Nasdaq:CPHC
Canterbury Park Holding Corporation Reports Record 2022 Third Quarter Results
SHAKOPEE, Minn., Nov. 10, 2022 (GLOBE NEWSWIRE) — Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported record financial results for the three and nine months ended September 30, 2022.
($ in thousands, except per share data and percentages)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2022 | 2021 | Increase | 2022 | 2021(1) | Increase | ||||||||||||
| Net revenues(2) | $22,292 | $21,347 | 4.4% | $53,705 | $46,445 | 15.6% | |||||||||||
| Net income(2) | $2,921 | $2,757 | 5.9% | $6,450 | $5,178 | 24.6% | |||||||||||
| Adjusted EBITDA(3) | $5,341 | $5,176 | 3.2% | $12,452 | $10,111 | 23.2% | |||||||||||
| Basic EPS | $0.60 | $0.58 | 3.5% | $1.33 | $1.09 | 22.6% | |||||||||||
| Diluted EPS | $0.60 | $0.58 | 3.5% | $1.32 | $1.09 | 21.7% | |||||||||||
(1) Financial results for the nine-month period ended September 30, 2021 reflect the impact of the COVID-19 pandemic, including the state-mandated closure of Canterbury Park from January 1, 2021 through January 10, 2021. Canterbury Park re-opened on January 11, 2021 with a capacity limitation of 150 guests per designated area; the capacity limitation was subsequently increased on February 13, 2021 to 250 guests per designated area; remaining restrictions were lifted in late May 2021. Results for the three months ended September 30, 2022, the three months ended September 30, 2021 and the nine months ended September 30, 2022 reflect no closures or capacity limitations.
(2) Net revenues and net income for the nine-month period ended September 30, 2021 include $515,000 in grant funds received as a result of the Minnesota COVID-19 relief package.
(3) Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures, and reconciliations of non-GAAP financial information are included later in the release.
Management Commentary
“We delivered record third quarter results, including 4.4% year over year revenue growth to $22.3 million and 3.2% adjusted EBITDA growth to an all-time quarterly record $5.3 million. We achieved both record revenue and record operating income for the third quarter as visitation and spend per visit continues to outpace pre-pandemic levels and is driving improved financial results following the full reopening of our operations last year,” said Randy Sampson, Chairman and Chief Executive Officer of Canterbury Park. “While Card Casino revenue was down slightly from the same period last year it was up more than 17% compared to the same period in 2019. Our Racing and Food & Beverage operations also generated strong results as we concluded a great 2022 live racing meet in the third quarter. Across the 64 days of live action, our quality, differentiated thoroughbred product attracted record total handle, record out of state handle and healthy attendance, which collectively benefited the balance of our operations. In addition, our Food & Beverage and Events businesses continue to benefit from the return of more normalized operations, including increased demand for both catering and special events.
“Adjusted EBITDA as a percentage of total revenue of 24% during the third quarter represents the sixth consecutive quarter in which this metric has exceeded 20%. This also compares very favorably to Adjusted EBITDA as a percentage of total revenue of 11% achieved in the 2019 full year period. Our performance is clearly indicative of our efforts to expand the efficiency of our operations, including refinements made to marketing and promotional programs to ensure they are driving profitable revenue. We also continue to diligently manage our cost structure in a challenging economic and inflationary environment as we work to offset higher expenses across the business, including higher labor expense. While these challenges are likely to continue into 2023, we remain confident that our team has the right plans and strategies to sustain strong margins and cash flow.
“Canterbury Commons remains a hub of activity as work continued throughout the quarter on a variety of residential and entertainment projects. Swervo Development Corporation (“Swervo”) has now obtained all the requisite state and local approvals, and we expect to soon complete the sale of the land on which they will develop their proposed 19,000-seat concert amphitheater. Community response to the planned project has been very strong, and we’re excited to see the amphitheater rise alongside our racetrack as construction gets underway next year. In connection with this keystone project, we’ve received approval from the Minnesota Racing Commission to begin work on our stable improvement plan. This plan represents a vital investment in our racing operations and the broader Minnesota racing industry and will free up real estate on the Canterbury Commons site for additional developments that can build on the success of our earlier land sales and development joint ventures and further unlock its untapped value.
“Canterbury Park remains very well positioned to continue to benefit from our business-wide momentum as our Card Casino, Racing, Food & Beverage and Events operations generate consistent growth. At the same time, the development of Canterbury Commons is matching our long-term vision to drive traffic to our property thanks to the diverse array of residential and entertainment options that are taking shape. Furthermore, with $19 million of unrestricted cash as of September 30, 2022 alongside the cash proceeds that will be received for the sale to Swervo as well as sizeable income tax and TIF receivables, our clean balance sheet represents another source of underappreciated value. This, along with our consistent free cash flow generation, positions us to return capital to shareholders through our regular quarterly cash dividend and to simultaneously review potential strategic transactions where we can diversify and grow our business while bringing to bear our operating expertise and strong financial position. We are excited to finish out 2022 on a strong note and enter 2023 delivering on our strategies to generate long-term shareholder value.”
Canterbury Commons Development Update
The Company expects to complete the sale of approximately 40 acres in the northeast corner of the property to Swervo in late November 2022 in connection with their development of a state-of-the-art, 19,000-seat amphitheater. The project has received requisite state and local approvals and construction is expected to start in early 2023 with an anticipated opening of May 2024. Additionally, the Company has received approval from the Minnesota Racing Commission for its stable area improvement plan, with phase 1 of the barn relocation and redevelopment already underway.
In October 2022, Greystone Construction (“Greystone”) began construction of an 11,000 square-foot brewery, taproom and Mexican restaurant with outdoor patio space for co-tenants Badger Hill Brewing and Bravis Modern Street Food as part of its 13-acre Southwest Development site. The co-tenant property is set to open in Summer 2023. Additionally, Greystone has closed on the sale of a portion of its site slated for a preschool called Next Steps Learning Center which will begin construction in Spring 2023.
Phase I of Doran Companies’ upscale Triple Crown Residences at Canterbury Park is over 95% leased, and construction on Phase II is underway. Phase II is expected to be completed by Fall 2023, with occupancy available in phases starting in Spring 2023.
Pulte Homes of Minnesota continues its development of the 63-unit first phase of its new row home and townhome residences, with a total of 26 homes already sold. While sales velocity has slowed with the rise in interest rates, Pulte has continued construction for the road and utilities in the second phase of the development. Adjacent to Pulte’s development, Lifestyle Communities is in the pre-sales phase for its Artessa at Canterbury Park cooperative community, which will feature a 56-unit, four-story building with over 5,000 square feet of amenity spaces. Construction is expected to begin in Spring 2023. In addition, construction on the 147 units of senior market rate apartments under the Omry brand is underway with first occupancy expected in Fall 2023.
Developer and partner selection for the remaining 40 acres of Canterbury Commons continues. The primary focus for future projects will be on entertainment, office, retail, hotel, and restaurant uses. Canterbury expects to make additional new partner announcements in the future.
Summary of 2022 Third Quarter Operating Results
Net revenues for the three months ended September 30, 2022 increased 4.4% to a third quarter record $22.3 million, compared to $21.3 million for the same period in 2021. The year-over-year increase reflects the success of targeted marketing efforts which helped drive continued strong Card Casino and Racing operating results and an expanded events calendar which resulted in higher visitation and spend across the Company’s operations, particularly in Food & Beverage.
Operating expenses for the three months ended September 30, 2022 were $17.9 million, an increase of $923,000, or 5.4%, compared to $17 million for the same period in 2021. The year-over-year increase in operating expenses was primarily due to increased labor and advertising costs in order to support the increased revenue levels along with increased costs due to the current inflationary environment.
The Company recorded a loss from equity investment of $500,000 for the three months ended September 30, 2022 compared to a loss from equity investment of $686,000 in the three months ended September 30, 2021. The loss from equity investments in both periods was primarily related to the Company’s share of depreciation, amortization, and interest expense from the Doran Canterbury joint ventures.
The Company recorded income tax expense of $1.2 million for the three months ended September 30, 2022 compared to income tax expense of $1.1 million for the three months ended September 30, 2021.
