Canterbury Park Posts Record 2001 Financials
Updated: Thursday, April 4, 2002 1:58 PM
Posted: Tuesday, April 2, 2002 3:10 PM
Canterbury Park announced record revenue and net income for 2001. A full year of revenue from its 50-table Card Club allowed the Minnesota racetrack to increase revenue by nearly 22% to $39.5 million and raise net income by 116.5% to $1.8 million compared with 2000.
The Card Club, which opened April 19, 2000, generated $17 million in revenue last year. Salaries, market expenses, supplies, and maintenance associated with the running the card room also was responsible for a 17.6% increase in operating expenses for the year.
Growth, however, outpaced the additional expenses and earnings per share increased to 15 cents per share for the quarter ending Dec. 31, up from 12 cents per share for the same period a year ago. For 2001, earnings per share increased to 49 cents, up from 23 cents for 2000.
"We continue to be encouraged by the customer response to the Card Club, particularly our expanded Casino Games Room, which opened May 2001," said track president Randy Sampson.
Canterbury also enjoyed its most successful race meet since live racing resumed in 1995. The meet paid a record average daily purse of $120,000 and generated records in total handle and pari-mutuel revenue. The 62-day meet for 2002 begins May 17.
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