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Canterbury Park Closes 2002 Live Meet

On the strength of a 9.5% increase in simulcast wagering, average daily on-track total handle (live and simulcast) increased from $490,493 in 2001 to $502,510, an increase of 2.4%. Average daily on-track live handle of $250,000 represented a 4% decrease from $261,000 in 2001. The decrease in on-track live handle can be attributed primarily to a 3.5% decrease in the number of live races run from 599 in 2001 to 578 in 2002. Due to dangerous weather conditions, Canterbury Park was forced to cancel portions of two race cards. In addition, one racing day that was canceled completely due to lightning storms was not included in the averages for the 2002 season, which had been slated for 62 live racing days.

The absence of the large out-of-state wagering on the 2001 Claiming Crown (over $2.5 million) was cited as the reason for an 8.6% decline in the total amount wagered on Canterbury Park live races ($26.5 million in 2002 compared to $29.0 million in 2001). Claiming Crown, which was held at Philadelphia Park this year after a three-year stint at Canterbury Park, is expected to return to Shakopee in 2003.

Total average daily purse payments of $117,620 represented a slight decrease from $121,058 in 2001 due to a reduced stakes schedule as a result of not hosting Claiming Crown in 2002. A 5% mid-season purse increase resulted in an increase in average daily overnight purses of 3.6% to $92,501 per day in spite of the 3.5% reduction in the number of races conducted.

The unusually wet summer also had an impact on the average starters per Thoroughbred race, which fell from 9.0 in 2001 to 8.6 in 2002. Poor track conditions brought on by record setting rainfall, combined with 11 days worth of turf racing being moved to the main track resulted in a significant increase in scratches compared to the prior year.

"We are thrilled with the attendance gains, which reflects the enthusiastic response to horse racing by our live racing fans," said Canterbury Park President Randy Sampson. "Also, the strong growth in our on-track simulcast business shows we are continuing to develop our core handicapping customer base. The declines in wagering on our live races, both on-track and out-of state, were disappointing, but not unexpected considering the absence of Claiming Crown and the weather related reductions in the number of live races conducted during the meet. With Claiming Crown scheduled to return in 2003 and a little help from Mother Nature, we are looking forward to what we expect to be a record year in all statistical categories."

Canterbury Park Holding Corporation (Nasdaq: TRAK - News) owns and operates Canterbury Park, Minnesota's only pari-mutuel horse racing facility. The company also operates a Card Club, 24 hours a day, seven days a week, and conducts year-round simulcast pari-mutuel horse racing and seasonal live pari- mutuel horse racing. Canterbury Park also promotes a variety of other entertainment events at its facility in Shakopee, Minnesota.

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