CPHCNasdaqServices-Racing, Including Track OperationUS GAAP · USD

Canterbury Park Holding Corp

Canterbury Park Holding Corp. owns and operates the Canterbury Park Racetrack and Casino in Shakopee, Minnesota, about 20 miles southwest of downtown Minneapolis. The company’s business is organized around four segments: horse racing, casino gaming, food and beverage, and real estate development. Its core operating asset is the racetrack and casino complex, where it hosts live and simulcast pari-mutuel wagering, unbanked card games, concessions, catering, and special events. In parallel, it is developing land around the property through real estate and joint ventures, which adds a longer-term monetization layer to the racetrack site. The company has also stated a five-year strategic plan focused on growing casino revenue and evaluating additional opportunities to diversify the business.

Revenue59.6m USD
−3.2 %y/y
Operating profit (EBIT)2.5m USD
−61.7 %y/y
EBIT margin4.1%
−6.3 ppy/y
Net income-0.5m USD
−125.1 %y/y
Free cash flow4.7m USD
+185.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

020406080m USD2020: EBIT 0.63 m USD20202021: 60 m USD2021: EBIT 18 m USD20212022: 67 m USD2022: EBIT 11 m USD20222023: 61 m USD2023: EBIT 12 m USD20232024: 62 m USD2024: EBIT 6.4 m USD20242025: 60 m USD2025: EBIT 2.5 m USD2025602.5
RevenueOperating profit (EBIT)

Business

Share of revenue
Casino62 %

Unbanked card game operations, including poker and table games, plus related tournament and jackpot administration revenue.

Pari-mutuel horse racing13 %

Simulcast and live racing wagering, guest fees, and related racing-day revenue from thoroughbred and quarter horse meets.

Food and beverage14 %

Concessions, catering, and event-related food and beverage sales at the racetrack property.

Other operating revenue11 %

Admissions, corporate sponsorships, space rentals, and miscellaneous property-related revenue.

Real estate development0 %

Land development and equity-method joint ventures tied to the Canterbury Park site and surrounding properties.

Products

Reported · share of revenue
62.3%13.8%12.9%11.0%FY2025100 %
  • Casino62.3 %
  • Food and Beverage13.8 %
  • Parimutuel12.9 %
  • Other11.0 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company serves regional gaming and entertainment customers who visit the Racetrack for casino play, live racing, simulcast wagering, dining, and special events. Its primary market is the seven-county Minneapolis-Saint Paul metropolitan area plus nearby counties south of the property, which makes the business highly dependent on local and drive-to traffic. Racing customers include pari-mutuel bettors and horse-racing fans, while casino customers are drawn by poker and table games and are supported by loyalty and database marketing. Food and beverage demand comes from event attendees, race-day guests, and casino visitors, with catering and large-scale special events becoming an important source of incremental traffic. On the real estate side, the company’s customers are tenants, residents, and joint-venture partners in mixed-use and residential development projects around the site.

Casino players

Regional patrons who buy poker and table-game access, with demand driven by entertainment, loyalty rewards, and tournament play.

Horse-racing bettors

Simulcast and live-racing customers who wager on thoroughbred and quarter horse races and generate pari-mutuel revenue.

Food, beverage, and event guests

Visitors attending races, tournaments, banquets, and special events who spend on concessions, catering, and venue services.

Real estate users and tenants

Residents, commercial tenants, and joint-venture counterparties tied to Canterbury Commons and other development projects.

Strategy

Management’s stated strategic direction is centered on growing casino revenue, which is the largest and most important operating segment. The company is also evaluating new opportunities and strategic transactions that could diversify revenue beyond the racetrack and casino base. On the operating side, it is using marketing, promotions, and player rewards to support visitation and repeat play, while also investing in the property and redevelopment plan around the Racetrack site. The real estate portfolio and joint ventures provide an additional long-term value creation path, but they also require capital, approvals, and execution discipline. Overall, the strategy appears aimed at improving the mix toward higher-return gaming and property-related opportunities while maintaining the core racing asset.

