Canterbury Park Holding Corporation (CPHC): Modelo de negócios Canvas [Jan-2025 Atualizado]

Descubra o intrincado plano comercial da Canterbury Park Holding Corporation (CPHC), uma potência dinâmica de entretenimento que combina perfeitamente corridas de cavalos, jogos de azar e entretenimento regional em um modelo de negócios atraente. De suas parcerias estratégicas na indústria de corridas a fluxos inovadores de receita, essa tela abrangente revela como o CPHC transforma uma pista tradicional em um destino de entretenimento multifacetado que cative os jogadores, entusiastas da corrida e buscadores de lazer em Minnesota e no meio -dia de oeste. Mergulhe no mundo fascinante deste ecossistema de negócios único que prospera no cruzamento de esportes, tecnologia e entretenimento.

Canterbury Park Holding Corporation (CPHC) - Modelo de negócios: Parcerias -chave

Partes interessadas da indústria de corridas de cavalos

Canterbury Park mantém parcerias estratégicas com:

Tipo de parceiro	Número de parcerias	Valor anual de colaboração
Criadores de cavalos	37	US $ 2,4 milhões
Associações de jóquei	12	$680,000
Instalações de treinamento	8	US $ 1,1 milhão

Comissão de Corrida do Estado de Minnesota

Detalhes da parceria regulatória:

• Taxas anuais de licenciamento: US $ 214.500
• Frequência de relatório de conformidade: trimestral
• Orçamento de supervisão regulatória: US $ 375.000

Negócios de entretenimento e hospitalidade locais

Categoria de parceiro	Número de parceiros	Impacto econômico anual
Hotéis locais	6	$890,000
Restaurantes	14	US $ 1,2 milhão
Empresas de gerenciamento de eventos	5	$450,000

Redes de apostas simulcast

Composição de rede de parceria:

• Total Simulcast Partners: 22
• Porcentagem de cobertura nacional: 87%
• Receita anual de simulcast: US $ 4,3 milhões

Provedores de tecnologia de jogos de cassino

Provedor de tecnologia	Valor do contrato	Tipo de tecnologia
Sistemas de jogos IGT	US $ 1,6 milhão	Tecnologia da máquina de caça -níqueis
Jogos científicos	US $ 1,2 milhão	Plataforma de apostas
Tecnologias aristocratas	$950,000	Software de jogo

Canterbury Park Holding Corporation (CPHC) - Modelo de negócios: Atividades -chave

Gerenciamento de eventos de corrida de cavalos ao vivo

O Parque Canterbury hospeda aproximadamente 70 dias de corrida ao vivo anualmente, com puro -sangue e corridas de cavalos.

Categoria de corrida	Dias anuais de corrida	Participação média diária
Corrida de puro -sangue	50 dias	3.500 espectadores
Quarto de cavalos	20 dias	2.800 espectadores

Operações de apostas pari-muteuel

A alça total de pari-muteel para 2023 foi de US $ 87,4 milhões.

• Volume de apostas na faixa: US $ 24,6 milhões
• Volume de apostas fora da pista: US $ 62,8 milhões

Serviços de jogos de cassino

O Canterbury Park oferece Jogos de mesa eletrônicos e apostas simulcast.

Categoria de jogo	Número de máquinas	Receita anual
Máquinas de jogos eletrônicas	170 máquinas	US $ 12,3 milhões

Local de entretenimento Hospedagem

Eventos anuais de entretenimento: 45 eventos que não são de corrida.

• Shows
• Eventos corporativos
• Festivais
• Celebrações sazonais

Manutenção e desenvolvimento da instalação

Orçamento anual de manutenção da instalação: US $ 2,1 milhões.

Área da instalação	Investimento de manutenção	Foco de desenvolvimento
Pista de corrida	$650,000	Atualizações de superfície
Instalações de jogos	$450,000	Modernização da tecnologia
Espaços de eventos	$350,000	Renovação e expansão

Canterbury Park Holding Corporation (CPHC) - Modelo de negócios: Recursos -chave

Instalação de pista de corrida de Canterbury Park

Localizado em Shakopee, Minnesota, abrangendo 230 acres de propriedade.

Especificação da instalação	Detalhes
Comprimento total da pista	1 milha
Capacidade de assento	7.500 espectadores
Estações de corrida	Abril a setembro

Infraestrutura de corrida de cavalos

• Capacidade estável para 1.200 cavalos
• 12 celeiros de corrida
• Instalações veterinárias modernas
• Tracks de treinamento e áreas de exercício

Plataformas de tecnologia de apostas

Sistemas avançados de apostas com plataformas digitais em tempo real.

Plataforma de tecnologia	Recursos
Sistema de apostas online	Suporta apostas móveis e de mesa
Tecnologia Pari-Mutuel	Redes de apostas digitais integradas

Recursos treinados da equipe

• Aproximadamente 250 funcionários em tempo integral e sazonal
• Profissionais de corrida especializados
• Hospitalidade e pessoal de atendimento ao cliente

Reputação da marca

Estabelecido em 1985, reconhecido como local de corrida de cavalos primário em Minnesota.

