A 7.3% decline in pari-mutuel revenue contributed to an overall drop in net income in 2005 for Canterbury Park Holding Corp., which owns Canterbury Park in Shakopee, Minn.
Canterbury Park, which opens May 7, will not make its live racing signal available to five wagering outlets located in and outside the United States.
Plans for a racino at Canterbury Park continued to progress through the Minnesota legislature when the House Committee on Regulated Industries approved a bill March 29 and sent it to the House Committee on Taxes.
Canterbury Park has unveiled a legislative proposal to support a $120-million racino development at its 380-acre site in Shakopee, Minn.
Canterbury Park in Minnesota will offer 69 days of live racing next year, the longest meet since the Shakopee racetrack reopened in 1995.
Canterbury Park Holding Corp's financial results for the first quarter of the year included records for quarterly earnings and earnings per share.
Canterbury Park in Minnesota will open May 14 with a 10% increase in purses. The daily average will be $138,000, the highest since the track reopened in 1995.
As organizers of the Claiming Crown gear up for the sixth edition of the event in 2004, the focus will be on obtaining sponsorships and getting the races into more wagering outlets around the country. Meanwhile, the National Thoroughbred Racing Association has signed on as a sponsor of the event.
Canterbury Park Holding Corp. Friday announced financial results for the third quarter and nine months ended September 30.
Increases in every statistical category were reported by Canterbury Park officials in a summary of the final results of the 2003 live racing meet, which ended Sept. 1.
Canterbury Park Holding Co. reported a decrease in net income for the first three months of 2003 compared with the same period in 2002, but an increase in revenue for the three-month period.
Monday's vote is the first time a bill of this kind has passed out of committee in Minnesota.
The Claiming Crown, inaugurated in 1999, is on its way back to Canterbury Park in Minnesota for 2003, but the date has been moved up from previous editions of the event.
Canterbury Park has plans for a multi-purpose entertainment and gaming complex, but it hinges on legislative approval or adoption of a constitutional amendment.
Canterbury Park, which operates a successful card club in its clubhouse, and the Minnesota Horsemen's Benevolent and Protective Association have raised overnight purses by 5%. The increase is the fourth in three years.
Canterbury Park Holding reported an 11.4% increase in revenue and a 28.6% increase in net income for the first quarter ending March 31. Revenue of $8.9 million and net income of $931,038 were records.
Canterbury Park announced record revenue and net income for 2001. A full year of revenue from its Card Club allowed the Minnesota racetrack to increase revenue by nearly 22% and raise net income by 116.5%.
Minnesota legislators will consider video lottery terminals for Canterbury Park. If approved, the track could double its purses and extend its meet with the help of 1,750 machines.
Canterbury Park reported increased revenue and decreased net income for the third quarter ending Sept. 20. Revenue for the Minnesota racetrack was up 4.3% to $12.1 million, but net income for the third quarter fell 21% to $378,103, or 10 cents per share.
A card club that produced revenue of $11.3 million helped Canterbury Park Holding Corp. post record operating results for 2000. The company owns Canterbury Park, the Thoroughbred track located in Shakopee, Minn.
For the fourth consecutive year, Canterbury Park in Shakopee, Minnesota posted significant increases in on-track attendance and handle for 60-day meet. Card Club revenues contributed to two purse increases of 10 percent each, with total purses of approximately $6.4 million for the meet representing an increase of 26.6% over 1999. Average daily purse distribution was $106,000, compared to $90,000 in 1999, an increase of 17.7%.
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