC reported a net income of $2,022,000, or $0.40 per share, compared to $1,136,000, or $0.23 per share for the same period in 2023. Over the nine months, net income was $3,358,000, or $0.67 per share, down from $9,199,000, or $1.87 per share in the previous year.
CPHC's EBITDA for the three months ended September 30, 2024, was reported at $3,208,260, compared to $1,963,774 for the same period in 2023. For the nine months, EBITDA was $5,805,662, down from $13,783,250 in the prior year, reflecting variations in operational performance.
Adjusted EBITDA increased by 2.8% to $3,280,471 for the three months and by 6.0% to $8,900,640 for the nine months ended September 30, 2024, compared to respective periods in 2023. The total operating revenues for the casino segment were $9,878,660 for the third quarter and $29,780,059 for the nine months.
Operating expenses for the three months ended September 30, 2024, decreased by 0.5% to $19,284,000 compared to the same period last year. Notably, total pari-mutuel revenue experienced a slight decline of 2.3% to $3,327,000 for the third quarter.
Introduction to Company as One of the Leading Companies in the Industry
Canterbury Park Holding Corporation is recognized as a prominent player in the gaming and entertainment sector, leveraging its unique position in the Minnesota market. The company has established a solid reputation for providing high-quality entertainment options, including live horse racing, simulcast racing, and casino gaming. CPHC's commitment to diversifying its revenue streams through food and beverage services, special events, and real estate development reflects its strategic approach to growth and sustainability.
The ongoing development of Canterbury Commons™ aims to further enhance the company's market position by capitalizing on the potential of underutilized land, thereby creating new revenue opportunities. CPHC's proactive management and focus on operational efficiency have positioned it favorably within the competitive landscape of the gaming industry.
For further insights into why Canterbury Park Holding Corporation continues to thrive in its industry, additional details can be found below.
Mission Statement of Canterbury Park Holding Corporation (CPHC)
Mission Statement of Canterbury Park Holding Corporation (CPHC)
The mission statement of Canterbury Park Holding Corporation (CPHC) serves as a guiding principle for the company's long-term goals and strategic direction. It reflects the organization's commitment to providing high-quality entertainment experiences, fostering community engagement, and ensuring sustainable financial performance. The mission statement emphasizes the importance of customer satisfaction and operational excellence as foundational elements in achieving these objectives.
Core Component 1: Entertainment Excellence
Entertainment excellence is central to CPHC's mission, focusing on delivering top-tier experiences to its patrons through live racing, casino operations, and various events. In the nine months ended September 30, 2024, total net revenues amounted to $49,585,000, up 1.4% from $48,910,000 in the same period in 2023. This growth reflects the company's ability to enhance its entertainment offerings, including the successful hosting of events like live racing meets and special entertainment series.
Core Component 2: Community Engagement
CPHC is dedicated to community engagement, which is reflected in its initiatives to host events that cater to diverse audiences. The company has seen significant increases in admission revenues, particularly from new events such as its first rodeo and comedy series, contributing to a 27.8% increase in other revenue for the three months ended September 30, 2024. This commitment to community involvement not only enhances the local culture but also drives attendance and revenue growth.
Core Component 3: Financial Sustainability
Financial sustainability is a cornerstone of CPHC's mission, ensuring that the company remains profitable and capable of reinvesting in its operations. For the nine months ended September 30, 2024, CPHC recorded a net income of $3,358,000, or $0.67 per diluted share, compared to $9,199,000, or $1.87 per diluted share for the same period in 2023. The company’s Adjusted EBITDA also increased by 6.0% year-over-year, reaching $8,900,640. This focus on financial health enables CPHC to pursue new projects and maintain its competitive edge in the entertainment industry.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Net Revenues | $19,284,000 | $19,268,000 | 0.1% |
| Net Income | $2,022,000 | $1,136,000 | 77.9% |
| Adjusted EBITDA | $3,280,471 | $3,191,900 | 2.8% |
| Cash and Cash Equivalents | $22,427,000 | $25,842,000 | -13.7% |
Vision Statement of Canterbury Park Holding Corporation (CPHC)
Vision Statement Overview
The vision statement of Canterbury Park Holding Corporation (CPHC) reflects its commitment to enhancing the entertainment experience while responsibly managing its operations and contributing positively to the community. As of 2024, the company aims to become a premier entertainment destination in Minnesota, blending live horse racing, casino gaming, and various events.
