This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Canterbury Park Provides Further Information Regarding Possible Suspension Of Operations Due To Pending Minnesota State Government Shutdown

On June 14, 2011, Canterbury Park Holding Corporation (NASDAQ:CPHC) reported that it may be forced to suspend all or substantially all of its operations on July 1, 2011 if the current budget impasse between Minnesota’s Governor and Legislature continues into July and if layoff notices recently sent to employees of the Minnesota Racing Commission (the “MRC”), which regulates Canterbury Park’s gaming operations, remain in effect on July 1, 2011. Today, Randy Sampson, Canterbury Park’s President and CEO, provided additional information about steps being taken to avoid a suspension of operations, as well as what the impact on the Company could be if substantially all operations were suspended beginning July 1.

“We are working with the MRC to evaluate various options that might allow the Company to keep all or part of its gaming operations open even if the budget impasse continues into July,” began Mr. Sampson. “However, at this time, we can provide no assurance that we will be able to avoid a complete suspension of operations on July 1.”

Mr. Sampson continued: “If we were forced to suspend all horse racing, simulcasting and Card Casino operations, the result would be a significant, adverse impact on the Company. We would lose gaming and concession revenues in excess of $1 million per week but would continue to incur substantial operating expenses, including expenses to support our backside horse population. Without any revenues coming in, we would be forced to lay off substantially all of our 1,000 full time and part time employees causing hardship for them and their families. The shutdown would have a particularly severe impact on Canterbury over the Fourth of July weekend, which is typically the busiest weekend of the year.”

Mr. Sampson added: “Unless there is a quick end to the budget impasse, another concern is that owners and trainers will likely start moving their horses from Canterbury to other racetracks within a week or two of July 1, and once they leave it is unlikely they will return. Clearly, if the budget impasse continues beyond early to mid-July the impact could be devastating for Canterbury and the horse industry. We could lose the entire remainder of the racing season.”

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,985.61 +78.99 0.47%
S&P 500 1,972.83 +9.12 0.46%
NASDAQ 4,419.0340 +27.5710 0.63%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs