Canterbury Reports Mixed Third Quarter
Updated: Friday, November 16, 2001 2:57 PM
Posted: Thursday, November 15, 2001 10:31 AM
The owner of Canterbury Park reported increased revenue and decreased net income for the third quarter ending Sept. 20.
Third quarter revenue for the Minnesota racetrack was up 4.3% to $12.1 million compared with $11.7 million for the same period last year. Meanwhile, net income for the quarter fell 21% to $378,103, or 10 cents per share, down from $480,098, 13 cents per share, for the same quarter of 2000.
Canterbury Park Holdings president Randy Sampson said he was pleased with the quarter overall.
"While net income for the third quarter was down approximately $100,000 from last year's exceptional third quarter results, the figures were in line with our expectations," he said. "We were especially pleased with the revenue growth in the Card Club and simulcasting."
The Card Club generated $4,556,552 in revenue for the quarter, the highest since the card room opened in April 2000 and a 12% increase compared to the third quarter of 2000. Simulcast revenue grew 6.1% compared to the third quarter of 2000.
For Canterbury Park's live 2001 meet, average daily attendance and average daily all-sources handle increased 3.4% and 10.0%, respectively. The meet ended September 3. The track also conducted a two-day live harness meet on September 22 and 23 with no comparable racing in 2000.
While the live meet totals reflected gains, the portion of the live meet conducted during the third quarter showed declines in total attendance and on-track handle despite the added harness meet. The declines, which were attributed to oppressive heat in July and early August, resulted in slight decreases in live pari-mutuel revenues, food and beverage revenues, and admission revenues for the quarter compared to the third quarter of 2000.
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