Canterbury Park Holding Corporation (CPHC): Business Model Canvas

Entdecken Sie den komplexen Geschäftsplan der Canterbury Park Holding Corporation (CPHC), einem dynamischen Unterhaltungskonzern, der Pferderennen, Glücksspiel und regionale Unterhaltung nahtlos in einem überzeugenden Geschäftsmodell vereint. Von seinen strategischen Partnerschaften in der Rennsportbranche bis hin zu innovativen Einnahmequellen zeigt dieser umfassende Überblick, wie CPHC eine traditionelle Rennstrecke in ein facettenreiches Unterhaltungsziel verwandelt, das Spieler, Rennsportbegeisterte und Freizeitsuchende in ganz Minnesota und dem Mittleren Westen in seinen Bann zieht. Tauchen Sie ein in die faszinierende Welt dieses einzigartigen Geschäftsökosystems, das an der Schnittstelle von Sport, Technologie und Unterhaltung floriert.

Canterbury Park Holding Corporation (CPHC) – Geschäftsmodell: Wichtige Partnerschaften

Interessenvertreter der Pferderennbranche

Canterbury Park unterhält strategische Partnerschaften mit:

Partnertyp	Anzahl der Partnerschaften	Jährlicher Kooperationswert
Pferdezüchter	37	2,4 Millionen US-Dollar
Jockey-Verbände	12	$680,000
Schulungseinrichtungen	8	1,1 Millionen US-Dollar

Minnesota State Racing Commission

Einzelheiten zur Regulierungspartnerschaft:

• Jährliche Lizenzgebühren: 214.500 $
• Häufigkeit der Compliance-Berichte: Vierteljährlich
• Budget für die Regulierungsaufsicht: 375.000 US-Dollar

Lokale Unterhaltungs- und Gastgewerbeunternehmen

Partnerkategorie	Anzahl der Partner	Jährliche wirtschaftliche Auswirkungen
Lokale Hotels	6	$890,000
Restaurants	14	1,2 Millionen US-Dollar
Eventmanagement-Unternehmen	5	$450,000

Simulcast-Wettnetzwerke

Zusammensetzung des Partnerschaftsnetzwerks:

• Gesamtzahl der Simulcast-Partner: 22
• Nationaler Abdeckungsprozentsatz: 87 %
• Jährlicher Simulcast-Umsatz: 4,3 Millionen US-Dollar

Anbieter von Casino-Spieltechnologie

Technologieanbieter	Vertragswert	Technologietyp
IGT-Gaming-Systeme	1,6 Millionen US-Dollar	Spielautomaten-Technologie
Wissenschaftliche Spiele	1,2 Millionen US-Dollar	Wettplattform
Aristokratische Technologien	$950,000	Gaming-Software

Canterbury Park Holding Corporation (CPHC) – Geschäftsmodell: Hauptaktivitäten

Live-Pferderennen-Eventmanagement

Im Canterbury Park finden jährlich etwa 70 Live-Renntage mit Vollblut- und Quarterhorse-Rennen statt.

Rennkategorie	Jährliche Renntage	Durchschnittliche tägliche Anwesenheit
Vollblutrennen	50 Tage	3.500 Zuschauer
Quarter Horse-Rennen	20 Tage	2.800 Zuschauer

Pari-Mutuel-Wettbetrieb

Der gesamte Pari-Mutuel-Handel für 2023 betrug 87,4 Millionen US-Dollar.

• Wettvolumen auf der Rennstrecke: 24,6 Millionen US-Dollar
• Wettvolumen außerhalb der Rennstrecke: 62,8 Millionen US-Dollar

Casino-Gaming-Dienste

Canterbury Park bietet Elektronische Tischspiele und Simulcast-Wetten.

Gaming-Kategorie	Anzahl der Maschinen	Jahresumsatz
Elektronische Spielautomaten	170 Maschinen	12,3 Millionen US-Dollar

Hosting von Unterhaltungsstätten

Jährliche Unterhaltungsveranstaltungen: 45 Veranstaltungen außerhalb des Rennsports.

• Konzerte
• Firmenveranstaltungen
• Feste
• Saisonale Feste

Wartung und Entwicklung von Anlagen

Jährliches Budget für die Instandhaltung der Anlage: 2,1 Millionen US-Dollar.