The Company recorded net income of $2.9 million, or diluted earnings per share of $0.60, for the three months ended September 30, 2022 compared to net income and diluted earnings per share for the three months ended September 30, 2021 of $2.8 million and $0.58, respectively.
Adjusted EBITDA, a non-GAAP measure, for the three months ended September 30, 2022 was an all-time quarterly record $5.3 million compared to adjusted EBITDA of $5.2 million for the same period in 2021.
Summary of 2022 Year-to-Date Operating Results
Net revenues for the nine months ended September 30, 2022 increased 15.6% to $53.7 million, compared to $46.4 million for the same period in 2021. The year-over-year increase reflects increased revenue across the Company’s business driven by increased visitation and spend per visit compared to historical pre-pandemic periods as well as a return to normalized operations as compared to the various restrictions and capacity constraints that were in place during the first half of 2021.
Operating expenses for the nine months ended September 30, 2022 were $44.2 million, an increase of $6.2 million, or 16.4%, compared to $38 million for the same period in 2021. The year-over-year increase in operating expenses reflects an increase in nearly all the Company’s operating areas, primarily as a result of a return to normalized operations compared to the various restrictions and capacity constraints that were in place during the first half of 2021, as well as the current inflationary environment.
The Company recorded a loss from equity investment of $1.3 million for the nine months ended September 30, 2022 compared to a loss from equity investment of $2 million for the nine months ended September 30, 2021. The loss from equity investments in both periods was primarily related to the Company’s share of depreciation, amortization, and interest expense from the Doran Canterbury joint ventures.
The Company recorded income tax expense of $2.4 million for the nine months ended September 30, 2022 compared to income tax expense of $2.1 million for the nine months ended September 30, 2021.
The Company recorded net income of $6.5 million, or diluted earnings per share of $1.32, for the nine months ended September 30, 2022 compared to net income and diluted earnings per share for the nine months ended September 30, 2021 of $5.2 million and $1.09, respectively.
Adjusted EBITDA was $12.5 million for the nine months ended September 30, 2022. Adjusted EBITDA was $10.1 million for the same period in 2021.
Additional Financial Information
Further financial information for the third quarter ended September 30, 2022 is presented in the accompanying tables at the end of this press release. Additional information will be provided in the Company’s Quarterly Report on Form 10-Q that will be filed with the Securities and Exchange Commission on or about November 14, 2022.
Use of Non-GAAP Financial Measures
To supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, which excludes certain items from net income a GAAP measure. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest income, income tax expense, depreciation and amortization, as well as excluding gain on sale of land, depreciation and amortization related to equity investments, interest expense related to equity investments, and grant money received from the Minnesota COVID-19 relief package. Neither EBITDA nor adjusted EBITDA is a measure of performance calculated in accordance with generally accepted accounting principles (“GAAP”), and should not be considered an alternative to, or more meaningful than, net income as an indicator of our operating performance. We have presented EBITDA as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry. Other companies that provide EBITDA information may calculate EBITDA differently than we do. We have presented Adjusted EBITDA as a supplemental disclosure because it enables investors to understand our results excluding the effect of these items.
About Canterbury Park
Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Card Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to December. The Card Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com.
Cautionary Statement
From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, we may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans. These statements are typically preceded by the words “believes,” “expects,” “anticipates,” “intends” or similar expressions. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements. We report these risks and uncertainties in our Annual Report on Form 10-K filed with the SEC and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. They include, but are not limited to: our Cooperative Marketing Agreement with the Shakopee Mdewakanton Sioux Community contains both affirmative and negative covenants that restrict our business and limit our ability to pursue certain changes to gaming laws, even if such activities or changes would be in the best interests of our company; our dependence on the Cooperative Marketing Agreement with the Shakopee Mdewakanton Sioux Community for purse enhancement payments and marketing payments, which may not continue after 2022; the effect that the COVID-19 coronavirus pandemic and resulting precautionary measures may have on us as an entertainment venue or on the economy generally, including the fact that we temporarily suspended all card casino, simulcast, and special events operations during portions of 2020 and 2021 and may be required to do so again in 2022, that we were required to limit visitors and engage in new cleaning protocols, social distancing measures and other changes to our racetrack and card casino operations to comply with state law and health protocols and reductions in the number of visitors due to their COVID-19 concerns; material fluctuations in attendance at the Racetrack; material changes in the level of wagering by patrons; any decline in interest in the unbanked card games offered in the Card Casino; competition from other venues offering unbanked card games or other forms of wagering; competition from other sports and entertainment options; increases in compensation and employee benefit costs; increases in the percentage of revenues allocated for purse fund payments; higher than expected expense related to new marketing initiatives; the impact of wagering products and technologies introduced by competitors; the general health of the gaming sector; legislative and regulatory decisions and changes; our ability to successfully develop our real estate, including the effect of competition on our real estate development operations and our reliance on our current and future development partners; temporary disruptions or changes in access to our facilities caused by ongoing infrastructure improvements; and other factors that are beyond our ability to control or predict.
The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Canterbury assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, except as required by law.
| Investor Contacts: | |
| Randy Dehmer | Richard Land, Jim Leahy |
| Senior Vice President and Chief Financial Officer | JCIR |
| Canterbury Park Holding Corporation | 212-835-8500 or [email protected] |
| 952-233-4828 or [email protected] |
– Financial tables follow –
| CANTERBURY PARK HOLDING CORPORATION’S | |||||||||||||||
| SUMMARY OF OPERATING RESULTS | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net Operating Revenues | $ | 22,292,403 | $ | 21,347,334 | $ | 53,704,649 | $ | 46,444,694 | |||||||
| Operating Expenses | (17,884,034 | ) | (16,961,343 | ) | (44,179,373 | ) | (37,957,706 | ) | |||||||
| Gain on Sale of Land | — | — | 12,151 | 263,581 | |||||||||||
| Income from Operations | 4,408,369 | 4,382,991 | 9,537,427 | 8,750,569 | |||||||||||
| Other Loss, net | (277,472 | ) | (505,384 | ) | (653,247 | ) | (1,439,564 | ) | |||||||
| Income Tax Expense | (1,209,777 | ) | (1,123,209 | ) | (2,434,078 | ) | (2,133,030 | ) | |||||||
| Net Income | $ | 2,921,120 | $ | 2,757,398 | $ | 6,450,102 | $ | 5,177,975 | |||||||
| Basic Net Income Per Common Share | $ | 0.60 | $ | 0.58 | $ | 1.33 | $ | 1.09 | |||||||
| Diluted Net Income Per Common Share | $ | 0.60 | $ | 0.58 | $ | 1.32 | $ | 1.09 | |||||||
| RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| NET INCOME | $ | 2,921,120 | $ | 2,757,398 | $ | 6,450,102 | $ | 5,177,975 | |||||||
| Interest income, net | (222,671 | ) | (180,357 | ) | (620,811 | ) | (524,757 | ) | |||||||
| Income tax expense | 1,209,777 | 1,123,209 | 2,434,078 | 2,133,030 | |||||||||||
| Depreciation | 747,267 | 730,164 | 2,234,790 | 2,113,917 | |||||||||||
| EBITDA | 4,655,493 | 4,430,414 | 10,498,159 | 8,900,165 | |||||||||||
| Gain on sale of land | — | — | (12,151 | ) | (263,581 | ) | |||||||||
| Depreciation and amortization related to equity investments | 445,181 | 496,512 | 1,340,856 | 1,283,858 | |||||||||||
| Interest expense related to equity investments | 240,418 | 248,727 | 625,401 | 705,793 | |||||||||||
| Other revenue, COVID-19 relief grants | — | — | — | (515,000 | ) | ||||||||||
| ADJUSTED EBITDA | $ | 5,341,092 | $ | 5,175,653 | $ | 12,452,265 | $ | 10,111,235 | |||||||
SHAKOPEE, Minn., March 11, 2024 (GLOBE NEWSWIRE) — Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (Nasdaq: CPHC) today reported financial results for the fourth quarter and full year ended December 31, 2023.
