Canterbury Park Holding Corporation has reported financial results for the three and nine months ended September 30.
The company stated: “Canterbury Park’s third quarter results represent a continuation of solid casino segment performance offset by higher operating costs and our previously disclosed reduced racing calendar compared to the year-ago period.
Third quarter net revenue of $19.3m and adjusted EBITDA of $2.9m resulted in adjusted EBITDA as a percentage of revenue of 14.8 per cent.
“Adjusted EBITDA as a percentage of revenue rebounded nicely from a recent low in the 2023 second quarter and we expect our improved cost structure and operating efficiencies will stabilise this metric at an approximate mid to high-teens percentage.
“Adjusted EBITDA and adjusted EBITDA as a percentage of revenue were also impacted by professional fees related to long-term strategic growth initiatives.”