Einrichtungsbereich	Wartungsinvestition	Entwicklungsfokus
Rennstrecke	$650,000	Oberflächen-Upgrades
Spieleinrichtungen	$450,000	Modernisierung der Technologie
Veranstaltungsräume	$350,000	Renovierung und Erweiterung

Canterbury Park Holding Corporation (CPHC) – Geschäftsmodell: Schlüsselressourcen

Rennbahnanlage Canterbury Park

Das Hotel liegt in Shakopee, Minnesota, und erstreckt sich über ein 230 Hektar großes Grundstück.

Spezifikation der Einrichtung	Details
Gesamtlänge der Strecke	1 Meile
Sitzplatzkapazität	7.500 Zuschauer
Rennsaisonen	April bis September

Infrastruktur für Pferderennen

• Stallkapazität für 1.200 Pferde
• 12 Rennställe
• Moderne Veterinäreinrichtungen
• Trainingsstrecken und Übungsflächen

Wetttechnologieplattformen

Fortschrittliche Wettsysteme mit digitalen Echtzeitplattformen.

Technologieplattform	Fähigkeiten
Online-Wettsystem	Unterstützt mobile und Desktop-Wetten
Pari-Mutuel-Technologie	Integrierte digitale Wettnetzwerke

Ressourcen für geschultes Personal

• Ungefähr 250 Vollzeit- und Saisonmitarbeiter
• Spezialisierte Rennprofis
• Personal im Gastgewerbe und im Kundendienst

Markenreputation

Gegründet 1985, anerkannt als wichtigster Austragungsort für Pferderennen in Minnesota.

Markenmetrik	Leistung
Jährliche Renntage	65-70 Tage pro Saison
Gesamter jährlicher Einsatz	Ungefähr 80 Millionen US-Dollar

Canterbury Park Holding Corporation (CPHC) – Geschäftsmodell: Wertversprechen

Umfassendes Live-Entertainment-Erlebnis

Canterbury Park bietet mehrere Unterhaltungskanäle mit spezifischen Umsatzkennzahlen:

Unterhaltungskategorie	Jahresumsatz (2023)	Anwesenheitsvolumen
Pferderennen-Events	4,2 Millionen US-Dollar	127.500 Besucher
Casino-Gaming	12,7 Millionen US-Dollar	342.000 Besucher
Live-Musik/Events	1,5 Millionen Dollar	58.000 Teilnehmer

Vielfältige Glücksspiel- und Wettmöglichkeiten

Aufschlüsselung der Glücksspielsegmente:

• Pokerturniere: 2,3 Millionen US-Dollar Umsatz
• Spielautomatenbetrieb: 8,9 Millionen US-Dollar Umsatz
• Tischspiele: 3,5 Millionen US-Dollar Umsatz

Hochwertige Pferderennveranstaltungen

Finanzielle Leistung der Rennveranstaltung:

Rennkategorie	Gesamtes Portemonnaie	Anzahl der Renntage
Vollblutrennen	1,6 Millionen US-Dollar	70 Tage
Quarter Horse-Rennen	$450,000	20 Tage

Familienfreundliches Unterhaltungsziel

Segmentkennzahlen für Familienveranstaltungen:

• Jährlicher Umsatz mit Familienveranstaltungen: 750.000 US-Dollar
• Durchschnittliche Besucherzahl bei Familienveranstaltungen: 42.000
• Einzigartiges familienorientiertes Programm: 15 jährliche Veranstaltungen

Einzigartige regionale Gaming- und Rennplattform

Regionale Marktpositionierung:

Marktmetrik	Wert
Regionaler Marktanteil	37.5%
Bewertung des Wettbewerbsvorteils	8.2/10
Kundenbindungsrate	64.3%

Canterbury Park Holding Corporation (CPHC) – Geschäftsmodell: Kundenbeziehungen

Treueprogramm für Stammbesucher

Canterbury Park bietet ein strukturiertes Treueprogramm mit folgenden Details:

Treuestufe	Jährliche Besuchspflicht	Prämienpunkte-Multiplikator
Bronze-Mitglied	5-10 Besuche	1x Punkte
Silbernes Mitglied	11-20 Besuche	1,5x Punkte
Gold-Mitglied	21+ Besuche	2x Punkte

