Canterbury Park (CPHC) Q2 2025 earnings summary

Executive summary

• Net revenues for Q2 2025 decreased 3.3% year-over-year to $15.7 million; six-month revenues down 4.9% to $28.8 million.

• Net loss of $327,000 for Q2 2025 versus net income of $338,000 in Q2 2024; six-month net loss of $627,000 compared to $1.3 million net income last year.

• Adjusted EBITDA for Q2 2025 was $1.9 million, down 22.2% year-over-year; six-month Adjusted EBITDA was $3.8 million, down 32.2%.

• Declines attributed to increased competition, fewer live race days, and higher operating expenses.

• Casino visits and player counts stable, but betting levels declined; special events and real estate development showed positive momentum.

Financial highlights

• Casino revenue fell 3.6% in Q2 and 6.1% for the six months, mainly due to increased competition and fewer live race days.

• Pari-mutuel revenue declined 12.9% in Q2 and 11.4% for the six months, impacted by race day cancellations and lower simulcast activity.

• Food and beverage revenue decreased 1.6% in Q2 and 3.5% for the six months, reflecting fewer live race days.

• Other revenues rose 11.4% in Q2 and 10.5% for the six months, driven by strong event admissions.

• Operating expenses increased 1.0% in Q2 and 1.1% for the six months, mainly due to higher wages, marketing, and professional services.

Outlook and guidance

• Management is recalibrating casino marketing to attract and retain new customers and increase high-value guest visits.

• Special event offerings are being expanded, with record attendance already achieved for several 2025 events.

• Real estate development at Canterbury Commons continues, with new residential and commercial projects progressing.

• Management expects TIF receivable payments to begin in Q4 2025 and believes available funds are sufficient for near-term development.

• Additional trackside development and large-scale events planned for the remainder of 2025.