{"success":true,"data":{"pressRelease":{"id":"30323","rtpr_id":"nGNX3C1VZ6","ticker":"CPHC","exchange":"NASDAQ","all_tickers":["CPHC"],"title":"Canterbury Park Holding Corporation Reports First Quarter Results","author":"Globe Newswire","published_at":"2026-05-11T20:05:01.799Z","article_body":"SHAKOPEE, Minn., May 11, 2026 (GLOBE NEWSWIRE) -- Canterbury Park Holding\nCorporation (“Canterbury” or the “Company”) (Nasdaq: CPHC), today\nreported financial results for the first quarter ended March 31, 2026.\n\n ($ in thousands, except per share data and percentages) \n \n Three Months Ended March 31, \n 2026 2025 Change \n Net revenues $13,510 $13,142 2.8 % \n \n Net income (loss) $170 ($299 ) 156.8 % \n \n Adjusted EBITDA ((1)) $2,849 $2,101 35.6 % \n \n Basic EPS $0.03 ($0.06 ) 150.0 % \n Diluted EPS $0.03 ($0.06 ) 150.0 % \n\n\n\n (1) Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures, and reconciliations of non-GAAP financial information are included later in the release. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenues. Please see the reconciliation of Net income (loss) to Adjusted EBITDA on page 6. \n\nManagement Commentary\nRandy Sampson, President and Chief Executive Officer of Canterbury Park,\ncommented, “Our transformation and diversification initiatives drove solid\nfirst-quarter results, as revenue growth and disciplined expense management\nsignificantly enhanced cash flows. Revenue grew 2.8% year-over-year to $13.5\nmillion, reflecting a 13.8% increase in Food and beverage sales and a 12.5%\nincrease in Other revenues. While Casino play was healthy throughout the\nquarter, growth was tempered by unusually low table games hold in March—the\nlowest in Company history. Absent this anomaly, Casino table games revenue\nwould likely have seen double-digit growth, consistent with our F&B and Other\nrevenue segments. Adjusted EBITDA of $2.8 million rose 36% year-over-year with\nan adjusted EBITDA margin of 21.1%, reflecting the quarter’s higher revenue\nand flat operating expenses compared to last year. We are managing operating\nexpenses within our control, such as labor which was reduced by 4% during the\nquarter. This decline was partially offset by increased other operating\nexpenses such as property taxes and event promoter fees, though the higher\npromoter fees reflect the success and growth of our event business. Non-cash\ndepreciation and amortization expense also increased with the completion of\nlarge capital improvement projects over the past year.\n\n“Minnesota’s South Metro region is a thriving market currently undergoing\na high-growth evolution across its residential and economic landscapes. Our\nvision of a unique ‘live, stay, work, and play’ destination leverages the\nregion’s economic strength to drive new revenue and visitation to\nCanterbury, while providing a robust foundation for our future development\npipeline. Overall residential occupancy within our joint ventures is currently\n84% and is positioned perfectly for the seasonal spring leasing surge.\nMeanwhile, the newest 28,000-square-foot office building in the Winners Circle\ndevelopment is already 80% leased just months after completion. Also, this\nyear marks the first full year of operations for Boardwalk Kitchen & Bar, a\njoint venture with Trackside Holdings, LLC, a 6,000-square-foot upscale\nrestaurant and bar with live entertainment featuring a massive\n18,000-square-foot patio with trackside views. One of Canterbury’s most\nsignificant visitation catalysts arrives next month with the opening of the\n19,000-capacity amphitheater. Live Nation Entertainment, the operator of the\namphitheater, has secured a robust schedule of 40+ concerts, featuring\nheadliners including Chris Stapleton, John Mellencamp, Guns N’ Roses and\nDave Matthews Band. Strong initial ticket sales signal high demand for this\nlandmark addition to the Twin Cities, and Canterbury will benefit from\nelevated visitation to our revenue producing operations.\n\n“Our real estate development is exceeding expectations both from a quality\nand diversification perspective as Canterbury is ideally situated in one of\nthe fastest growing markets in the Twin Cities. Throughout 2026, we will be\nexploring additional entertainment and hospitality opportunities for the\nremaining trackside land parcels that would add to the nearly 1,000\nresidential units, four restaurants, brewery, two music and entertainment\nvenues, 57,000-square-feet of office space, and other amenities already open\nor under construction. Following a comprehensive market analysis, we are\nmoving forward with design concepts for our prime 25-acre site near the\namphitheater in partnership with the City of Shakopee. We have retained\nGensler, the renowned architecture and design firm, to lead the site planning.\nThe recommended programming includes a mix of hotel, office, retail, and\nhospitality uses, alongside additional entertainment venues. The success of\nour diversification strategy continues to validate our evolution into a\npremier regional destination while unlocking significant real estate value for\nour shareholders, and we look forward to updating shareholders at our Annual\nShareholder Meeting on June 4, 2026.\n\n“We remain committed to driving transformational growth and diversification\nwhile maximizing cash flow from our gaming, F&B, and expanding entertainment\noperations. In addition, we continue to build durable shareholder value\nthrough consistent cash flow and a strong balance sheet—value that we\nbelieve is not reflected in our current valuation. Canterbury remains\ndebt-free and our cash, Tax Increment Financing (TIF) receivables, and real\nestate joint ventures are valued at over $10 per share. Notably, this $10+ per\nshare figure excludes approximately 50 acres of land held for future\ndevelopment, which is currently recorded on our balance sheet at cost and does\nnot reflect its true current market value or potential value as it is\ndeveloped. As of the first quarter, our liquidity stood at over $17 million,\nor approximately $3.34 per share. We also hold over $20 million, or $3.94 per\nshare, in TIF receivables and, after receiving an initial payment of $580,000\nin Q4 2025, we expect further distributions throughout 2026. Additionally, we\nhave contributed $18 million, or $3.54 per share, in land and cash to joint\nventure developments that are starting to yield positive returns. With a\nproven track record and a robust growth pipeline, we remain dedicated to\ndelighting our guests, serving our residents and delivering long-term value to\nour shareholders.”\n\nCanterbury Commons Development Update\n\nResidential and commercial construction updates related to Canterbury’s\njoint ventures include:\n* Phase II of The Doran Group’s upscale Triple Crown Residences at\nCanterbury Park is approximately 94% leased, which allowed for the refinancing\nof this property in January 2026. * In addition, Phase I of the Triple Crown\nResidences is now 72% leased.\n \n* 99% of the 147 units of senior market rate apartments at The Omry at\nCanterbury are leased.\n* The pizza restaurant, fitness center and BBQ restaurant in the\n10,000-square-foot commercial building within the Winners Circle development,\nall of which opened in 2025 to positive patronage, will realize their first\nfull year of operations in 2026.\n* Construction of an additional 28,000-square-foot commercial office building\nwithin the Winners Circle development was completed in Q4 2025. * Danny’s\nConstruction Company occupies the entire second floor, and Edward Jones is\nputting the finishing touches on their build out of the first floor.\n* The building is 80% leased and marketing is underway for the remainder of\nthe available space with strong initial interest. An insurance brokerage firm\nleased space and plans to occupy the space in June after its tenant fit-up is\ncomplete. Approximately 4,000-square feet of space is available in a first\nfloor suite.\n \n* Canterbury’s joint venture partner, Trackside Holdings, LLC, completed\nconstruction and transferred the building to the operating entity, Boardwalk\nKitchen & Bar. * The food and beverage and entertainment space of the facility\nopened in June 2025 and is experiencing a strong, positive reception from the\npublic.\n* The restaurant and event space continue to create visitation to the overall\nCanterbury complex based on a strong social media presence, programming and\nentertainment.\nResidential and commercial construction updates also include:\n* The Company’s barn relocation and redevelopment plan is complete with over\n300 new stalls and new backside roads and infrastructure completed and in\noperation.\n* Swervo Development Corporation continues to make progress on the\nconstruction of its state-of-the-art 19,000-capacity amphitheater, which will\nbe operated by Live Nation Entertainment, and is scheduled to open for a full\nseason in June of 2026.\n* Canterbury also completed an additional new road adjacent to the\namphitheater which will unlock the high-value development potential of\napproximately 25 acres of prime land in that portion of the site.\n* In 2025, Pulte Homes of Minnesota completed development of the 110-unit\nCanterbury Crossing townhome project, and all the units have been sold with\nthe exception of the model/sales unit which is being readied for sale.\nSummary of 2026 First Quarter Operating Results \nNet revenues for the three months ended March 31, 2026, increased 2.8% to\n$13.5 million, compared to $13.1 million in the same period last year. The\nyear-over-year comparison reflects increases of 0.5%, 13.8%, and 12.5%, in\nCasino, Food and beverage and Other revenues, respectively, partially offset\nby a 5.6% decrease in Pari-mutuel revenues. The year-over-year increases\nprimarily reflect higher visitation and table games drop in our Casino, and\nhigher events admission driving Food and beverage and Other revenues, while\nfewer simulcast races nationally impacted Pari-mutuel revenues.\n\nOperating expenses for the three months ended March 31, 2026 were $12.5\nmillion, a decrease of $38,000, or 0.3%, compared to operating expenses of\n$12.5 million for the same period in 2025. The year-over-year decrease in\noperating expenses was primarily driven by lower salaries and wages due to the\ncontinued focus on reducing labor expense and driving operational\nefficiencies, offset by increased other operating expenses due to higher\nproperty taxes and special event promoter fees. Depreciation and amortization\nexpense also increased with the completion of large capital improvement\nprojects over the past year.\n\nThe Company recorded a net loss from equity investments of $1.2 million and\n$1.6 million for the three months ended March 31, 2026 and 2025, respectively.\nThe decreased loss is primarily due to increased leasing rates in our Doran\nCanterbury joint ventures, and the loss in both periods is primarily related\nto the Company’s share of depreciation, amortization and interest expense\nfrom the Doran Canterbury joint ventures.\n\nThe Company recorded income tax expense of $180,000 and income tax benefit of\n$181,000 for the three months ended March 31, 2026 and 2025, respectively. The\nincome tax expense for the three months ended March 31, 2026 compared to the\nincome tax benefit for the same period in 2025 is primarily due to an increase\nin income before taxes from operations.