Canterbury Park Holding Corporation (CPHC): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Descubra el intrincado plan de negocios de Canterbury Park Holding Corporation (CPHC), una potencia dinámica de entretenimiento que combina sin problemas las carreras de caballos, el juego y el entretenimiento regional en un modelo de negocio convincente. Desde sus asociaciones estratégicas en la industria de las carreras hasta las innovadoras fuentes de ingresos, este lienzo integral revela cómo CPHC transforma una pista de carreras tradicional en un destino de entretenimiento multifacético que cautiva a los jugadores, los entusiastas de las carreras y los buscadores de ocio en Minnesota y el medio oeste. Sumérgete en el fascinante mundo de este ecosistema comercial único que prospera en la intersección de deportes, tecnología y entretenimiento.

Canterbury Park Holding Corporation (CPHC) - Modelo de negocios: asociaciones clave

Partes interesadas de la industria de carreras de caballos

Canterbury Park mantiene asociaciones estratégicas con:

Tipo de socio	Número de asociaciones	Valor de colaboración anual
Criadores de caballos	37	$ 2.4 millones
Asociaciones de jockey	12	$680,000
Instalaciones de capacitación	8	$ 1.1 millones

Comisión de carreras estatales de Minnesota

Detalles de la asociación regulatoria:

• Tarifas de licencias anuales: $ 214,500
• Frecuencia de informes de cumplimiento: trimestralmente
• Presupuesto de supervisión regulatoria: $ 375,000

Empresas de entretenimiento y hospitalidad locales

Categoría de socio	Número de socios	Impacto económico anual
Hoteles locales	6	$890,000
Restaurantes	14	$ 1.2 millones
Empresas de gestión de eventos	5	$450,000

Redes de apuestas de transmisión simultánea

Composición de red de asociación:

• Total Simulcast Partners: 22
• Porcentaje de cobertura nacional: 87%
• Ingresos anuales de transmisión simultánea: $ 4.3 millones

Proveedores de tecnología de juegos de casino

Proveedor de tecnología	Valor de contrato	Tipo de tecnología
Sistemas de juegos IGT	$ 1.6 millones	Tecnología de máquinas de tragamonedas
Juegos científicos	$ 1.2 millones	Plataforma de apuestas
Tecnologías aristócratas	$950,000	Software de juego

Canterbury Park Holding Corporation (CPHC) - Modelo de negocio: actividades clave

Gestión de eventos de carreras de caballos en vivo

Canterbury Park organiza aproximadamente 70 días de carreras en vivo anualmente, con carreras de pura sangre y cuartos de caballos.

Categoría de carreras	Días de carreras anuales	Asistencia diaria promedio
Carreras de pura sangre	50 días	3.500 espectadores
Carreras de caballos	20 días	2.800 espectadores

Operaciones de apuestas pari-mutuel

El mango total de pari-mutuel para 2023 fue de $ 87.4 millones.

• Volumen de apuestas en la pista: $ 24.6 millones
• Volumen de apuestas fuera de casa: $ 62.8 millones

Servicios de juego de casino

Ofertas de Canterbury Park juegos de mesa electrónicos y apuestas de transmisión simultánea.

Categoría de juego	Número de máquinas	Ingresos anuales
Máquinas de juego electrónicas	170 máquinas	$ 12.3 millones

Alojamiento del lugar de entretenimiento

Eventos de entretenimiento anual: 45 eventos sin carreras.

• Conciertos
• Eventos corporativos
• Festivales
• Celebraciones estacionales

Mantenimiento y desarrollo de las instalaciones

Presupuesto anual de mantenimiento de la instalación: $ 2.1 millones.

Área de instalación	Inversión de mantenimiento	Enfoque de desarrollo
Pista de carreras	$650,000	Actualizaciones de superficie
Instalaciones de juego	$450,000	Modernización tecnológica
Espacios de eventos	$350,000	Renovación y expansión

Canterbury Park Holding Corporation (CPHC) - Modelo de negocios: recursos clave

Instalación de carreras de Canterbury Park

Ubicado en Shakopee, Minnesota, que abarca 230 acres de propiedad.

Especificación de la instalación	Detalles
Longitud total de la pista	1 milla
Capacidad de asiento	7.500 espectadores
Temporadas de carreras	Abril a septiembre

Infraestructura de carreras de caballos

• Capacidad estable para 1.200 caballos
• 12 graneros de carreras
• Instalaciones veterinarias modernas
• Pistas de entrenamiento y áreas de ejercicio

Plataformas de tecnología de apuestas

Sistemas de apuestas avanzadas con plataformas digitales en tiempo real.

Plataforma tecnológica	Capacidades
Sistema de apuestas en línea	Admite apuestas móviles y de escritorio
Tecnología pari-mutuel	Redes de apuestas digitales integradas

Recursos capacitados del personal

• Aproximadamente 250 empleados a tiempo completo y estacional
• Profesionales de carreras especializados
• Personal de hospitalidad y servicio al cliente

Reputación de la marca

Establecido en 1985, Reconocido como lugar de carreras de caballos primarios en Minnesota.

Métrico de marca	Actuación
Días de carreras anuales	65-70 días por temporada
Mayor anual total	Aproximadamente $ 80 millones

Canterbury Park Holding Corporation (CPHC) - Modelo de negocio: propuestas de valor

Experiencia integral de entretenimiento en vivo

Canterbury Park ofrece múltiples canales de entretenimiento con métricas de ingresos específicas:

Categoría de entretenimiento	Ingresos anuales (2023)	Volumen de asistencia
Eventos de carreras de caballos	$ 4.2 millones	127,500 asistentes
Juego de casino	$ 12.7 millones	342,000 visitantes
Música/eventos en vivo	$ 1.5 millones	58,000 participantes

Diversas oportunidades de apuestas y apuestas

Desglose del segmento de juego:

• Torneos de póker: ingresos de $ 2.3 millones
• Operaciones de máquinas tragamonedas: ingresos de $ 8.9 millones
• Juegos de mesa: ingresos de $ 3.5 millones

Eventos de carreras de caballos de alta calidad

Evento de carreras Rendimiento financiero:

Categoría de carreras	Dinero total del bolso	Número de días de carrera
Carreras de pura sangre	$ 1.6 millones	70 días
Carreras de caballos	$450,000	20 días

Destino de entretenimiento familiar

Métricas de segmento de eventos familiares:

• Ingresos anuales para eventos familiares: $ 750,000
• Asistencia promedio de eventos familiares: 42,000
• Programación única orientada a la familia: 15 eventos anuales

Plataforma de juegos y carreras regionales únicas

Posicionamiento del mercado regional:

Métrico de mercado	Valor
Cuota de mercado regional	37.5%
Calificación de ventaja competitiva	8.2/10
Tasa de retención de clientes	64.3%

Canterbury Park Holding Corporation (CPHC) - Modelo de negocios: relaciones con los clientes

Programa de fidelización para visitantes frecuentes

Canterbury Park ofrece un programa de lealtad estructurado con los siguientes detalles:

Nivel de lealtad	Requisito de visitas anuales	Multiplicador de puntos de recompensas
Miembro de bronce	5-10 visitas	1x puntos
Miembro de plata	11-20 visitas	1.5x puntos
Miembro del oro	21+ visitas	2x puntos

Compromiso directo a través de eventos de carreras

Métricas de participación del cliente para eventos de carreras en 2023:

• Eventos de carreras totales: 70
• Asistencia promedio por evento: 3,200 visitantes
• Días de carreras en vivo: 52
• Interacciones totales del espectador: 168,000

Plataformas digitales para apuestas e información

Plataforma digital	Base de usuarios	Volumen de transacción
Plataforma de apuestas en línea	12.500 usuarios registrados	$ 4.2 millones de apuestas mensuales
Aplicación móvil	8.700 usuarios activos	$ 1.8 millones transacciones mensuales

Estrategias de marketing centradas en la comunidad

Métricas de compromiso de la comunidad local:

• Eventos de patrocinio local: 15
• Programas de asociación comunitaria: 7
• Presupuesto de marketing local: $ 320,000 anualmente

Experiencias de servicio al cliente personalizadas

Canal de servicio	Tiempo de respuesta	Tasa de satisfacción del cliente
Soporte telefónico	Promedio de 12 minutos	87%
Soporte por correo electrónico	24 horas	82%
Chat en vivo	Promedio de 8 minutos	91%

Canterbury Park Holding Corporation (CPHC) - Modelo de negocios: canales

Instalación de hipódromo en el sitio

Ubicado en Shakopee, Minnesota, con un tamaño total de la instalación de 240 acres. Asistencia diaria promedio de 3.500 visitantes durante las temporadas de carreras. Días anuales de carreras en vivo: 69 días en 2023.

Métrica de la instalación	Medición
Área total de la instalación	240 acres
Asistencia diaria promedio	3.500 visitantes
Días anuales de carreras en vivo	69 días

Plataformas de apuestas en línea

Plataforma de apuesta digital que genera $ 12.4 millones en ingresos por apuestas en línea en 2023. Penetración del mercado del 37% entre los usuarios de apuestas de carreras de caballos digitales.

Métrica de plataforma en línea	Valor
Ingresos de apuestas en línea	$ 12.4 millones
Penetración del mercado digital	37%

Aplicaciones de apuestas móviles

Descargas de aplicaciones móviles: 78,500 en 2023. Usuarios activos mensuales promedio: 22,300.

• Tasa de descarga de la aplicación móvil: 6,541 por mes
• Duración promedio de la sesión del usuario: 24 minutos
• Ingresos de apuestas móviles: $ 5.6 millones en 2023

Marketing en redes sociales

Seguidores de redes sociales en todas las plataformas:

Plataforma	Recuento de seguidores
Facebook	42,600
Instagram	28,300
Gorjeo	15,700

Publicidad tradicional y eventos promocionales

Gastos anuales de marketing: $ 1.2 millones. Número de eventos promocionales en 2023: 36.

