Canterbury Park Holding Corporation Reports Financial Results for the Second Quarter and First Six Months of 2019

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[{"type":"text","content":"SHAKOPEE, Minn., Aug. 13, 2019 /PRNewswire/ -- Canterbury Park Holding Corporation (the \"Company\") (NASDAQ: CPHC) today announced financial results for its second quarter and six month periods ended June 30, 2019. \n\n \nThe Company reported net revenues of $16.4 million for the three months ended June 30, 2019, a decrease of 0.5% from revenues of $16.5 million in the same 2018 period. Card Casino revenues increased $411,000, or 4.8%, primarily due to an increase in table games revenues. Pari-mutuel revenues decreased $297,000, or 8.5%, primarily due to a decrease in guest fees and simulcast revenue. Food and beverage revenues increased $144,000, or 6.0%, primarily due to an increase in special events and the opening of the Trifecta Café and remodeled Card Casino in March 2019. Other revenues decreased $337,000, or 15.8%, primarily due to a decrease in RiverSouth advertising revenues, which are offset by decreased advertising expenses for RiverSouth compared to the same period last year.\nFor the six months ended June 30, 2019, the Company's net revenues were $28.0 million, a decrease of 2.5% from revenues of $28.7 million for the same period in 2018. Card Casino revenues increased $33,000, or 0.2%. Pari-mutuel revenues decreased $347,000, or 6.9%, primarily due to a decrease in simulcast and guest fee revenue. Food and beverage revenues increased $193,000, or 5.2%, primarily due to an increase in special events and the opening of the Trifecta Café and remodeled Card Casino in March 2019. Other revenues decreased $588,000, or 18.2%, primarily due to decreased space rental revenues as well as RiverSouth advertising revenues.\nThe Company's operating expenses during the 2019 second quarter were $15.1 million, a decrease of $385,000, or 2.5%, compared to the 2018 second quarter expenses of $15.5 million. Operating expenses in the 2019 second quarter included a gain on insurance recoveries of $204,000 related to flood damage that was accounted for as a reduction in operating expense. Operating expenses in the 2018 second quarter included a loss on disposal of assets of $100,000. Excluding the gain and loss for the 2019 and 2018 second quarters, operating expenses for the 2019 period remained consistent, decreasing $81,000, or 0.5%, compared to the 2018 period.\nThe Company's operating expenses during the six months ended June 30, ...

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