Canterbury Park Racetrack and Casino Reports Revenue Growth in Q1 2023
The management of the facility stated, "The first-quarter results align with our expectations for 2023 and demonstrate the stability of our business. We have moved beyond the impacts of the pandemic and established a more efficient operational structure that enables us to achieve attractive levels of cash flow."
According to the company, adjusted EBITDA, which measures earnings before interest, taxes, depreciation, and amortization, stood at $2.5 million. The EBITDA margin of 18.7%, while lower than in recent quarters, remains significantly above historical levels.
Management also noted, "During the quarter, we benefited from the ongoing regularization of our events and food and beverage operations. This helped mitigate lower casino revenues compared to last year, even as we achieved our second-highest results for the first quarter."
The corporation indicated that it will continue to focus on the racetrack business, emphasizing cost structure management and operational efficiency to optimize performance.
Additionally, it was reported that in April, Canterbury Park Holding Corporation sold approximately 37 acres of land to Swervo, which plans to build a modern 19,000-seat amphitheater on the site, scheduled to open in 2025.
In related news, financial results for Light & Wonder for the first quarter of 2023 have also been released.
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