Canterbury Park to Resume All Operations Thursday
July 20 2011 - 4:20PM
Business Wire
Canterbury Park (NASDAQ: CPHC) announced today it will resume
Card Casino, simulcast and live racing operations on Thursday, July
21 after a 20 day suspension of its operations due to a budget
impasse that triggered a shutdown of state government beginning
July 1. The budget stalemate ended this morning when budget
legislation was passed by the Minnesota legislature and was signed
into law by the Governor.
With the budget in place, employees of the Minnesota Racing
Commission (the “MRC”), the state body that oversees the Company’s
gaming operations, will return to work tomorrow. As a result, the
Commission has authorized Canterbury to re-open the Card Casino at
10:00 a.m. Thursday and to resume simulcast racing operations at
11:00 a.m., and live racing at 7:00 p.m.
“We are relieved that this shutdown has come to an end. It has
caused undue hardship for far too many,” Canterbury President Randy
Sampson said. “Suspending Canterbury’s operations was extremely
painful to the 1,000 employees of Canterbury Park who were laid off
without pay, to those employed on our backside and to thousands
otherwise involved in Minnesota's horse industry. Since the
shutdown occurred during the heart of racing season, we estimate
that Canterbury Park lost as much as $1 million in revenue each
week, but we won't know the final impact until the racing season is
over. I look forward to welcoming back our loyal employees and
customers and to allowing the horsemen to again compete for
purses.”
The special session adjourned without action on the Company’s
proposed Racino legislation, which would have authorized slot
machines and other electronic gaming devices operated by the
Minnesota lottery the state’s two racetracks.
“It is very disappointing that our proposed Racino legislation
was not part of resolving the budget impasse,” Sampson said.
“Studies have shown that two Racinos would generate an estimated
$125 million annually in revenues for the State of Minnesota, while
creating thousands of jobs in the racing, hospitality, and equine
industries. Racinos would also enable Minnesota’s horse racing
industry, which already employs several thousand individuals, to
remain competitive and viable. We believe our efforts this year
have increased support for Racinos in Minnesota, both among the
public and among lawmakers in St. Paul, and we remain committed to
the adoption of Racino legislation in Minnesota at the earliest
possible time.”
About Canterbury Park:Canterbury Park Holding Corporation
owns and operates Canterbury Park Racetrack, Minnesota’s only
thoroughbred and quarter horse racing facility. The Company’s 2011
live race meet began on May 20th and ends September 5th. In
addition, Canterbury Park’s Card Casino hosts “unbanked” card games
24 hours a day, seven days a week, offering both poker and table
games. The Company also conducts year-round wagering on simulcast
horse racing and hosts a variety of other entertainment and special
events at its facility in Shakopee, Minnesota. For more information
about the Company, please visit us at www.canterburypark.com.
Cautionary Statement:This release contains or may contain
forward-looking statements based on management’s beliefs and
assumptions. Such statements are subject to various risks and
uncertainties that could cause results to vary materially. Please
refer to the Company’s SEC filings for a discussion of such
factors.
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