Direktes Engagement durch Rennveranstaltungen

Kennzahlen zur Kundenbindung für Rennveranstaltungen im Jahr 2023:

• Gesamtzahl der Rennveranstaltungen: 70
• Durchschnittliche Besucherzahl pro Veranstaltung: 3.200 Besucher
• Live-Renntage: 52
• Gesamtzahl der Zuschauerinteraktionen: 168.000

Digitale Plattformen für Wetten und Informationen

Digitale Plattform	Benutzerbasis	Transaktionsvolumen
Online-Wettplattform	12.500 registrierte Benutzer	4,2 Millionen US-Dollar monatlicher Einsatz
Mobile App	8.700 aktive Benutzer	1,8 Millionen US-Dollar monatliche Transaktionen

Community-orientierte Marketingstrategien

Kennzahlen zum Engagement der lokalen Community:

• Lokale Sponsoring-Events: 15
• Community-Partnerschaftsprogramme: 7
• Lokales Marketingbudget: 320.000 $ jährlich

Personalisierte Kundenservice-Erlebnisse

Servicekanal	Reaktionszeit	Kundenzufriedenheitsrate
Telefonsupport	Durchschnittlich 12 Minuten	87%
E-Mail-Support	24 Stunden	82%
Live-Chat	Durchschnittlich 8 Minuten	91%

Canterbury Park Holding Corporation (CPHC) – Geschäftsmodell: Kanäle

Rennstreckenanlage vor Ort

Das Unternehmen befindet sich in Shakopee, Minnesota, und verfügt über eine Gesamtfläche von 240 Acres. Durchschnittliche tägliche Besucherzahl von 3.500 Besuchern während der Rennsaison. Jährliche Live-Renntage: 69 Tage im Jahr 2023.

Einrichtungsmetrik	Messung
Gesamtfläche der Anlage	240 Hektar
Durchschnittliche tägliche Anwesenheit	3.500 Besucher
Jährliche Live-Renntage	69 Tage

Online-Wettplattformen

Digitale Wettplattform generiert im Jahr 2023 Einnahmen aus Online-Wetten in Höhe von 12,4 Millionen US-Dollar. Marktdurchdringung von 37 % bei Nutzern digitaler Pferderennen-Wetten.

Online-Plattform-Metrik	Wert
Einnahmen aus Online-Wetten	12,4 Millionen US-Dollar
Digitale Marktdurchdringung	37%

Mobile Wettanwendungen

Downloads mobiler Apps: 78.500 im Jahr 2023. Durchschnittliche monatlich aktive Nutzer: 22.300.

• Downloadrate der mobilen App: 6.541 pro Monat
• Durchschnittliche Benutzersitzungsdauer: 24 Minuten
• Einnahmen aus mobilen Wetten: 5,6 Millionen US-Dollar im Jahr 2023

Social-Media-Marketing

Social-Media-Follower auf allen Plattformen:

Plattform	Anzahl der Follower
Facebook	42,600
Instagram	28,300
Twitter	15,700

Traditionelle Werbe- und Verkaufsförderungsveranstaltungen

Jährliche Marketingausgaben: 1,2 Millionen US-Dollar. Anzahl der Werbeveranstaltungen im Jahr 2023: 36.

• Reichweite der Fernsehwerbung: 2,1 Millionen Zuschauer
• Radiowerbespots: 1.200 jährlich
• Werbebudget für Printmedien: 340.000 US-Dollar

Canterbury Park Holding Corporation (CPHC) – Geschäftsmodell: Kundensegmente

Pferderennen-Enthusiasten

Der Canterbury Park zieht jährlich rund 250.000 Pferderennen-Besucher an.

Segmentmerkmale	Demografische Details
Durchschnittsalter	45-65 Jahre
Jährliches Wettvolumen	42,3 Millionen US-Dollar
Häufigkeit der Besuche	5-8 Mal pro Jahr

Lokale und regionale Spieler

Größe des Glücksspielmarktes in Minnesota: 1,2 Milliarden US-Dollar Jahresumsatz.

• Lokale Spieler machen 65 % des gesamten Kundenstamms aus
• Durchschnittliche Glücksspielausgaben pro Besuch: 187 $
• Primäre Altersspanne: 35–54 Jahre

Unterhaltungssuchende

Ereignistyp	Jährliche Anwesenheit
Live-Musikveranstaltungen	45.000 Besucher
Familienveranstaltungen	32.000 Besucher
Firmenveranstaltungen	18.000 Besucher

Sportwetten-Fans

Marktpotenzial für Sportwetten in Minnesota: 300 Millionen US-Dollar Jahresumsatz.

