Canterbury Park Holding Corporation · NASDAQ:CPHC
Canterbury Park — Shareholder Meeting (June 2023)
29 slides from Canterbury Park's shareholder meeting presentation, Jun 1, 2023
Slide 1: Canterbury Park Holding Corporation 2023 Annual Meeting
Canterbury Park Holding Corporation CPHC: NASDAQ 2023 Annual Meeting June 2023
Slide 2: Cautionary Statement
Cautionary Statement From time to time, in reports filed with the SEC. eases, and in other we may make possible or anticipated future financial performance, busines atts or plans which are typically preceded by the words “believes expects, antcoates, intends” or similar expressions. For such forward
Slide 3: Canterbury Park At a Glance
‘© 2million adults within 30-minute drive 4.4% Casino revenue CAGR (2018-2022) + 18,000 sq.ft. gaming facility ‘¢ 24.3% Adjusted EBITDA margin in 2022 34 Las Vegas-style table games and26 Pristine balance sheet with $33.0 million poker tables net cash postion? and $13.5 milion TIF able Canterbury Pa
Slide 4: 2022 Financials
2022 Financials Year End 2022 Results + Net revenues increased 18s Y/Y to $66.8M + Netincome decreased $4.3M Y/Y to $75 + Aajusted EBITDA increased $17! Y/Y to $151M Quarterly Results Summary +102 + Net or 48%, net Lo + Results rele ct f lendar which helped drive higher visitation and spend $210, 0
Slide 5: 2022 P&L
Months Ended December 31, 2023 Net revenve so08z 60400 berating expenses 55945 see Income rom operations 1089 $7781 2022 P&L Netincome ss sn7s0 Adjusted EBITOA" sat san Adsted EBITOA of net revenue 2% 73% Basic EPS siss sar Diluted EPS ssa s244
Slide 6: 2022 Adjusted EBITDA Reconciliation
2022 Adjusted EBITDA Reconciliation Net income Interest income, net Income tax (benefit) expense Depreciation EBITDA Loss on disposal of assets Gain onsale / transfer of land Employee Retention Credit Depreciation and amortization Felated to equity investments Interest expense related to equity inve
Slide 7: 1Q23 Financials
1Q23 Financials Quarterly Results Below Prior-Year Record Results + Casino: total revenues decreased 6% + Casino: decreased spend per vist across the database + Racing and Pari-Mutue: total revenue decreased 9% Y/Y + FRB and Other: 21% Y/Y + Net revenue decreased 3% to $13.3M + Adjusted EBITDA decre
Slide 8: 1Q23 P&L
1Q23 P&L Net revenue Operating expenses Income from operations Net income ‘Adjusted EBITOA’ Adjusted EBITDA % of net revenue Basic EPS. Diluted EPS Three Months Ended March 3}, 2023 $13,300 $11,755 sussa $27 $2482 187% sos7 $0.56 $13,638 sae $2426 sua $5547 26.0% $037 $036
Slide 9: 1Q23 Balance Sheet
Morch 3 December 31,2022 Cash and short tem investments 821738 317989 Resticted cash 3620 307 Employee retention cred receivable 2506 6103 ther curent assets sa 29 Curent assets 31450 30.700 1Q23 Balance THF receivable 499 13204 Sheet (ther long-term assets 48904 ss Total assets s95752 se2776 Long-t
Slide 10: 1Q23 Adjusted EBITDA Reconciliation
1Q23 Adjusted EBITDA Reconciliation Net income Interest income, net Income tax expense Depreciation EBITDA Gain on insurance proceeds related toequity investments Depreciation and amortization Felated to equity investments terest expensereatedto ccuty Adjusted EBITDA Three Months Ended 2023 use 2529
Slide 11: Business Update
Slide 12: Investment Highlights
Investment Highlights Profitable and Growing Casino + Operates 24 hours per day / 7 days per week : poker dealer-assist electronic gaming devi + Mutiple opportunities to increase visitation and spend per visit Profitable Pari-Mutuel Horse Racing and F&B Operations + Approximately 54 live racing days
Slide 13: Casino Overview and Update
Casino Overview and Update Casin offers 60 Las Vages-style table games and poker tabl pany can operate upto 80 table games, wth $100 {Goer and $300 able games) maxamum betting lnts + Canterbury has chosen ts current game mix due to space limitations an potential legislation to incorporate new types
Slide 14: Pari-Mutuel Overview and Update
