Canterbury Park posts $925,976 loss following Covid-19 upheaval
Canterbury Park Holding Corporation, operator of Canterbury Park racecourse in Minnesota, has reported a $925,976 net loss for the first half of 2020, after it was forced to temporarily close the venue due to the novel coronavirus (Covid-19) pandemic.
Net operating revenue in the six months to June 30 totalled $13.7m, down 51.1% from $28.0m in the same period last year.
Canterbury shut its racecourse on March 16, in line with measures to combat the spread of Covid-19, and did not reopen the facility until June 9. This, Canterbury said, led to a significant drop in revenue, as it temporarily lost its primary source of income for a large portion of the first half.
The shutdown of operations at the racecourse meant operating expenses for the period were lower, with the $15.9m spent in H1 down 40.5% from $15.9m last year.
However, this reduction in spending was not enough to offset the year-on-year decline in revenue, and Canterbury posted an operating loss of $2.2m, compared to a profit of $1.3m at the same point in 2019.