| ($ in thousands, except per share data and percentages) |
|||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||
| Net revenues | $12,527 | $13,119 | -4.5 | % | $61,437 | $66,824 | -8.1 | % | |||||||||
| Net income (2) | $1,364 | $1,063 | 28.3 | % | $10,563 | $7,513 | 40.6 | % | |||||||||
| Adjusted EBITDA (1) (2) | $2,051 | $2,963 | -30.8 | % | $10,446 | $16,210 | -35.6 | % | |||||||||
| Basic EPS | $0.28 | $0.22 | 27.3 | % | $2.15 | $1.55 | 38.7 | % | |||||||||
| Diluted EPS | $0.27 | $0.22 | 22.7 | % | $2.13 | $1.54 | 38.3 | % | |||||||||
| (1) | Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures, and reconciliations of non-GAAP financial information are included later in the release. |
| (2) | Net income and Adjusted EBITDA in the three- and twelve-month periods ended December 31, 2023, were impacted by professional fees related to long-term strategic growth initiatives totaling approximately $0.2 million and $1.2 million before income tax, respectively. |
Management Commentary
“Our 2023 fourth quarter results, including net revenue of $12.5 million, net income of $1.4 million and adjusted EBITDA of $2.1 million, represented a solid finish to a year in which we focused on managing our operations to address the evolution of our business. We believe adjusted EBITDA as a percentage of revenue of 16.4% and 17% for the fourth quarter and full year, respectively, are in the range of what we can anticipate going forward as we continue to optimize our operations.
“Fourth quarter Casino revenue performance reflects a weak October followed by a solid reversal over the balance of the quarter. Importantly, the positive Casino revenue trends experienced exiting 2023 have continued into the early part of this year. Pari-mutuel revenues for the quarter were down 8.4% due primarily to reduced advanced deposit wagering (“ADW”) performance while our full-year pari-mutuel and live racing performance was negatively impacted by the expiration of the cooperative marketing agreement at the end of 2022. Following this change, we have continued to re-evaluate all aspects of our racing operations, and we believe our updated operating strategies will improve the performance of this portion of our business going forward.
“Development at Canterbury Commons continues at a rapid pace with significant ongoing activity across our site. Swervo Development Corporation (“Swervo”) has its amphitheater construction in full swing and is on schedule to open in the summer of 2025. Also, our Winner’s Circle development partnership with Greystone continues to bring additional ‘Live, Work, Stay, and Play’ features to Canterbury Commons in the form of a new 10,000 square-foot building now under construction. This project is fully leased, with tenants including a BBQ restaurant, a pizza restaurant and a fitness center. In addition, our barn relocation project is well underway, and we will begin work this summer on a new road that will allow us to unlock approximately 20 acres of land adjacent to the amphitheater for an entertainment district development that would provide further opportunities for Canterbury to create value for its shareholders.
“We continue to evaluate opportunities to enhance the return from our operations while simultaneously exploring additional ways to create value for our shareholders including seeking new wagering or gaming entertainment options that we could offer. Recently, alongside the region’s other horse racing operation, we submitted a formal request to the Minnesota Racing Commission to allow us to introduce 500 on-track ADW units that would offer our guests the ability to wager on historical horse racing outcomes similar to what is available in multiple jurisdictions. This effort, along with our continued legislative efforts on sports betting, is a clear indication that we will explore all avenues to bring additional gaming and wagering opportunities to our property to further enhance our business and support the Minnesota horse racing industry. With our solid balance sheet and operational discipline, we believe Canterbury Park remains well-positioned to deliver long-term growth, and we remain committed to building a bright future for our Company.”
Canterbury Commons Development Update
Swervo continues to make progress on the construction of its state-of-the-art amphitheater which is expected to open in 2025. The Company’s barn relocation and redevelopment plan is also underway and should be completed in 2025. Later in 2024, Canterbury expects to begin work on the road adjacent to the amphitheater which will unlock development of 20 acres of land in that portion of the site.
Residential and commercial construction updates related to joint ventures include:
- Phase II of Doran Properties Group’s upscale Triple Crown Residences at Canterbury Park has begun initial occupancy.
- The Omry at Canterbury, featuring 147 units of senior market rate apartments, is complete and move-ins are underway.
- Construction has begun on a new 10,000 square-foot commercial building within the Winner’s Circle development; the building features three tenants, including a BBQ restaurant, a pizza restaurant and fitness center. The project is expected to open in late 2024.
Residential and commercial construction updates related to prior land sales include:
- Greystone completed the Next Steps Learning Center late in 2023.
- Pulte Homes of Minnesota continues development on the 45-unit second phase of its row home and townhome residences.
Developer and partner selection for the remaining 40 acres of Canterbury Commons, including 20 acres that will become available for development following the completion of a new road the Company will begin building later this year, continues. Additional uses could include office, retail, hotel and restaurants.
Summary of 2023 Fourth Quarter Operating Results
Net revenues for the three months ended December 31, 2023, decreased $592,000, or 4.5%, to $12.5 million, compared to $13.1 million for the same period in 2022. Casino revenue declined 3.7%, or $366,000, due to particularly weak trends in October which partially reversed over the balance of the quarter, as well as the impact from increased competition from a nearby tribal casino that reopened its poker room. Pari-mutuel, food and beverage, and other revenue declined 8.4%, 5.2%, and 6.5%, respectively. The decrease in pari-mutuel revenue was driven by continued decreases in revenues related to ADW wagering. Other revenues decreased primarily due to revenues earned during the three months ended December 31, 2022, as part of the cooperative marketing agreement that expired by its terms on December 31, 2022.
Operating expenses for the three months ended December 31, 2023, were $11.9 million, an increase of $175,000, or 1.5%, compared to operating expenses of $11.8 million for the same period in 2022. Food and beverage cost of goods sold decreased at a rate below the decline in revenues, resulting in increased costs as a percentage of sales. Marketing expenses decreased due to the expiration of the cooperative marketing agreement which resulted in fewer marketing programs in 2023. These decreases were more than offset by higher payroll expense due primarily to increases in annual wage rates, increased depreciation, and increased professional and contracted services due primarily to regulatory fees related to the Company’s racing and Casino operations.
The Company recorded income from equity investment of $939,000 for the three months ended December 31, 2023. For the three months ended December 31, 2022, the Company recorded a loss from equity investment of $294,000. The income for the three months ended December 31, 2023, is related to a gain recognized on insurance proceeds received by Doran Canterbury I related to an outstanding claim while the loss from equity investments in the prior period was primarily related to the Company’s share of depreciation, amortization, and interest expense from the Doran Canterbury joint ventures.
The Company recorded interest income, net, of $545,000 for the three months ended December 31, 2023, an increase of $256,000, or 88.4%, compared to interest income, net, of $289,000 for the same period in 2022. The continued strength of Canterbury’s balance sheet has driven an increase in interest income through the investment of available cash in certificates of deposit and money market funds as well as from recording additional interest accrued on the TIF receivable and joint venture member loans.
The Company recorded income tax expense of $708,000 for the three months ended December 31, 2023, compared to income tax expense of $288,000 for the three months ended December 31, 2022. The Company recorded net income of $1.4 million, or diluted earnings per share of $0.27, for the three months ended December 31, 2023, compared to net income and diluted earnings per share for the three months ended December 31, 2022, of $1.1 million and $0.22, respectively.
Adjusted EBITDA, a non-GAAP measure, for the three months ended December 31, 2023, was $2.1 million compared to adjusted EBITDA of $3.0 million for the same period in 2022.
Summary of 2023 Full-Year Operating Results
Net revenues for the twelve months ended December 31, 2023, decreased $5.4 million, or 8.1%, to $61.4 million, compared to $66.8 million for the same period in 2022. The year-over-year decrease reflects decreases in Casino, pari-mutuel, food and beverage, and other revenues of $438,000, $2.7 million, $398,000, and $1.8 million, respectively. The decrease in Casino revenue is primarily due to a decrease in live race days year-over-year. The full year decreases in pari-mutuel and other revenues were driven primarily by reduced handle on live racing and the expiration of the cooperative marketing agreement at the end of 2022. Food and beverage revenue declined due to the reduced live racing schedule and not hosting Twin Cities Summer Jam in 2023.
