CPHC

Highlights Significant Value of Over $11 Per Share on Balance Sheet from Cash on Hand, TIF Receivables and Real Estate Joint Ventures SHAKOPEE, Minn., Aug. 11, 2026 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (Nasdaq: CPHC), today reported financial results for the second quarter ended June 30, 2026. Management CommentaryRandy Sampson, President and Chief Executive Officer of Canterbury Park, commented, “The continued successful execution of our operating initiatives combined with our disciplined expense management has resulted in consistent financial performance over the last several years including our ability to optimize cash flow. Our second quarter results are indicative of this consistency, as we delivered revenue growth of 3.2% and adjusted EBITDA growth of 29.3%. Performance in the quarter reflected revenue growth in our Casino, Pari-mutuel and Food and Beverage operations as well as our continued focus on expense discipline. Operationally, Casino performance in the quarter was driven by a significant year-over-year improvement in table games drop, partially offset by lower-than-typical hold. The nearly 20% year-over-year rise in Food and Beverage revenue reflects increased concession sales primarily due to an increase in live race days year-over-year. “While our current market valuation largely reflects the consistency in the annual level of cash flow we generate, we believe it does not give appropriate credit to the significant additional value on our balance sheet. This includes more than $11 per share in cash, Tax Increment Financing (TIF) receivables, and real estate joint ventures. As of June 30, 2026, we have 5.2 million shares outstanding and have $19 million in cash and TIF receivables of more than $20 million, while also having contributed a total of over $18 million in land and cash to joint venture developments. These joint venture developments are also beginning to benefit the Company through more consistent cash contributions that we expect to grow as the projects stabilize. As our joint venture income grows, our need to provide support through large member loan contributions decreases, which would allow us to grow interest income through more active investments that yield a positive return. In addition, we have approximately 50 acres of land for development that are on our balance sheet at a significant discount from the current market rate. “We believe Canterbury is well-positioned to continue driving growth in our operations. There is a growing level of activity and visitation across all of the entertainment, living and work environments that now exist at the property, including visitors to the recently opened 19,000-capacity amphitheater that features national music headliners. We are actively finding ways to increase our connection with these consumers to drive improved performance across our core gaming, food and beverage and entertainment operations. We feel the best days for Canterbury are still to come and we are committed to leveraging our growth opportunities and unlocking the significant value on our balance sheet to benefit shareholders.” Tax Increment FinancingAs of June 30, 2026, Canterbury has just under $1.2 million remaining to spend related to tax increment financing in the TIF district. In December 2025, the Company received its first reimbursement of $582,000 related to these expenditures and expects to receive $1.2 million in 2026. Joint Ventures The Company’s joint ventures are currently generating approximately $73,000 per quarter in cash flow to the Company including: Canterbury DBSV, LLC (“Winners Circle”): Currently generating approximately $38,000 per quarter in cash flow to the Company Trackside Investments, LLC (“Boardwalk Kitchen & Bar”): Currently generating approximately $35,000 per quarter in cash flow to the Company Doran Canterbury I & II, LLC (“Triple Crown Residences at Canterbury Park”): Expected to be cash flow positive in 2027 on a combined basis Summary of 2026 Second Quarter Operating Results Net revenues for the three months ended June 30, 2026, increased 3.2% to $16.2 million, compared to $15.7 million in the same period last year. The year-over-year comparison reflects increases of 1.5%, 2.6%, and 19.6%, in Casino, Pari-mutuel and Food and Beverage revenues, respectively, partially offset by a 5.6% decrease in Other revenues. The year-over-year increases primarily reflect higher table games drop in the Company’s Casino operations and an increase in live race days resulting in higher Pari-mutuel and Food and Beverage revenues. Operating expenses for the three months ended June 30, 2026 were $15.9 million, an increase of $648,000, or 4.3%, compared to operating expenses of $15.2 million for the same period in 2025. The year-over-year increase was primarily driven by a $463,000 year-over-year increase in purse expense which reflects an impairment charge of $419,000 related to horseracing purse overpayments that occurred in 2024 and 2025, subject to the terms of the 2024 and 2025 live meet agreements. The total purse overpayment in those periods was just over $2.0 million. To date, no legislative action has been taken to either legalize sports betting in the State, which the Company continues to support, or for horseracing purse enhancements. As such, the Company determined to record an impairment charge of one-fifth of these overpayment amounts in the second quarter of 2026 and will continue to evaluate recoverability going forward. In addition, the Company experienced higher costs of food and beverage sales, due primarily to the increased Food and Beverage sales. These higher operating expenses were partially offset by lower expenses for utilities and advertising and marketing activities. The Company recorded a net loss from equity investments of $1.0 million and $1.4 million for the three months ended June 30, 2026 and 2025, respectively. The decreased loss is primarily due to increased leasing rates in the Doran Canterbury joint ventures. The loss in both periods is primarily related to the Company’s share of depreciation, amortization and interest expense from the Doran Canterbury joint ventures. The Company recorded an income tax benefit of $73,000 and $151,000 for the three months ended June 30, 2026 and 2025, respectively. The decrease in income tax benefit is primarily due to an improvement in income before taxes from operations in 2026 compared to the same period in 2025. The Company recorded a net loss of $148,000, or a loss of $0.03 per share, for the three months ended June 30, 2026. The net loss is primarily a result of the above noted impairment charge related to prior period purse overpayments. The Company recorded a net loss of $327,000, or a loss of $0.06 per share, for the three months ended June 30, 2025. Adjusted EBITDA, a non-GAAP measure, was $2.6 million in the 2026 second quarter, compared to $2.0 million in the 2025 second quarter. Summary of 2026 Year-to-Date Operating ResultsNet revenues for the six months ended June 30, 2026 was $29.7 million, up 3.0% compared to $28.8 million in the same period in 2025. Net income for the six months ended June 30, 2026 was $22,000 compared to a net loss of $627,000 in the six months ended June 30, 2025. EPS was $0.00 per diluted share for the six months ended June 30, 2026, compared to a net loss of $0.12 per diluted share in the prior-year period. Net income and EPS in the six-month period ended June 30, 2026, includes the impact of the $419,000 impairment charge of previously overpaid horseracing purses that occurred in 2024 and 2025 as noted above. Adjusted EBITDA, a non-GAAP measure, increased 31.8% to $5.5 million compared to Adjusted EBITDA of $4.1 million in the six months ended June 30, 2025. Additional Financial InformationFurther financial information for the second quarter ended June 30, 2026, is presented in the accompanying tables at the end of this press release. Additional information will be provided in the Company’s Quarterly Report on Form 10-Q that will be filed with the Securities and Exchange Commission on or about August 12, 2026. Use of Non-GAAP Financial MeasuresTo supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, and which exclude certain items from net income, a GAAP measure. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest income (net of interest expense), income tax expense or benefit, depreciation and amortization, as well as excluding stock-based compensation (which includes our 401(k)-match expense as this match occurs in Company stock), gain on disposal of assets, and depreciation and amortization and interest expense related to equity investments, including amounts attributable to underlying joint ventures reflected in equity investment earnings. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net revenues. Neither EBITDA, Adjusted EBITDA, or Adjusted EBITDA margin are measures of performance calculated in accordance with generally accepted accounting principles ("GAAP"), and should not be considered an alternative to, or more meaningful than, net income as an indicator of our operating performance. See the table below, which presents reconciliations of these measures to the GAAP equivalent financial measure, which is net income. We have presented EBITDA as a supplemental disclosure because we believe that, when considered with measures calculated in accordance with GAAP, EBITDA gives investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes, and it is a widely used measure of performance and basis for valuation of companies in our industry. Other companies that provide EBITDA information may calculate EBITDA or Adjusted EBITDA differently than we do, so caution should be taken in comparing the Company’s EBITDA and adjusted EBITDA results to those of other companies. We have presented Adjusted EBITDA as a supplemental disclosure because we believe it enables investors to understand and assess our core operating results excluding the effect of these items and is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business and provides a perspective on the current effects of operating decisions. About Canterbury ParkCanterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing 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 Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com. Cautionary StatementFrom time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, we may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans. These statements are typically preceded by the words “believes,” “expects,” “anticipates,” “intends” or similar expressions. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements. We report these risks and uncertainties in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. They include, but are not limited to: we may not be successful in implementing our growth strategy; sensitivity to reductions in discretionary spending as a result of downturns in the economy and other factors; we have experienced a decrease in revenue and profitability from live racing; challenges in attracting a sufficient number of horses and trainers; a lack of confidence in core operations resulting in decreasing customer retention and engagement; personal injury litigation due to the inherently dangerous nature of horse racing; material fluctuations in attendance at the Racetrack; material changes in the level of wagering by patrons; any decline in interest in horse racing or the unbanked card games offered in the Casino; competition from other venues offering racing, unbanked card games or other forms of wagering; competition from other sports and entertainment options; increases in compensation and employee benefit costs; the impact of wagering products and technologies introduced by competitors; the general health of the gaming sector; legislative and regulatory decisions and changes; our ability to successfully develop our real estate, including the effect of competition on our real estate development operations and our reliance on our current and future development partners; our obligation to make improvements in the TIF district that will only be reimbursed to the extent of future tax revenue; temporary disruptions or changes in access to our facilities caused by ongoing infrastructure improvements; inclement weather and other conditions affecting the ability to conduct live racing; technology and/or key system failures; cybersecurity incidents; the general effects of inflation; our ability to attract and retain qualified personnel; dividends that may or may not be issued at the discretion of our Board of Directors; and other factors that are beyond our ability to control or predict. The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Canterbury assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. Investor ContactRandy DehmerSenior Vice President and Chief Financial OfficerCanterbury Park Holding Corporation952-233-4828 or [email protected] - financial tables follow –

Shakopee, Minn., June 12, 2026 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today announced that the Company’s Board of Directors, pursuant to its dividend policy, approved a quarterly cash dividend of $0.07 per share that will be paid on July 14, 2026 to stockholders of record on June 30, 2026. At this quarterly rate, the annual dividend is equivalent to $0.28 per common share. About Canterbury Park Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing 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 Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com. Cautionary Statement From time to time, in press releases and in other communications to shareholders or the investing public, Canterbury Park Holding Corporation may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans based on management’s beliefs and assumptions.  These forward looking statements are typically preceded by the words such as "believes," "expects," "anticipates," "intends" or similar expressions.  Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties, including those disclosed in our periodic filings with the Securities and Exchange Commission, which could cause actual performance, activities, future dividends or plans after the date the statements are made to differ significantly from those indicated in the forward-looking statements when made. Investor Contacts: Randy Dehmer                                                                                                  Joe Jaffoni, Christin ArmacostSenior Vice President and Chief Financial Officer                                            JCIRCanterbury Park Holding Corporation                                                               212-835-8500 or [email protected] or [email protected]

Shares of Canterbury Park Holding Corporation CPHC have gained 0.5% since reporting first-quarter 2026 results, marginally ahead of the S&P 500 index’s 0.1% return. However, the stock has underperformed over the past month, rising 1.7% compared with the S&P 500’s 5% advance. Canterbury Park reported first-quarter 2026 net revenues of $13.5 million, up 2.8% from $13.1 million in the prior-year quarter. The company posted net income of $170,000, or 3 cents per diluted share, against a net loss of $299,000, or 6 cents per share, a year earlier. Adjusted EBITDA climbed 35.6% year over year to $2.8 million. Revenue growth was driven by higher food and beverage sales, and stronger event-related business, while lower operating expenses and reduced equity investment losses supported profitability improvements. Canterbury Park Holding Corporation price-consensus-eps-surprise-chart | Canterbury Park Holding Corporation Quote Casino revenues, Canterbury Park’s largest revenue contributor, increased 0.5% year over year to $9.24 million in the first quarter. Management said growth reflected increased visitation and higher spending per visit, although unusually low table game hold percentages in March tempered stronger gains. Poker revenues declined to $2.82 million from $2.9 million, while table games revenues rose to $6.42 million from $6.29 million. Pari-mutuel revenues declined 5.6% year over year to $1.02 million due to fewer simulcast race days nationwide during the quarter. Simulcast revenues fell to $719,000 from $781,000 in the prior-year period. Food and beverage revenues posted strongest growth among operating segments, rising 13.8% to $1.85 million. The company attributed the increase to higher visitation tied to large-scale special events and the rollout of a point-of-sale system that improved service speed and transaction volume. Other revenues, which include admissions, sponsorships and space rentals, increased 12.5% to $1.4 million, supported by higher admissions revenues from expanded event activity. Total operating expenses edged down 0.3% year over year to $12.45 million despite inflationary pressures and higher event-related activity. Salaries and benefits expenses decreased 4% to $6.06 million as the company continued implementing labor-efficiency initiatives. However, depreciation and amortization expenses rose 12.6% to $1.05 million due to recently completed capital improvement projects. Other operating expenses also increased 8.9%, reflecting higher property taxes and promoter fees tied to the expanding special events business. The company’s loss from equity investments narrowed to $1.22 million from $1.57 million in the prior-year period, helped by higher leasing rates at the Doran Canterbury joint ventures. Management noted that the losses remain largely attributable to non-cash depreciation, amortization and interest expenses associated with the developments. The adjusted EBITDA margin expanded to 21.1% from 16% in the prior-year quarter, underscoring the impacts of revenue growth and tighter cost controls. President and chief executive officer Randy Sampson said the company’s diversification initiatives and entertainment expansion strategy continued to drive operating momentum. He highlighted strong event traffic, growing residential occupancy within Canterbury Commons developments and improving leasing trends across commercial properties. Management pointed to several major development milestones, including the upcoming opening of a 19,000-capacity amphitheater operated by Live Nation Entertainment. The venue is expected to host more than 40 concerts during its inaugural season beginning in June 2026, with artists like Chris Stapleton, Guns N’ Roses and Dave Matthews Band already scheduled. The company expects the amphitheater to increase visitation to its gaming, food and beverage, and entertainment operations. Canterbury also reported that Phase II of the Triple Crown Residences development reached approximately 94% leased occupancy following refinancing completed in January 2026, while a newly completed 28,000-square-foot office building within the Winners Circle development is already 80% leased. The company ended the quarter with $16.4 million in cash, cash equivalents and restricted cash, up from $15.8 million at the end of 2025. Canterbury remained debt-free and had no outstanding borrowings under its $5-million revolving credit facility. Management said liquidity exceeded $17 million at the quarter-end and reiterated confidence that available cash, investments and operating cash flow would support ongoing operations and planned development expenditure over the next year. In the first quarter, Canterbury contributed $1.47 million to the Doran Canterbury II joint venture to support refinancing activities intended to lower interest expenses. The company also continued advancing the Canterbury Commons mixed-use development project, including infrastructure work tied to tax increment financing agreements with the city of Shakopee. Management said that it expects additional distributions related to its more than $20-million tax increment financing receivable during 2026. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canterbury Park Holding Corporation (CPHC): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

