Canterbury Park Holding Corporation (the "Company") (NASDAQ: CPHC) today announced financial results for its third quarter and nine month periods ended September 30, 2016. The Company reported net revenues of $16,630,408 for the three months ended September 30, 2016, a decrease of .6% from revenues of $16,731,568 in the same 2015 period. This decrease consisted of a $332,519, or 8.5%, decrease in Pari-mutuel revenues, a $79,990, or 1.0%, decrease in Card Casino revenues partially offset by a $146,404, or 4.4%, increase in Food and Beverage revenues. For the nine months ended September 30, 2016, the Company's revenues were $40,862,702, a decrease of 1.4% from revenues of $41,460,683 for the same period in 2015. This decrease consisted of declines in Pari-mutuel, Card Casino and Food and Beverage revenues of 7.1%, .8% and 1.0%, respectively. The Company's operating expenses during the 2016 third quarter were $15,071,503, a decrease of $272,554, or 1.8%, from the third quarter 2015 expenses of $15,344,057, and the Company's operating expenses during the nine months ended September 30, 2016 were $34,883,277, a decrease of $3,558,697, or 9.3%, from operating expenses of $38,441,974 in the nine months ended September 30, 2015. Operating expenses in the 2016 third quarter included an insurance recovery of $592,276 related to storm damage in 2014 that was accounted for as a reduction in operating expense. Operating expenses in the 2015 third quarter were similarly reduced by an insurance recovery of $120,090 and a gain on the sale of assets of $347,348. The 2016 year-to-date operating expense compared to the same period in 2015 reflects the previously reported $3,990,519 pretax gain on sale of land in the 2016 second quarter that was also accounted for as a reduction in operating expense. Excluding insurance recoveries and gains on sales from both 2016 and 2015, operating expenses for the nine month period ended September 30, 2016 increased $556,660 or 1.4%. This increase is primarily due to increased labor costs reflecting the higher minimum wage.