Although certain divisions saw minor dips, Canterbury Park’s third-quarter 2024 results show improvement in overall sales and income. Canterbury’s net revenue for the third quarter of 2024 was $19.3 million, a slight 0.1% rise over the same period in 2023. The company’s net income increased significantly, rising 77.9% year over year to surpass $2 million. But year-to-date (YTD) net income dropped 63.5% to $3.4 million, suggesting significant difficulties over the year.
Adjusted EBITDA also improved, growing by 2.8% year-over-year to reach just under $3.3 million. Randy Sampson, President and CEO of Canterbury Park, expressed satisfaction with the performance, saying, “Canterbury’s 2024 third quarter results again demonstrated our ability to deliver consistent, solid financial performance.” He emphasized the company’s continued focus on initiatives to ensure stable contributions from all segments, adding, “We remain on track to execute on strategies over the balance of this year and beyond that will further create long-term value for our shareholders.”
Segment Analysis; Casino, Pari-Mutuel, and Food & Beverage Declines
Some of Canterbury’s operational regions witnessed decreases, even if overall revenue increased. The casino made slightly under $9.9 million, a 3.4% decrease from the previous year. The food and beverage category had a 6.3% decline, totaling $3.1 million, while pari-mutuel revenue was reported at $3.3 million, representing a 2.3% decline. As Canterbury aims for consistent performance across all segments, these declines suggest areas where the organization may need to investigate additional growth initiatives.
On the plus side, Canterbury Park’s operational costs dropped by about $100,000 in Q3 2024, to $17.4 million. These reductions were a result of lower marketing and advertising costs, demonstrating the business’s dedication to cost control. Canterbury Park is well-positioned to pursue future expansion because to its emphasis on efficiency and stable overall financial situation.
As the company looks ahead, Sampson’s comments reflect optimism for sustained performance: “Canterbury is well-positioned to deliver solid financial results in the near and long-term.” By maintaining strategic initiatives and cost-efficiency efforts, Canterbury Park aims to strengthen its financial stability and shareholder value into the future.
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