SHAKOPEE, Minn., May 11, 2026 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (Nasdaq: CPHC), today reported financial results for the first quarter ended March 31, 2026. Management Commentary Randy Sampson, President and Chief Executive Officer of Canterbury Park, commented, “Our transformation and diversification initiatives drove solid first-quarter results, as revenue growth and disciplined expense management significantly enhanced cash flows. Revenue grew 2.8% year-over-year to $13.5 million, reflecting a 13.8% increase in Food and beverage sales and a 12.5% increase in Other revenues. While Casino play was healthy throughout the quarter, growth was tempered by unusually low table games hold in March—the lowest in Company history. Absent this anomaly, Casino table games revenue would likely have seen double-digit growth, consistent with our F&B and Other revenue segments. Adjusted EBITDA of $2.8 million rose 36% year-over-year with an adjusted EBITDA margin of 21.1%, reflecting the quarter’s higher revenue and flat operating expenses compared to last year. We are managing operating expenses within our control, such as labor which was reduced by 4% during the quarter. This decline was partially offset by increased other operating expenses such as property taxes and event promoter fees, though the higher promoter fees reflect the success and growth of our event business. Non-cash depreciation and amortization expense also increased with the completion of large capital improvement projects over the past year. “Minnesota’s South Metro region is a thriving market currently undergoing a high-growth evolution across its residential and economic landscapes. Our vision of a unique ‘live, stay, work, and play’ destination leverages the region’s economic strength to drive new revenue and visitation to Canterbury, while providing a robust foundation for our future development pipeline. Overall residential occupancy within our joint ventures is currently 84% and is positioned perfectly for the seasonal spring leasing surge. Meanwhile, the newest 28,000-square-foot office building in the Winners Circle development is already 80% leased just months after completion. Also, this year marks the first full year of operations for Boardwalk Kitchen & Bar, a joint venture with Trackside Holdings, LLC, a 6,000-square-foot upscale restaurant and bar with live entertainment featuring a massive 18,000-square-foot patio with trackside views. One of Canterbury’s most significant visitation catalysts arrives next month with the opening of the 19,000-capacity amphitheater. Live Nation Entertainment, the operator of the amphitheater, has secured a robust schedule of 40+ concerts, featuring headliners including Chris Stapleton, John Mellencamp, Guns N’ Roses and Dave Matthews Band. Strong initial ticket sales signal high demand for this landmark addition to the Twin Cities, and Canterbury will benefit from elevated visitation to our revenue producing operations. “Our real estate development is exceeding expectations both from a quality and diversification perspective as Canterbury is ideally situated in one of the fastest growing markets in the Twin Cities. Throughout 2026, we will be exploring additional entertainment and hospitality opportunities for the remaining trackside land parcels that would add to the nearly 1,000 residential units, four restaurants, brewery, two music and entertainment venues, 57,000-square-feet of office space, and other amenities already open or under construction. Following a comprehensive market analysis, we are moving forward with design concepts for our prime 25-acre site near the amphitheater in partnership with the City of Shakopee. We have retained Gensler, the renowned architecture and design firm, to lead the site planning. The recommended programming includes a mix of hotel, office, retail, and hospitality uses, alongside additional entertainment venues. The success of our diversification strategy continues to validate our evolution into a premier regional destination while unlocking significant real estate value for our shareholders, and we look forward to updating shareholders at our Annual Shareholder Meeting on June 4, 2026. “We remain committed to driving transformational growth and diversification while maximizing cash flow from our gaming, F&B, and expanding entertainment operations. In addition, we continue to build durable shareholder value through consistent cash flow and a strong balance sheet—value that we believe is not reflected in our current valuation. Canterbury remains debt-free and our cash, Tax Increment Financing (TIF) receivables, and real estate joint ventures are valued at over $10 per share. Notably, this $10+ per share figure excludes approximately 50 acres of land held for future development, which is currently recorded on our balance sheet at cost and does not reflect its true current market value or potential value as it is developed. As of the first quarter, our liquidity stood at over $17 million, or approximately $3.34 per share. We also hold over $20 million, or $3.94 per share, in TIF receivables and, after receiving an initial payment of $580,000 in Q4 2025, we expect further distributions throughout 2026. Additionally, we have contributed $18 million, or $3.54 per share, in land and cash to joint venture developments that are starting to yield positive returns. With a proven track record and a robust growth pipeline, we remain dedicated to delighting our guests, serving our residents and delivering long-term value to our shareholders.” Canterbury Commons Development Update Residential and commercial construction updates related to Canterbury’s joint ventures include: Phase II of The Doran Group’s upscale Triple Crown Residences at Canterbury Park is approximately 94% leased, which allowed for the refinancing of this property in January 2026. In addition, Phase I of the Triple Crown Residences is now 72% leased. 99% of the 147 units of senior market rate apartments at The Omry at Canterbury are leased. The pizza restaurant, fitness center and BBQ restaurant in the 10,000-square-foot commercial building within the Winners Circle development, all of which opened in 2025 to positive patronage, will realize their first full year of operations in 2026. Construction of an additional 28,000-square-foot commercial office building within the Winners Circle development was completed in Q4 2025. Danny’s Construction Company occupies the entire second floor, and Edward Jones is putting the finishing touches on their build out of the first floor. The building is 80% leased and marketing is underway for the remainder of the available space with strong initial interest. An insurance brokerage firm leased space and plans to occupy the space in June after its tenant fit-up is complete. Approximately 4,000-square feet of space is available in a first floor suite. Canterbury’s joint venture partner, Trackside Holdings, LLC, completed construction and transferred the building to the operating entity, Boardwalk Kitchen & Bar. The food and beverage and entertainment space of the facility opened in June 2025 and is experiencing a strong, positive reception from the public. The restaurant and event space continue to create visitation to the overall Canterbury complex based on a strong social media presence, programming and entertainment. Residential and commercial construction updates also include: The Company’s barn relocation and redevelopment plan is complete with over 300 new stalls and new backside roads and infrastructure completed and in operation. Swervo Development Corporation continues to make progress on the construction of its state-of-the-art 19,000-capacity amphitheater, which will be operated by Live Nation Entertainment, and is scheduled to open for a full season in June of 2026. Canterbury also completed an additional new road adjacent to the amphitheater which will unlock the high-value development potential of approximately 25 acres of prime land in that portion of the site. In 2025, Pulte Homes of Minnesota completed development of the 110-unit Canterbury Crossing townhome project, and all the units have been sold with the exception of the model/sales unit which is being readied for sale. Summary of 2026 First Quarter Operating Results Net revenues for the three months ended March 31, 2026, increased 2.8% to $13.5 million, compared to $13.1 million in the same period last year. The year-over-year comparison reflects increases of 0.5%, 13.8%, and 12.5%, in Casino, Food and beverage and Other revenues, respectively, partially offset by a 5.6% decrease in Pari-mutuel revenues. The year-over-year increases primarily reflect higher visitation and table games drop in our Casino, and higher events admission driving Food and beverage and Other revenues, while fewer simulcast races nationally impacted Pari-mutuel revenues. Operating expenses for the three months ended March 31, 2026 were $12.5 million, a decrease of $38,000, or 0.3%, compared to operating expenses of $12.5 million for the same period in 2025. The year-over-year decrease in operating expenses was primarily driven by lower salaries and wages due to the continued focus on reducing labor expense and driving operational efficiencies, offset by increased other operating expenses due to higher property taxes and special event promoter fees. Depreciation and amortization expense also increased with the completion of large capital improvement projects over the past year. The Company recorded a net loss from equity investments of $1.2 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively. The decreased loss is primarily due to increased leasing rates in our Doran Canterbury joint ventures, and the loss in both periods is primarily related to the Company’s share of depreciation, amortization and interest expense from the Doran Canterbury joint ventures. The Company recorded income tax expense of $180,000 and income tax benefit of $181,000 for the three months ended March 31, 2026 and 2025, respectively. The income tax expense for the three months ended March 31, 2026 compared to the income tax benefit for the same period in 2025 is primarily due to an increase in income before taxes from operations. The Company recorded net income of $170,000 and diluted earnings per share of $0.03 for the three months ended March 31, 2026. The Company recorded a net loss of $299,000 and a diluted loss per share of $0.06 for the three months ended March 31, 2025. Adjusted EBITDA, a non-GAAP measure, was $2.8 million in the 2026 first quarter, compared to $2.1 million in the 2025 first quarter. Additional Financial Information Further financial information for the first quarter ended March 31, 2026, is presented in the accompanying tables at the end of this press release. Additional information will be provided in the Company’s Quarterly Report on Form 10-Q that will be filed with the Securities and Exchange Commission on or about May 12, 2026. Use of Non-GAAP Financial Measures To supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, and which exclude certain items from net income, a GAAP measure. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest income (net of interest expense), income tax expense or benefit, depreciation and amortization, as well as excluding stock-based compensation (which includes our 401(k)-match expense as this match occurs in Company stock), gain on disposal of assets, depreciation and amortization and interest expense related to equity investments and their joint ventures. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net revenues. Neither EBITDA, Adjusted EBITDA, or Adjusted EBITDA margin are measures of performance calculated in accordance with generally accepted accounting principles ("GAAP"), and should not be considered an alternative to, or more meaningful than, net income as an indicator of our operating performance. See the table below, which presents reconciliations of these measures to the GAAP equivalent financial measure, which is net income. We have presented EBITDA as a supplemental disclosure because we believe that, when considered with measures calculated in accordance with GAAP, EBITDA gives investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes, and it is a widely used measure of performance and basis for valuation of companies in our industry. Other companies that provide EBITDA information may calculate EBITDA or Adjusted EBITDA differently than we do. We have presented Adjusted EBITDA as a supplemental disclosure because we believe it enables investors to understand and assess our core operating results excluding the effect of these items and is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business and provides a perspective on the current effects of operating decisions. About Canterbury Park Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing 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 Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com. Cautionary Statement From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, we may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans. These statements are typically preceded by the words “believes,” “expects,” “anticipates,” “intends” or similar expressions. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements. We report these risks and uncertainties in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. They include, but are not limited to: we may not be successful in implementing our growth strategy; sensitivity to reductions in discretionary spending as a result of downturns in the economy and other factors; we have experienced a decrease in revenue and profitability from live racing; challenges in attracting a sufficient number of horses and trainers; a lack of confidence in core operations resulting in decreasing customer retention and engagement; personal injury litigation due to the inherently dangerous nature of horse racing; material fluctuations in attendance at the Racetrack; material changes in the level of wagering by patrons; any decline in interest in horse racing or the unbanked card games offered in the Casino; competition from other venues offering racing, unbanked card games or other forms of wagering; competition from other sports and entertainment options; increases in compensation and employee benefit costs; the impact of wagering products and technologies introduced by competitors; the general health of the gaming sector; legislative and regulatory decisions and changes; our ability to successfully develop our real estate, including the effect of competition on our real estate development operations and our reliance on our current and future development partners; our obligation to make improvements in the TIF district that will only be reimbursed to the extent of future tax revenue; temporary disruptions or changes in access to our facilities caused by ongoing infrastructure improvements; inclement weather and other conditions affecting the ability to conduct live racing; technology and/or key system failures; cybersecurity incidents; the general effects of inflation; our ability to attract and retain qualified personnel; dividends that may or may not be issued at the discretion of our Board of Directors; and other factors that are beyond our ability to control or predict. The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Canterbury assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

SHAKOPEE, Minn., March 11, 2026 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today announced that the Company’s Board of Directors, pursuant to its dividend policy, approved a quarterly cash dividend of $0.07 per share that will be paid on April 14, 2026 to stockholders of record on March 31, 2026. At this quarterly rate, the annual dividend is equivalent to $0.28 per common share. About Canterbury Park Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing 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 Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com. Cautionary Statement From time to time, in press releases and in other communications to shareholders or the investing public, Canterbury Park Holding Corporation may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans based on management’s beliefs and assumptions. These forward looking statements are typically preceded by the words such as "believes," "expects," "anticipates," "intends" or similar expressions. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties, including those disclosed in our periodic filings with the Securities and Exchange Commission, which could cause actual performance, activities, future dividends or plans after the date the statements are made to differ significantly from those indicated in the forward-looking statements when made. Investor Contacts: Randy Dehmer Senior Vice President and Chief Financial Officer Canterbury Park Holding Corporation 952-233-4828 or [email protected] Richard Land, Christin Armacost JCIR 212-835-8500 or [email protected]

SHAKOPEE, Minn., March 09, 2026 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (Nasdaq: CPHC) today reported financial results for the fourth quarter and full year ended December 31, 2025. Management Commentary Randy Sampson, President and Chief Executive Officer of Canterbury Park, commented, “Fourth quarter results are consistent with historical seasonality and conclude a year of transformation and diversification. Fourth quarter revenue increased 3.9% to $12.4 million, driven largely by 5.4% growth in Casino revenue. Visitation rose in the fourth quarter, and we remain focused on increasing casino traffic through our expanded VIP programs as well as enhanced advertising and marketing initiatives. Food and Beverage revenue grew slightly in the quarter, while Pari-Mutuel revenues declined slightly because of fewer races compared to last year. Adjusted EBITDA of $2.3 million rose 53% year-over-year with an adjusted EBITDA margin of 18.4%, reflecting the quarter’s higher revenue and flat operating expense compared to last year. We continue to take measures to improve operating efficiencies, particularly labor, our largest expense, while pursuing opportunities to grow our entertainment and hospitality businesses and further develop our valuable real estate. “2025 marked a pivotal year of our growth and diversification strategy, as the process of creating a unique regional destination to live, stay, work and play is now well underway. Portfolio-wide, residential occupancy has reached 84% as we approach the strongest part of the year for residential leasing of the remaining living and housing units. The Omry Senior Apartments and Pulte Townhomes have a couple of units left between them - a significant and positive signal to the market potential for additional residential development in future phases. Greystone completed a 28,000 square-foot commercial office building in October which is currently 66% leased and there is strong interest for the remaining space. Last summer, Canterbury’s real estate joint venture partner, Trackside Holdings, LLC, completed construction of the Boardwalk Kitchen & Bar. Boardwalk is a 6,000-square-foot upscale restaurant and bar with live entertainment featuring an 18,000-square-foot patio with trackside views. During our live meet last summer, Boardwalk generated a strong response from consumers, and the success of this venue, particularly the large outdoor patio located adjacent to the racetrack, further validates the development opportunity of the unique experience and views of horses and the track’s greenspace. “Our real estate development is exceeding expectations - both with respect to the diversity of new development projects that have been built as well as the quality of the projects. This is all occurring in one of the fastest growing markets in the Twin Cities which gives us confidence about the future real estate development prospects at Canterbury Park. Throughout 2026, we will be exploring additional entertainment and hospitality opportunities for the remaining trackside parcels that would add to the nearly 1,000 residential units, four restaurants, brewery, two music and entertainment venues, 57,000 square-feet of office space, and other amenities already open or under construction. We are excited about the prospects for the new 19,000-capacity amphitheater, operated by Live Nation, the Twin Cities’ first large-scale outdoor concert venue which is on schedule to open in June. The 2026 schedule of approximately 40 concerts is in the process of being announced with headliners including Chris Stapleton, Dave Matthews Band, John Mellencamp and Guns N’ Roses, and initial ticket sales are strong. We are also working in partnership with the City of Shakopee on a market analysis study to identify the highest and best use for our prime, 25 acres of land near the amphitheater that could include hotel, office, retail, hospitality, entertainment venues or other opportunities. The success of our growth and diversification strategy continues to validate our development as a unique regional destination while unlocking the value of our real estate for shareholders. “While our growth and efficiency initiatives are focused on maximizing cash flows from our existing gaming, F&B and expanding entertainment operations, we continue to believe that Canterbury’s record of consistent cash flow, return of capital through quarterly cash dividends and strong balance sheet are not reflected in our current valuation. Canterbury has no debt and our cash, tax increment financing (TIF) receivables and real estate joint ventures are valued at over $10 per share. In terms of liquidity, we had just over $17 million, or approximately $3.33 per share, in cash and short-term investments at the end of the 2025 fourth quarter. In total, we had nearly $20 million, or approximately $3.90 per share, in TIF receivables on our balance sheet at quarter’s end, and we received initial payments of approximately $580,000 against this balance in the 2025 fourth quarter. In addition, we’ve contributed a total of approximately $17 million, or approximately $3.27 per share, in land and cash to our real estate joint venture development projects for which we share in the economics. This estimated $10.50 per share value does not include approximately 50 acres of land held for future development, the current value of which is not fully reflected on our balance sheet due to it being recorded on a cost basis. With the proven successes of our development and diversification initiatives, our strong balance sheet and a pipeline of exciting growth opportunities, we remain committed to delighting our guests, serving our residents and delivering long-term value to shareholders.” Canterbury Commons Development Update The Company’s barn relocation and redevelopment plan is complete with over 300 new stalls and new backside roads and infrastructure completed and in operation. Swervo Development Corporation continues to make progress on the construction of its state-of-the-art 19,000-capacity amphitheater, which will be operated by Live Nation Entertainment, and is scheduled to open for a full season in June of 2026. Canterbury also completed an additional new road adjacent to the amphitheater which will unlock the high-value development potential of approximately 25 acres of prime 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 are approximately 94% leased, which allowed for the refinance of this property in January 2026. In addition, Phase I of the Triple Crown Residences is now 67% leased. 