Canterbury Park (NASDAQ: CPHC) announced today it will resume Card
Casino, simulcast and live racing operations on Thursday, July 21 after
a 20 day suspension of its operations due to a budget impasse that
triggered a shutdown of state government beginning July 1. The budget
stalemate ended this morning when budget legislation was passed by the
Minnesota legislature and was signed into law by the Governor.
With the budget in place, employees of the Minnesota Racing Commission
(the “MRC”), the state body that oversees the Company’s gaming
operations, will return to work tomorrow. As a result, the Commission
has authorized Canterbury to re-open the Card Casino at 10:00 a.m.
Thursday and to resume simulcast racing operations at 11:00 a.m., and
live racing at 7:00 p.m.
“We are relieved that this shutdown has come to an end. It has caused
undue hardship for far too many,” Canterbury President Randy Sampson
said. “Suspending Canterbury’s operations was extremely painful to the
1,000 employees of Canterbury Park who were laid off without pay, to
those employed on our backside and to thousands otherwise involved in
Minnesota's horse industry. Since the shutdown occurred during the heart
of racing season, we estimate that Canterbury Park lost as much as $1
million in revenue each week, but we won't know the final impact until
the racing season is over. I look forward to welcoming back our loyal
employees and customers and to allowing the horsemen to again compete
The special session adjourned without action on the Company’s proposed
Racino legislation, which would have authorized slot machines and other
electronic gaming devices operated by the Minnesota lottery the state’s
“It is very disappointing that our proposed Racino legislation was not
part of resolving the budget impasse,” Sampson said. “Studies have shown
that two Racinos would generate an estimated $125 million annually in
revenues for the State of Minnesota, while creating thousands of jobs in
the racing, hospitality, and equine industries. Racinos would also
enable Minnesota’s horse racing industry, which already employs several
thousand individuals, to remain competitive and viable. We believe our
efforts this year have increased support for Racinos in Minnesota, both
among the public and among lawmakers in St. Paul, and we remain
committed to the adoption of Racino legislation in Minnesota at the
earliest possible time.”
About Canterbury Park: Canterbury Park Holding Corporation
owns and operates Canterbury Park Racetrack, Minnesota’s only
thoroughbred and quarter horse racing facility. The Company’s 2011 live
race meet began on May 20th and ends September 5th.
In addition, Canterbury Park’s Card Casino hosts “unbanked” card games
24 hours a day, seven days a week, offering both poker and table games.
The Company also conducts year-round wagering on simulcast horse racing
and hosts a variety of other entertainment and special events at its
facility in Shakopee, Minnesota. For more information about the Company,
please visit us at www.canterburypark.com.
Cautionary Statement: This release contains or may contain
forward-looking statements based on management’s beliefs and
assumptions. Such statements are subject to various risks and
uncertainties that could cause results to vary materially. Please refer
to the Company’s SEC filings for a discussion of such factors.
Canterbury Park Holding Corporation Randy Sampson,