It has been announced that the owner of a horse racing track in Shakopee, Minnesota, USA; Canterbury Park; Canterbury Park Holding Corporation has experienced improvement in revenue from table games and in its Card Casino throughout the third quarter of 2020.
As the firm released its third quarter results, management were able to reflect on the three month period to September 2020, whereby the company started its recovery from the recent Covid-19 pandemic.
The general consensus was that the race track owner’s prompt action mitigated some of the impact of the pandemic, including labour reductions and operating expense cut-backs.
However, the corporation was undoubtedly impacted by the virus and the restrictions that were implemented as a result.
Overall, there had been major improvements since the company was able to resume operation in June 2020, including improved financial performance along with the generation of positive cash flow.
In addition, compared to last year, there were improvements in table game revenue and revenues from its Card Casino, particularly in August and September 2020.
Furthermore, during the third quarter, Canterbury Park Holding Corporation completed a safe and modified race meet with limited capacity than its usual average attendance figures, which in turn resulted in a decrease in on-track wagering by more than sixty percent.
In light of this, the company made adjustments to its racing schedule, including a shift to weekday afternoons, which brought about an increase in ‘market penetration’ and a out of state handle increase compared with the same period last year.
What’s more, the future of both Canterbury Park and Canterbury Park Holding Corporation looks promising and CEO Randy Sampson stated that he expects to regain the momentum experienced ‘prior to the pandemic’, with consistent operating improvements.
Randy Sampson shared comments on the third quarter report and explained more on the recent company’s activities during a crucial third quarter pandemic recovery:
“While our third quarter results reflect the continued impact of the Covid-19 pandemic on all aspects of our operations at Canterbury Park, the quick actions we took to reduce labor and other operating expenses along with our disciplined approach to conserving cash have helped ensure we have the liquidity and flexibility to position the Company for long-term health and growth.
Notwithstanding the pandemic restrictions, since reopening in June, our financial performance consistently improved throughout the quarter. As a result, we were able to generate positive cash flow in the third quarter of 2020.
Our operations included month-over-month improvement in table games revenue in our Card Casino throughout the third quarter of 2020 compared to the prior year. While July was down by double digits compared to a year ago, it steadily improved and was down single digits in August and up slightly in September…
Notwithstanding the partial recovery in our Card Casino and pari-mutuel businesses, pandemic-related restrictions on our special events and group sales operations impacted the third quarter operating performance and will continue to impact our non-gaming business for at least the next several months.”
To read more comments from the firm’s CEO and to view financial figures, see the source link below.