This Day On The Street
Continue to site right-arrow
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

Stocks in this article: CPHC

On June 14, 2011, Canterbury Park Holding Corporation (NASDAQ:CPHC) reported that it could be forced to suspend all or substantially all of its operations on July 1, 2011 due to a budget impasse between Minnesota’s Governor and Legislature. As Canterbury reported, without agreement before July 1 between Minnesota’s Governor and Legislature on the State’s budget for the biennium beginning July 1, funding for the Minnesota Racing Commission (the “MRC”), the agency which regulates Canterbury Park’s gaming operations, might be cut off as of that date and prevent the MRC from fulfilling its regulatory responsibilities until such funding was restored.

No agreement between Minnesota’s Governor and the Legislature has been announced to date and, yesterday, Judge Kathleen Gearin, Chief Judge of the Ramsey County Minnesota Court, entered an order that addressed what state functions could continue to operate on and after July 1 despite a continuing budget impasse. Judge Gearin ruled that only certain core functions of state government may be funded in the absence of an agreement between Minnesota’s Governor and Legislature and that other government functions should not be funded. She emphasized that state payments during a shutdown should be limited to "only the most critical functions of government involving the security, benefit, and protection of the people." In proceedings leading up to Judge Gearin’s order, the Minnesota Horsemen’s Benevolent & Protective Association (the “MHBPA”), the group that represents thoroughbred trainers and owners, requested that the MRC be funded during any budget impasse continuing into July because the monies needed to provide such funding are supplied 100% by payments from racetracks and other racing industry sources and that no other funding are needed by the MRC. However, because she determined the regulation of horse racing is not a core function of government, Judge Gearin declined to order such funding.

Canterbury Park also announced yesterday that it has joined with the MHBPA in a lawsuit filed in Scott County Minnesota District Court, Court File 70-CV-11-13433, requesting that the State of Minnesota and its Department of Management and Budget be ordered to continue funding of the MRC, notwithstanding the budget impasse, so that Canterbury Park may continue to operate under the regulation of the MRC. As in the Ramsey County proceeding, Canterbury and the MHBPA believe the MRC should be funded during any budget impasse continuing into July because the monies needed to provide such funding are supplied 100% by payments from racetracks and other racing industry sources. A hearing on a motion by Canterbury and the MHBPA for injunctive relief that would order the continuation of such funding effective July 1 is scheduled for this morning, June 30.

1 of 3

Select the service that is right for you!

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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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