Core Insights - Canterbury Park Holding Corporation reported a decline in net revenues and net income for the third quarter and nine months ended September 30, 2025, compared to the same periods in 2024, primarily due to reduced casino revenues and increased competition [2][3][16]. Financial Performance - For the three months ended September 30, 2025, net revenues were $18.3 million, a decrease of 5.0% from $19.3 million in 2024. For the nine months, net revenues were $47.1 million, also down 5.0% from $49.6 million in 2024 [2][16]. - Net income for the third quarter was $487,000, a significant drop of 75.9% from $2.0 million in 2024. For the nine months, the company recorded a net loss of $139,000 compared to a net income of $3.4 million in 2024 [2][21]. - Adjusted EBITDA for the third quarter was $2.8 million, down 14.2% from $3.3 million in 2024, and for the nine months, it was $6.6 million, a decrease of 25.6% from $8.9 million in 2024 [2][21]. Revenue Breakdown - Casino revenues for the third quarter were $8.9 million, down 9.7% year-over-year. Pari-mutuel revenues decreased by 2.7%, while food and beverage revenues increased by 13.1% [8][29]. - For the nine months, casino revenues decreased by 7.3%, pari-mutuel revenues by 7.4%, and other revenues by 0.6%, with food and beverage revenues increasing by 3.9% [16]. Operating Expenses - Operating expenses for the third quarter were $17.3 million, a slight decrease of 0.6% from $17.4 million in 2024. For the nine months, operating expenses increased by 0.5% to $45.0 million from $44.8 million in 2024 [11][17]. Strategic Developments - The company opened the Boardwalk Kitchen & Bar, which has received positive customer feedback, and is exploring additional entertainment and hospitality opportunities [4][6]. - Canterbury Park is progressing on its Canterbury Commons development, which includes a new amphitheater scheduled to open in summer 2026, and is conducting a market analysis for potential uses of 25 acres of prime land [7][4]. Joint Ventures and Real Estate - The company has made significant contributions to real estate joint ventures, with an estimated value of over $10 per share from cash, TIF receivables, and joint ventures [6]. - The Triple Crown Residences at Canterbury Park have seen strong leasing activity, with Phase II at 93% leased and Phase I at 52% leased [9].