\n\nThe Company recorded net income of $170,000 and diluted earnings per share of\n$0.03 for the three months ended March 31, 2026. The Company recorded a net\nloss of $299,000 and a diluted loss per share of $0.06 for the three months\nended March 31, 2025.\n\nAdjusted EBITDA, a non-GAAP measure, was $2.8 million in the 2026 first\nquarter, compared to $2.1 million in the 2025 first quarter.\n\nAdditional Financial Information\nFurther financial information for the first quarter ended March 31, 2026, is\npresented in the accompanying tables at the end of this press release.\nAdditional information will be provided in the Company’s Quarterly Report on\nForm 10-Q that will be filed with the Securities and Exchange Commission on or\nabout May 12, 2026.\n\nUse of Non-GAAP Financial Measures\nTo supplement our financial statements, we also provide investors with\ninformation about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP\nmeasure, and which exclude certain items from net income, a GAAP measure. We\ndefine EBITDA as earnings before interest, taxes, depreciation and\namortization. We define Adjusted EBITDA as earnings before interest income\n(net of interest expense), income tax expense or benefit, depreciation and\namortization, as well as excluding stock-based compensation (which includes\nour 401(k)-match expense as this match occurs in Company stock), gain on\ndisposal of assets, depreciation and amortization and interest expense related\nto equity investments and their joint ventures. We define Adjusted EBITDA\nmargin as Adjusted EBITDA as a percentage of net revenues. Neither EBITDA,\nAdjusted EBITDA, or Adjusted EBITDA margin are measures of performance\ncalculated in accordance with generally accepted accounting principles\n(\"GAAP\"), and should not be considered an alternative to, or more meaningful\nthan, net income as an indicator of our operating performance. See the table\nbelow, which presents reconciliations of these measures to the GAAP equivalent\nfinancial measure, which is net income. We have presented EBITDA as a\nsupplemental disclosure because we believe that, when considered with measures\ncalculated in accordance with GAAP, EBITDA gives investors a more complete\nunderstanding of our operating results before the impact of investing and\nfinancing transactions and income taxes, and it is a widely used measure of\nperformance and basis for valuation of companies in our industry. Other\ncompanies that provide EBITDA information may calculate EBITDA or Adjusted\nEBITDA differently than we do. We have presented Adjusted EBITDA as a\nsupplemental disclosure because we believe it enables investors to understand\nand assess our core operating results excluding the effect of these items and\nis useful to investors in allowing greater transparency related to a\nsignificant measure used by management in its financial and operational\ndecision-making. Adjusted EBITDA has economic substance because it is used by\nmanagement as a performance measure to analyze the performance of our business\nand provides a perspective on the current effects of operating decisions.\n\nAbout Canterbury Park\nCanterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates\nCanterbury Park Racetrack and Casino in Shakopee, Minnesota, the only\nthoroughbred and quarter horse racing facility in the State. The Company\ngenerally offers live racing from May to September. The Casino hosts card\ngames 24 hours a day, seven days a week, dealing both poker and table games.\nThe Company also conducts year-round wagering on simulcast horse racing and\nhosts a variety of other entertainment and special events at its Shakopee\nfacility. The Company is also pursuing a strategy to enhance shareholder value\nby the ongoing development of approximately 140 acres of underutilized land\nsurrounding the Racetrack that was originally designated for a project known\nas Canterbury Commons™. The Company is pursuing several mixed-use\ndevelopment opportunities for the remaining underutilized land, directly and\nthrough joint ventures. For more information about the Company, please visit\nwww.canterburypark.com.\n\nCautionary Statement\nFrom time to time, in reports filed with the Securities and Exchange\nCommission, in press releases, and in other communications to shareholders or\nthe investing public, we may make forward-looking statements concerning\npossible or anticipated future financial performance, business activities or\nplans. These statements are typically preceded by the words “believes,”\n“expects,” “anticipates,” “intends” or similar expressions. For\nthese forward-looking statements, we claim the protection of the safe harbor\nfor forward-looking statements contained in federal securities laws.\nShareholders and the investing public should understand that these\nforward-looking statements are subject to risks and uncertainties which could\naffect our actual results and cause actual results to differ materially from\nthose indicated in the forward-looking statements. We report these risks and\nuncertainties in our Annual Report on Form 10-K for the year ended December\n31, 2025 filed with the SEC and subsequently filed Quarterly Reports on Form\n10-Q and Current Reports on Form 8-K. They include, but are not limited to: we\nmay not be successful in implementing our growth strategy; sensitivity to\nreductions in discretionary spending as a result of downturns in the economy\nand other factors; we have experienced a decrease in revenue and profitability\nfrom live racing; challenges in attracting a sufficient number of horses and\ntrainers; a