Canterbury Park Holding Corporation reported a net revenue of $59.6 million for the fiscal year ending December 31, 2025, a decrease of 3.2% from $61.6 million in 2024. The decline in revenue was primarily attributed to a 4.4% decrease in casino revenue and a 6.6% drop in pari-mutuel revenue, which were partially offset by a 3.5% increase in food and beverage revenue. The company recorded a net loss of $529,000, or $0.10 per share, compared to a net income of $2.1 million, or $0.42 per share, in the previous year. The decrease in profitability was influenced by increased operating expenses, which rose to $57.1 million, up 0.4% from $56.9 million in 2024.
In terms of operational metrics, Canterbury Park hosted 50 days of live racing in 2025, down from 53 days in 2024, with one day canceled due to inclement weather. The company’s horse racing segment generated $7.7 million in revenue, while the casino segment accounted for $37.1 million, representing 62.3% of total net revenues. The food and beverage segment contributed $8.2 million, reflecting the company’s efforts to enhance catering operations and host large-scale events. The overall engagement in the casino operations was impacted by increased competition, which led to a lower average collection revenue rate.
Strategically, Canterbury Park is pursuing a five-year plan aimed at diversifying and growing its casino revenue. The company is actively exploring new opportunities, including potential acquisitions and product launches. In 2025, Canterbury Development continued its real estate development efforts, contributing approximately 40 acres of land to joint ventures and selling several parcels totaling about 50 acres to third parties for development. The company is focused on enhancing its Racetrack as a unique gaming and entertainment destination while developing underutilized land in a project known as Canterbury Commons.
The company’s workforce comprised 214 full-time and 532 part-time employees as of December 31, 2025, with an additional 350 seasonal employees added during the live racing season. Canterbury Park has faced industry-wide labor shortages, prompting enhanced recruitment and retention efforts. The company’s management remains optimistic about future growth, particularly in the real estate development sector, and anticipates that additional purse supplements may be secured through legislative action related to sports wagering, which could positively impact future racing revenues.
Looking ahead, Canterbury Park acknowledges the challenges posed by economic conditions that may affect discretionary consumer spending. The company is committed to implementing its growth strategy while navigating competitive pressures from other gaming and entertainment options. Management believes that the ongoing development of Canterbury Commons and potential new revenue streams will contribute to the company’s long-term success.
About Canterbury Park Holding Corp
Canterbury Park Holding Corporation operates a Minnesota-based entertainment company specializing in horse racing, casino gaming, food and beverage services, and real estate development. Its core offerings include pari-mutuel horse racing, unbanked card games, and event hosting. The company leverages regulatory licenses, strategic land development, and diverse entertainment options to serve the Minneapolis-Saint Paul market, competing with tribal casinos, other racetracks, and entertainment venues.
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