99% of the 147 units of senior market rate apartments at The Omry at Canterbury are leased. The pizza restaurant, fitness center and BBQ restaurant in the 10,000 square-foot commercial building within the Winners Circle development, all of which opened in 2025, finished their first year of business with positive patronage. Construction of an additional 28,000 square-foot commercial office building within the Winners Circle development is now complete. Danny’s Construction occupies the entire second floor, and Edward Jones is putting the finishing touches on their build out of the first floor. The building is 66% leased and marketing is underway for the remainder of the available space with strong initial interest. We are nearing a lease execution with a tenant in one of the first floor suites which would bring leasing to approximately 80%. Canterbury’s joint venture partner, Trackside Holdings, LLC, completed construction and transferred the building to the operating entity, Boardwalk Kitchen & Bar. The food and beverage and entertainment space of the facility opened in late June and is experiencing a strong and positive reception from the public. The restaurant and event space continue to create buzz with a strong social media presence, programming and entertainment. Residential and commercial construction updates related to prior land sales include: Pulte Homes of Minnesota has completed development of the 110-unit Canterbury Crossing townhome project, and all the units have been sold with the exception of the model/sales unit which is being readied for sale. Summary of 2025 Fourth Quarter Operating Results Net revenues for the three months ended December 31, 2025 increased 3.9% to $12.4 million, compared to $12.0 million for the same period in 2024. The year-over-year comparison reflects an increase of 5.4% and 0.7%, respectively, in our Casino and Food and Beverage business, and declines of 1.5% and 1.0% of our Pari-mutuel and Other revenues, respectively. The year-over-year increase in Casino revenues reflects higher table games traffic, partially offset by lower-than-average hold during the quarter. The decline in pari-mutuel revenue was due to fewer races across the country compared to the same period in 2024. Operating expenses for the three months ended December 31, 2025, were $12.1 million, an increase of $41,000, or 0.3%, compared to operating expenses of $12.1 million for the same period in 2024. The slight year-over-year increase in operating expenses primarily reflects an increase in Purse expenses, due to increased Casino revenues, and Advertising and Marketing, due to marketing efforts to expand our customer base, offset by a decrease in Other operating expenses related to decreased personnel and repair and maintenance costs. Depreciation and Amortization expense also increased 11.5% primarily due to the completion of large capital improvement projects over the past year. Salaries and Benefits, our largest expense line item, increased 1.1%, compared to the same period in 2024. We continue to focus on reducing labor expense and driving operating efficiencies. The Company recorded a net loss of $1.3 million and $2.1 million from equity investments for the three months ended December 31, 2025 and 2024, respectively. The loss in both periods is primarily related to the Company’s share of depreciation, amortization and interest expense from the Doran Canterbury joint ventures. The decreased loss for the three months ended December 31, 2025 is due to the Doran I joint venture continuing to increase their leasing rate after re-opening for leasing in the first quarter of 2025. The Company recorded income tax benefit $109,000 and $440,000 for the three months ended December 31, 2025 and 2024, respectively. The Company recorded a net loss of $390,000 and diluted loss per share of $0.08 for the three months ended December 31, 2025. The Company recorded a net loss of $1.2 million and diluted loss per share of $0.25 for the three months ended December 31, 2024. Adjusted EBITDA, a non-GAAP measure, was $2.3 million in the 2025 fourth quarter, compared to $1.5 million in the 2024 fourth quarter. Summary of 2025 Full-Year Operating Results Net revenues for the year ended December 31, 2025, decreased 3.2% to $59.6 million, compared to $61.6 million in the same period last year. The year-over-year comparison reflects declines of 4.4%, 6.6% and 0.7% in Casino, Pari-mutuel and Other revenues, respectively, partially offset by a 3.5% increase in Food and Beverage. The year-over-year decreases primarily reflect the previously noted increased competition impacting Casino revenues along with three less live race days impacting Pari-mutuel and Other revenues, while the increase in Food and Beverage revenues grew with overall attendance and events at our facility. Operating expenses for the year ended December 31, 2025 were $57.1 million, an increase of $244,000, or 0.4%, compared to operating expenses of $56.9 million for the same period in 2024. The year-over-year increase in operating expenses primarily reflects increased Advertising and Marketing, Depreciation and Amortization and Salaries and Benefits, as mentioned above. The Company recorded a gain on transfer of land of $1.7 million in the year ended December 31, 2024. There were no transfers or sales of land for the year ended December 31, 2025. The Company recorded a net loss of $5.2 million and $5.5 million from equity investments for the years ended December 31, 2025 and 2024, respectively. The decreased loss for the year ended December 31, 2025 is due to the Doran I joint venture continuing to increase their leasing rate after re-opening for leasing in the first quarter of 2025. The Company recorded an income tax benefit of $285,000 and income tax expense of $924,000 for the years ended December 31, 2025 and 2024, respectively. The income tax benefit for 2025 compared to the income tax expense for 2024 is primarily due to a decrease in income before taxes from operations and a federal interest income tax refund received in the first quarter of 2025. The Company recorded a net loss of $529,000 and diluted loss per share of $0.10 for the year ended December 31, 2025. The Company recorded net income of $2.1 million and diluted earnings per share of $0.42 for the year ended December 31, 2024. Adjusted EBITDA, a non-GAAP measure, was $9.4 million for the year ended December 31, 2025, compared to $10.8 million for the year ended 2024. Additional Financial Information Further financial information for the fourth quarter and full-year ended December 31, 2025, is presented in the accompanying tables at the end of this press release. Additional information will be provided in the Company’s Annual Report on Form 10-K that will be filed with the Securities and Exchange Commission on or about March 10, 2026. Use of Non-GAAP Financial Measures To supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, and which exclude certain items from net income, a GAAP measure. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest income (net of interest expense), income tax expense or benefit, depreciation and amortization, as well as excluding stock-based compensation (which includes our 401(k)-match expense as this match occurs in Company stock), gain on the transfer of land, depreciation and amortization and interest expense related to equity investments and their joint ventures. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net revenues. Neither EBITDA, Adjusted EBITDA, or Adjusted EBITDA margin are measures of performance calculated in accordance with generally accepted accounting principles ("GAAP"), and should not be considered an alternative to, or more meaningful than, net income as an indicator of our operating performance. See the table below, which presents reconciliations of these measures to the GAAP equivalent financial measure, which is net income. We have presented EBITDA as a supplemental disclosure because we believe that, when considered with measures calculated in accordance with GAAP, EBITDA gives investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes, and it is a widely used measure of performance and basis for valuation of companies in our industry. Other companies that provide EBITDA information may calculate EBITDA or Adjusted EBITDA differently than we do. We have presented Adjusted EBITDA as a supplemental disclosure because we believe it enables investors to understand and assess our core operating results excluding the effect of these items and is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business and provides a perspective on the current effects of operating decisions. About Canterbury Park Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing 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 Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com. Cautionary Statement From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, we may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans. These statements are typically preceded by the words “believes,” “expects,” “anticipates,” “intends” or similar expressions. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements. We report these risks and uncertainties in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. They include, but are not limited to: we may not be successful in implementing our growth strategy; sensitivity to reductions in discretionary spending as a result of downturns in the economy and other factors; we have experienced a decrease in revenue and profitability from live racing; challenges in attracting a sufficient number of horses and trainers; a lack of confidence in core operations resulting in decreasing customer retention and engagement; personal injury litigation due to the inherently dangerous nature of horse racing; material fluctuations in attendance at the Racetrack; material changes in the level of wagering by patrons; any decline in interest in horse racing or the unbanked card games offered in the Casino; competition from other venues offering racing, unbanked card games or other forms of wagering; competition from other sports and entertainment options; increases in compensation and employee benefit costs; the impact of wagering products and technologies introduced by competitors; the general health of the gaming sector; legislative and regulatory decisions and changes; our ability to successfully develop our real estate, including the effect of competition on our real estate development operations and our reliance on our current and future development partners; our obligation to make improvements in the TIF district that will only be reimbursed to the extent of future tax revenue; temporary disruptions or changes in access to our facilities caused by ongoing infrastructure improvements; inclement weather and other conditions affecting the ability to conduct live racing; technology and/or key system failures; cybersecurity incidents; the general effects of inflation; our ability to attract and retain qualified personnel; dividends that may or may not be issued at the discretion of our Board of Directors; and other factors that are beyond our ability to control or predict. The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Canterbury assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. # # #

