Canterbury Park Holding Corporation has shared its financial results for the three-month and 12-month periods ending December 31, 2024.
Net revenues showed a slight dip year on year, at US$12m, down 4.4 per cent from Q4 2023’s total of $12.5m. Net income for the quarter was a loss of $1.2m, down 191 per cent from a profit of $1.4m year-on-year.
Adjusted EBITDA was $1.3m, down 35 per cent from $2m.
For the full year figures, however, net revenue was up 0.2 per cent at $61.6m from $61.4m. Net income, however, was down 80 per cent at $2.1m from $10.6m.
Adjusted EBITDA was $10.2m, down two per cent from $10.4m.
“Throughout 2024, we focused on managing our operations to address the evolution of our business and market,” said Randy Sampson, president and CEO of Canterbury Park.
“In our seasonally slowest quarter, fourth quarter revenues of $12.0 m and adjusted EBITDA of $1.3 m, which together resulted in an adjusted EBITDA margin of 11.1 per cent, reflect the efficacy of these efforts during a period when our casino operations faced a recent increase in competition.
“To address the increased Casino operations competition, we are implementing several initiatives to further elevate guest service and are expanding our marketing programmes beyond our traditional focus on existing customers to attract and retain new customers. We also continue to introduce new table game offerings to the market.
“Collectively, our goal is for these efforts is to better position Canterbury as the gaming entertainment venue with the best service and table game variety in the region.”
