(Edited news release)
The parent company of Canterbury Park reported a smaller first-quarter profit May 13, blaming current economic conditions and increased competition at the racetrack located in Shakopee, Minn.
Canterbury Park Holding Corp. said it earned net income of $316,774 on net revenues of $8,195,176 for the three months of 2009 compared to net income of $498,880 on net revenues of $10,200,063 for the same period in 2008.
Pari-mutuel revenues declined 19.7% to $1,990,366, while poker and casino games revenue decreased 28.7% and 15.1%, respectively. The decreases were primarily attributable to a steep decline in discretionary spending on entertainment and direct competition from Running Aces Harness Park which opened in nearby Anoka County in April 2008.
The company said it implemented various expense control measures to minimize the competition impact. Operating expenses declined 18.9% to $1,773,181 in the first quarter, primarily reflecting decreases in purse expense, salaries, and benefits.
Canterbury Park’s live meet begins May 15.
