Canterbury Park Q3 net income nearly doubles, revenue rises 4.2%
CPHC•Canterbury Park reported third-quarter revenue of $19.08 million, up 4.2% year over year, and net income of $959,000, nearly double the year-earlier result. Adjusted EBITDA rose 27.8% to $3.83 million.
1. Quarterly results
Canterbury Park’s third-quarter revenue rose 4.2% year over year to $19.08 million, while net income nearly doubled to $959,000. Diluted EPS increased 80%, and adjusted EBITDA rose 27.8% to $3.83 million.
2. Revenue drivers and outlook
Higher casino revenue, supported by a 17% increase in table games drop and a higher hold percentage, drove growth. Pari-mutuel revenue fell as out-of-state handle declined amid smaller average field sizes per race. Operating expenses were nearly flat despite inflation and higher labor costs. The company expects significantly lower capital requirements entering 2027, positive cash flow from joint ventures and improved cash flow in 2027, as well as about $900,000 in additional TIF reimbursement in late 2026 or early 2027.
