Canterbury Park Holding Corporation Reports 2024 Fourth Quarter Results

Financial Performance Summary - For the fourth quarter of 2024, net revenues were $12.0 million, a decrease of 4.4$12.5 million in the same period of 2023. Full-year net revenues were $61.6 million, slightly up by 0.2$61.4 million in 2023 [2][17] - The company reported a net loss of $1.2 million for Q4 2024, compared to a net income of$1.4 million in Q4 2023, marking a decline of 191.3%. For the full year, net income was $2.1 million, down 80.0$10.6 million in 2023 [2][21] - Adjusted EBITDA for Q4 2024 was $1.3 million, down 34.9$2.1 million in Q4 2023. For the full year, adjusted EBITDA was $10.2 million, a slight decrease of 2.0$10.4 million in 2023 [2][22] Revenue Breakdown - Casino revenues for Q4 2024 were $9.0 million, down 4.9$9.5 million in Q4 2023. Full-year casino revenues were $38.8 million, compared to$39.8 million in 2023 [30] - Pari-mutuel revenues decreased by 9.5% in Q4 2024 to $1.1 million, while full-year pari-mutuel revenues were$8.2 million, slightly down from 8.3 million in 2023 [12][17] - Food & Beverage revenues increased by 1.7% in Q4 2024 to 1.0 million, and full-year revenues rose to $8.0 million from$7.8 million in 2023. Other revenues also increased to $6.6 million from$5.6 million in 2023 [12][17] Operating Expenses and Investments - Operating expenses for Q4 2024 were $12.1 million, a slight increase from$11.9 million in Q4 2023. For the full year, operating expenses rose to $56.9 million from$56.4 million in 2023 [13][18] - The company recorded a loss from equity investment of $2.1 million in Q4 2024, compared to a gain of$939,000 in Q4 2023. For the full year, the loss from equity investment was $5.5 million, compared to a gain of$1.5 million in 2023 [14][20] Strategic Initiatives and Future Outlook - The company is focusing on enhancing guest service and expanding marketing efforts to attract new customers in response to increased competition in casino operations [6][7] - Canterbury Commons is being developed as a mixed-use destination, with nearly 1,000 residential units and various amenities, expected to create new long-term revenue sources [8][9] - The company is well-positioned for future growth with over $15 million in unrestricted cash and short-term investments, and plans to reduce capital expenditures in 2025 compared to 2024 [9][10]