lack of confidence in core operations resulting in decreasing\ncustomer retention and engagement; personal injury litigation due to the\ninherently dangerous nature of horse racing; material fluctuations in\nattendance at the Racetrack; material changes in the level of wagering by\npatrons; any decline in interest in horse racing or the unbanked card games\noffered in the Casino; competition from other venues offering racing, unbanked\ncard games or other forms of wagering; competition from other sports and\nentertainment options; increases in compensation and employee benefit costs;\nthe impact of wagering products and technologies introduced by competitors;\nthe general health of the gaming sector; legislative and regulatory decisions\nand changes; our ability to successfully develop our real estate, including\nthe effect of competition on our real estate development operations and our\nreliance on our current and future development partners; our obligation to\nmake improvements in the TIF district that will only be reimbursed to the\nextent of future tax revenue; temporary disruptions or changes in access to\nour facilities caused by ongoing infrastructure improvements; inclement\nweather and other conditions affecting the ability to conduct live racing;\ntechnology and/or key system failures; cybersecurity incidents; the general\neffects of inflation; our ability to attract and retain qualified personnel;\ndividends that may or may not be issued at the discretion of our Board of\nDirectors; and other factors that are beyond our ability to control or\npredict.\n\nThe forward-looking statements in this press release speak only as of the date\nof this press release. Except as required by law, Canterbury assumes no\nobligation to update or revise these forward-looking statements for any\nreason, even if new information becomes available in the future.\n\n Investor Contacts: \n Randy Dehmer Joseph Jaffoni, Christin Armacost \n Senior Vice President and Chief Financial Officer JCIR \n Canterbury Park Holding Corporation 212-835-8500 or cphc@jcir.com \n 952-233-4828 or investorrelations@canterburypark.com \n\n\n\n CANTERBURY PARK HOLDING CORPORATION'S \n SUMMARY OF OPERATING RESULTS \n (UNAUDITED) \n \n Three months ended \n March 31, \n 2026 2025 \n OPERATING REVENUES: \n Casino $9,241,010 $9,192,158 \n Pari-mutuel 1,017,952 1,078,485 \n Food and beverage 1,849,159 1,624,753 \n Other 1,401,413 1,246,236 \n Total Net Revenues 13,509,534 13,141,632 \n OPERATING EXPENSES 12,453,835 12,491,961 \n INCOME FROM OPERATIONS 1,055,699 649,671 \n Other Loss, net (705,430 ) (1,129,881 ) \n INCOME TAX (EXPENSE) BENEFIT (180,391 ) 181,000 \n NET INCOME (LOSS) $169,878 ($299,210 ) \n \n Basic Earnings (Loss) Per Share $0.03 ($0.06 ) \n Diluted Earnings (Loss) Per Share $0.03 ($0.06 ) \n \n\n\n\n RECONCILIATION OF NET INCOME TO EBITDA \n AND ADJUSTED EBITDA (UNAUDITED) \n \n Three months ended \n March 31, \n 2026 2025 \n NET INCOME (LOSS) $169,878 ($299,210 ) \n Interest income, net (511,364 ) (443,281 ) \n Income tax expense (benefit) 180,391 (181,000 ) \n Depreciation and amortization 1,048,979 931,488 \n EBITDA 887,884 7,997 \n Stock-based compensation 401,649 382,457 \n Gain on disposal of assets (32,000 ) - \n Depreciation and amortization related to equity investments 739,920 871,460 \n Interest expense related to equity investments 851,670 838,702 \n ADJUSTED EBITDA $2,849,123 $2,100,616 \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/5f2e5f92-03a2-4d2e-a27e-7c9834bbf0fb)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX3C1VZ6","title":"Canterbury Park Holding Corporation Reports First Quarter Results","author":"Globe Newswire","ticker":"CPHC","created":"2026-05-11T20:05:01.799Z","tickers":["CPHC"],"exchange":"NASDAQ","article_body":"SHAKOPEE, Minn., May 11, 2026 (GLOBE NEWSWIRE) -- Canterbury Park Holding\nCorporation (“Canterbury” or the “Company”) (Nasdaq: CPHC), today\nreported financial results for the first quarter ended March 31, 2026.\n\n ($ in thousands, except per share data and percentages) \n \n Three Months Ended March 31, \n 2026 2025 Change \n Net revenues $13,510 $13,142 2.8 % \n \n Net income (loss) $170 ($299 ) 156.8 % \n \n Adjusted EBITDA ((1)) $2,849 $2,101 35.6 % \n \n Basic EPS $0.03 ($0.06 ) 150.0 % \n Diluted EPS $0.03 ($0.06 ) 150.0 % \n\n\n\n (1) Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures, and reconciliations of non-GAAP financial information are included later in the release. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenues. Please see the reconciliation of Net income (loss) to Adjusted EBITDA on page 6. \n\nManagement Commentary\nRandy Sampson, President and Chief Executive Officer of Canterbury Park,\ncommented, “Our transformation and diversification initiatives drove solid\nfirst-quarter results, as revenue growth and disciplined expense management\nsignificantly enhanced cash flows. Revenue grew 2.8% year-over-year to $13.5\nmillion, reflecting a 13.8% increase in Food and beverage sales and a 12.5%\nincrease in Other revenues. While Casino play was healthy throughout the\nquarter, growth was tempered by unusually low table games hold in March—the\nlowest in Company history. Absent this anomaly, Casino table games revenue\nwould likely have seen double-digit growth, consistent with our F&B and Other\nrevenue segments. Adjusted EBITDA of $2.8 million rose 36% year-over-year with\nan adjusted EBITDA margin of 21.1%, reflecting the quarter’s higher revenue\nand flat operating expenses compared to last year. We are managing operating\nexpenses within our control, such as labor which was reduced by 4% during the\nquarter. This decline was partially offset by increased other operating\nexpenses such as property taxes and event promoter fees, though the higher\npromoter fees reflect the success and growth of our event business. Non-cash\ndepreciation and amortization expense also increased with the completion of\nlarge capital improvement projects over the past year.