Canterbury Park Q2 net loss narrows on higher casino, food sales

The company said it expects cash contributions from joint ventures to grow as projects stabilize.

Canterbury Park also said it sees increased activity and visitation across entertainment, living and work environments at the property, and it will continue to evaluate recoverability of horseracing purse overpayments.

Canterbury Park said second-quarter revenue rose 3.2% year over year, while its net loss narrowed to $148,000. The company reported second-quarter loss per share of $0.03 and adjusted EBITDA of $2.63 million, up 29.3% year over year, driven by improved operational performance.

Casino operations revenue increased on higher table games drop, partially offset by lower-than-typical hold.

Food and beverage revenue rose nearly 20% as concession sales increased from more live race days.

Operating expenses increased because of a $419,000 impairment charge related to prior horseracing purse overpayments.