Commitment to Entertainment Excellence
CPHC envisions itself as a leader in the entertainment sector, focusing on providing diverse and high-quality experiences. The company's revenue for the nine months ended September 30, 2024, was approximately $49.6 million, a 1.4% increase from $48.9 million in the same period of 2023. This growth is indicative of the company’s successful strategy in attracting visitors and enhancing their entertainment options.
Community Engagement and Responsibility
CPHC is dedicated to being a responsible corporate citizen. The company has invested in community projects and initiatives, including a redevelopment plan that is expected to total around $15 million over two years. This initiative includes the barn relocation project, which has seen phases one and two completed, with phase three currently underway and projected costs of approximately $5 million.
Innovation and Development
The vision of CPHC also emphasizes innovation in its operations. The company has a TIF receivable on its balance sheet of approximately $16.97 million, which represents future tax increment revenues that will support infrastructure improvements. This reflects the strategic planning and development efforts CPHC is undertaking to enhance its facilities and services.
Focus on Sustainable Growth
Sustainable growth is a key component of CPHC's vision. For the nine months ended September 30, 2024, the company reported an Adjusted EBITDA of $8.90 million, representing an increase of $506,000 or 6.0% compared to the same period in 2023. This increase demonstrates CPHC's focus on maintaining profitability while expanding its operational capabilities.
| Performance Metrics | 2024 (Nine Months Ended September 30) | 2023 (Nine Months Ended September 30) | Change (%) |
|---|---|---|---|
| Total Net Revenue | $49,585,000 | $48,910,000 | +1.4% |
| Adjusted EBITDA | $8,900,640 | $8,394,277 | +6.0% |
| Net Income | $3,358,246 | $9,199,331 | -63.6% |
| Cash and Cash Equivalents | $22,427,000 | $25,842,000 | -13.0% |
Conclusion
As CPHC moves forward in 2024, its vision statement encapsulates a commitment to entertainment excellence, community engagement, innovation, and sustainable growth. By focusing on these core elements, CPHC aims to solidify its position as a leading entertainment destination in Minnesota.
Core Values of Canterbury Park Holding Corporation (CPHC)
Integrity
Integrity is fundamental to Canterbury Park Holding Corporation (CPHC), guiding its operations and relationships with stakeholders. The company emphasizes transparency and ethical practices in all its dealings.
For example, CPHC maintains stringent compliance with regulatory requirements in its gaming and racing operations, ensuring that all activities are conducted lawfully. The company regularly undergoes audits to uphold its financial integrity, with a net income of $3,358,246 for the nine months ended September 30, 2024.
Customer Focus
Customer focus is a core value at CPHC, reflected in its commitment to enhancing the customer experience at its facilities. The company actively seeks feedback to improve its services and offerings.
In 2024, CPHC reported a total net revenue of $19,584,751 for the nine months ended September 30, a 1.4% increase compared to the previous year, which indicates successful customer engagement strategies. Additionally, the company hosted its first-ever rodeo and comedy series, significantly boosting admission revenue by approximately $647,000, or 27.8%.
Community Engagement
Community engagement represents a vital aspect of CPHC's operations, as the company actively participates in local initiatives and supports charitable causes.
In 2024, CPHC allocated around $400,000 for recruiting and participation incentives aimed at attracting thoroughbred trainers, owners, and stables to enhance the quality of racing. The company also engages with local organizations to promote community events, demonstrating its commitment to being a responsible corporate citizen.
Innovation
Innovation is crucial for CPHC's growth and sustainability, driving the company to explore new avenues for revenue generation and operational efficiency.
As part of its redevelopment strategy, CPHC has initiated a three-phase barn relocation and redevelopment plan, with a total estimated cost of $15 million. The first two phases have been completed, and the third phase is currently underway, showcasing CPHC's dedication to modernizing its facilities to enhance customer experiences and operational capabilities.
Financial Performance Overview
| Financial Metric | 2024 (Nine Months Ended September 30) | 2023 (Nine Months Ended September 30) |
|---|---|---|
| Net Income | $3,358,246 | $9,199,331 |
| Total Net Revenue | $49,584,751 | $48,909,795 |
| Adjusted EBITDA | $8,900,640 | $8,394,277 |
| Cash Balance | $22,427,000 | $25,842,000 |
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Resources:
- Canterbury Park Holding Corporation (CPHC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Canterbury Park Holding Corporation (CPHC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Canterbury Park Holding Corporation (CPHC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.