\n\n“Minnesota’s South Metro region is a thriving market currently undergoing\na high-growth evolution across its residential and economic landscapes. Our\nvision of a unique ‘live, stay, work, and play’ destination leverages the\nregion’s economic strength to drive new revenue and visitation to\nCanterbury, while providing a robust foundation for our future development\npipeline. Overall residential occupancy within our joint ventures is currently\n84% and is positioned perfectly for the seasonal spring leasing surge.\nMeanwhile, the newest 28,000-square-foot office building in the Winners Circle\ndevelopment is already 80% leased just months after completion. Also, this\nyear marks the first full year of operations for Boardwalk Kitchen & Bar, a\njoint venture with Trackside Holdings, LLC, a 6,000-square-foot upscale\nrestaurant and bar with live entertainment featuring a massive\n18,000-square-foot patio with trackside views. One of Canterbury’s most\nsignificant visitation catalysts arrives next month with the opening of the\n19,000-capacity amphitheater. Live Nation Entertainment, the operator of the\namphitheater, has secured a robust schedule of 40+ concerts, featuring\nheadliners including Chris Stapleton, John Mellencamp, Guns N’ Roses and\nDave Matthews Band. Strong initial ticket sales signal high demand for this\nlandmark addition to the Twin Cities, and Canterbury will benefit from\nelevated visitation to our revenue producing operations.\n\n“Our real estate development is exceeding expectations both from a quality\nand diversification perspective as Canterbury is ideally situated in one of\nthe fastest growing markets in the Twin Cities. Throughout 2026, we will be\nexploring additional entertainment and hospitality opportunities for the\nremaining trackside land parcels that would add to the nearly 1,000\nresidential units, four restaurants, brewery, two music and entertainment\nvenues, 57,000-square-feet of office space, and other amenities already open\nor under construction. Following a comprehensive market analysis, we are\nmoving forward with design concepts for our prime 25-acre site near the\namphitheater in partnership with the City of Shakopee. We have retained\nGensler, the renowned architecture and design firm, to lead the site planning.\nThe recommended programming includes a mix of hotel, office, retail, and\nhospitality uses, alongside additional entertainment venues. The success of\nour diversification strategy continues to validate our evolution into a\npremier regional destination while unlocking significant real estate value for\nour shareholders, and we look forward to updating shareholders at our Annual\nShareholder Meeting on June 4, 2026.\n\n“We remain committed to driving transformational growth and diversification\nwhile maximizing cash flow from our gaming, F&B, and expanding entertainment\noperations. In addition, we continue to build durable shareholder value\nthrough consistent cash flow and a strong balance sheet—value that we\nbelieve is not reflected in our current valuation. Canterbury remains\ndebt-free and our cash, Tax Increment Financing (TIF) receivables, and real\nestate joint ventures are valued at over $10 per share. Notably, this $10+ per\nshare figure excludes approximately 50 acres of land held for future\ndevelopment, which is currently recorded on our balance sheet at cost and does\nnot reflect its true current market value or potential value as it is\ndeveloped. As of the first quarter, our liquidity stood at over $17 million,\nor approximately $3.34 per share. We also hold over $20 million, or $3.94 per\nshare, in TIF receivables and, after receiving an initial payment of $580,000\nin Q4 2025, we expect further distributions throughout 2026. Additionally, we\nhave contributed $18 million, or $3.54 per share, in land and cash to joint\nventure developments that are starting to yield positive returns. With a\nproven track record and a robust growth pipeline, we remain dedicated to\ndelighting our guests, serving our residents and delivering long-term value to\nour shareholders.”\n\nCanterbury Commons Development Update\n\nResidential and commercial construction updates related to Canterbury’s\njoint ventures include:\n* Phase II of The Doran Group’s upscale Triple Crown Residences at\nCanterbury Park is approximately 94% leased, which allowed for the refinancing\nof this property in January 2026. * In addition, Phase I of the Triple Crown\nResidences is now 72% leased.\n \n* 99% of the 147 units of senior market rate apartments at The Omry at\nCanterbury are leased.\n* The pizza restaurant, fitness center and BBQ restaurant in the\n10,000-square-foot commercial building within the Winners Circle development,\nall of which opened in 2025 to positive patronage, will realize their first\nfull year of operations in 2026.\n* Construction of an additional 28,000-square-foot commercial office building\nwithin the Winners Circle development was completed in Q4 2025. * Danny’s\nConstruction Company occupies the entire second floor, and Edward Jones is\nputting the finishing touches on their build out of the first floor.\n* The building is 80% leased and marketing is underway for the remainder of\nthe available space with strong initial interest. An insurance brokerage firm\nleased space and plans to occupy the space in June after its tenant fit-up is\ncomplete. Approximately 4,000-square feet of space is available in a first\nfloor suite.