Operating expenses for the twelve months ended December 31, 2023, were $56.4 million, an increase of $483,000, or 0.9%, compared to operating expenses of $55.9 million for the same period in 2022. The year-over-year increase reflects higher payroll expense and professional services expenses in the twelve months ended December 31, 2023, which more than offset lower purse and marketing expenses as compared to the twelve months ended December 31, 2022. The increase in professional service fees was primarily due to $1.2 million in costs related to growth initiatives being pursued as part of our strategic plan focused on growing Casino revenue.
The Company recorded a $6.5 million gain on the sale of land for the twelve months ended December 31, 2023, related to the sale of 37 acres to Swervo. The Company recorded a gain on the sale of land of $12,000 in the twelve-month period ended December 31, 2022.
The Company recorded income from equity investment of $1.5 million for the twelve months ended December 31, 2023, compared to a loss from equity investment of $1.6 million for the twelve months ended December 31, 2022. The income for the twelve months ended December 31, 2023 and the loss from equity investment in the prior period were primarily related to the reasons described above in the fourth quarter results.
The Company recorded interest income, net, of $2.0 million for the twelve months ended December 31, 2023, an increase of $1.1 million, or 117.4%, compared to interest income, net, of $910,000 for the same period in 2022. The continued strength of Canterbury’s balance sheet has allowed the Company to drive an increase in interest income primarily due to the reasons described above in the fourth quarter results. The Company also recognized interest related to employee retention credit funds that were received during the twelve months ended December 31, 2023.
The Company recorded income tax expense of $4.4 million for the twelve months ended December 31, 2023, compared to income tax expense of $2.7 million for the twelve months ended December 31, 2022.
The Company recorded net income of $10.6 million, or diluted earnings per share of $2.13, for the twelve months ended December 31, 2023, compared to net income and diluted earnings per share for the twelve months ended December 31, 2022, of $7.5 million and $1.54, respectively.
Adjusted EBITDA was $10.4 million for the twelve months ended December 31, 2023, compared to $16.2 million for the same period in 2022.
Additional Financial Information
Further financial information for the fourth quarter and full-year ended December 31, 2023, is presented in the accompanying tables at the end of this press release. Additional information will be provided in the Company’s Annual Report on Form 10-K that will be filed with the Securities and Exchange Commission on or about March 12, 2024.
Use of Non-GAAP Financial Measures
To supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, and which exclude certain items from net income, a GAAP measure. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest income (net of interest expense), income tax expense, depreciation and amortization, as well as excluding stock-based compensation (which includes our 401(k) match expense as this match occurs in Company stock), gain on insurance proceeds relating to equity investments, loss on disposal of assets, gain on sale of land, depreciation and amortization related to equity investments and interest expense related to equity investments. Neither EBITDA nor Adjusted EBITDA is a measure of performance calculated in accordance with generally accepted accounting principles (“GAAP”), and should not be considered an alternative to, or more meaningful than, net income as an indicator of our operating performance. See the table below, which presents reconciliations of these measures to the GAAP equivalent financial measure, which is net income. We have presented EBITDA as a supplemental disclosure because we believe that, when considered with measures calculated in accordance with GAAP, EBITDA gives investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes, and it is a widely used measure of performance and basis for valuation of companies in our industry. Other companies that provide EBITDA information may calculate EBITDA or Adjusted EBITDA differently than we do. We have presented Adjusted EBITDA as a supplemental disclosure because we believe it enables investors to understand and assess our core operating results excluding the effect of these items and is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business and provides a perspective on the current effects of operating decisions.
About Canterbury Park
Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com.
Cautionary Statement
From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, we may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans. These statements are typically preceded by the words “believes,” “expects,” “anticipates,” “intends” or similar expressions. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements. We report these risks and uncertainties in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. They include, but are not limited to: we may not be successful in implementing our growth strategy, sensitivity to reductions in discretionary spending as a result of downturns in the economy; we have experienced a decrease in revenue and profitability from live racing due to the loss of purse enhancement payments and marketing payments made under the cooperative marketing agreement with the Shakopee Mdewakanton Sioux Community; challenges in attracting a sufficient number of horses and trainers; a lack of confidence in core operations resulting in decreasing customer retention and engagement; personal injury litigation due to the inherently dangerous nature of horse racing; material fluctuations in attendance at the Racetrack; material changes in the level of wagering by patrons; any decline in interest in horse racing or the unbanked card games offered in the Casino; competition from other venues offering racing, unbanked card games or other forms of wagering; competition from other sports and entertainment options; increases in compensation and employee benefit costs; the impact of wagering products and technologies introduced by competitors; the general health of the gaming sector; legislative and regulatory decisions and changes; our ability to successfully develop our real estate, including the effect of competition on our real estate development operations and our reliance on our current and future development partners; temporary disruptions or changes in access to our facilities caused by ongoing infrastructure improvements; inclement weather and other conditions affecting the ability to conduct live racing; technology and/or key system failures; cybersecurity incidents; the general effects of inflation; our ability to attract and retain qualified personnel; dividends that may or may not be issued at the discretion of our Board of Directors; and other factors that are beyond our ability to control or predict.
The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Canterbury assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
| Investor Contacts: | |
| Randy Dehmer | Richard Land, Jim Leahy |
| Senior Vice President and Chief Financial Officer | JCIR |
| Canterbury Park Holding Corporation | 212-835-8500 or [email protected] |
| 952-233-4828 or [email protected] | |
– Financial tables follow –
| CANTERBURY PARK HOLDING CORPORATION’S SUMMARY OF OPERATING RESULTS |
|||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Operating Revenues: | |||||||||||||||
| Casino | $9,459,017 | $9,824,566 | $39,781,166 | $40,218,953 | |||||||||||
| Pari-mutuel | 1,243,905 | 1,358,622 | 8,253,615 | 10,957,692 | |||||||||||
| Food and Beverage | 1,020,738 | 1,076,390 | 7,828,980 | 8,227,105 | |||||||||||
| Other | 803,403 | 859,654 | 5,573,097 | 7,420,131 | |||||||||||
| Total Net Revenues | $12,527,063 | $13,119,232 | $61,436,858 | $66,823,881 | |||||||||||
| Operating Expenses | (11,939,193) | (11,764,048) | (56,425,975) | (55,943,422) | |||||||||||
| Gain on Sale of Land | – | – | 6,489,976 | 12,151 | |||||||||||
| Income from Operations | 587,870 | 1,355,184 | 11,500,859 | 10,892,610 | |||||||||||
| Other Gain/(Loss), net | 1,484,047 | (4,617) | 3,479,390 | (657,864) | |||||||||||
| Income Tax Expense | (708,000) | (287,722) | (4,417,000) | (2,721,800) | |||||||||||
| Net Income | 1,363,917 | 1,062,845 | 10,563,249 | 7,512,946 | |||||||||||
| Basic Net Income Per Common Share | $0.28 | $0.22 | $2.15 | $1.55 | |||||||||||
| Diluted Net Income Per Common Share | $0.27 | $0.22 | $2.13 | $1.54 | |||||||||||
| RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | |||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| NET INCOME | $1,363,917 | $1,062,845 | $10,563,249 | $7,512,946 | |||||||||||
| Interest income, net | (544,769) | (289,147) | (1,978,122) | (909,958) | |||||||||||
| Income tax expense | 708,000 | 287,722 | 4,417,000 | 2,721,800 | |||||||||||
| Depreciation | 837,100 | 746,378 | 3,145,372 | 2,981,168 | |||||||||||
| EBITDA | 2,364,248 | 1,807,798 | 16,147,499 | 12,305,956 | |||||||||||
| Stock-based compensation | 335,817 | 275,488 | 1,378,373 | 1,068,366 | |||||||||||
| Gain on insurance proceeds related to equity investments | (1,698,800) | – | (4,227,701) | – | |||||||||||
| Loss on disposal of assets | 176,425 | 157,435 | 157,160 | 157,435 | |||||||||||
| Gain on sale of land | – | – | (6,489,976) | (12,151) | |||||||||||
| Depreciation and amortization related to equity investments |
439,270 | 442,002 | 1,753,256 | 1,782,870 | |||||||||||
| Interest expense related to equity investments |
434,186 | 279,856 | 1,727,192 | 907,099 | |||||||||||
| ADJUSTED EBITDA | $2,051,146 | $2,962,579 | $10,445,803 | $16,209,575 | |||||||||||
SHAKOPEE, Minn., Nov. 09, 2023 (GLOBE NEWSWIRE) — Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported financial results for the three and nine months ended September 30, 2023.
