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Canterbury Park Holding Corporation (CPHC-1.37%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which include pari-mutuel wagering, casino operations, food and beverage services, and real estate development. The company divides its business into four segments: horse racing, casino, food and beverage, and real estate development.
For the year ended December 31, 2024, Canterbury Park reported total net revenues of $61,562,000, a slight increase from $61,437,000 in 2023. Casino operations contributed 63% of total net revenues, while pari-mutuel wagering accounted for 13.4%, and food and beverage contributed 12.9%.
Operating expenses for the year totaled $56,862,000, up from $56,426,000 in the previous year. The increase was primarily due to higher salaries and benefits expenses, which rose by 2.6% to $26,142,046.
The company recorded a gain of $1,732,353 from the transfer of land to a joint venture, Trackside Investments, LLC. This is compared to a gain of $6,490,000 from a land sale in 2023.
Net income for the year was $2,112,842, down from $10,563,249 in 2023. The decline was attributed to a decrease in income from equity investments and a lower gain on land transactions.
Canterbury Park's real estate development activities under Canterbury Commons continued, with various joint ventures and land sales contributing to the company's financial performance.
The company faces competition from other gaming operations, including tribal casinos and other racetracks, as well as from online gaming platforms. Legislative changes, such as potential legalization of sports betting in Minnesota, could impact future operations.
Canterbury Park's management continues to focus on strategic growth, including exploring new opportunities to diversify and expand its business operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Canterbury Park Holding Corporation annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.