Canterbury Park Enjoys Record-Setting First Quarter
Updated: Thursday, May 16, 2002 10:43 AM
Posted: Thursday, May 16, 2002 10:43 AM
Canterbury Park Holding posted record results for the first quarter ending March 31.
The company, which owns Canterbury Park racetrack in Minnesota, reported a 28.6% increase in net income to $931,038, up from $723,620 for the same quarter of 2001. Revenue increased 11.4% to $8,947,223 for the three months ending March 31, compared with $8,034,245 for the same period a year ago. Earnings per share were 26 cents compared with 21 cents for 2001.
The increases in revenue and net income were due to a 14.3% increase in Card Club revenues to $4.5 million, compared to $4 million for the same period in 2001, and a 9% increase in pari-mutuel revenues to $3.3 million, compared to $3 million for the same period in 2001.
"We are very pleased with our financial performance for the first quarter," said Randall Sampson, Canterbury Park's president. "Both our simulcast business and Card Club operation exceeded plans for the quarter. We are encouraged by our customers' response to, and subsequently the continued success of, the expanded casino games room. Also encouraging is the strong increase in simulcast handle and pari-mutuel revenue."
Canterbury Park's live meet began May 17. Planned for this year's season is a new infield video board that management hopes will attract additional sponsorships, a relocation of the 18,000 square foot Paddock Pavilion in order to provide more covered space for a variety of displays and games, and an upgrade of the infield landscaping.
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