SHAKOPEE, Minn., Dec. 15, 2025 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today announced that the Company’s Board of Directors, pursuant to its dividend policy, approved a quarterly cash dividend of $0.07 per share that will be paid on January 14, 2026 to stockholders of record on December 31, 2025. At this quarterly rate, the annual dividend is equivalent to $0.28 per common share. About Canterbury Park Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing 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 Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com. Cautionary Statement From time to time, in press releases and in other communications to shareholders or the investing public, Canterbury Park Holding Corporation may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans based on management’s beliefs and assumptions. These forward looking statements are typically preceded by the words such as "believes," "expects," "anticipates," "intends" or similar expressions. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties, including those disclosed in our periodic filings with the Securities and Exchange Commission, which could cause actual performance, activities, future dividends or plans after the date the statements are made to differ significantly from those indicated in the forward-looking statements when made. Investor Contacts: Randy Dehmer Senior Vice President and Chief Financial Officer Canterbury Park Holding Corporation 952-233-4828 or [email protected] Richard Land, Jim Leahy JCIR 212-835-8500 or [email protected]

Shares of Canterbury Park Holding Corporation CPHC have risen 3.1% since reporting third-quarter 2025 results, outpacing the S&P 500 index’s 0.8% growth over the same period. However, the stock has fallen 2.9% over the past month, lagging the S&P 500’s 3.6% rally. Canterbury Park generated net revenues of $18.3 million in the latest quarter, down 5% from the year-ago period. Net income plummeted 75.9% to $487,000 from $2 million, as last year’s results benefited from a $1.7-million gain tied to a land transfer. Diluted earnings per share declined to 10 cents from 40 cents, while adjusted EBITDA decreased 14.2% to $2.8 million. The company cited reduced casino revenues, affected by lower hold early in the quarter, and stable but lower-spending patron behavior as the key drivers of the year-over-year downturn. Canterbury Park Holding Corporation price-consensus-eps-surprise-chart | Canterbury Park Holding Corporation Quote Casino revenues, the company’s largest segment, dropped 9.7% year over year due to increased competition and lower-than-average hold rates. Pari-mutuel revenues slipped 2.7%, and other revenues declined 11.1%, partially reflecting one fewer live race day and reduced admissions tied to concerts. Food and beverage operations were a bright spot, posting 13.1% growth, supported by the rollout of a point-of-sale system that improved service speed, and boosted transactions and average spend on race and event days. Operating expenses were effectively flat, declining 0.6% year over year, as lower Purse expenses offset increased advertising, marketing and depreciation tied to recent capital improvements. The company also reported a $936,000 loss from equity investments, primarily related to depreciation, amortization and interest expenses from its Doran Canterbury joint ventures. However, this represented an improvement from the prior-year loss of $1.4 million, reflecting a better leasing performance at the Doran I property following its 2025 reopening. Management emphasized that quarterly results aligned with trends for the first nine months of 2025, highlighting stable casino patron counts despite lower per-patron wagering. Executives pointed to strong momentum in food and beverage, and underscored ongoing efforts to improve operational efficiency, especially in labor, the company’s largest expense category. Management also highlighted the strong initial performance of the newly opened Boardwalk Kitchen & Bar, describing the venue’s customer response as “very positive.” The establishment, situated next to the track with a large outdoor patio, reinforced the company's belief in the unique value of its entertainment-driven real estate development strategy. Broader commentary underscored Canterbury Park’s belief that its strong balance sheet and consistent cash flow are not fully reflected in the stock’s current valuation. As of quarter-end, the company reported nearly $17 million in cash and short-term investments, and more than $20 million in tax-increment-financing receivables expected to begin paying out late 2025 or early 2026. Management estimates more than $10 per share of value attributable to cash, TIF receivables and real estate joint ventures, excluding approximately 50 acres of land held for future development. A combination of external and operational factors influenced the quarterly performance. Increased regional competition weighed on casino revenues, while a below-average hold rate early in the quarter pressured the results. The racing segment faced the impacts of one fewer live race day, which flowed through to both pari-mutuel and other revenue categories. On the expense side, although salaries and benefits remained flat, heightened marketing and advertising increased costs, reflecting the company’s efforts to drive traffic and engagement. Depreciation also rose, consistent with the completion of capital projects. The absence of the prior-year land-transfer gain created a difficult comparison, significantly affecting year-over-year earnings. The quarter featured substantial progress across the Canterbury Commons development initiatives. The barn relocation and redevelopment project was completed, and Swervo Development continued construction on a 19,000-seat amphitheater set to open for the 2026 summer season. A new road adjacent to the amphitheater was also completed, unlocking development potential for roughly 25 acres of prime land. Residential and commercial updates included strong leasing activity at the Triple Crown Residences phases I and II, with 93% of available units leased in phase II and more than half leased in phase I. At The Omry senior apartments, 98% of units were leased. The Winners Circle development saw positive performance among newly opened commercial tenants, and a new 28,000-square-foot office building was completed, with 66% of space leased. Additionally, Boardwalk Kitchen & Bar, developed through a joint venture and opened in late June, recorded strong early traction and robust community engagement, with growing social media buzz and active event programming. Residential development by Pulte Homes continued, with the final phase of row home and townhome construction on track for completion before winter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canterbury Park Holding Corporation (CPHC): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

SHAKOPEE, Minn., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (Nasdaq: CPHC) today reported financial results for the three and nine months ended September 30, 2025. Management Commentary “The quarterly results were consistent with year-to-date trends as we remain focused on increasing casino traffic and our ongoing growth and development strategies. Third quarter revenues of $18.3 million reflect a 5.0% decline versus the third quarter of 2024, largely related to reduced casino revenues partially as a result of low hold early in the quarter. Similar to recent prior quarters, casino visits and player counts remain relatively stable, while per patron wagering levels declined. We saw strong quarterly growth in our food and beverage operations and pari-mutuel revenues were in line with prior year results. Adjusted EBITDA of $2.8 million resulted in an adjusted EBITDA margin of 15.4%, reflecting lower casino revenue partially offset by a slight year-over-year decline in operating expenses. We continue to take measures to improve operating efficiencies, particularly labor which is our largest expense, while pursuing opportunities to continue to grow our entertainment and hospitality businesses and develop our real estate,” said Randy Sampson, President and Chief Executive Officer of Canterbury Park. “The third quarter marked the first full quarter of operation of the Boardwalk Kitchen & Bar, an upscale restaurant and live entertainment venue which opened to very positive customer response. Canterbury’s real estate joint venture partner, Trackside Holdings, LLC, completed construction in June at which time the lessee, Boardwalk Kitchen & Bar, began operations. The success of this venue, particularly the large outdoor patio located adjacent to the racetrack, is confirming the development opportunity of the unique experience and views of horses and the track’s greenspace. We are currently exploring additional entertainment and hospitality opportunities for the remaining trackside parcels that would add to the nearly 1,000 residential units, five restaurants and breweries, two music and entertainment venues, 57,000 square-feet of office space, and other distinct amenities already open in the trackside and adjacent Winner’s Circle developments. This, coupled with our successful events business, is validating our proof-of-concept of drawing more visitors to our destination for entertainment, gaming, dining and other experiences as we continue to unlock the monetary value of our real estate through our Canterbury Commons development. As such, Canterbury, in partnership with the City of Shakopee, continues to progress on our market analysis study with Hunden Partners to identify the highest and best use for our prime 25 acres of land near the amphitheater that could include office, retail, hospitality, entertainment venues or other opportunities. “While