\n \n* Canterbury’s joint venture partner, Trackside Holdings, LLC, completed\nconstruction and transferred the building to the operating entity, Boardwalk\nKitchen & Bar. * The food and beverage and entertainment space of the facility\nopened in June 2025 and is experiencing a strong, positive reception from the\npublic.\n* The restaurant and event space continue to create visitation to the overall\nCanterbury complex based on a strong social media presence, programming and\nentertainment.\nResidential and commercial construction updates also include:\n* The Company’s barn relocation and redevelopment plan is complete with over\n300 new stalls and new backside roads and infrastructure completed and in\noperation.\n* Swervo Development Corporation continues to make progress on the\nconstruction of its state-of-the-art 19,000-capacity amphitheater, which will\nbe operated by Live Nation Entertainment, and is scheduled to open for a full\nseason in June of 2026.\n* Canterbury also completed an additional new road adjacent to the\namphitheater which will unlock the high-value development potential of\napproximately 25 acres of prime land in that portion of the site.\n* In 2025, Pulte Homes of Minnesota completed development of the 110-unit\nCanterbury Crossing townhome project, and all the units have been sold with\nthe exception of the model/sales unit which is being readied for sale.\nSummary of 2026 First Quarter Operating Results \nNet revenues for the three months ended March 31, 2026, increased 2.8% to\n$13.5 million, compared to $13.1 million in the same period last year. The\nyear-over-year comparison reflects increases of 0.5%, 13.8%, and 12.5%, in\nCasino, Food and beverage and Other revenues, respectively, partially offset\nby a 5.6% decrease in Pari-mutuel revenues. The year-over-year increases\nprimarily reflect higher visitation and table games drop in our Casino, and\nhigher events admission driving Food and beverage and Other revenues, while\nfewer simulcast races nationally impacted Pari-mutuel revenues.\n\nOperating expenses for the three months ended March 31, 2026 were $12.5\nmillion, a decrease of $38,000, or 0.3%, compared to operating expenses of\n$12.5 million for the same period in 2025. The year-over-year decrease in\noperating expenses was primarily driven by lower salaries and wages due to the\ncontinued focus on reducing labor expense and driving operational\nefficiencies, offset by increased other operating expenses due to higher\nproperty taxes and special event promoter fees. Depreciation and amortization\nexpense also increased with the completion of large capital improvement\nprojects over the past year.\n\nThe Company recorded a net loss from equity investments of $1.2 million and\n$1.6 million for the three months ended March 31, 2026 and 2025, respectively.\nThe decreased loss is primarily due to increased leasing rates in our Doran\nCanterbury joint ventures, and the loss in both periods is primarily related\nto the Company’s share of depreciation, amortization and interest expense\nfrom the Doran Canterbury joint ventures.\n\nThe Company recorded income tax expense of $180,000 and income tax benefit of\n$181,000 for the three months ended March 31, 2026 and 2025, respectively. The\nincome tax expense for the three months ended March 31, 2026 compared to the\nincome tax benefit for the same period in 2025 is primarily due to an increase\nin income before taxes from operations.\n\nThe Company recorded net income of $170,000 and diluted earnings per share of\n$0.03 for the three months ended March 31, 2026. The Company recorded a net\nloss of $299,000 and a diluted loss per share of $0.06 for the three months\nended March 31, 2025.\n\nAdjusted EBITDA, a non-GAAP measure, was $2.8 million in the 2026 first\nquarter, compared to $2.1 million in the 2025 first quarter.\n\nAdditional Financial Information\nFurther financial information for the first quarter ended March 31, 2026, is\npresented in the accompanying tables at the end of this press release.\nAdditional information will be provided in the Company’s Quarterly Report on\nForm 10-Q that will be filed with the Securities and Exchange Commission on or\nabout May 12, 2026.\n\nUse of Non-GAAP Financial Measures\nTo supplement our financial statements, we also provide investors with\ninformation about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP\nmeasure, and which exclude certain items from net income, a GAAP measure. We\ndefine EBITDA as earnings before interest, taxes, depreciation and\namortization. We define Adjusted EBITDA as earnings before interest income\n(net of interest expense), income tax expense or benefit, depreciation and\namortization, as well as excluding stock-based compensation (which includes\nour 401(k)-match expense as this match occurs in Company stock), gain on\ndisposal of assets, depreciation and amortization and interest expense related\nto equity investments and their joint ventures. We define Adjusted EBITDA\nmargin as Adjusted EBITDA as a percentage of net revenues. Neither EBITDA,\nAdjusted EBITDA, or Adjusted EBITDA margin are measures of performance\ncalculated in accordance with generally accepted accounting principles\n(\"GAAP\"), and should not be considered an alternative to, or more meaningful\nthan, net income as an indicator of our operating performance. See the table\nbelow, which presents reconciliations of these measures to the GAAP equivalent\nfinancial measure, which is net income. We have presented EBITDA as a\nsupplemental disclosure because