Métrica da marca	Desempenho
Dias anuais de corrida	65-70 dias por temporada
Apostador anual total	Aproximadamente US $ 80 milhões

Canterbury Park Holding Corporation (CPHC) - Modelo de negócios: proposições de valor

Experiência abrangente de entretenimento ao vivo

Canterbury Park oferece vários canais de entretenimento com métricas de receita específicas:

Categoria de entretenimento	Receita anual (2023)	Volume de presença
Eventos de corrida de cavalos	US $ 4,2 milhões	127.500 participantes
Jogos de cassino	US $ 12,7 milhões	342.000 visitantes
Música/eventos ao vivo	US $ 1,5 milhão	58.000 participantes

Diversas oportunidades de jogo e apostas

Redução do segmento de jogo:

• Torneios de poker: receita de US $ 2,3 milhões
• Operações de máquina de caça -níqueis: receita de US $ 8,9 milhões
• Jogos de mesa: receita de US $ 3,5 milhões

Eventos de corrida de cavalos de alta qualidade

Desempenho financeiro do evento de corrida:

Categoria de corrida	Dinheiro total da bolsa	Número de dias de corrida
Corrida de puro -sangue	US $ 1,6 milhão	70 dias
Quarto de cavalos	$450,000	20 dias

Destino de entretenimento familiar

Métricas de segmento de eventos familiares:

• Receita anual de eventos familiares: US $ 750.000
• Atendimento médio para eventos familiares: 42.000
• Programação exclusiva orientada para a família: 15 eventos anuais

Plataforma de jogos e corridas regionais exclusivos

Posicionamento do mercado regional:

Métrica de mercado	Valor
Participação de mercado regional	37.5%
Classificação de vantagem competitiva	8.2/10
Taxa de retenção de clientes	64.3%

Canterbury Park Holding Corporation (CPHC) - Modelo de Negócios: Relacionamentos do Cliente

Programa de fidelidade para visitantes frequentes

Canterbury Park oferece um programa de fidelidade estruturado com os seguintes detalhes:

Camada de lealdade	Requisito de visitação anual	Rewards Pontos multiplicadores
Membro de bronze	5-10 visitas	1x pontos
Membro da prata	11-20 visitas	1,5x pontos
Membro de ouro	21+ visitas	2x pontos

Engajamento direto através de eventos de corrida

Métricas de engajamento do cliente para eventos de corrida em 2023:

• Eventos totais de corrida: 70
• Participação média por evento: 3.200 visitantes
• Dias de corrida ao vivo: 52
• Interações com espectadores totais: 168.000

Plataformas digitais para apostas e informações

Plataforma digital	Base de usuários	Volume de transação
Plataforma de apostas online	12.500 usuários registrados	Apostas mensais de US $ 4,2 milhões
Aplicativo móvel	8.700 usuários ativos	Transações mensais de US $ 1,8 milhão

Estratégias de marketing focadas na comunidade

Métricas de engajamento da comunidade local:

• Eventos de patrocínio local: 15
• Programas de parceria comunitária: 7
• Orçamento de marketing local: US $ 320.000 anualmente

Experiências personalizadas de atendimento ao cliente

Canal de serviço	Tempo de resposta	Taxa de satisfação do cliente
Suporte telefônico	Média de 12 minutos	87%
Suporte por e -mail	24 horas	82%
Bate -papo ao vivo	8 minutos em média	91%

Canterbury Park Holding Corporation (CPHC) - Modelo de Negócios: Canais

Instalação de pista de corrida no local

Localizado em Shakopee, Minnesota, com um tamanho total da instalação de 240 acres. A participação média diária de 3.500 visitantes durante as temporadas de corrida. Dias anuais de corrida ao vivo: 69 dias em 2023.

Métrica da instalação	Medição
Área total da instalação	240 acres
Participação média diária	3.500 visitantes
Dias anuais de corrida ao vivo	69 dias

Plataformas de apostas online

Plataforma de apostas digital gerando US $ 12,4 milhões em receita de apostas on -line em 2023. Penetração de mercado de 37% entre os usuários de apostas em corridas de cavalos digitais.

Métrica de plataforma online	Valor
Receita de apostas online	US $ 12,4 milhões
Penetração no mercado digital	37%

Aplicativos de apostas móveis

Downloads de aplicativos móveis: 78.500 em 2023. Usuários ativos mensais médios: 22.300.

• Taxa de download de aplicativos móveis: 6.541 por mês
• Duração média da sessão do usuário: 24 minutos
• Receita de apostas móveis: US $ 5,6 milhões em 2023

Marketing de mídia social

Seguidores de mídia social entre plataformas:

Plataforma	Contagem de seguidores
Facebook	42,600
Instagram	28,300
Twitter	15,700

Publicidade tradicional e eventos promocionais

Despesas anuais de marketing: US $ 1,2 milhão. Número de eventos promocionais em 2023: 36.