Pari-Mutuel Overview and Update Live Racing Admissions Revenue ¢$ in mm) . 92 Canterbury operates the only thoroughbred racetrack in Minnesota Racing operation generates revenue from several sources: = Uv rang a + 24/7 simulcasting x 2 = + %of ADW wagers inthe state + Out of state wagering on our li
Slide 15: SMSC Agreement Update
SMSC Agreement Update Background Information + 10-year agreement Canterbury Park ‘ommunity ("SMSC") rovidet Canterbury not pursuing expanded gaming opportunities at its property The agreement with the SMSC expired by its terms on December 31, 2022, for several reasons: + The agreement + Canterbury c
Slide 16: F&B Overview and Update
FB Revenue ($ in mm) Canterbury offers four core F&B outlets F&B Overview , and Update Facility includes 20 additional F&®B offerings that are open for select events and live racing CANTERBURY PARK
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Slide 18: Real Estate Joint Venture Summary
Real Estate Joint Venture Summary Bravis Modern Street Food & Badger Hill Triple Crown Residences (Phase 2) Triple Crown ‘The OMRY Senior Residences Living Greystone Office JV Partner Description gated a icitional units E : sis Status Comp Under construct Opening Date anterbury Ownership %
Slide 19: Triple Crown Apartments Phase II
Phase | fh serves as connection to Phase I Triple Crown Apartments Phase I + Mirror image of Phase units + Full completion expected in Spring 2024
Slide 20: Southwest Development joint venture with Greystone Construction
“Southwest Development” joint venture with Greystone Construction Canterbury holds 62% equity ownership 1B acres across seven pad sites 7 ‘a Ke 4 Winners Circle .ttosy i ciestoneconswcsonotie + Heac i ak Greystone Construction; Rayus + Badger Hill Brewing & Bravis Modern Street Foo a
Slide 21: Third Party Development Overview
Third Party Development Overview nterbury Crossing = Next Steps Learning Conterbury Crossing art tes Le Developer Put ifestyle Communities Greystone 109-unit residential op senior iving Pre-school rowheme community community ose Completed Land sale closed Land sae closed Intial units pene econ oy 20
Slide 22: Amphitheater: Capacity for 19,000 fans
Capacity for 19,000 fans Amphitheater ‘location program ongoing throug velopment Sponsor: Swervo Development
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Slide 24: Canterbury Park Timeline
Canterbury Park Timeline ‘Sampson amy and Dae conterbuy crossing | MN MEU Beveoomen Beas ! stable TF aprement eas roms ec winch oS SN 1 ser tnns sraronten ae creel Sercoe aac, soe | Om eal Tiee com acd voramocaeh | openest crore once | apnea | stone "ede hes | uN A | F l J = == Leet andraltes art |
Slide 25: Diverse Business Model
Casino Real Estate Development Diverse Business Model Racing Hospitality & Entertainment
Slide 26: Casino Overview
Table and poker games** + 26 poker tables + TI dealer-assist electronic gaming positions asino games are “unbanked conta gers received Wagers lost accumulated int turned to players through 9 a player pool liability which veaways, promotional tems Casino Overview Financial performance (TTM) + Revenue
Slide 27: Monetization of Canterbury Real Estate
Monetization of Canterbury Real Estate Pure land sales represent one of several paths to monetize the excess real estate surrounding Canterbury Park ‘Two parcels, encompassing roughly 30 acres, sold for total consideration of approximately $5.8 million (2015 and 2016) + Implied value of raw landis a
Slide 28: Monetization of Canterbury Real Estate
Monetization of Canterbury Real Estate Land transfers to JVs represent one of several paths to monetize the excess real estate ‘surrounding Canterbury Park Doran (Triple Crown Apartments) * SPHC contd 3 ares of tnd at per acre value of + Doran exercised option for Phase 2 in August 2020 ‘Acres in Jo
Slide 29: Canterbury Park
CANTERBURY PARK
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