Key Moments:
- Net revenue reached $18.3m for the three months ended September 30, marking a 5 per cent decrease compared to the same period in 2024.
- Casino revenues fell by 9.7 per cent, while food and beverage revenues grew by 13.1 per cent during the quarter.
- Adjusted EBITDA was reported at $2.8m, resulting in an adjusted EBITDA margin of 15.4 per cent.
Q3 Financial Overview
Canterbury Park Holding Corporation reported net revenue of $18.3m for the quarter ending September 30. This represents a decrease of 5 per cent from the $19.3m recorded during the corresponding period in 2024. The company posted net income of $487,000 for the quarter. Adjusted EBITDA stood at $2.8m, with an adjusted EBITDA margin of 15.4 per cent.
Breakdown of Revenue Streams
| Revenue Stream | Year-Over-Year Change |
|---|---|
| Casino | -9.7% |
| Pari-mutuel | -2.7% |
| Other Revenues | -11.1% |
| Food and Beverage | +13.1% |
Management Commentary and Strategic Focus
Randy Sampson, president and chief executive officer of Canterbury Park, said: “The quarterly results were consistent with year-to-date trends as we remain focused on increasing casino traffic and our ongoing growth and development strategies. Third quarter revenues of $18.3m reflect a 5.0 per cent decline versus the third quarter of 2024, largely related to reduced casino revenues partially as a result of low hold early in the quarter.
“Similar to recent prior quarters, casino visits and player counts remain relatively stable, while per patron wagering levels declined. We saw strong quarterly growth in our food and beverage operations and pari-mutuel revenues were in line with prior year results. Adjusted EBITDA of $2.8m resulted in an adjusted EBITDA margin of 15.4 per cent, reflecting lower casino revenue partially offset by a slight year-over-year decline in operating expenses.
“We continue to take measures to improve operating efficiencies, particularly labor which is our largest expense, while pursuing opportunities to continue to grow our entertainment and hospitality businesses and develop our real estate.”
- Author
Daniel Williams
