Financial Performance - Canterbury Park Holding Corporation reported net revenues of $13.1 million for Q1 2025, a decrease of 6.8% from $14.1 million in Q1 2024 [3][12] - The company recorded a net loss of $299,000 in Q1 2025, compared to a net income of $998,000 in Q1 2024, reflecting a 130.0% decline [3][17] - Adjusted EBITDA for the first quarter was $1.9 million, down 39.6% from $3.2 million in the same period last year, resulting in an adjusted EBITDA margin of 14.8% [3][4][17] Revenue Breakdown - Casino revenues decreased by 8.6% to $9.2 million, Pari-mutuel revenues fell by 8.2% to $1.1 million, and Food and Beverage revenues declined by 5.9% to $1.6 million [12][24] - Other revenues increased by 9.3% to $1.2 million, primarily driven by strong event admission revenues [12] Operating Expenses - Operating expenses rose by 1.3% to $12.5 million in Q1 2025, compared to $12.3 million in Q1 2024, mainly due to increased salaries, property taxes, and marketing costs [13] Strategic Initiatives - The company is refocusing and expanding its marketing programs to attract new customers and retain existing high-value guests, with a new Vice President of Marketing and Entertainment joining the team [5] - Canterbury Park is enhancing its event strategy, with several record attendance events already held in 2025 and more planned for the year [5][9] Real Estate Development - Canterbury Commons is being developed as a long-term economic driver, with nearly 1,000 residential units and various amenities already in place or under construction [6] - The company is exploring additional trackside development opportunities, including office, retail, hotel, and restaurant spaces [11] Financial Position - The company has no debt and holds cash and short-term investments valued at approximately $15 million, or $3.04 per share, along with over $19 million in tax increment financing receivable [8] - The total value of cash, tax increment financing receivable, and real estate joint ventures is estimated at $10 per share [8]