Canterbury Park Holding Corporation (NASDAQ:CPHC) and the Shakopee Mdewakanton Sioux Community (SMSC) announced today a ten-year cooperative marketing agreement. Highlights of the new agreement include:
- Substantially increased purses for live races during Canterbury Park’s race seasons through a purse enhancement program funded by the SMSC, a commitment totaling approximately $75 million over the life of the agreement.
- New joint marketing opportunities between Canterbury Park and SMSC’s Mystic Lake Casino Hotel, taking advantage of their proximity to one another in the southwest corner of the Twin Cities metropolitan area, including annual payments to Canterbury Park for joint marketing totaling $8.5 million over these ten years.
Further information regarding the cooperative marketing agreement will be in a Form 8-K that will be filed by Canterbury Park with the U.S. Securities & Exchange Commission later today.
“This is a great day for Minnesota horse racing and for our two organizations,” said Randy Sampson, Canterbury Park’s president and chief executive officer. “We view this agreement as the milestone that will mark the rebound of Minnesota horse racing and our local equine industry. If approved by the Minnesota Racing Commission, this partnership sets aside longstanding political differences over gaming and allows us to devote our attention and resources to great racing and rebuilding a prosperous horse industry in Minnesota. We’re very excited to explore the many possibilities this agreement creates for both organizations, our communities, the Twin Cities and Minnesota.”
“There’s a natural synergy between Canterbury Park and Mystic Lake Casino Hotel that we’re very enthusiastic about developing,” said Edward Stevenson, president and chief executive officer of the SMSC Gaming Enterprise, which operates Mystic Lake. “Add that factor to our physical proximity to one another and it becomes evident how we can help one another with marketing, promotions, events and more. We think this partnership will further identify the southwest metro area as the premier entertainment and gaming destination for Minnesota and the Midwest while providing significant financial support to horse racing at Canterbury Park and much-needed stimulus to the Minnesota equine industry.”