Business
Canterbury Park Announces Amphitheater Development for Canterbury Commons, Plans to Modernize Horse Stabling Area
New projects will add to property’s entertainment experience and strengthen horse racing operations SHAKOPEE, Minn., Feb. 08, 2022 (GLOBE NEWSWIRE) --
About this update from Canterbury Park Holding Corporation
[{"type":"text","content":"New projects will add to property’s entertainment experience and strengthen horse racing operations\nSHAKOPEE, Minn., Feb. 08, 2022 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (NASDAQ: CPHC) (“Canterbury” or the “Company”) today announced two new proposed development projects that will respectively elevate the entertainment experience at the property and significantly strengthen the Company’s horse racing operations. One project includes the Company’s agreement to sell approximately 40 acres in the northeast corner of the property to Minneapolis-based Swervo Development Corporation (“Swervo”), which plans to build a state-of-the-art 19,000-seat amphitheater as part of the Canterbury Commons™ development, subject to state and local regulatory approvals. Pending approval of the amphitheater development, Canterbury also plans to invest in significant improvements to its horse stabling area. This multi-million dollar barn area redevelopment project will continue the Company’s ongoing commitment to provide quality horse racing in the state of Minnesota as well as allow for future development of Canterbury’s underutilized land. “These new proposed development projects are significant steps in our long-term vision to continue to position Canterbury Park, Canterbury Commons and the City of Shakopee as a leading regional destination that offers a combination of residential, hospitality, commercial, retail and entertainment attractions and experiences,” said Randy Sampson, Chairman and CEO of Canterbury Park. “The proposed amphitheater will be a centerpiece of our Canterbury Commons development and reflects our strategic focus on working with accomplished partners to create best-in-class live, work and play amenities and customer experiences as we continue the development of our available land.” \"We welcome the news about Canterbury Park’s further investment in its horse racing operations and look forward to starting the city review process for Swervo's amphitheater proposal, which has tremendous potential to provide additional entertainment choices and boost our local economy,” Shakopee Mayor Bill Mars said. “Canterbury Park has deep roots in Shakopee, and its development efforts will only strengthen our community in the future.” New 19,000-Seat Amphitheater Canterbury Park and Swervo have entered into a purchase agreement w...