Canterbury Park (CPHC) Q3 2025 earnings summary

Executive summary

• Net revenues for Q3 2025 were $18.3M, down 5.0% year-over-year; nine-month revenues were $47.1M, also down 5.0% year-over-year.

• Q3 2025 net income was $487K ($0.10/share), a 75.9% decrease from Q3 2024; nine-month net loss was $139K versus $3.4M net income in 2024.

• Adjusted EBITDA for Q3 2025 was $2.8M (15.4% margin), down 14.2% year-over-year; nine-month Adjusted EBITDA was $6.6M, down 25.6%.

• Food and beverage revenues grew 13.1% in Q3 and 3.9% year-to-date, driven by special events, improved service, and a new POS system.

• Boardwalk Kitchen & Bar opened, receiving positive reception and supporting real estate development.

Financial highlights

• Casino revenues declined 9.7% in Q3 2025 year-over-year; food and beverage revenues rose 13.1%.

• Q3 2025 net income: $487K ($0.10/share); Q3 2024: $2.0M ($0.40/share).

• Nine-month net loss: $139K ($-0.03/share); 2024: $3.4M net income ($0.67/share).

• Adjusted EBITDA Q3: $2.8M (15.4% margin); nine months: $6.6M (14.1% margin).

• Cash and short-term investments at quarter-end: nearly $17M; TIF receivables over $20M.

Outlook and guidance

• Management remains focused on increasing casino traffic, improving operating efficiencies, and expanding entertainment, hospitality, and real estate.

• Payments on TIF receivables expected to begin late Q4 2025 or early 2026.

• Exploring additional development opportunities for 25 acres of prime land near the amphitheater, with ongoing market analysis.