our growth and efficiency initiatives are focused on maximizing cash flows from our existing gaming, F&B and entertainment operations, we believe that Canterbury’s record of consistent cash flow, return of capital through quarterly cash dividends and strong balance sheet are not reflected in our current valuation. Canterbury has no debt and our cash, tax increment financing (TIF) receivables and real estate joint ventures are valued at over $10 per share. In terms of liquidity, we had nearly $17 million, or approximately $3.28 per share, in cash and short-term investments at the end of the 2025 third quarter. In total, we had over $20 million, or approximately $3.95 per share, in TIF receivables on our balance sheet at quarter’s end, on which we expect to receive payments beginning later this quarter or very early in 2026. In addition, we’ve contributed a total of approximately $16 million, or approximately $3.20 per share, in land and cash to our real estate joint venture development projects for which we share in the economics. This estimated $10.43 per share value does not include the roughly 50 acres of land held for future development, the current value of which is not fully reflected on our balance sheet due to it being recorded on a cost basis. With the proven successes of our development and diversification initiatives and a pipeline of exciting growth opportunities, we remain committed to delighting our guests, serving our residents and delivering long-term value to shareholders.” Canterbury Commons Development Update The Company’s barn relocation and redevelopment plan is complete with over 300 new stalls completed and in operation. Swervo Development Corporation continues to make progress on the construction of its state-of-the-art 19,000-seat amphitheater, which will be operated by Live Nation Entertainment and is scheduled to open for a full season in the summer of 2026. Canterbury also completed a new road adjacent to the amphitheater which will unlock the high-value development potential of approximately 25 acres of prime 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 leased 93% of its available units. In addition, Phase I of the Triple Crown Residences is now 52% leased. 98% of the 147 units of senior market rate apartments at The Omry at Canterbury are leased. The pizza restaurant, fitness center and BBQ restaurant in the 10,000 square-foot commercial building within the Winners Circle development are in their first year of operation and finished their first summer of business at Canterbury with positive patronage. Construction of an additional 28,000 square-foot commercial office building within the Winners Circle development is now complete. Danny’s Construction occupies the entire second floor, and Edward Jones is putting the finishing touches on their build out of the first floor. The building is 66% leased and marketing is underway for the remainder of the available space with strong initial interest. Canterbury’s joint venture partner, Trackside Holdings, LLC, completed construction and transferred the building to the operating entity, Boardwalk Kitchen & Bar. The food and beverage and entertainment space of the facility opened in late June and is experiencing a strong and positive reception from the public. The restaurant and event space continue to create buzz with a strong social media presence, programming and entertainment. Residential and commercial construction updates related to prior land sales include: Pulte Homes of Minnesota continues development on the 45-unit third phase of its row home and townhome residences, and all the remaining lots are under contract or under construction. Building exteriors and landscaping on the last units are expected to be complete on schedule and before winter. Summary of 2025 Third Quarter Operating Results Net revenues for the three months ended September 30, 2025 decreased 5.0% to $18.3 million, compared to $19.3 million for the same period in 2024. The year-over-year comparison reflects declines of 9.7%, 2.7%, and 11.1% in Casino, Pari-mutuel and Other revenues, respectively, partially offset by a 13.1% increase in Food and Beverage revenues. With the implementation of a new, point-of-sale system to improve speed of service, Food & Beverage was able to grow revenues on live racing and event days through increased overall transactions and average spend per customer. The year-over-year decreases in Casino revenues reflect increased competition as well as lower than average hold during the quarter, while Pari-mutuel revenues and Other revenues were impacted by one less live race day and decreased admission revenues from concerts. Operating expenses for the three months ended September 30, 2025, were $17.3 million, a decrease of $106,000, or 0.6%, compared to operating expenses of $17.4 million for the same period in 2024. The year-over-year decrease in operating expenses primarily reflects a decrease in Purse expense, due primarily to the decreased Casino and Pari-mutuel revenues, offset in part by increased Advertising and Marketing expense intended to drive patronage to our property. Depreciation expense also increased due to the completion of large capital improvement projects over the past year. Salaries and Benefits, our largest expense line item, was essentially flat, compared to the same period in 2024. The Company recorded a gain on transfer of land of $1.7 million in the three months ended September 30, 2024. There were no transfers of land or gains in the three months ended September 30, 2025. The Company recorded a net loss of $936,000 and $1.4 million from equity investments for the three months ended September 30, 2025 and 2024, respectively. The loss in both periods is primarily related to the Company’s share of depreciation, amortization and interest expense from the Doran Canterbury joint ventures. The decreased loss for the three months ended September 30, 2025 is due to the Doran I joint venture continuing to increase their leasing rate after fully re-opening in 2025. The Company recorded income tax expense of $156,000 and $772,000 for the three months ended September 30, 2025 and 2024, respectively. The decrease in income tax expense is primarily due to a decrease in income from operations before taxes. The Company recorded net income of $487,000 and diluted earnings per share of $0.10 for the three months ended September 30, 2025. The Company recorded net income of $2.0 million and earnings per share of $0.40 for the three months ended September 30, 2024 which benefited from the aforementioned $1.7 million gain on the transfer of land. Adjusted EBITDA, a non-GAAP measure, was $2.8 million in the 2025 third quarter, compared to $3.3 million in the 2024 third quarter. Summary of 2025 Year-to-Date Operating Results Net revenues for the nine months ended September 30, 2025, decreased 5.0% to $47.1 million, compared to $49.6 million in the same period last year. The year-over-year comparison reflects declines of 7.3%, 7.4% and 0.6% in Casino, Pari-mutuel, and Other revenues respectively, partially offset by a 3.9% increase in Food and Beverage. The year-over-year decreases primarily reflect the previously noted increased competition impacting Casino revenues along with four less live race days impacting Pari-mutuel and Other revenues, while the increase in Food and Beverage revenues grew with overall attendance and events at our facility. Operating expenses for the nine months ended September 30, 2025 were $45.0 million, an increase of $203,000, or 0.5%, compared to operating expenses of $44.8 million for the same period in 2024. The year-over-year increase in operating expenses primarily reflects increased Advertising and Marketing, Depreciation and Amortization, and Salaries and Benefits expenses, as mentioned above. The Company recorded a gain on transfer of land of $1.7 million in the nine months ended September 30, 2024. There were no transfers of land or gains in the nine months ended September 30, 2025. The Company recorded a net loss of $3.9 million and $3.4 million from equity investments for the nine months ended September 30, 2025 and 2024, respectively. The loss in both periods is primarily related to the Company’s share of depreciation, amortization and interest expense from the Doran Canterbury joint ventures. The increased loss for the nine months ended September 30, 2025 is due to the year-ago period benefiting from the aforementioned $1.7 million gain on the transfer of land and the Doran Canterbury II joint venture opening in 2024, resulting in a full year of depreciation, amortization and interest expense. The Company recorded an income tax benefit of $176,000 and income tax expense of $1.4 million for the nine months ended September 30, 2025 and 2024, respectively. The income tax benefit for the nine months ended September 30, 2025 compared to the income tax expense for the same period in 2024 is primarily due to a decrease in income before taxes from operations and a federal interest income tax refund received in the first quarter of 2025. The Company recorded a net loss of $139,000 and a diluted loss per share of $0.03 for the nine months ended September 30, 2025. The Company recorded net income of $3.4 million and diluted earnings per share of $0.67 for the nine months ended September 30, 2024. Adjusted EBITDA, a non-GAAP measure, was $6.6 million for the nine months ended September 30, 2025, compared to $8.9 million for the same period in 2024. Additional Financial Information Further financial information for the third quarter ended September 30, 2025, is presented in the accompanying tables at the end of this press release. Additional information will be provided in the Company’s Quarterly Report on Form 10-Q that will be filed with the Securities and Exchange Commission on or about November 7, 2025. Use of Non-GAAP Financial Measures To supplement our financial statements, we also provide investors with information about our EBITDA and Adjusted EBITDA, each of which is a non-GAAP measure, and which exclude certain items from net income, a GAAP measure. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings before interest income (net of interest expense), income tax expense or benefit, depreciation and amortization, as well as excluding stock-based compensation (which includes our 401(k) match expense as this match occurs in Company stock), gain on the transfer of land, depreciation and amortization related to equity investments, and interest expense related to equity investments. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net revenues. Neither EBITDA, Adjusted EBITDA, or Adjusted EBITDA margin are measures of performance calculated in accordance with generally accepted accounting principles ("GAAP"), and should not be considered an alternative to, or more meaningful than, net income as an indicator of our operating performance. See the table below, which presents reconciliations of these measures to the GAAP equivalent financial measure, which is net income. We have presented EBITDA as a supplemental disclosure because we believe that, when considered with measures calculated in accordance with GAAP, EBITDA gives investors a more complete understanding of our operating results before the impact of investing and financing transactions and income taxes, and it is a widely used measure of performance and basis for valuation of companies in our industry. Other companies that provide EBITDA information may calculate EBITDA or Adjusted EBITDA differently than we do. We have presented Adjusted EBITDA as a supplemental disclosure because we believe it enables investors to understand and assess our core operating results excluding the effect of these items and is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business and provides a perspective on the current effects of operating decisions. About Canterbury Park Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing 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 Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com. Cautionary Statement From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, we may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans. These statements are typically preceded by the words “believes,” “expects,” “anticipates,” “intends” or similar expressions. For these forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties which could affect our actual results and cause actual results to differ materially from those indicated in the forward-looking statements. We report these risks and uncertainties in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. They include, but are not limited to: we may not be successful in implementing our growth strategy; sensitivity to reductions in discretionary spending as a result of downturns in the economy and other factors; we have experienced a decrease in revenue and profitability from live racing; challenges in attracting a sufficient number of horses and trainers; a lack of confidence in core operations resulting in decreasing customer retention and engagement; personal injury litigation due to the inherently dangerous nature of horse racing; material fluctuations in attendance at the Racetrack; material changes in the level of wagering by patrons; any decline in interest in horse racing or the unbanked card games offered in the Casino; competition from other venues offering racing, unbanked card games or other forms of wagering; competition from other sports and entertainment options; increases in compensation and employee benefit costs; the impact of wagering products and technologies introduced by competitors; the general health of the gaming sector; legislative and regulatory decisions and changes; our ability to successfully develop our real estate, including the effect of competition on our real estate development operations and our reliance on our current and future development partners; our obligation to make improvements in the TIF district that will only be reimbursed to the extent of future tax revenue; temporary disruptions or changes in access to our facilities caused by ongoing infrastructure improvements; inclement weather and other conditions affecting the ability to conduct live racing; technology and/or key system failures; cybersecurity incidents; the general effects of inflation; our ability to attract and retain qualified personnel; dividends that may or may not be issued at the discretion of our Board of Directors; and other factors that are beyond our ability to control or predict. The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Canterbury assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. # # # - Financial tables follow –

SHAKOPEE, Minn., Sept. 10, 2025 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation (“Canterbury” or the “Company”) (NASDAQ: CPHC), today announced that the Company’s Board of Directors, pursuant to its dividend policy, approved a quarterly cash dividend of $0.07 per share that will be paid on October 14, 2025 to stockholders of record on September 30, 2025. At this quarterly rate, the annual dividend is equivalent to $0.28 per common share. About Canterbury Park Canterbury Park Holding Corporation (Nasdaq: CPHC) owns and operates Canterbury Park Racetrack and Casino in Shakopee, Minnesota, the only thoroughbred and quarter horse racing facility in the State. The Company generally offers live racing from May to September. The Casino hosts card games 24 hours a day, seven days a week, dealing 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 Shakopee facility. The Company is also pursuing a strategy to enhance shareholder value by the ongoing development of approximately 140 acres of underutilized land surrounding the Racetrack that was originally designated for a project known as Canterbury Commons™. The Company is pursuing several mixed-use development opportunities for the remaining underutilized land, directly and through joint ventures. For more information about the Company, please visit www.canterburypark.com. Cautionary Statement From time to time, in press releases and in other communications to shareholders or the investing public, Canterbury Park Holding Corporation may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans based on management’s beliefs and assumptions. These forward looking statements are typically preceded by the words such as "believes," "expects," "anticipates," "intends" or similar expressions. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties, including those disclosed in our periodic filings with the Securities and Exchange Commission, which could cause actual performance, activities, future dividends or plans after the date the statements are made to differ significantly from those indicated in the forward-looking statements when made. Investor Contacts: Randy Dehmer Senior Vice President and Chief Financial Officer Canterbury Park Holding Corporation 952-233-4828 or [email protected] Richard Land, Jim Leahy JCIR 212-835-8500 or [email protected]

Shares of Canterbury Park Holding Corporation CPHC have declined 2.8% since reporting results for the second quarter of 2025. This compares unfavorably with the S&P 500 index’s 0.8% growth over the same time frame. Over the past month, the CPHC stock has fallen 5.6%, while the S&P 500 has advanced 2.3%. The company reported second-quarter 2025 net revenues of $15.7 million, a 3.3% decrease from $16.2 million in the year-ago period. Net loss came in at $327,000, reversing from net income of $338,000 last year. Diluted earnings per share were at a loss of 6 cents compared to earnings of 7 cents in the prior-year quarter. Adjusted EBITDA fell 22.2% to $1.87 million, with the margin declining to 12% from 14.9% a year earlier. The drop in profitability was led by lower revenues across major business segments and higher marketing costs. Canterbury Park Holding Corporation price-consensus-eps-surprise-chart | Canterbury Park Holding Corporation Quote Casino revenues declined 3.6% year over year to $9.49 million, with table games collections and poker collections both down amid heightened competition. Pari-mutuel revenues dropped 12.9% to $2.26 million, pressured by fewer live race days (14 in 2025 versus 17 last year) and reduced simulcast wagering. Food and beverage sales edged down 1.6% to $2.07 million, reflecting softer casino activity and fewer race days. Offsetting these declines, other revenues rose 11.4% to $1.85 million, buoyed by strong admission receipts for special events. Operating expenses increased 1% year over year to $15.23 million, driven by higher salaries, advertising and marketing outlays tied to new casino promotions, and increased professional fees, partially offset by lower purse expenses. Loss from equity investments widened to $1.39 million from $1.17 million, reflecting depreciation, amortization and interest costs from joint ventures. CEO Randy Sampson emphasized ongoing initiatives to recalibrate and expand casino marketing programs to attract high-value guests, as well as renovations to horse racing facilities that aim to enhance the racing experience. The events business saw record attendance at several 2025 events, with plans to broaden the lineup of large-scale offerings. Management reiterated its focus on unlocking value from the Canterbury Commons real estate development, which it views as central to transforming the property into a premier regional live, work and entertainment destination. The company highlighted a debt-free balance sheet, with nearly $17 million in cash and short-term investments, and about $20 million in TIF receivables expected to begin generating payments in the fourth quarter of 2025. Revenue softness stemmed mainly from competitive pressures in the casino segment and weather-related cancellations that trimmed live racing and pari-mutuel revenues. The year-over-year drop in the adjusted EBITDA margin reflected not only the revenue declines but also increased spending on marketing campaigns aimed at reversing traffic and wagering declines. Higher professional fees and regulatory costs from the Horseracing Integrity and Safety Authority pressured margins. The company indicated confidence that marketing investments and facility improvements will begin to yield benefits in the second half of the year and beyond, supported by additional special events and continued real estate development progress. During the second quarter of 2025, the Canterbury Commons development made notable progress. A 19,000-seat amphitheater, to be operated by Live Nation, is nearing completion. Leasing momentum continued at residential projects, with Phase II of the Triple Crown Residences reaching 95% occupancy and the Omry senior apartments 95% leased. Additionally, the Boardwalk Kitchen & Bar opened in late June, receiving a strong initial reception. A new road adjacent to the amphitheater is nearly complete, expected to unlock 25 acres for development. Construction is underway on a 28,000-square-foot commercial office building, 66% pre-leased, with occupancy targeted for the third quarter of 2025. Management continues to evaluate uses for approximately 50 acres of remaining undeveloped land, with the potential for office, retail, hotel and restaurant projects. A market study is in progress to determine optimal utilization, to be incorporated into a new master plan in partnership with the City of Shakopee. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canterbury Park Holding Corporation (CPHC): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research