Canterbury Park, the holding firm that currently owns and operates the Minnesota horse racing track with the same name, has today published its official results for the first quarter of 2020 amid the Coronavirus crisis.
The race track is still currently on a closure period due to the Covid-19 pandemic, but executives of the company have stated that they are working on a ‘detailed plan’ of action so that the company can re-open the race track and start the ball rolling on introducing horse racing again that punters are able to wager on.
All eyes were on the report of this prominent corporation in the betting and gaming industry and the results undoubtedly reflected the current crisis that ground operations to a halt.
The venue was suspended and closed during the middle of March 2020 and the three month report has reflected the loss of business caused by the Covid-19 disruption and the additional costs of renovating the venue’s casino establishment.
For the months of January and February, the company increased its net revenue by 20% compared with the same period in the previous year, a figure that exceeded expectations.
However, for the entire three months to the end of March 2020, net revenue decreased by more than five percent to almost eleven million dollars compared with the first quarter of 2019.
In addition, Card Casino, the establishments on-site casino revenue also decreased by almost five percent compared with the same period last year.
President and Chief Executive Officer of Canterbury Park Randy Sampson commented on the results:
“The temporary suspension of our operations on March 16, 2020 as a result of the COVID-19 pandemic was critical to ensure the safety and well-being of our team members and guests despite the significant impact on our business.
The very strong operating results we generated for the first two months of the quarter demonstrate the momentum we are capable of achieving, with year-over-year revenue and Adjusted EBITDA growth in January and February 2020 exceeding internal projections.
The strength of our operating results for the first two months of the year is notable because despite the suspension of operations in mid-March, which drove a full-quarter net revenue decline of 5.5%, our Adjusted EBITDA rose 20% and net income increased 351% year over year for the first quarter.”
Sampson also passed comment on how quick action by the firm mitigated the impact of the Covid-19 pandemic and placed the company in a better financial position:
“Since we closed our operations in mid-March, we have acted quickly and prudently to preserve cash and reduce operating expenses by implementing temporary unpaid furloughs, suspending or delaying 2020 planned capital expenditures and suspending the quarterly cash dividend.
We believe these actions, combined with our balance sheet that has no long-term debt and our $8 million line of credit, provide the Company with the necessary liquidity and financial flexibility to manage through this challenging operating environment, bring back our valued employees as the economy re-opens and support Canterbury Park’s long-term outlook.”
As gaming and betting firms work on developing plans behind the scenes for the re-opening of the industry, some are continuing to provide betting and wagering services on a limited selection of sports.
View the latest betting odds and best betting operators on the link below: