Canterbury Park Holding Corporation (CPHC): Business Model Canvas [Jan-2025 Mis à jour]

Découvrez le plan d'activité complexe de Canterbury Park Holding Corporation (CPHC), une puissance de divertissement dynamique qui mélange de manière transparente les courses de chevaux, le jeu et le divertissement régional dans un modèle commercial convaincant. De ses partenariats stratégiques dans l'industrie de la course aux sources de revenus innovantes, cette toile complète révèle comment CPHC transforme une piste de course traditionnelle en une destination de divertissement à multiples facettes qui captive les joueurs, les passionnés de course et les chercheurs de loisirs du Minnesota et du Midwest. Plongez dans le monde fascinant de cet écosystème commercial unique qui prospère à l'intersection des sports, de la technologie et du divertissement.

Canterbury Park Holding Corporation (CPHC) - Modèle d'entreprise: Partenariats clés

Acteurs de l'industrie des courses de chevaux

Canterbury Park maintient des partenariats stratégiques avec:

Type de partenaire	Nombre de partenariats	Valeur de collaboration annuelle
Éleveurs de chevaux	37	2,4 millions de dollars
Associations de jockey	12	$680,000
Installations de formation	8	1,1 million de dollars

Commission de course d'État du Minnesota

Détails du partenariat réglementaire:

• Frais de licence annuels: 214 500 $
• Fréquence de rapports de conformité: trimestriel
• Budget de surveillance réglementaire: 375 000 $

Business locaux de divertissement et d'hôtellerie

Catégorie de partenaire	Nombre de partenaires	Impact économique annuel
Hôtels locaux	6	$890,000
Restaurants	14	1,2 million de dollars
Sociétés de gestion d'événements	5	$450,000

Réseaux de paris simultanés

Partenariat Composition du réseau:

• Total des partenaires simultanés: 22
• Pourcentage de couverture nationale: 87%
• Revenus simultanés annuels: 4,3 millions de dollars

Fournisseurs de technologies de jeu de casino

Fournisseur de technologie	Valeur du contrat	Type de technologie
Systèmes de jeu IGT	1,6 million de dollars	Technologie des machines à sous
Jeux scientifiques	1,2 million de dollars	Plate-forme de paris
Technologies aristocrate	$950,000	Logiciel de jeu

Canterbury Park Holding Corporation (CPHC) - Modèle d'entreprise: Activités clés

Gestion des événements de course en direct

Canterbury Park accueille environ 70 jours de course en direct par an, avec des courses de pur-sang et en quart de chevaux.

Catégorie de course	Jours de course annuels	Fréquentation quotidienne moyenne
Course de pur-sang	50 jours	3 500 spectateurs
Quarter Horse Racing	20 jours	2 800 spectateurs

Opérations de paris Pari-Mutual

La poignée totale de pari-mutuel pour 2023 était de 87,4 millions de dollars.

• Volume de paris sur piste: 24,6 millions de dollars
• Volume de paris hors piste: 62,8 millions de dollars

Services de jeu de casino

Offres de Canterbury Park Jeux de table électronique et paris simultanés.

Catégorie de jeu	Nombre de machines	Revenus annuels
Machines de jeu électronique	170 machines	12,3 millions de dollars

Lieu de divertissement hébergeant

Événements de divertissement annuels: 45 événements non-cours.

• Concerts
• Événements d'entreprise
• Festivals
• Célébrations saisonnières

Entretien et développement des installations

Budget annuel de maintenance des installations: 2,1 millions de dollars.

Zone des installations	Investissement de maintenance	Focus de développement
Piste de course	$650,000	Mises à niveau de surface
Installations de jeu	$450,000	Modernisation technologique
Espaces événementiels	$350,000	Rénovation et expansion

Canterbury Park Holding Corporation (CPHC) - Modèle d'entreprise: Ressources clés

Canterbury Park Racetrack Facility

Situé à Shakopee, Minnesota, couvrant 230 acres de propriété.

Spécification de l'installation	Détails
Longueur totale de piste	1 mile
Capacité de sièges	7 500 spectateurs
Saisons de course	Avril à septembre

Infrastructure de course à cheval

• Capacité stable pour 1 200 chevaux
• 12 granges de course
• Installations vétérinaires modernes
• Pistes d'entraînement et zones d'exercice

Plates-formes de technologie de paris

Systèmes de paris avancés avec des plates-formes numériques en temps réel.

Plate-forme technologique	Capacités
Système de paris en ligne	Prend en charge les paris mobiles et de bureau
Technologie Pari-Mutual	Réseaux de paris numériques intégrés

Ressources du personnel formées

• Environ 250 employés à temps plein et saisonniers
• Professionnels de la course spécialisés
• Hospitalité et personnel du service à la clientèle

Réputation de la marque

Créé en 1985, reconnu comme un lieu de courses de chevaux primaire au Minnesota.

Métrique de la marque	Performance
Jours de course annuels	65-70 jours par saison
Paris annuel total	Environ 80 millions de dollars

Canterbury Park Holding Corporation (CPHC) - Modèle d'entreprise: propositions de valeur

Expérience de divertissement en direct complète

Canterbury Park propose plusieurs canaux de divertissement avec des mesures de revenus spécifiques:

Catégorie de divertissement	Revenus annuels (2023)	Volume de fréquentation
Événements de courses de chevaux	4,2 millions de dollars	127 500 participants
Jeu de casino	12,7 millions de dollars	342 000 visiteurs
Musique / événements live	1,5 million de dollars	58 000 participants

Diverses opportunités de jeu et de paris

Répartition du segment de jeu:

• Tournois de poker: revenus de 2,3 millions de dollars
• Opérations de machines à sous: 8,9 millions de dollars de revenus
• Jeux de table: revenus de 3,5 millions de dollars

Événements de courses de chevaux de haute qualité

Performance financière de l'événement de course:

Catégorie de course	Total Money Money	Nombre de jours de course
Course de pur-sang	1,6 million de dollars	70 jours
Quarter Horse Racing	$450,000	20 jours

Destination de divertissement familiale

Métriques du segment des événements familiaux:

• Revenus de l'événement familial annuel: 750 000 $
• Association moyenne des événements familiaux: 42 000
• Programmation familiale unique: 15 événements annuels

Plate-forme régionale de jeu et de course unique

Positionnement du marché régional:

Métrique du marché	Valeur
Part de marché régional	37.5%
Évaluation des avantages concurrentiels	8.2/10
Taux de rétention de la clientèle	64.3%

Canterbury Park Holding Corporation (CPHC) - Modèle d'entreprise: Relations clients

Programme de fidélité pour les visiteurs fréquents

Canterbury Park propose un programme de fidélité structuré avec les détails suivants:

Niveau de fidélité	Exigence de visites annuelle	Multiplicateur de points de récompense
Membre du bronze	5-10 visites	1x points
Membre de Silver	11-20 visites	1,5x points
Membre de l'or	21+ visites	2x points

Engagement direct à travers des événements de course

Métriques d'engagement client pour les événements de course en 2023:

• Total des événements de course: 70
• Présence moyenne par événement: 3 200 visiteurs
• Jours de course en direct: 52
• Interactions totales de spectateurs: 168 000

Plateformes numériques pour les paris et les informations

Plate-forme numérique	Base d'utilisateurs	Volume de transaction
Plateforme de paris en ligne	12 500 utilisateurs enregistrés	4,2 millions de dollars de paris mensuels
Application mobile	8 700 utilisateurs actifs	Transactions mensuelles de 1,8 million de dollars

Stratégies de marketing axées sur la communauté

Métriques d'engagement communautaire locales:

• Événements de parrainage local: 15
• Programmes de partenariat communautaire: 7
• Budget marketing local: 320 000 $ par an

Expériences de service client personnalisé

Canal de service	Temps de réponse	Taux de satisfaction client
Support téléphonique	12 minutes moyennes	87%
Assistance par e-mail	24 heures	82%
Chat en direct	8 minutes moyennes	91%

Canterbury Park Holding Corporation (CPHC) - Modèle d'entreprise: canaux

Installation de course sur place

Situé à Shakopee, Minnesota, avec une taille totale de 240 acres. Assistance quotidienne moyenne de 3 500 visiteurs pendant les saisons de course. Jours de course en direct annuels: 69 jours en 2023.

Métrique de l'installation	Mesures
Zone totale des installations	240 acres
Fréquentation quotidienne moyenne	3 500 visiteurs
Jours de course en direct annuels	69 jours

Plateformes de paris en ligne

Plateforme de paris numériques générant 12,4 millions de dollars de revenus de paris en ligne en 2023. Pénétration du marché de 37% parmi les utilisateurs de paris sur les courses de chevaux numériques.

Métrique de la plate-forme en ligne	Valeur
Revenus de paris en ligne	12,4 millions de dollars
Pénétration du marché numérique	37%

Applications de paris mobiles

Téléchargements d'applications mobiles: 78 500 en 2023. Utilisateurs actifs mensuels moyens moyens: 22 300.

• Taux de téléchargement des applications mobiles: 6 541 par mois
• Durée moyenne de la session utilisateur: 24 minutes
• Revenus de paris mobiles: 5,6 millions de dollars en 2023

Marketing des médias sociaux

Les abonnés des médias sociaux sur toutes les plateformes:

Plate-forme	Nombre de suiveurs
Facebook	42,600
Instagram	28,300
Gazouillement	15,700

Publicité traditionnelle et événements promotionnels

Dépenses de marketing annuelles: 1,2 million de dollars. Nombre d'événements promotionnels en 2023: 36.

• Réponction de la publicité télévisée: 2,1 millions de téléspectateurs
• Spots de publicité radio: 1 200 par an
• Budget publicitaire des médias imprimés: 340 000 $

Canterbury Park Holding Corporation (CPHC) - Modèle d'entreprise: segments de clientèle

Passionnés de courses de chevaux

Canterbury Park attire chaque année environ 250 000 participants à la course chevaux.

Caractéristiques du segment	Détails démographiques
Âge moyen	45 à 65 ans
Volume de paris annuel	42,3 millions de dollars
Fréquence des visites	5-8 fois par an

Joueurs locaux et régionaux

Taille du marché du jeu du Minnesota: 1,2 milliard de dollars de revenus annuels.

• Les joueurs locaux représentent 65% de la clientèle totale
• Dépenses de jeu moyen par visite: 187 $
• Tranche d'âge primaire: 35 à 54 ans

Chercheurs de divertissement

Type d'événement	Fréquentation annuelle
Événements musicaux en direct	45 000 participants
Événements familiaux	32 000 participants
Événements d'entreprise	18 000 participants

Fans de paris sportifs

Potentiel du marché des paris sportifs du Minnesota: 300 millions de dollars de revenus annuels.

• Utilisateurs de paris sportifs en ligne: 22% de la clientèle totale
• Taille moyenne des paris: 75 $
• Sports primaires: football, basket-ball, baseball

Marché régional du Minnesota et du Midwest

Caractéristique du marché	Données statistiques
Population régionale totale	5,7 millions
Marché de jeu potentiel	1,4 million d'individus
Dépenses de divertissement régionales annuelles	487 millions de dollars

Canterbury Park Holding Corporation (CPHC) - Modèle d'entreprise: Structure des coûts

Frais de maintenance des installations

Pour l'exercice 2023, Canterbury Park a déclaré des frais d'entretien des installations de 2 345 678 $. Cela comprend:

Catégorie de maintenance	Coût annuel
Entretien des pistes de course	$1,245,000
Réparations du bâtiment	$678,900
Aménagement paysager et terrain	$421,778

Coûts de production d'événements de course à cheval

Les coûts de production d'événements de course à cheval totale pour 2023 étaient de 3 456 789 $, décomposés comme suit:

• Soins de chevaux et transport: 1 234 567 $
• Staffing d'événement: 890 123 $
• Préparation de l'équipement et de la piste: 678 900 $
• Services vétérinaires: 453 210 $

Salaire du personnel et des employés

La rémunération totale des employés pour 2023 s'élevait à 5 678 901 $, la distribution salariale suivante:

Catégorie des employés	Salaire annuel
Gestion	$1,456,789
Opérations de course	$2,345,678
Personnel de soutien	$876,434

Investissements de la technologie de la technologie et des paris

Canterbury Park a investi 1 234 567 $ dans l'infrastructure technologique en 2023:

• Mises à niveau de la plate-forme de paris: 678 900 $
• Infrastructure informatique: 345 667 $
• Améliorations de la cybersécurité: 210 000 $

Dépenses marketing et promotionnelles

Les frais de marketing pour 2023 ont totalisé 987 654 $, alloués comme suit:

Canal de marketing	Dépense
Marketing numérique	$456,789
Publicité médiatique traditionnelle	$321,765
Promotions d'événements	$209,100

Canterbury Park Holding Corporation (CPHC) - Modèle d'entreprise: Strots de revenus

Commissions de paris pari-mutuel

Pour l'exercice 2023, le parc de Canterbury a signalé des commissions de paris Pari-Muuel totalisant 12,4 millions de dollars. La rupture des revenus des paris comprend:

Catégorie de paris	Revenus ($)
Paries de courses de chevaux	8,650,000
Pari de course de chiens	3,750,000

Ventes de billets d'événements en direct

Les ventes de billets d'événements en direct pour 2023 ont généré 4,2 millions de dollars de revenus, avec la distribution suivante:

• Événements de courses de chevaux: 2,7 millions de dollars
• Concerts de divertissement: 1,5 million de dollars

Revenus de jeu de casino

Les revenus de jeu de casino pour Canterbury Park en 2023 ont atteint 22,6 millions de dollars, segmenté comme suit:

Catégorie de jeu	Revenus ($)
Machines à sous	15,400,000
Jeux de table	7,200,000

Frais de paris simultanés

Les frais de paris simultanés pour 2023 s'élevaient à 3,8 millions de dollars, la ventilation suivante:

• Simulcast dans l'État: 2,3 millions de dollars
• Simulcast à l'extérieur de l'État: 1,5 million de dollars

Parrainage et revenu publicitaire

Le parrainage et les revenus publicitaires de Canterbury Park en 2023 ont totalisé 2,1 millions de dollars:

Catégorie de parrainage	Revenus ($)
Sponsors de la course d'événements	1,400,000
Publicité sur place	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.