SEARCH NEWS:

 

Canterbury Park Holding Corporation Reports Record Profits for 2000

The Company reported income before income taxes of $1,482,209 on revenues of $32,463,416 for the year ended December 31, 2000, compared to income before income taxes of $558,461 on revenues of $20,330,508 for the year ended December 31, 1999. After income tax expense of $643,300, the Company's net income for 2000 was $838,909, compared to income tax expense of $121,170 and net income of $437,291 for 1999.

For the three months ended December 31, 2000, the Company reported revenues of $7,354,116, income before income taxes of $771,975, and net income of $432,931 after income tax expense of $312,400. For the three months ended December 31, 1999, the Company reported revenues of $3,598,858, income before income taxes of $253,782, and net income of $154,612 after income tax expense of $99,170.

Revenues increased 59.7% or $12.1 million to $32.5 million for the year ended December 31, 2000. The increase in revenues is primarily due to Card Club revenues of $11.3 million.

Operating expenses were $30,969,000 in 2000, a 56.7% increase compared to 1999. Significant increases in salaries and wages, purse expenses, marketing costs, supplies, depreciation and maintenance costs are attributable to the commencement of operations of the Canterbury Card Club on April 19, 2000.

``The customer response to this new business has been tremendous. Canterbury Park is pleased with the financial performance of the Card Club considering the pre-opening expenses we incurred in 2000 and that the facility did not open until April,'' said Randall Sampson, President of Canterbury Park.

``The Card Club has allowed us to attract a new gaming customer and has provided substantial new revenues to the Company and the horse racing industry through additional purse money. The success of the Card Club has allowed the Company to report our best operating results since we reopened the facility in 1994. The year 2000 also marked the Company's most successful live race meet in terms of attendance, on-track handle and purse payments, due in large part to the two 10% purse increases resulting from Card Club revenues.''

Under legislation approved by the Minnesota Legislature in May 1999, Canterbury Park hosts unbanked card games whereby players compete against each other and the Company collects a fee, or rake, for providing the facility and services. The legislation limits the Card Club to a maximum of 50 tables for card playing activities. The Card Club, which operates 24 hours per day, currently operates 43 tables, but is currently being remodeled to create space for the full 50 tables and to improve food and beverage service capabilities.

Canterbury Park Holding Corporation owns and operates Canterbury Park Racetrack, Minnesota's only pari-mutuel horse racing facility. The Company's 63-day 2001 live race meet begins on May 18th and ends September 23, 2001. The Company also operates Canterbury Card Club, the only facility in Minnesota given legislative authority to host unbanked card playing operations.

< Gaming News