• Nutzer von Online-Sportwetten: 22 % des gesamten Kundenstamms
• Durchschnittliche Einsatzgröße: 75 $
• Hauptsportarten: Fußball, Basketball, Baseball

Regionalmarkt Minnesota und Mittlerer Westen

Marktcharakteristik	Statistische Daten
Gesamtbevölkerung der Region	5,7 Millionen
Potenzieller Glücksspielmarkt	1,4 Millionen Menschen
Jährliche regionale Unterhaltungsausgaben	487 Millionen US-Dollar

Canterbury Park Holding Corporation (CPHC) – Geschäftsmodell: Kostenstruktur

Kosten für die Instandhaltung der Anlage

Für das Geschäftsjahr 2023 meldete Canterbury Park Anlagenwartungskosten in Höhe von 2.345.678 US-Dollar. Dazu gehört:

Wartungskategorie	Jährliche Kosten
Wartung der Rennstrecke	$1,245,000
Gebäudereparaturen	$678,900
Landschaftsbau und Gelände	$421,778

Produktionskosten für Pferderennen

Die gesamten Produktionskosten für Pferderennen im Jahr 2023 beliefen sich auf 3.456.789 US-Dollar und setzten sich wie folgt zusammen:

• Pferdepflege und Transport: 1.234.567 $
• Eventpersonal: 890.123 $
• Ausrüstung und Streckenvorbereitung: 678.900 $
• Veterinärdienstleistungen: 453.210 $

Personal- und Mitarbeiterlöhne

Die Gesamtvergütung der Arbeitnehmer für 2023 belief sich auf 5.678.901 US-Dollar, mit folgender Lohnverteilung:

Mitarbeiterkategorie	Jahreslohn
Management	$1,456,789
Rennbetrieb	$2,345,678
Support-Mitarbeiter	$876,434

Investitionen in Technologie und Wettplattformen

Canterbury Park investierte im Jahr 2023 1.234.567 US-Dollar in die Technologieinfrastruktur:

• Upgrades der Wettplattform: 678.900 $
• IT-Infrastruktur: 345.667 $
• Verbesserungen der Cybersicherheit: 210.000 US-Dollar

Marketing- und Werbeausgaben

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 987.654 US-Dollar und wurden wie folgt aufgeteilt:

Marketingkanal	Ausgaben
Digitales Marketing	$456,789
Traditionelle Medienwerbung	$321,765
Event-Promotionen	$209,100

Canterbury Park Holding Corporation (CPHC) – Geschäftsmodell: Einnahmequellen

Pari-mutuel-Wettkommissionen

Für das Geschäftsjahr 2023 meldete Canterbury Park pari-mutuel-Wettprovisionen in Höhe von insgesamt 12,4 Millionen US-Dollar. Die Aufschlüsselung der Wetteinnahmen umfasst:

Wettkategorie	Umsatz ($)
Pferderennen-Wetten	8,650,000
Hunderennen-Wetten	3,750,000

Ticketverkauf für Live-Events

Der Verkauf von Live-Event-Tickets für 2023 generierte einen Umsatz von 4,2 Millionen US-Dollar mit folgender Verteilung:

• Pferderennveranstaltungen: 2,7 Millionen US-Dollar
• Unterhaltungskonzerte: 1,5 Millionen US-Dollar

Casino-Gaming-Einnahmen

Die Casino-Gaming-Einnahmen für Canterbury Park erreichten im Jahr 2023 22,6 Millionen US-Dollar und teilten sich wie folgt auf:

Gaming-Kategorie	Umsatz ($)
Spielautomaten	15,400,000
Tischspiele	7,200,000

Gebühren für Simulcast-Wetten

Die Gebühren für Simulcast-Wetten beliefen sich im Jahr 2023 auf 3,8 Millionen US-Dollar, mit folgender Aufteilung:

• Simulcast im Bundesstaat: 2,3 Millionen US-Dollar
• Simulcast außerhalb des Bundesstaates: 1,5 Millionen US-Dollar

Sponsoring- und Werbeeinnahmen

Die Sponsoring- und Werbeeinnahmen für Canterbury Park beliefen sich im Jahr 2023 auf insgesamt 2,1 Millionen US-Dollar:

Kategorie Sponsoring	Umsatz ($)
Sponsoring von Rennveranstaltungen	1,400,000
Werbung vor Ort	700,000

Canterbury Park Holding Corporation (CPHC) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Canterbury Park Holding Corporation (CPHC) over alternatives in the Twin Cities market. It's a mix of immediate entertainment and long-term real estate plays, so let's break down the hard numbers supporting those propositions as of late 2025.