($ in thousands, except per share data and percentages)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||
| Net revenues | $19,269 | $22,292 | -13.6 | % | $48,910 | $53,705 | -8.9 | % | |||||||||
| Net income | $1,136 | $2,921 | -61.1 | % | $9,199 | $6,450 | 42.6 | % | |||||||||
| Adjusted EBITDA(1)(2) | $2,850 | $5,341 | -46.6 | % | $7,352 | $12,452 | -41.0 | % | |||||||||
| Basic EPS | $0.23 | $0.60 | -61.7 | % | $1.87 | $1.33 | 40.6 | % | |||||||||
| Diluted EPS | $0.23 | $0.60 | -61.7 | % | $1.86 | $1.32 | 40.9 | % | |||||||||
(1) Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures, and reconciliations of non-GAAP financial information are included later in the release.
(2) Adjusted EBITDA in the three and nine-month periods ended September 30, 2023, was impacted by professional fees related to long-term strategic growth initiatives totaling approximately $0.7 million and $1.0 million, respectively.
Management Commentary
“Canterbury Park’s third quarter results represent a continuation of solid Casino segment performance offset by higher operating costs and our previously disclosed reduced racing calendar compared to the year-ago period. Third quarter net revenue of $19.3 million and adjusted EBITDA of $2.9 million resulted in adjusted EBITDA as a percentage of revenue of 14.8%. Adjusted EBITDA as a percentage of revenue rebounded nicely from a recent low in the 2023 second quarter, and we expect our improved cost structure and operating efficiencies will stabilize this metric at an approximate mid- to high-teens percentage. Adjusted EBITDA and adjusted EBITDA as a percentage of revenue were also impacted by professional fees related to long-term strategic growth initiatives.
“Casino revenue rose 1.8% over the prior year as we saw relatively stable customer visitation and spend, particularly at the upper end of our database. Pari-mutuel revenue declined 28.0% year-over-year primarily due to a significant decline in out-of-state handle on Canterbury Park races as a result of decreased field sizes as well as weather impacts and cancelations that reduced the number of races during the period by 12% compared to the same period last year. In addition, food & beverage revenues were negatively impacted by the live racing cancelations as well as having fewer events this year compared to last year’s third quarter, particularly with Twin Cities Summer Jam not taking place in the third quarter of 2023 as it did during the third quarter of 2022.
“Development activity at Canterbury Commons™ continued to expand with a broad array of partners bringing exciting amenities to our vibrant lifestyle community and exploring new opportunities. Swervo Development Corporation (“Swervo”) has begun full-scale development of its state-of-the-art amphitheater with significant activity underway on the 37-acre site. Further, the initial success of the Badger Hill Brewery and Bravis Modern Street Food restaurant are drivers of traffic to Canterbury Commons and helping us make good on our promise of ‘Live, Work, Stay, and Play’ across the broader Canterbury Commons development.
“Our Casino business continues to deliver steady financial results and the operating practices and infrastructure we’ve put in place have allowed us to adapt to the changing environment in our operations. At the same time, we continue to leverage our strong balance sheet and stable cash flow generation as we return capital to shareholders through our quarterly cash dividend. Going forward, we are actively evaluating opportunities to further optimize our return of capital while simultaneously exploring additional ways to create new value for our shareholders. As we continue to execute on our five-year strategic plan focused on growing Casino revenue, we are also actively pursuing new opportunities that would diversify and grow our business, including through potential strategic transactions and initiatives. We are committed to continue to build a bright future for Canterbury Park.”
Canterbury Commons Development Update
Swervo broke ground and construction is underway on its state-of-the-art amphitheater which is expected to open in 2025. Canterbury has also received approval for the first phase of its barn relocation and redevelopment plan which is expected to take approximately one year to complete.
Residential and commercial construction updates related to joint ventures include:
- Greystone completed an 11,000 square-foot brewery, taproom (Badger Hill) and Mexican restaurant (Bravis Modern Street Food) in July 2023.
- Doran Properties Group continues its development of Phase II of the upscale Triple Crown Residences at Canterbury Park, with initial occupancy anticipated in January 2024.
- The Omry at Canterbury, featuring 147 units of senior market rate apartments, received a certificate of occupancy for approximately half of the units and initiated move-ins in September. The remaining units are anticipated to be complete by year end.
- A new 10,000 square-foot commercial building within the Winner’s Circle development received planning and city council approval in October. The project is anticipated to have three tenants and Greystone Construction, the development sponsor, has targeted the inclusion of two restaurant groups and a fitness group within the building. Pending financing and firm commitments from one or two tenants, the project is expected to break ground in late 2023 and open in late 2024.
Residential and commercial construction updates related to prior land sales include:
- Pulte Homes of Minnesota has begun development of the 45-unit second phase of its new row home and townhome residences.
- Lifestyle Communities expects to break ground in spring or summer of 2024 for Artessa at Canterbury Park, a cooperative community featuring a 44-unit building and over 5,000 square feet of amenity spaces.
- Greystone is expected to complete the Next Steps Learning Center late 2023.
Developer and partner selection for the remaining 40 acres of Canterbury Commons continues, with additional uses potentially including offices, retail, a hotel, and restaurants.
Summary of 2023 Third Quarter Operating Results
Net revenues for the three months ended September 30, 2023, decreased $3.0 million, or 13.6%, to $19.3 million, compared to $22.3 million for the same period in 2022. Casino revenue was up 1.8%, or $185,000. This slight increase was more than offset by decreases in pari-mutuel, food & beverage, and other revenue of 28.0%, 15.4%, and 35.5%, respectively. The decrease in pari-mutuel revenue was driven by a continued decrease in out-of-state handle due to smaller field sizes and less races. Food & beverage revenues declined primarily due to Twin Cities Summer Jam not taking place in the third quarter of 2023 as it did during the third quarter of 2022. Other revenues decreased primarily due to revenues earned during the three months ended September 30, 2022, as part of the cooperative marketing agreement that expired by its terms on December 31, 2022.
Operating expenses for the three months ended September 30, 2023, were $17.5 million, a decrease of $422,000, or 2.4%, compared to operating expenses of $17.9 million for the same period in 2022. The year-over-year decrease reflects lower purse expenses related to decreased pari-mutuel revenue. Food & beverage cost of goods sold decreased with the similar decrease in food and beverage revenues. Marketing expenses decreased due to the expiration of the cooperative marketing agreement. These decreases in operating expense were somewhat offset by higher payroll expense, due primarily to annual wage increases, and increased professional expense related to the long-term strategic growth initiatives noted above.
The Company recorded a loss from equity investment of $674,000 for the three months ended September 30, 2023. For the three months ended September 30, 2022, the Company recorded a loss from equity investment of $500,000. The losses from equity investments in both periods were primarily related to the Company’s share of depreciation, amortization, and interest expense from the Doran Canterbury joint ventures.
The Company recorded interest income, net, of $537,000 for the three months ended September 30, 2023, an increase of $314,000, or 141%, compared to interest income, net, of $223,000 for the same period in 2022. With the continued strength of Canterbury’s balance sheet, the Company has increased interest income due to transferring available cash into certificates of deposit and money market funds as well as recording additional interest accrued on the TIF receivable and member loans.
The Company recorded income tax expense of $533,000 for the three months ended September 30, 2023, compared to income tax expense of $1.2 million for the three months ended September 30, 2022. The Company recorded net income of $1.1 million, or diluted earnings per share of $0.23, for the three months ended September 30, 2023, compared to net income and diluted earnings per share for the three months ended September 30, 2022, of $2.9 million and $0.60, respectively.
Adjusted EBITDA, a non-GAAP measure, for the three months ended September 30, 2023, was $2.9 million compared to adjusted EBITDA of $5.3 million for the same period in 2022.