• Alcance de publicidade na televisão: 2,1 milhões de espectadores
• Pontos de publicidade de rádio: 1.200 anualmente
• Print Media Advertising Orçamento: US $ 340.000

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

Entusiastas das corridas de cavalos

O Canterbury Park atrai aproximadamente 250.000 participantes de corridas de cavalos anualmente.

Características do segmento	Detalhes demográficos
Idade média	45-65 anos
Volume anual de apostas	US $ 42,3 milhões
Frequência de visitas	5-8 vezes por ano

Jogadores locais e regionais

Tamanho do mercado de jogos de azar de Minnesota: US $ 1,2 bilhão em receita anual.

• Jogadores locais representam 65% da base total de clientes
• Gastes médios de jogo por visita: $ 187
• Faixa de idade primária: 35-54 anos

Buscadores de entretenimento

Tipo de evento	Participação anual
Eventos de música ao vivo	45.000 participantes
Eventos familiares	32.000 participantes
Eventos corporativos	18.000 participantes

Fãs de apostas esportivas

Potencial de mercado de apostas esportivas de Minnesota: receita anual de US $ 300 milhões.

• Usuários de apostas esportivas on -line: 22% da base total de clientes
• Tamanho médio da aposta: $ 75
• Esportes primários: futebol, basquete, beisebol

Mercado Regional de Minnesota e Centro -Oeste

Característica do mercado	Dados estatísticos
População regional total	5,7 milhões
Potencial mercado de jogos de azar	1,4 milhão de indivíduos
Gastos anuais de entretenimento regional	US $ 487 milhões

Canterbury Park Holding Corporation (CPHC) - Modelo de negócios: estrutura de custos

Despesas de manutenção da instalação

Para o ano fiscal de 2023, o Canterbury Park relatou despesas de manutenção de instalações de US $ 2.345.678. Isso inclui:

Categoria de manutenção	Custo anual
Manutenção da pista de corrida	$1,245,000
Reparos de construção	$678,900
Paisagismo e terrenos	$421,778

Custos de produção de eventos de corrida de cavalos

Os custos totais de produção de eventos de corrida de cavalos para 2023 foram de US $ 3.456.789, quebrados da seguinte forma:

• Cuidado com cavalos e transporte: US $ 1.234.567
• Pessoal do evento: US $ 890.123
• Equipamento e preparação da pista: US $ 678.900
• Serviços veterinários: US $ 453.210

Funcionários e salários de funcionários

A compensação total dos funcionários em 2023 totalizou US $ 5.678.901, com a seguinte distribuição salarial:

Categoria de funcionários	Salários anuais
Gerenciamento	$1,456,789
Operações de corrida	$2,345,678
Equipe de apoio	$876,434

Investimentos de plataforma de tecnologia e apostas

Canterbury Park investiu US $ 1.234.567 em infraestrutura de tecnologia durante 2023:

• Atualizações da plataforma de apostas: $ 678.900
• Infraestrutura de TI: US $ 345.667
• Aprimoramentos de segurança cibernética: US $ 210.000

Despesas de marketing e promocionais

As despesas de marketing de 2023 totalizaram US $ 987.654, alocadas da seguinte forma:

Canal de marketing	Gasto
Marketing digital	$456,789
Publicidade tradicional da mídia	$321,765
Promoções de eventos	$209,100

Canterbury Park Holding Corporation (CPHC) - Modelo de negócios: fluxos de receita

Comissões de apostas pari-muteuel

Para o ano fiscal de 2023, o Canterbury Park relatou comissões de apostas de Pari-Mutuel totalizando US $ 12,4 milhões. O colapso das receitas de apostas inclui:

Categoria de apostas	Receita ($)
Aposições de corridas de cavalos	8,650,000
Aposições de corridas de cães	3,750,000

Vendas de ingressos para eventos ao vivo

As vendas de ingressos para eventos ao vivo para 2023 geraram US $ 4,2 milhões em receita, com a seguinte distribuição:

• Eventos de corrida de cavalos: US $ 2,7 milhões
• Concertos de entretenimento: US $ 1,5 milhão

Receita de jogos de cassino

As receitas de jogos de cassino para o Parque Canterbury em 2023 atingiram US $ 22,6 milhões, segmentados da seguinte forma:

Categoria de jogo	Receita ($)
Máquinas caça -níqueis	15,400,000
Jogos de mesa	7,200,000

Taxas de apostas de simulcast

As taxas de apostas no simulcast para 2023 totalizaram US $ 3,8 milhões, com o seguinte quebra:

• Simulcast no estado: US $ 2,3 milhões
• Simulcast fora do estado: US $ 1,5 milhão

Patrocínio e renda de publicidade

As receitas de patrocínio e publicidade para o Parque Canterbury em 2023 totalizaram US $ 2,1 milhões:

Categoria de patrocínio	Receita ($)
Patrocínios de eventos de corrida	1,400,000
Publicidade no local	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.