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Analysis: Minnesota Racino Likely to Generate Significant Revenues

24 February 2003

SHAKOPEE, Minnesota – (Press Release) -- Canterbury Park today released an independent economic analysis that concludes a Racino development can generate at least $150 million in new tax revenue for the state during the first full two years of operation. The report was unveiled at a St. Paul press conference announcing the introduction of legislation to authorize the State Lottery to operate slot and video gaming at Canterbury Park's existing 362-acre site in Shakopee.

The Innovation Group of New Orleans, LA examined the market for increased entertainment options such as slot and video gaming in the Shakopee area. Their report concluded the Racino at Canterbury Park would generate:

-- At least $150 million in new tax revenue for the state in the first full biennium of operation, including state gaming, sales, corporate and income taxes;

-- Nearly 1,400 new jobs, with 815 jobs at the Racino for gaming, food and beverage operations and an additional 578 jobs as a result of the new economic activity generated by the Racino spending; and

-- Approximately $4 million per biennium in new taxes for local communities.

"The report confirmed that a Racino can be successful in Minnesota in the same way it has been a success for states like Iowa, Delaware and West Virginia," said Randy Sampson, CEO of Canterbury Park. "The Racino at Canterbury Park would generate substantial new tax revenues for the state and local governments, increase employment in our area, create higher racing purses for the horse industry, and pump more money into Minnesota's agricultural industry."

The Racino at Canterbury Park combines existing entertainment options -- live horseracing, teleracing, the Card Club, live concerts and special events -- with new features including:

Slot and video gaming

Olympic horse park

Agricultural event facility

First-class hotel and conference center

Senator Dick Day (R-Owatonna), Senate author of the Racino bill, expressed enthusiasm for the Racino's impact on the state's budget deficit. "The Legislature's top priority this year is to work on the state's budget deficit -- we need to be creative in finding ways to bring in more revenue," said Sen. Day. "Polls show a majority of Minnesotans support using gaming proceeds as part of the solution to the budget deficit, and Canterbury Park has already demonstrated that they can responsibly manage a variety of regulated gaming options at their site in Shakopee."

Canterbury Park also released architectural drawings and a three- dimensional model of the proposed Racino development. "Looking at the plans for the Racino, you can see why people are so excited about Canterbury Park's proposal," explained Mark Buesgens (R-Jordan), who will author the House version of the Racino bill. "This has the possibility of being one of the most successful entertainment complexes in the Upper Midwest."

Dan Mjolsness, of the Minnesota Horsemen's Benevolent and Protective Association, suggested, "Minnesota's horse industry received a substantial shot in the arm from the success of the Canterbury Card Club. As we look southward at the success of racinos in building Iowa's horse breeding -- where money spent on care and maintenance of horses doubled in four years -- we think the Racino at Canterbury Park will pump millions of dollars into rural Minnesota."

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