Summary of 2023 Year-to-Date Operating Results
Net revenues for the nine months ended September 30, 2023, decreased $4.8 million, or 8.9%, to $48.9 million, compared to $53.7 million for the same period in 2022. The year-over-year decrease reflects decreases in Casino, pari-mutuel, food & beverage, and other revenues of $72,000, $2.6 million, $342,000, and $1.8 million, respectively. Reasons for the year-to-date decreases are similar to the reasons described above in the third quarter results.
Operating expenses for the nine months ended September 30, 2023, remained relatively flat at $44.5 million, a slight increase of $307,000, or 0.7%, compared to operating expenses of $44.2 million for the same period in 2022. The year-over-year increase reflects higher payroll expense and professional services expenses in the nine months ended September 30, 2023, which more than offset lower purse and marketing expenses as compared to the nine months ended September 30, 2022.
The gain on sale of land for the nine months ended September 30, 2023, was $6.5 million and was related to the sale of 37 acres to Swervo for the future development of an amphitheater. The Company recorded a gain on sale of land of $12,000 in the nine-month period ended September 30, 2022.
The Company recorded a gain from equity investment of $562,000 for the nine months ended September 30, 2023, compared to a loss from equity investment of $1.3 million for the nine months ended September 30, 2022. The net gain for the nine months ended September 30, 2023 is related to insurance proceeds received related to a claim by the joint venture against a third party while the losses from investments in the prior period were primarily related to the Company’s share of depreciation, amortization, and interest expense from the Doran Canterbury joint ventures.
The Company recorded interest income, net, of $1.4 million for the nine months ended September 30, 2023, an increase of $813,000, or 131%, compared to interest income, net, of $621,000 for the same period in 2022. With the continued strength of Canterbury’s balance sheet, the Company has increased interest income due to transferring available cash into certificates of deposit and money market funds as well as recording additional interest accrued on the TIF receivable and member loans. The Company also recognized interest related to employee retention credit funds that were received during the nine months ended September 30, 2023.
The Company recorded income tax expense of $3.7 million for the nine months ended September 30, 2023, compared to income tax expense of $2.4 million for the nine months ended September 30, 2022.
The Company recorded net income of $9.2 million, or diluted earnings per share of $1.86, for the nine months ended September 30, 2023, compared to net income and diluted earnings per share for the nine months ended September 30, 2022, of $6.5 million and $1.32, respectively.
Adjusted EBITDA was $7.4 million for the nine months ended September 30, 2023 compared to $12.5 million for the same period in 2022.
Additional Financial Information
Further financial information for the third quarter ended September 30, 2023, is presented in the accompanying tables at the end of this press release. Additional information will be provided in the Company’s Quarterly Report on Form 10-Q that will be filed with the Securities and Exchange Commission on or about November 13, 2023.
Use of Non-GAAP Financial Measures
To supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, and which exclude certain items from net income, a GAAP measure. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest income, income tax expense, depreciation and amortization, as well as excluding gain on sale of land and disposal of assets, depreciation and amortization related to equity investments, interest expense related to equity investments, and gain on insurance proceeds relating to equity investments. Neither EBITDA nor Adjusted EBITDA is a measure of performance calculated in accordance with generally accepted accounting principles (“GAAP”), and should not be considered an alternative to, or more meaningful than, net income as an indicator of our operating performance. See the table below, which presents reconciliations of these measures to the GAAP equivalent financial measures. We have presented EBITDA as a supplemental disclosure because we believe that, when considered with measures calculated in accordance with GAAP, EBITDA gives investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes, and it is a widely used measure of performance and basis for valuation of companies in our industry. Other companies that provide EBITDA information may calculate EBITDA differently than we do. We have presented Adjusted EBITDA as a supplemental disclosure because we believe it enables investors to understand and assess our core operating results excluding the effect of these items and is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business and provides a perspective on the current effects of operating decisions.
About Canterbury Park
Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com.
Cautionary Statement
From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, we may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans. These statements are typically preceded by the words “believes,” “expects,” “anticipates,” “intends” or similar expressions. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements. We report these risks and uncertainties in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. They include, but are not limited to: sensitivity to reductions in discretionary spending as a result of downturns in the economy; the termination of the Cooperative Marketing Agreement with the Shakopee Mdewakanton Sioux Community and the purse enhancement payments and marketing payments made under such agreement; the occurrence of epidemics, pandemics, outbreaks of disease, and other adverse public health developments; the inability to attract a sufficient number of horses and trainers; a lack of confidence in core operations resulting in decreasing customer retention and engagement; personal injury litigation due to the inherently dangerous nature of horse racing; material fluctuations in attendance at the Racetrack; material changes in the level of wagering by patrons; any decline in interest in horse racing or the unbanked card games offered in the Casino; competition from other venues offering racing, unbanked card games or other forms of wagering; competition from other sports and entertainment options; increases in compensation and employee benefit costs; higher than expected expense related to new marketing initiatives; the impact of wagering products and technologies introduced by competitors; the general health of the gaming sector; legislative and regulatory decisions and changes; our ability to successfully develop our real estate, including the effect of competition on our real estate development operations and our reliance on our current and future development partners; temporary disruptions or changes in access to our facilities caused by ongoing infrastructure improvements; inclement weather and other conditions affecting the ability to conduct live racing; technology and/or key system failures; cybersecurity breaches; the failure to receive reimbursement for certain public infrastructure improvements we have committed to undertake; the general effects of inflation; our ability to attract and retain qualified personnel; dividends that may or may not be issued at the discretion of our Board of Directors; and other factors that are beyond our ability to control or predict.
The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Canterbury assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
| Investor Contacts: | |
| Randy Dehmer | Richard Land, Jim Leahy |
| Senior Vice President and Chief Financial Officer | JCIR |
| Canterbury Park Holding Corporation | 212-835-8500 or [email protected] |
| 952-233-4828 or [email protected] |
– Financial tables follow –
| CANTERBURY PARK HOLDING CORPORATION’S | |||||||||||||||
| SUMMARY OF OPERATING RESULTS | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Operating Revenues: | |||||||||||||||
| Casino | $10,224,216 | $10,039,527 | $30,322,149 | $30,394,387 | |||||||||||
| Pari-mutuel | 3,405,010 | 4,730,827 | 7,009,710 | 9,599,070 | |||||||||||
| Food and Beverage | 3,310,759 | 3,913,320 | 6,808,242 | 7,150,715 | |||||||||||
| Other | 2,328,564 | 3,608,729 | 4,769,694 | 6,560,477 | |||||||||||
| Total Net Revenues | $19,268,549 | $22,292,403 | $48,909,795 | $53,704,649 | |||||||||||
| Operating Expenses | (17,461,813) | (17,884,034) | (44,486,784) | (44,179,373) | |||||||||||
| Gain on Sale of Land | – | – | 6,489,976 | 12,151 | |||||||||||
| Income from Operations | 1,806,736 | 4,408,369 | 10,912,987 | 9,537,427 | |||||||||||
| Other (Loss)/Gain, net | (137,437) | (277,472) | 1,995,344 | (653,247) | |||||||||||
| Income Tax Expense | (533,000) | (1,209,777) | (3,709,000) | (2,434,078) | |||||||||||
| Net Income | 1,136,299 | 2,921,120 | 9,199,331 | 6,450,102 | |||||||||||
| Basic Net Income Per Common Share | $0.23 | $0.60 | $1.87 | $1.33 | |||||||||||
| Diluted Net Income Per Common Share | $0.23 | $0.60 | $1.86 | $1.32 | |||||||||||
| RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| NET INCOME | $1,136,299 | $2,921,120 | $9,199,331 | $6,450,102 | |||||||||||
| Interest income, net | (536,904) | (222,671) | (1,433,353) | (620,811) | |||||||||||
| Income tax expense | 533,000 | 1,209,777 | 3,709,000 | 2,434,078 | |||||||||||
| Depreciation | 831,379 | 747,267 | 2,308,272 | 2,234,790 | |||||||||||
| EBITDA | 1,963,774 | 4,655,493 | 13,783,250 | 10,498,159 | |||||||||||
| Gain on insurance proceeds related to equity investments | – | – | (2,528,901) | – | |||||||||||
| Gain on disposal of assets | (19,265) | – | (19,265) | – | |||||||||||
| Gain on sale of land | – | – | (6,489,976) | (12,151) | |||||||||||
| Depreciation and amortization related to equity investments | 438,011 | 445,181 | 1,313,986 | 1,340,856 | |||||||||||
| Interest expense related to equity investments | 467,571 | 240,418 | 1,292,627 | 625,401 | |||||||||||
| ADJUSTED EBITDA | $2,850,091 | $5,341,092 | $7,351,721 | $12,452,265 | |||||||||||
SHAKOPEE, Minn., Aug. 10, 2023 (GLOBE NEWSWIRE) — Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today reported financial results for the three and six months ended June 30, 2023.
