Canterbury owner posts $1M loss in 2010

The company that owns Canterbury Park in Shakopee, Minn., lost nearly $1 million in 2010, or 25 cents a share, on lower revenue from its racing operations and higher expenses partially related to lobbying efforts to obtain legislative approval for slot machines, according to documents released by the company on Tuesday.

Revenue for the year was $39.9 million, up $300,000 compared with 2009, according to the company, despite a 10.2 percent decline in revenue from the track’s parimutuel operations. The parimutuel losses were offset by a 9.9 percent increase in revenue from the track’s card room, according to the documents.

The $1 million annual loss for 2010 compared with a $60,000 net profit in 2009, according to the documents. In addition to the increased lobbying expenditures, the company said it recorded a $1 million write-off of assets in its card room for 2010 and higher costs to pay salaries and provide employee benefits.

In a statement, the company’s chief executive, Randy Sampson, said that the “poor economic conditions” facing the racing industry nationwide played a part in the decline in parimutuel revenue. He also said that bettors in the state were increasingly placing bets with Internet wagering companies that operate in Minnesota in violation of a state prohibition on the practice.

Canterbury is scheduled to start a 62-day race meet on May 20, running through Sept. 5. Its card club operates seven days a week, 24 hours a day.