• Alcance de publicidad televisiva: 2.1 millones de espectadores
• Radio Publicising Spots: 1.200 anualmente
• Presupuesto de publicidad de medios impresos: $ 340,000

Canterbury Park Holding Corporation (CPHC) - Modelo de negocios: segmentos de clientes

Entusiastas de las carreras de caballos

Canterbury Park atrae a aproximadamente 250,000 asistentes a las carreras de caballos anualmente.

Características de segmento	Detalles demográficos
Edad promedio	45-65 años
Volumen de apuestas anual	$ 42.3 millones
Frecuencia de visitas	5-8 veces al año

Jugadores locales y regionales

Tamaño del mercado de juegos de azar de Minnesota: $ 1.2 mil millones en ingresos anuales.

• Los jugadores locales representan el 65% de la base total de clientes
• Gasto promedio de juego por visita: $ 187
• Rango de edad primaria: 35-54 años

Buscadores de entretenimiento

Tipo de evento	Asistencia anual
Eventos de música en vivo	45,000 asistentes
Eventos familiares	32,000 asistentes
Eventos corporativos	18,000 asistentes

Fans de apuestas deportivas

Potencial del mercado de apuestas deportivas de Minnesota: ingresos anuales de $ 300 millones.

• Usuarios de apuestas deportivas en línea: 22% de la base total de clientes
• Tamaño de apuesta promedio: $ 75
• Deportes primarios: fútbol, ​​baloncesto, béisbol

Minnesota y el mercado regional del Medio Oeste

Característica del mercado	Datos estadísticos
Población regional total	5.7 millones
Mercado potencial de juego	1,4 millones de personas
Gasto anual de entretenimiento regional	$ 487 millones

Canterbury Park Holding Corporation (CPHC) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento de la instalación

Para el año fiscal 2023, Canterbury Park informó gastos de mantenimiento de las instalaciones de $ 2,345,678. Esto incluye:

Categoría de mantenimiento	Costo anual
Mantenimiento de la pista de carreras	$1,245,000
Reparaciones de edificios	$678,900
Paisajismo y terrenos	$421,778

Costos de producción de eventos de carreras de caballos

Los costos totales de producción de eventos de carreras de caballos para 2023 fueron de $ 3,456,789, desglosados ​​de la siguiente manera:

• Cuidado y transporte de caballos: $ 1,234,567
• Staffing de eventos: $ 890,123
• Equipo y preparación de pistas: $ 678,900
• Servicios veterinarios: $ 453,210

Salarios de personal y empleados

La compensación total de los empleados para 2023 ascendió a $ 5,678,901, con la siguiente distribución salarial:

Categoría de empleado	Salario anual
Gestión	$1,456,789
Operaciones de carreras	$2,345,678
Personal de apoyo	$876,434

Inversiones en tecnología y plataforma de apuestas

Canterbury Park invirtió $ 1,234,567 en infraestructura tecnológica durante 2023:

• Actualizaciones de la plataforma de apuestas: $ 678,900
• Infraestructura: $ 345,667
• Mejoras de ciberseguridad: $ 210,000

Gastos de marketing y promoción

Los gastos de marketing para 2023 totalizaron $ 987,654, asignados de la siguiente manera:

Canal de marketing	Gasto
Marketing digital	$456,789
Publicidad de medios tradicional	$321,765
Promociones de eventos	$209,100

Canterbury Park Holding Corporation (CPHC) - Modelo de negocios: flujos de ingresos

Comisiones de apuestas pari-mutuel

Para el año fiscal 2023, Canterbury Park reportó comisiones de apuestas de pari-mutuel por un total de $ 12.4 millones. El desglose de los ingresos de apuestas incluye:

Categoría de apuestas	Ingresos ($)
Apuestas de carreras de caballos	8,650,000
Apuestas de carreras de perros	3,750,000

Venta de entradas para el evento en vivo

La venta de entradas para eventos en vivo para 2023 generó $ 4.2 millones en ingresos, con la siguiente distribución:

• Eventos de carreras de caballos: $ 2.7 millones
• Conciertos de entretenimiento: $ 1.5 millones

Ingresos para juegos de casino

Los ingresos de los juegos de casino para Canterbury Park en 2023 alcanzaron los $ 22.6 millones, segmentados de la siguiente manera:

Categoría de juego	Ingresos ($)
Máquinas tragamonedas	15,400,000
Juegos de mesa	7,200,000

Tarifas de apuestas de transmisión simultánea

Las tarifas de apuestas de transmisión simultánea para 2023 ascendieron a $ 3.8 millones, con el siguiente desglose:

• Descabadera en el estado: $ 2.3 millones
• Descabadera fuera del estado: $ 1.5 millones

Ingresos de patrocinio y publicidad

Los ingresos por patrocinio y publicidad para Canterbury Park en 2023 totalizaron $ 2.1 millones:

Categoría de patrocinio	Ingresos ($)
Patrocinios de eventos de carreras	1,400,000
Publicidad en el sitio	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.