($ in thousands, except per share data and percentages)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||
| Net revenues | $ | 16,342 | $ | 17,774 | -8.1 | % | $ | 29,641 | $ | 31,412 | -5.6 | % | |||||
| Net income | $ | 5,293 | $ | 1,755 | 201.6 | % | $ | 8,063 | $ | 3,529 | 128.5 | % | |||||
| Adjusted EBITDA (1) | $ | 2,020 | $ | 3,564 | -43.3 | % | $ | 4,502 | $ | 7,111 | -36.7 | % | |||||
| Basic EPS | $ | 1.08 | $ | 0.36 | 200.0 | % | $ | 1.64 | $ | 0.73 | 124.7 | % | |||||
| Diluted EPS | $ | 1.07 | $ | 0.36 | 197.2 | % | $ | 1.64 | $ | 0.73 | 124.7 | % | |||||
(1) Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures, and reconciliations of non-GAAP financial information are included later in the release.
Management Commentary
“Canterbury Park’s second quarter results represent a continuation of the stable trends in our business as our performance exceeded pre-COVID levels and was in-line with our expectations, given the impact of higher costs and a reduced racing calendar. Second quarter net revenue of $16.3 million and adjusted EBITDA of $2.0 million resulted in adjusted EBITDA as a percentage of revenue of 12.4%. While below recent quarters reflecting the impact of higher costs and a reduction in racing days compared to last year, we believe adjusted EBITDA as a percentage of revenue will rebound over the balance of 2023 and continue to exceed historical pre-COVID levels due to the proactive initiatives undertaken during the pandemic to improve our cost structure and operating efficiency.
“Casino revenue rose 3.9% over the prior year as higher visitation and spending trends more than offset lower table games hold for the quarter. Our 54-day live racing meet began on May 27 and, in the quarter, we ran 15 days compared to 25 in the prior-year period. Pari-mutuel revenue declined 31.8% year-over-year primarily due to a significant decline in out-of-state handle on Canterbury Park races. This decline reflects less racing days, lower purses and reduced marketing support related to the expiration of the SMSC Cooperative Marketing Agreement. The reduction in live racing days also impacted Food & Beverage revenue, which declined 5.6% year-over-year even as admission revenues remained strong.
“Development activity at Canterbury Commons™ remains on track as we continue to attract broad interest in our vibrant lifestyle community from diverse parties. During the second quarter of 2023, we completed the $8.8 million sale of 37 acres of land to Swervo Development Corporation (“Swervo”) which cleared the way for it to begin development of a state-of-the-art amphitheater. Canterbury Park’s development partner, Greystone Construction (“Greystone”), completed the Badger Hill Brewery and Bravis Modern Street Food restaurant in July 2023, both of which have opened to very positive customer response. We are delighted that these venues diversify the on-site options and believe they will help drive further traffic to Canterbury Commons. ‘Live, Work, Stay, and Play’ is at the heart of our development approach, and we believe there is much more excitement to come as we work with new development partners that share our vision and enthusiasm for Canterbury Commons.
“We remain on track to deliver solid financial results over the balance of 2023 as our business benefits from the operating practices and infrastructure we’ve put in place to drive continued growth. Our strong balance sheet and stable cash flow generation continues to position us to return capital to shareholders through our quarterly cash dividend while we also continue to actively evaluate potential strategic transactions that would create new value for our shareholders. We believe that the future of Canterbury Park remains bright.”
Canterbury Commons Development Update
In April 2023, the Company completed the sale of approximately 37 acres in the northeast corner of the property to Swervo for the development of a state-of-the-art amphitheater. Construction is expected to begin later this summer with an anticipated opening in 2025. Canterbury is also making initial progress with the first phase of its barn relocation and redevelopment plan, which among other things will free up land surrounding the amphitheater and facilitate the creation of an entertainment district around the venue.
Residential and commercial construction updates related to joint ventures include:
- Greystone completed an 11,000 square-foot brewery, taproom (Badger Hill) and Mexican restaurant (Bravis Modern Street Food) in July 2023.
- Doran Properties Group continues its development of Phase II of the upscale Triple Crown Residences at Canterbury Park, with initial occupancy anticipated in January 2024.
- Construction on the Omry, featuring 147 units of senior market rate apartments, continues with first occupancy expected in September 2023.
Residential and commercial construction updates related to prior land sales include:
- Pulte Homes of Minnesota continues to sell units within the 63-unit first phase of its new row home and townhome residences, with development of the 45-unit second phase expected to begin in Fall 2023.
- Lifestyle Communities expects to begin in early 2024 construction of Artessa at Canterbury Park, a cooperative community featuring a 44-unit building and over 5,000 square feet of amenity spaces.
- Greystone is expected to complete the Next Steps Learning Center late 2023.
Developer and partner selection for the remaining 40 acres of Canterbury Commons continues, with additional uses potentially including offices, retail, a hotel, and restaurants.
Summary of 2023 Second Quarter Operating Results
Net revenues for the three months ended June 30, 2023 decreased 8.1% to $16.3 million, compared to $17.8 million for the same period in 2022. The year-over-year decrease reflects an increase in Casino revenue of 3.9%, or $389,000, which was more than offset by decreases in Pari-mutuel and Food & Beverage revenue of 31.8% and 5.6%, respectively, due primarily to a 40% decrease in live race days compared to the same period last year.
Operating expenses for the three months ended June 30, 2023 were $15.3 million, an increase of $196,000, or 1.3%, compared to operating expenses of $15.1 million for the same period in 2022. The year-over-year increase reflects higher payroll expense and professional services expenses, which more than offset lower purse and marketing expenses driven by the expiration of the Cooperative Marketing Agreement at the end of 2022.
Gain on sale of land for the three months ended June 30, 2023 was $6.5 million and was related to the sale of 37 acres to Swervo for the future development of an amphitheater.
The Company recorded a loss from equity investment of $622,000 for the three months ended June 30, 2023. For the three months ended June 30, 2022, the Company recorded a loss from equity investment of $534,000. The losses from equity investments in both periods were primarily related to the Company’s share of depreciation, amortization, and interest expense from the Doran Canterbury joint ventures.
The Company recorded income tax expense of $2.1 million for the three months ended June 30, 2023 compared to income tax expense of $619,000 for the three months ended June 30, 2022. The Company recorded net income of $5.3 million, or diluted earnings per share of $1.07, for the three months ended June 30, 2023 compared to net income and diluted earnings per share for the three months ended June 30, 2022 of $1.8 million and $0.36, respectively.
Adjusted EBITDA, a non-GAAP measure, for the three months ended June 30, 2023 was $2.0 million compared to adjusted EBITDA of $3.6 million for the same period in 2022.
Summary of 2023 Year-to-Date Operating Results
Net revenues for the six months ended June 30, 2023 decreased 5.6% to $29.6 million, compared to $31.4 million for the same period in 2022. The year-over-year decrease reflects decreases in Casino and Pari-mutuel revenues of $257,000 and $1.3 million, respectively, partially offset by an increase in Food & Beverage revenue of $260,000.
Operating expenses for the six months ended June 30, 2023 were $27.0 million, an increase of $730,000, or 2.8%, compared to operating expenses of $26.3 million for the same period in 2022. The year-over-year increase reflects higher payroll expense, utilities expense, and professional services expenses in the six months ended June 30, 2023, which more than offset lower purse and marketing expenses as compared to the six months ended June 30, 2022.
Gain on sale of land for the six months ended June 30, 2023 was $6.5 million and was related to the sale of 37 acres to Swervo for the future development of an amphitheater.