we believe that, when considered with measures\ncalculated in accordance with GAAP, EBITDA gives investors a more complete\nunderstanding of our operating results before the impact of investing and\nfinancing transactions and income taxes, and it is a widely used measure of\nperformance and basis for valuation of companies in our industry. Other\ncompanies that provide EBITDA information may calculate EBITDA or Adjusted\nEBITDA differently than we do. We have presented Adjusted EBITDA as a\nsupplemental disclosure because we believe it enables investors to understand\nand assess our core operating results excluding the effect of these items and\nis useful to investors in allowing greater transparency related to a\nsignificant measure used by management in its financial and operational\ndecision-making. Adjusted EBITDA has economic substance because it is used by\nmanagement as a performance measure to analyze the performance of our business\nand provides a perspective on the current effects of operating decisions.\n\nAbout Canterbury Park\nCanterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates\nCanterbury Park Racetrack and Casino in Shakopee, Minnesota, the only\nthoroughbred and quarter horse racing facility in the State. The Company\ngenerally offers live racing from May to September. The Casino hosts card\ngames 24 hours a day, seven days a week, dealing both poker and table games.\nThe Company also conducts year-round wagering on simulcast horse racing and\nhosts a variety of other entertainment and special events at its Shakopee\nfacility. The Company is also pursuing a strategy to enhance shareholder value\nby the ongoing development of approximately 140 acres of underutilized land\nsurrounding the Racetrack that was originally designated for a project known\nas Canterbury Commons™. The Company is pursuing several mixed-use\ndevelopment opportunities for the remaining underutilized land, directly and\nthrough joint ventures. For more information about the Company, please visit\nwww.canterburypark.com.\n\nCautionary Statement\nFrom time to time, in reports filed with the Securities and Exchange\nCommission, in press releases, and in other communications to shareholders or\nthe investing public, we may make forward-looking statements concerning\npossible or anticipated future financial performance, business activities or\nplans. These statements are typically preceded by the words “believes,”\n“expects,” “anticipates,” “intends” or similar expressions. For\nthese forward-looking statements, we claim the protection of the safe harbor\nfor forward-looking statements contained in federal securities laws.\nShareholders and the investing public should understand that these\nforward-looking statements are subject to risks and uncertainties which could\naffect our actual results and cause actual results to differ materially from\nthose indicated in the forward-looking statements. We report these risks and\nuncertainties in our Annual Report on Form 10-K for the year ended December\n31, 2025 filed with the SEC and subsequently filed Quarterly Reports on Form\n10-Q and Current Reports on Form 8-K. They include, but are not limited to: we\nmay not be successful in implementing our growth strategy; sensitivity to\nreductions in discretionary spending as a result of downturns in the economy\nand other factors; we have experienced a decrease in revenue and profitability\nfrom live racing; challenges in attracting a sufficient number of horses and\ntrainers; a lack of confidence in core operations resulting in decreasing\ncustomer retention and engagement; personal injury litigation due to the\ninherently dangerous nature of horse racing; material fluctuations in\nattendance at the Racetrack; material changes in the level of wagering by\npatrons; any decline in interest in horse racing or the unbanked card games\noffered in the Casino; competition from other venues offering racing, unbanked\ncard games or other forms of wagering; competition from other sports and\nentertainment options; increases in compensation and employee benefit costs;\nthe impact of wagering products and technologies introduced by competitors;\nthe general health of the gaming sector; legislative and regulatory decisions\nand changes; our ability to successfully develop our real estate, including\nthe effect of competition on our real estate development operations and our\nreliance on our current and future development partners; our obligation to\nmake improvements in the TIF district that will only be reimbursed to the\nextent of future tax revenue; temporary disruptions or changes in access to\nour facilities caused by ongoing infrastructure improvements; inclement\nweather and other conditions affecting the ability to conduct live racing;\ntechnology and/or key system failures; cybersecurity incidents; the general\neffects of inflation; our ability to attract and retain qualified personnel;\ndividends that may or may not be issued at the discretion of our Board of\nDirectors; and other factors that are beyond our ability to control or\npredict.\n\nThe forward-looking statements in this press release speak only as of the date\nof this press release. Except as required by law, Canterbury assumes no\nobligation to update or revise these forward-looking statements for any\nreason, even if new information becomes available in the future.