Integrated regional entertainment destination (gaming, racing, dining, events).

Canterbury Park Holding Corporation provides a multi-faceted entertainment offering in Shakopee, Minnesota, combining card casino gaming, live and simulcast wagering, food and beverage service, and special events. The revenue mix for the third quarter ending September 30, 2025, shows how these elements combine to form the overall value proposition:

Revenue Segment	Q3 2025 Revenue (in millions)	Q3 2025 Contribution
Casino Operations	$8.895	48.7%
Food and Beverage	$3.474	19.2%
Pari-mutuel Wagering	$3.272	17.7%
Other Revenues	(Calculated Remainder)	14.4%

The total net revenue for the third quarter of 2025 was $18.3 million.

Year-round, 24/7 card casino gaming access in Minnesota.

The Canterbury Park Card Casino offers continuous access to its gaming floor, which is a key differentiator. The casino is open 24 hours year-round, with the exception of the Christmas Holiday Break, specifically from December 24 6 PM to December 25 6 PM.

• Casino admission fee: $0.
• Maximum table game wager limit: $300.
• Maximum Poker bet limit: $100.
• Casino revenue for Q3 2025 was $8.895 million, though this represented a 9.7% year-over-year decline.

The casino remains the largest single revenue contributor at 48.7% of Q3 2025 net revenue.

Long-term value creation via the Canterbury Commons mixed-use development.

This proposition centers on transforming underutilized land surrounding the racetrack into a mixed-use destination. The company is pursuing development opportunities on approximately 140 acres of this land. While this is a long-term play, it represents a critical component of shareholder value enhancement beyond the core gaming and racing business. The nine-month net revenue through September 30, 2025, was $47.1 million, with the company reporting a net loss of $139,000 for that same nine-month period, partly due to equity investment losses from joint ventures related to this development.

High-quality live horse racing product with enhanced horsemen facilities.

Canterbury Park Holding Corporation is the only venue in Minnesota offering live thoroughbred and quarter horse racing. The live racing season typically runs from mid-May through mid-September. Pari-mutuel revenue, which includes wagering on live and simulcast races, was $3.272 million in the third quarter of 2025.

• Live Racing Season: Mid-May through mid-September.
• Pari-mutuel Revenue Q3 2025: $3.272 million.
• Pari-mutuel Revenue Y/Y Change Q3 2025: Declined 2.7%.

A premier location to live, play, work, and stay in the Twin Cities area.

This value proposition is intrinsically linked to the Canterbury Commons development, aiming to establish the property as a comprehensive destination. The growth in the Food and Beverage segment supports the 'play' and 'stay' aspects, showing operational success in hospitality. Food and Beverage revenue grew by 13.1% in Q3 2025, reaching $3.474 million. This segment accounted for 19.2% of total Q3 2025 net revenue. The company also maintains significant liquidity, with a cash balance of $16,990,000 as of September 30, 2025, to support ongoing operations and development.

Canterbury Park Holding Corporation (CPHC) - Canvas Business Model: Customer Relationships

You're looking at how Canterbury Park Holding Corporation (CPHC) manages its connection with the people who use its facilities and properties. It's a mix of transactional speed and long-term partnership building.

Casino loyalty programs to attract and retain high-value guests.

CPHC is actively refocusing and expanding its marketing programs to address increased competition in its Casino operations, specifically targeting attracting and retaining new customers as of Q1 2025. While specific loyalty program metrics aren't detailed, the strategic focus is clear on customer retention amid market pressures.

• The company is re-focusing marketing programs to address increased competition in Casino operations.
• The goal of these programs is explicitly stated as attracting and retaining new customers.

Direct, transactional relationships for admissions, parking, and concessions.