The Company recorded a gain from equity investment of $1.2 million for the six months ended June 30, 2023 compared to a loss from equity investment of $774,000 for the six months ended June 30, 2022. The net gain for the six months ended June 30, 2023 is related to insurance proceeds received related to a claim by the joint venture against a third party while the losses from investments in the prior period were primarily related to the Company’s share of depreciation, amortization, and interest expense from the Doran Canterbury joint ventures.
The Company recorded income tax expense of $3.2 million for the six months ended June 30, 2023 compared to income tax expense of $1.2 million for the six months ended June 30, 2022.
The Company recorded net income of $8.1 million, or diluted earnings per share of $1.64, for the six months ended June 30, 2023 compared to net income and diluted earnings per share for the six months ended June 30, 2022 of $3.5 million and $0.73, respectively.
Adjusted EBITDA was $4.5 million for the six months ended June 30, 2023. Adjusted EBITDA was $7.1 million for the same period in 2022.
Additional Financial Information
Further financial information for the second quarter ended June 30, 2023 is presented in the accompanying tables at the end of this press release. Additional information will be provided in the Company’s Quarterly Report on Form 10-Q that will be filed with the Securities and Exchange Commission on or about August 11, 2023.
Use of Non-GAAP Financial Measures
To supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, and which exclude certain items from net income, a GAAP measure. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest income, income tax expense, depreciation and amortization, as well as excluding gain on sale of land, depreciation and amortization related to equity investments, interest expense related to equity investments, and grant money received from the Minnesota COVID-19 relief package. Neither EBITDA nor Adjusted EBITDA is a measure of performance calculated in accordance with generally accepted accounting principles (“GAAP”), and should not be considered an alternative to, or more meaningful than, net income as an indicator of our operating performance. See the table below, which presents reconciliations of these measures to the GAAP equivalent financial measures. We have presented EBITDA as a supplemental disclosure because we believe that, when considered with measures calculated in accordance with GAAP, EBITDA gives investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes, and it is a widely used measure of performance and basis for valuation of companies in our industry. Other companies that provide EBITDA information may calculate EBITDA differently than we do. We have presented Adjusted EBITDA as a supplemental disclosure because we believe it enables investors to understand and assess our core operating results excluding the effect of these items and is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business and provides a perspective on the current effects of operating decisions.
About Canterbury Park
Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com.
Cautionary Statement
From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, we may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans. These statements are typically preceded by the words “believes,” “expects,” “anticipates,” “intends” or similar expressions. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements. We report these risks and uncertainties in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. They include, but are not limited to: sensitivity to reductions in discretionary spending as a result of downturns in the economy; the termination of the Cooperative Marketing Agreement with the Shakopee Mdewakanton Sioux Community and the purse enhancement payments and marketing payments made under such agreement; the occurrence of epidemics, pandemics, outbreaks of disease, and other adverse public health developments; the inability to attract a sufficient number of horses and trainers; a lack of confidence in core operations resulting in decreasing customer retention and engagement; personal injury litigation due to the inherently dangerous nature of horse racing; material fluctuations in attendance at the Racetrack; material changes in the level of wagering by patrons; any decline in interest in horse racing or the unbanked card games offered in the Casino; competition from other venues offering racing, unbanked card games or other forms of wagering; competition from other sports and entertainment options; increases in compensation and employee benefit costs; higher than expected expense related to new marketing initiatives; the impact of wagering products and technologies introduced by competitors; the general health of the gaming sector; legislative and regulatory decisions and changes; our ability to successfully develop our real estate, including the effect of competition on our real estate development operations and our reliance on our current and future development partners; temporary disruptions or changes in access to our facilities caused by ongoing infrastructure improvements; inclement weather and other conditions affecting the ability to conduct live racing; technology and/or key system failures; cybersecurity breaches; the failure to receive reimbursement for certain public infrastructure improvements we have committed to undertake; the general effects of inflation; our ability to attract and retain qualified personnel; dividends that may or may not be issued at the discretion of our Board of Directors; and other factors that are beyond our ability to control or predict.
The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Canterbury assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
| Investor Contacts: | |
| Randy Dehmer Senior Vice President and Chief Financial Officer Canterbury Park Holding Corporation 952-233-4828 or [email protected] |
Richard Land, Jim Leahy JCIR 212-835-8500 or [email protected] |
– Financial tables follow –
| CANTERBURY PARK HOLDING CORPORATION’S SUMMARY OF OPERATING RESULTS (UNAUDITED) |
|||||||||||||||
| Three months ended | Six months ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Operating Revenues: | |||||||||||||||
| Casino | $10,383,578 | $9,994,433 | $20,097,933 | $20,354,860 | |||||||||||
| Pari-mutuel | 2,471,366 | 3,621,556 | 3,604,700 | 4,868,243 | |||||||||||
| Food and Beverage | 2,027,652 | 2,148,673 | 3,497,483 | 3,237,395 | |||||||||||
| Other | 1,459,092 | 2,009,612 | 2,441,130 | 2,951,748 | |||||||||||
| Total Net Revenues | $16,341,688 | $17,774,274 | $29,641,246 | $31,412,246 | |||||||||||
| Operating Expenses | (15,279,233 | ) | (15,083,603 | ) | (27,024,968 | ) | (26,295,339 | ) | |||||||
| Gain on Sale of Land | 6,489,976 | 12,151 | 6,489,976 | 12,151 | |||||||||||
| Income from Operations | 7,552,431 | 2,702,822 | 9,106,254 | 5,129,058 | |||||||||||
| Other (Loss)/Gain, net | (124,906 | ) | (329,093 | ) | 2,132,781 | (375,775 | ) | ||||||||
| Income Tax Expense | (2,135,000 | ) | (618,660 | ) | (3,176,000 | ) | (1,224,301 | ) | |||||||
| Net Income | 5,292,525 | 1,755,069 | 8,063,035 | 3,528,982 | |||||||||||
| Basic Net Income Per Common Share | $1.08 | $0.36 | $1.64 | $0.73 | |||||||||||
| Diluted Net Income Per Common Share | $1.07 | $0.36 | $1.64 | $0.73 | |||||||||||
| RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| Three months ended | Six months ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| NET INCOME | $5,292,525 | $1,775,069 | $8,063,035 | $3,528,982 | |||||||||||
| Interest income, net | (497,274 | ) | (205,300 | ) | (896,449 | ) | (398,140 | ) | |||||||
| Income tax expense | 2,135,000 | 618,660 | 3,176,000 | 1,224,301 | |||||||||||
| Depreciation | 741,632 | 741,574 | 1,476,893 | 1,487,523 | |||||||||||
| EBITDA | 7,671,883 | 2,910,003 | 11,819,479 | 5,842,666 | |||||||||||
| Gain on insurance proceeds related to equity investments | – | – | (2,528,901 | ) | – | ||||||||||
| Gain on sale of land | (6,489,976 | ) | (12,151 | ) | (6,489,976 | ) | (12,151 | ) | |||||||
| Depreciation and amortization related to equity investments | 435,211 | 474,352 | 875,975 | 895,675 | |||||||||||
| Interest expense related to equity investments | 402,795 | 192,170 | 825,056 | 384,983 | |||||||||||
| ADJUSTED EBITDA | $2,019,913 | $3,564,374 | $4,501,633 | $7,111,173 | |||||||||||
-
Africa4 weeks agoA Comparative Analysis Of Land-Casinos and Online Casinos in South Africa 2024
-
Latin America4 weeks agoPeru Gaming Show Announces Expansion
-
GAT Expo Colombia4 weeks ago
R. Franco and R. Franco Digital to present latest products at 25th anniversary of GAT Expo Colombia
-
Australia3 weeks agoCrown Approved to Retain its Melbourne Licence
-
GAT Expo3 weeks agoPragmatic Play Prepares for GAT Cartagena Gaming Week 2024
-
Africa1 week ago
BMM Testlabs Continues Its Expansion in Africa with New Licenses in Botswana and Nigeria to Test Land-Based and Digital Products
-
Australia3 weeks agoRabbitohs and Bulldogs Pledge Three More Years to Tackle Sports Betting Advertising
-
Central Europe4 weeks agoExperience the red carpet glamour at the exclusive Endorphina Club Party!
