SHAKOPEE, Minn., May 09, 2024 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation ("Canterbury" or the "Company") (NASDAQ:CPHC), today reported financial results for the first quarter ended March 31, 2024. ($ in thousands, except per share data and percentages)   Three Months Ended March 31,   2024   2023   Change Net revenues $ 14,098   $ 13,300   6.0 %             Net income   $ 998   $ 2,771   -64.0 %             Adjusted EBITDA (1) $ 3,213   $ 2,818   14.0 %             Basic EPS $ 0.20   $ 0.57   -64.9 % Diluted EPS $ 0.20   $ 0.56   -64.3 %                   (1) Adjusted EBITDA, a non-GAAP measure, excludes certain items from net income, a GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from, a substitute for, or superior to GAAP results. Definitions, disclosures, and reconciliations of non-GAAP financial information are included later in the release. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenues.Management Commentary"Canterbury delivered strong first quarter 2024 financial results, with net revenues increasing 6.0% to $14.1 million and Adjusted EBITDA rising 14.0% to $3.2 million. The year over year revenue increase reflects the benefit from significantly better weather in the 2024 first quarter period compared to the same period in 2023. The adjusted EBITDA margin of 22.8% in the quarter demonstrates our fiscal discipline and the success of our initiatives to optimize operations as we continue to track well above historical adjusted EBITDA margin levels. "We generated revenue growth across each of our reporting segments in the quarter including a 3.5% increase in Casino revenues as we extended the positive Casino revenue trends that we saw during the last months of 2023. The collective 17.0% increase in Food and Beverage and Other revenues primarily reflects the benefits of our initiatives to position our event center as a leading destination for events of all sizes in the region. While this effort is off to a very strong start, we believe there remains a significant opportunity to grow the awareness and appreciation for our hospitality offerings to deliver even higher financial performance. Pari-mutuel results rose year-over-year primarily due to milder weather and our continued efforts to optimize the operations for this portion of our business. "Development at Canterbury Commons continues to significantly transform the lifestyle experience at the property and is proving out our long-term vision for establishing a regional ‘Live, Work, Stay, and Play' destination. Development of Swervo Development Corporation's ("Swervo") amphitheater continues on schedule and recently, Greystone filed an application for a second 28,000 square foot commercial office building within the Winner's Circle site that is expected to add additional daytime population and a mix of uses to Canterbury. This project would join the already under construction 10,000 square foot commercial building that will be home to BBQ and pizza restaurants and a fitness center. In addition, we are making consistent progress on our barn relocation project and are looking forward to beginning work later this year on a new road that will allow us to unlock approximately 20 additional acres of land that would provide economic upside for Canterbury and our shareholders. "As we continue to optimize our operations and are positioned to benefit from the full potential that will be unlocked by the development of Canterbury Commons, we remain equally focused on exploring additional opportunities to create new value for our shareholders. Recently, the Minnesota Racing Commission approved the introduction of 500 on-track ADW historical horse racing terminals at Canterbury Park effective May 21, 2024. This entertainment option would offer our guests the ability to wager on historical horse racing outcomes similar to what is available in multiple jurisdictions. While this approval is currently the subject of a legal challenge and state legislative efforts, we remain fully committed to advocate for the ability to bring new gaming and wagering opportunities, including sports wagering, to Canterbury Park. Expanding the gaming offerings at Canterbury Park would benefit our shareholders and importantly help us secure the long-term viability of Minnesota's horse racing industry, which supports thousands of jobs and generates approximately $400 million in economic benefits to the State. With our solid balance sheet and consistent cash flow generation, we are positioned to return capital to shareholders through our quarterly cash dividend and to continue executing on our strategies to deliver long-term growth." Canterbury Commons Development UpdateSwervo continues to make progress on the construction of its state-of-the-art amphitheater which is expected to open in 2025. The Company's barn relocation and redevelopment plan is also underway and is on track for completion in 2025. Canterbury expects to begin work this summer on the road adjacent to the amphitheater which will unlock the development potential of over 20 acres of land in that portion of the site. Residential and commercial construction updates related to joint ventures include: Phase II of The Doran Group's upscale Triple Crown Residences at Canterbury Park has obtained a certificate of occupancy and has recently begun leasing available units. 50% of the 147 units of senior market rate apartments at The Omry at Canterbury are leased. Construction continues on a new 10,000 square-foot commercial building within the Winner's Circle development which is expected to open in late 2024; the building features three tenants, including a BBQ restaurant, a pizza restaurant and a fitness center. A land use application for an additional 28,000 square-foot commercial office building within the Winner's Circle development has been filed with the City Planning Commission. Residential and commercial construction updates related to prior land sales include: Pulte Homes of Minnesota continues development ...