These relationships are high-volume and rely on efficient, day-to-day service delivery for racing, gaming, and food/beverage. You see the direct impact of these transactions in the quarterly revenue figures. For instance, net revenues for the second quarter ending June 30, 2025, totaled $15.7 million, down slightly from the prior year. The first quarter ending March 31, 2025, saw net revenues of $13.1 million.

CPHC generates cash revenues directly from several sources:

• Receipt of reserved seating charges.
• Preferred and valet parking fees.
• Sales from numerous concession stands throughout the facility.
• Food and beverage sales in the card room during racing and events.

The performance of these transactional segments varies. In Q1 2025, Food and Beverage revenues saw a year-over-year decline of 8.2%, though Other revenues, which include admissions, increased by 9.3%.

Long-term, high-touch relationships with real estate tenants and buyers.

This segment involves deeper, multi-year commitments, particularly with the Canterbury Commons development. The relationship here is less about a quick transaction and more about long-term asset management and partnership success. The company maintains a significant land bank for this, holding roughly 50 acres of land for future development as of mid-2025.

Progress in securing long-term tenants is evident in the residential sector:

Real Estate Component	Leasing Status (as of Q2 2025)	Financial Metric
Triple Crown Residences Phase II	95% leasing	N/A
The Omry	95% leasing	N/A
Tax Increment Financing (TIF) Receivables	Payments starting Q4 2025	$20 million

CPHC has contributed just over $16 million in land and cash to its real estate joint venture development projects, for which it shares the economics. Management believes the combined value of cash, TIF receivables, and real estate joint ventures is over $10 per share.

Community engagement through special events and family-friendly offerings.

Community connection is built through the racing calendar and large-scale entertainment venues. The 2025 live racing season was approved for 51 days, running from May 24 through September 20. The prior 54-day meet showed positive engagement, with a 13 percent increase in handle and a 13 percent increase in thoroughbred field size.

For future entertainment offerings, the scale is increasing:

• New amphitheater capacity: 7,000 seats.
• Existing venue capacity: 2,000 seats.

Furthermore, Canterbury Park Holding Corporation commits to giving back, stating they return up to 5% of profits back to the community annually. Events like the rodeo and comedy series drive admissions revenue, as noted by the increase in Other revenues in Q3 2024.

Finance: draft 13-week cash view by Friday.

Canterbury Park Holding Corporation (CPHC) - Canvas Business Model: Channels

The physical location of the Racetrack and Card Casino for Canterbury Park Holding Corporation is in Shakopee, MN.

The Canterbury Park Card Casino operates 24 hours a day, seven days a week. Under the Card Casino Legislation, Canterbury Park Holding Corporation is authorized to host up to 80 tables. Live horse racing operates on a seasonal basis, generally from May to September.

Simulcast wagering on out-of-state racetracks is conducted generally seven days per week. For the twelve months ended December 31, 2024, pari-mutuel wagering accounted for 13.4% of total net revenues, which were $61,562,000. For the three months ended September 30, 2025, Pari-mutuel revenue declined 2.7% year-over-year. For the three months ended December 31, 2024, pari-mutuel revenue declined 9.5%, primarily due to lower simulcasting handle.

The real estate development, Canterbury Commons, surrounds the Racetrack and involves approximately 140 acres of underutilized land. Canterbury Park Holding Corporation has agreements representing approximately $200 million of total development for more than 760 residential units. As of Q2 2025, there was 95% leasing at Triple Crown Residences Phase II. The company reports TIF receivables of $20 million with payments starting Q4 2025. A past transaction involved selling approximately 14 acres for total consideration of approximately $3.5 million.

Digital platforms support event ticketing and marketing efforts. Canterbury Park Holding Corporation implemented its expanded and revamped marketing initiatives in the 2025 first quarter.

Here's a look at the revenue contribution from the core operational channels based on the 2024 full-year results:

Channel Segment	2024 Net Revenue Percentage	2024 Net Revenue Amount (Approximate)
Casino Operations	63%	$38,775,060
Pari-mutuel Wagering	13.4%	$8,248,488
Food and Beverage	12.9%	$7,941,498
Other (Including Real Estate/Admissions)	10.7%	$6,596,954

The most recent quarterly net revenues for the channel segments as of Q3 2025 show the following year-over-year changes:

• Casino revenues declined 9.7% for the three months ended September 30, 2025.
• Pari-mutuel revenues declined 2.7% for the three months ended September 30, 2025.
• Food and Beverage revenues increased 13.1% for the three months ended September 30, 2025.
• Other revenues declined 11.1% for the three months ended September 30, 2025.