\n\n Investor Contacts: \n Randy Dehmer Joseph Jaffoni, Christin Armacost \n Senior Vice President and Chief Financial Officer JCIR \n Canterbury Park Holding Corporation 212-835-8500 or cphc@jcir.com \n 952-233-4828 or investorrelations@canterburypark.com \n\n\n\n CANTERBURY PARK HOLDING CORPORATION'S \n SUMMARY OF OPERATING RESULTS \n (UNAUDITED) \n \n Three months ended \n March 31, \n 2026 2025 \n OPERATING REVENUES: \n Casino $9,241,010 $9,192,158 \n Pari-mutuel 1,017,952 1,078,485 \n Food and beverage 1,849,159 1,624,753 \n Other 1,401,413 1,246,236 \n Total Net Revenues 13,509,534 13,141,632 \n OPERATING EXPENSES 12,453,835 12,491,961 \n INCOME FROM OPERATIONS 1,055,699 649,671 \n Other Loss, net (705,430 ) (1,129,881 ) \n INCOME TAX (EXPENSE) BENEFIT (180,391 ) 181,000 \n NET INCOME (LOSS) $169,878 ($299,210 ) \n \n Basic Earnings (Loss) Per Share $0.03 ($0.06 ) \n Diluted Earnings (Loss) Per Share $0.03 ($0.06 ) \n \n\n\n\n RECONCILIATION OF NET INCOME TO EBITDA \n AND ADJUSTED EBITDA (UNAUDITED) \n \n Three months ended \n March 31, \n 2026 2025 \n NET INCOME (LOSS) $169,878 ($299,210 ) \n Interest income, net (511,364 ) (443,281 ) \n Income tax expense (benefit) 180,391 (181,000 ) \n Depreciation and amortization 1,048,979 931,488 \n EBITDA 887,884 7,997 \n Stock-based compensation 401,649 382,457 \n Gain on disposal of assets (32,000 ) - \n Depreciation and amortization related to equity investments 739,920 871,460 \n Interest expense related to equity investments 851,670 838,702 \n ADJUSTED EBITDA $2,849,123 $2,100,616 \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/5f2e5f92-03a2-4d2e-a27e-7c9834bbf0fb)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-11T20:05:01.933460207Z","server_sent_at_ms":1778529901933},"received_at":"2026-05-11T20:05:02.136Z","source_url":"https://www.globenewswire.com/news-release/2026/05/11/3292297/0/en/Canterbury-Park-Holding-Corporation-Reports-First-Quarter-Results.html"},"analysis":{"id":"22464","press_release_id":"30323","analysis_json":{"industry":{"label":"Hotels, Restaurants & Leisure","sector":"Consumer Discretionary"},"redFlags":[],"eventType":"earnings","narrative":"Canterbury Park Holding Corporation reported Q1 net revenues of $13.5 million, up 2.8% year-over-year, driven by a 13.8% increase in Food and beverage sales and a 12.5% increase in Other revenues.\n\nThe company recorded a net income of $170,000 and diluted earnings per share of $0.03 for Q1 2026, compared to a net loss of $299,000 and a diluted loss per share of $0.06 in Q1 2025, representing a 150% EPS beat.\n\nAdjusted EBITDA increased 35.6% year-over-year to $2.8 million, with an adjusted EBITDA margin of 21.1%, reflecting higher revenue and flat operating expenses.\n\nThe company remains committed to its transformation and diversification strategy, with several joint venture projects and new developments, including the 19,000-capacity amphitheater set to open in June 2026, expected to drive future growth and visitation.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Solid Q1 earnings beat with strong revenue growth and improved EBITDA margin, driven by diversification initiatives."},"keyFigures":{"eps":0.03,"revenue":13510000,"revenueYoy":"2.8%","customDimensions":{"net_income":170000,"other_revenue":1401413,"casino_revenue":9241010,"net_income_yoy":"156.8%","adjusted_ebitda":2849000,"other_revenue_yoy":"12.5%","casino_revenue_yoy":"0.5%","income_tax_expense":180391,"operating_expenses":12453835,"pari_mutuel_revenue":1017952,"adjusted_ebitda_margin":"21.1%","operating_expenses_yoy":"-0.3%","pari_mutuel_revenue_yoy":"-5.6%","food_and_beverage_revenue":1849159,"depreciation_and_amortization":1048979,"food_and_beverage_revenue_yoy":"13.8%","depreciation_and_amortization_yoy":"12.6%","net_loss_from_equity_investments_yoy":"-31.4%"}},"namedEntities":{"people":[{"name":"Randy Sampson","role":"President and Chief Executive Officer"},{"name":"Randy Dehmer","role":"Senior Vice President and Chief Financial Officer"},{"name":"Joseph Jaffoni","role":"JCIR"},{"name":"Christin Armacost","role":"JCIR"}],"products":["Boardwalk Kitchen & Bar","Triple Crown Residences","The Omry at Canterbury","Canterbury Crossing townhome project","19,000-capacity amphitheater"],"companies":[{"name":"Canterbury Park Holding Corporation","ticker":"CPHC"},{"name":"Trackside Holdings, LLC","relationship":"joint venture partner"},{"name":"Live Nation Entertainment","relationship":"operator of amphitheater"},{"name":"The Doran Group","relationship":"joint venture partner"},{"name":"Swervo Development Corporation","relationship: ":"developer of amphitheater"},{"name":"Pulte Homes of Minnesota","relationship":"developer of townhome project"},{"name":"Gensler","relationship":"architecture and design firm"},{"name":"Danny’s Construction Company","relationship":"tenant"},{"name":"Edward Jones","relationship":"tenant"}],"dollarAmounts":[{"amount":"$13.5 million","context":"Q1 2026 net revenues"},{"amount":"$13.1 million","context":"Q1 2025 net revenues"},{"amount":"$2.8 million","context":"Q1 2026 Adjusted EBITDA"},{"amount":"$2.1 million","context":"Q1 2025 Adjusted EBITDA"},{"amount":"$10 per share","context":"value of cash, TIF receivables, and real estate joint ventures"},{"amount":"$17 million","context":"Q1 2026 liquidity"},{"amount":"$3.34 per share","context":"Q1 2026 liquidity per share"},{"amount":"$20 million","context":"TIF receivables"},{"amount":"$3.94 per share","context":"TIF receivables per share"},{"amount":"$18 million","context":"land and cash contributed to joint ventures"},{"amount":"$3.54 per share","context":"land and cash contributed to joint ventures per share"},{"amount":"$580,000","context":"initial TIF payment received in Q4 2025"}]},"materialImpact":{"score":4,"reasoning":"The company reported a 2.8% revenue increase and a significant 150% EPS beat, driven by solid performance in Food and beverage and Other revenues. 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