Expand casino revenueShort term

Casino is the largest revenue source and the clearest lever for improving operating scale and profitability.

Diversify through strategic transactions and new initiativesMedium term

Management wants to reduce dependence on a single property and broaden the revenue base.

Monetize and redevelop land around the RacetrackLong term

Real estate development can create long-duration value from the site beyond gaming operations.

Geography

Canterbury Park is concentrated in one operating location in Shakopee, Minnesota, and the racetrack is described as the only facility in the state offering live pari-mutuel thoroughbred and quarter horse racing. The company’s commercial market is the seven-county Minneapolis-Saint Paul metropolitan area plus two counties south of the Racetrack, so its revenue base is heavily tied to the Twin Cities region. Geography matters because the business depends on local visitation, local gaming competition, and the growth profile of the surrounding counties, especially Scott County and Shakopee. Real estate development is also location-specific, since zoning approvals and city consent are required for future development on the Racetrack and Canterbury Commons sites. The company does not disclose a country revenue split in the provided excerpts, and its operations are overwhelmingly U.S.-based.

Risks

The business is exposed to competitive pressure in casino gaming and pari-mutuel wagering, where lower table-game drop, reduced hold, and fewer live race days can quickly affect revenue. Because the company relies on a single property in Minnesota, it is also vulnerable to local economic conditions, regional competition, and changes in consumer entertainment spending. Regulatory risk is material: racing, gaming, zoning, and development activities depend on state and local approvals, and future land use is not guaranteed. The company also faces cybersecurity, privacy, and payment-card compliance risk because it stores customer and financial data and processes card transactions. In addition, execution risk is elevated because management is pursuing a growth strategy that requires capital, marketing spend, and potentially uncertain strategic transactions before returns are proven.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Casino competition and lower gaming hold1Racing volume and live-meet economics2Cybersecurity and data privacy3Execution risk on growth strategy4Regulatory and zoning approvals5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Casino competition and lower gaming holdImpact: HighLikelihood: High

    The company said 2025 casino revenue fell due to increased competition and a lower average collection revenue rate from a decreased hold percentage.

    Exposure: Casino segment

  2. Racing volume and live-meet economicsImpact: HighLikelihood: High

    Pari-mutuel revenue depends on simulcast handle, guest fees, field size, and live race days, all of which can fluctuate materially.

    Exposure: Horse racing segment

  3. Cybersecurity and data privacyImpact: HighLikelihood: Low

    The company processes personal and payment information, so a breach could cause liability, fines, and loss of customer trust.

    Exposure: Customer data and payment systems

  4. Execution risk on growth strategyImpact: MediumLikelihood: Medium

    Management is investing in strategic initiatives and diversification without certainty that returns will match expectations.

    Exposure: Corporate strategy

  5. Regulatory and zoning approvalsImpact: MediumLikelihood: Low

    Future development of the Racetrack site and Canterbury Commons requires approvals from the City of Shakopee and other authorities.

    Exposure: Real estate development

Accounting

Judgemental items
TIF receivable allowance

Management must estimate whether and when additional purse revenue or legislative action will support reimbursement, affecting asset valuation and earnings.

Impact: Could change reported earnings and balance-sheet receivable value

Adjusted EBITDA adjustments

The company excludes stock-based compensation, asset disposals, and equity-investment depreciation/interest, which can make operating trends look stronger than GAAP results.

Impact: Affects comparability and valuation multiples

Equity-method investments and land development accounting

Joint ventures and land transfers can generate non-cash losses or gains that distort underlying operating performance.

Impact: Can create volatility in other income/loss and net income

Seasonal revenue recognition and event timing

Casino play, racing days, and special events are not evenly distributed through the year, so quarterly results can be uneven.

Impact: Affects quarterly revenue and margin comparability

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026