Minnesota Pari-Mutuel and Card Club location loses big in Second Quarter

Gambling News - August 12th, 2009 - Written by Glen

Canterbury Park of Minnesota, a pari-mutuel wagering center and card room, saw a major decline in revenue over the second quarter of 2009. This is a stunning example of how it is not just the major gambling centers throughout the states that are suffering, but also what is highly regarded as a pastime for many Americans - thoroughbred races.

In June of 2008, the three month period ended with Canterbury Park generating $13.8M dollars. This year they had succumbed to the economic strife and only brought in a total of $11.1M dollars in the second quarter. After expenses, the Park had ended up losing a net loss of $173,099, compared to the second quarter loss of $35,419 in 2008.

The percentage decreases were startlingly high. Revenue overall had dropped 19.2%. The Card Club on the premises had dropped revenue equal to 23.1%. Pari-mutuel revenues were decimated, having lost 18.6%. While revenues dropped, expenses had as well. Expenses for the quarter had dropped down 17.5%. This was not enough to overcome the revenue loses, however, and the Park had still operated at a loss.

Randy Sampson, CEO of Canterbury Park, attributes the drop to the lack of "discretionary spending" as well as a new competitor found in Running Aces Harness Park. Positive revenues are expected over the long run, as the CEO had stated, but shares are still slightly down.

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