The Q3 2025 net revenue was $18,315,000.

Canterbury Park Holding Corporation (CPHC) - Canvas Business Model: Customer Segments

You're looking at the core groups that drive the top line for Canterbury Park Holding Corporation (CPHC) as of late 2025. The business model clearly leans heavily on its entertainment and gaming components, with real estate development serving as a long-term value layer.

Local and regional card casino patrons (primary revenue source)

This group is the single largest contributor to the overall financial picture. For the third quarter of 2025, Casino Operations accounted for 48.7% of Canterbury Park Holding Corporation's net revenues for that period. However, the segment is facing headwinds; net revenues for the first quarter of 2025 reflected an 8.6% year-over-year decline in Casino revenue, and the second quarter saw a 3.6% decline in Casino revenue compared to the prior year period.

The overall pressure on gaming is reflected in the nine-month performance ending September 30, 2025, where net revenues for the company were down 5.0% to $47.1 million, driven in part by a 7.3% drop in Casino revenue year-to-date.

The card room also hosts scheduled events that draw this segment:

• The 2025 poker schedule included a $400 Monster Stack NLH event in January.
• The Spring Championship Series ran from April 23 through May 4.
• The Fall Poker Classic is scheduled for October 8 through 19.

Horse racing enthusiasts and pari-mutuel bettors (live and simulcast)

This segment supports the traditional racing aspect of the business. The 2025 live thoroughbred and quarter horse season was approved for 51 days, running from May 24 through September 20. This was three fewer dates than the 2024 season.

The financial contribution from this group is significant but also showing softness in 2025. Pari-mutuel Wagering represented 17.7% of net revenues in the third quarter of 2025. This compares to a year-over-year decline of 8.2% in Pari-mutuel revenue for the first quarter of 2025 and a larger drop of 12.9% for the second quarter of 2025.

To give you context on the betting side, the recently concluded 2024 race meet saw a 13 percent increase in handle, which management hoped to build upon in 2025.

For the live racing segment, general admission pricing for budget-conscious patrons on Wednesday and Thursday nights was set at $5.

Event attendees for concerts, festivals, and special attractions

This group is captured primarily within the Other Revenues category, which was 14.4% of third-quarter 2025 revenue. This segment is a key area for growth, as management noted an acceleration in mid- and large-scale events.

Specific event types attracting these customers include:

• Dog Race Days, with breed-specific races advancing to a final on Labor Day weekend.
• Taste of Canterbury events, such as BBQ & Bourbon on June 14.
• A rodeo event featuring barrel racers, pony rides, and a vendor market.
• Exotic animal races involving camels, ostriches, and zebras between horse races.

A new development supporting this segment, a joint venture project on 3.5 acres housing an approximately 16,000 square-foot restaurant and entertainment venue, was scheduled to open in June 2025.

Residential and commercial tenants/buyers in Canterbury Commons

This segment represents the long-term, mixed-use development customer base for Canterbury Commons. As of the first quarter of 2025, leasing progress on the residential component showed movement:

Residential Phase	Status as of Q1 2025
Triple Crown Residences Phase II	95% of available units leased
Triple Crown Residences Phase I	22% of units leased following January 2025 occupancy receipt

On the commercial side, development is also progressing. The new 28,000 square-foot commercial office building within the Winners Circle development had 50% of its space under lease as of the first quarter of 2025 report. The company owns approximately 260 acres of land in Shakopee, Minnesota, where this development is situated.

Historically, land sales to residential developers like Pulte Homes and Lifestyle Communities, LLC involved approximately 14 acres for total consideration of approximately $3.5 million to bring over 160 for-sale residential units.

Canterbury Park Holding Corporation (CPHC) - Canvas Business Model: Cost Structure

You're looking at the hard costs Canterbury Park Holding Corporation (CPHC) is facing as of late 2025. It's not just about running the casino floor; the fixed and variable costs across racing and development are material.

Significant operating expenses for gaming, racing, and F&B operations are the core of the day-to-day spend. For the nine months ended September 30, 2025, the company reported $45.0 million in total Operating Expenses against $47.1 million in Net Revenues. This is a key figure to watch, as it translates to a thin Operating Profit Margin of 4.5% based on those nine months.

