Sharply higher 2012 earnings mostly due to 2011 government shutdown
Canterbury Park Holding Corp. said this week it earned $448,362 in the fourth quarter, up 47 percent, on revenue that rose 4.2 percent to $10.1 million.
The company, which offers pari-mutuel betting and casino card games at its Shakopee facility, reported fourth-quarter earnings per share of 11 cents, up from 7 cents a year earlier.
Due to favorable comparisons between July 2011 and July 2012, earnings jumped 56 percent to just over $1 million for the year ended Dec. 31, while revenue rose 12 percent to $45.5 million. Earnings per share were 24 cents compared to 10 cents a year earlier.
But the 2012 increases were mostly due to the temporary closing of Canterbury Park in July 2011 as a result of a 20-day shutdown of Minnesota state government over a budget impasse, the company said. The government shutdown affected the Minnesota Racing Commission, which is required to regulate racing operations such as Canterbury.
The company also said its 2012 results were helped by changes in state law that allowed it to expand its casino card business, and by its ability to offer higher winnings, or purses, as a result of a marketing agreement with the Shakopee Mdewakanton Sioux Community last June.
Steve Alexander • 612-673-4553