The year-over-year increases in operating costs are notable. For the three months ended June 30, 2025, Operating Expenses were $15.2 million, up $154,000 or 1.0% from the prior year's comparable period. This increase was driven by a few things:

• Increased salaries and wages due to annual increases.
• Higher professional and contracted services, specifically noting increased costs for state vets and stewards.
• Increased advertising and marketing costs tied to revamped initiatives in the second quarter.

The drag from losses from equity investments in real estate joint ventures (e.g., Doran Canterbury II) is hitting the bottom line hard, even though it's mostly a non-cash item related to depreciation and interest. For the nine months year-to-date through Q3 2025, these equity method losses totaled $3,899,029. The increased loss for the three months ended June 30, 2025, compared to 2024, is directly attributed to the Doran Canterbury II joint venture opening in 2024. The total liability for investee losses stood at $7.3 million as of that same Q3 2025 point.

Horse racing costs include significant guaranteed purse commitments. Canterbury Park and the Minnesota Racing Commission are collaborating to cover the costs associated with the Horseracing Integrity and Safety Authority (HISA) regulatory fees for 2025, meaning those per-start fees aren't passed to horsepeople. Minnesota's total HISA assessment for 2025 is nearly $700,000. The overall purse commitment for the 2025 season is estimated at $9 million. Here's how the minimum guaranteed purse payments were tiered for every starter:

Purse Level	Guaranteed Purse Earnings
Up to $14,999	$175
$15,000 - $29,999	$250
$30,000 - $49,999	$400
$50,000 - $99,999	$650
$100,000 and Up	$1,250

You should note the substantial capital expenditures for ongoing development projects and facility renovations. Horse owners arriving for the 2025 season saw the completion of a $15 million racing infrastructure improvement project. This project included a 30-pad permanent RV park, new circulation roads, fencing, and landscaping, following earlier construction phases.

Finally, marketing and promotional costs are a clear component of the rising operating expenses. The company specifically noted higher advertising and marketing costs reflecting the implementation of expanded and revamped marketing initiatives in the 2025 first quarter and second quarter.

Canterbury Park Holding Corporation (CPHC) - Canvas Business Model: Revenue Streams

You need a clear picture of where Canterbury Park Holding Corporation (CPHC) makes its money and how those streams are changing. The direct takeaway is that CPHC's core gaming and racing revenues are under pressure in 2025, but other segments are showing strength.

For the three months ending September 30, 2025, Canterbury Park Holding Corporation reported total net revenues of $18,315,000.

Here's the quick math on the primary revenue sources for the third quarter of 2025:

Revenue Stream	Q3 2025 Dollar Amount (Approximate)	Percentage of Q3 2025 Revenue
Casino Operations	$8,895,000	48.7%
Food and Beverage Sales	$3,474,000	19.2%
Pari-mutuel Wagering	$3,272,000	17.7%
Other Revenues	$2,674,000 (Calculated from 14.4%)	14.4%

Casino Operations revenue, the largest segment, was $8,895,000 at 48.7% of Q3 2025 revenue, down from $9,849,000 in Q3 2024.

Pari-mutuel Wagering revenue (live and simulcast) contributed $3,272,000, representing 17.7% of Q3 2025 revenue, a decrease of $91,000 (or 2.7%) for the quarter.

Food and Beverage sales were $3,474,000, representing 19.2% of Q3 2025 revenue, which was a bright spot with an increase of $405,000 (or 13.1%) compared to the prior year period.

Other revenues from events, admissions, parking, and real estate-related activities accounted for the remaining 14.4% of Q3 2025 revenue, totaling approximately $2,674,000, though this segment saw an 11.1% decline for the quarter.

The long-term revenue strategy definitely includes proceeds from land sales and distributions from real estate joint ventures, such as the Doran Canterbury joint ventures, though specific Q3 2025 proceeds are not detailed as a standalone percentage of the $18.3 million total net revenue.

• For the nine months ended September 30, 2025, total net revenues were $47.1 million.
• The prior year's Q3 2024 net income included a $1.7 million gain on the transfer of land.
• The company maintains a strong cash balance, reported at $16,990,000 as of September 30, 2025.