Canterbury Park Holding Corp 10-K for FY2023

Canterbury Park Holding Corp (CPHC)

10-K 2024-03-12 For: 2023-12-31

Added on April 08, 2026

About this 10-K

Canterbury Park Holding Corp filed this 10-K on March 12, 2024, covering the fiscal year ended December 31, 2023 (FY2023).

Headline figures

Fiscal year ended December 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $61.44M; down 8.1% from $66.82M a year earlier
Net income: $10.56M; up 40.6% from net income of $7.51M a year earlier
Diluted EPS: $2.13; up 38.3% from $1.54 a year earlier

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Minnesota		47-5349765
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)
	1100 Canterbury Road Shakopee, MN 55379
	(Address of principal executive offices and zip code)
	Registrant’s telephone number, including area code: (952) 445-7223

	Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Symbol	Name of Exchange on which Registered
Common Stock, $.01 par value	CPHC	Nasdaq Stock Market

Large accelerated filer	☐	Non-accelerated filer	☒
Accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

		Page
PART I

ITEM 1.	Business	3
ITEM 1A.	Risk Factors	13
ITEM 1B.	Unresolved Staff Comments	19
ITEM 1C.	Cybersecurity	19
ITEM 2.	Properties	19
ITEM 3.	Legal Proceedings	20
ITEM 4.	Mine Safety Disclosures	20

PART II

ITEM 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	20
ITEM 6.	[Reserved]	21
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	21
ITEM 7A.	Quantitative and Qualitative Disclosures about Market Risk	28
ITEM 8.	Financial Statements and Supplementary Data	29
ITEM 9.	Changes In and Disagreements With Accountants on Accounting and Financial Disclosure	50
ITEM 9A.	Controls and Procedures	50
ITEM 9B.	Other Information	51
ITEM 9C.	Regarding Foreign Jurisdiction that Prevent Inspections	51

PART III

ITEM 10.	Directors, Executive Officers and Corporate Governance	51
ITEM 11.	Executive Compensation	51
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	51
ITEM 13.	Certain Relationships, Related Transactions and Director Independence	51
ITEM 14.	Principal Accounting Fees and Services	51

PART IV

ITEM 15.	Exhibits and Financial Statement Schedules	52
ITEM 16.	Form 10-K Summary	54

SIGNATURES		55

Name	Age	Position with Company
Randall D. Sampson	65	President, CEO, and Chairman of the Board

Randy J. Dehmer	41	Senior Vice President of Finance and CFO

*Financial Performance Summary*	2023			2022			2021			2020			2019
Net Revenues	$	61,437		$	66,824		$	60,400		$	33,140		$	59,227
Operating Expenses		56,426			55,943			42,882	⁽¹⁾		34,882			55,591	⁽²⁾
Gain on Transfer/Sale of Land		6,490			12			264			2,368			—
Income (Loss) Before Income Taxes		14,980			10,235			15,798			(189	)		3,963
Income Tax (Expense) Benefit		(4,417	)		(2,722	)		(3,999	)		1,251			(1,244	)
Net Income		10,563			7,513			11,798			1,062			2,718

	Year Ended December 31,
	2023			2022
NET INCOME	$	10,563,249		$	7,512,946
Interest income, net		(1,978,122	)		(909,958	)
Income tax expense		4,417,000			2,721,800
Depreciation		3,145,372			2,981,168
EBITDA		16,147,499			12,305,956
Stock-based compensation		1,378,373			1,068,366
Loss on disposal of assets		157,160			157,435
Gain on sale of land		(6,489,976	)		(12,151	)
Gain on insurance proceeds related to equity investments		(4,227,701	)		—
Depreciation and amortization related to equity investments		1,753,256			1,782,870
Interest expense related to equity investments		1,727,192			907,099
ADJUSTED EBITDA	$	10,445,803		$	16,209,575

					Minnesota Breeders’
	Purse Expense				Fund Expense
	2023		2022		2023		2022
Casino	$	4,797,000	$	4,852,000	$	533,000	$	539,000
Simulcast Racing		1,435,000		1,477,000		442,000		482,000
Live Racing		1,368,000		2,201,000		79,000		98,000
Total	$	7,600,000	$	8,530,000	$	1,054,000	$	1,119,000

	●	Our business is sensitive to reductions in discretionary consumer spending as a result of downturns in the economy and other factors outside of our control.
	●	We have experienced a decrease in revenue and profitability from live racing.

	●	We face competition from other real estate developers.
	●	We may be adversely affected by the effects of inflation.

	Page

Report of Independent Registered Public Accounting Firm (PCAOB ID 344)	30

Consolidated Balance Sheets as of December 31, 2023 and 2022	31

Consolidated Statements of Operations for the years ended December 31, 2023 and 2022	32

Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2023 and 2022	33

Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022	34

Notes to Consolidated Financial Statements for the years ended December 31, 2023 and 2022	36

	*2023*		*2022*
ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	21,936,210	$	12,989,087
Restricted cash		3,905,544		3,116,916
Short-term investments		5,000,000		5,000,000
Accounts receivable, net of allowance of $7,670 and $19,250 at December 31, 2023 and 2022, respectively		484,092		618,365
Employee retention credit receivable		—		6,103,236
Inventory		249,370		262,073
Prepaid expenses		645,422		557,520
Income taxes receivable and prepaid income taxes		4,083,364		2,052,364
Total Current Assets		36,304,002		30,699,561

LONG-TERM ASSETS
Deposits		—		27,000
Other prepaid expenses		10,978		41,774
TIF receivable		13,972,875		13,294,337
Related party receivable (Note 13)		3,526,071		2,555,320
Operating lease right-of-use assets		53,026		—
Equity investment (Note 12)		6,612,712		6,863,517
Land held for development		1,229,475		2,303,010
Land, buildings, and equipment, net (Note 3)		42,969,529		36,491,660
Total Long-term Assets		68,374,666		61,576,618
TOTAL ASSETS	$	104,678,668	$	92,276,179

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES
Accounts payable	$	4,599,391	$	3,368,683
Casino accruals		2,667,499		2,684,444
Accrued wages and payroll taxes		1,662,927		1,814,879
Cash dividend payable		346,125		341,602
Accrued property taxes		741,215		795,646
Deferred revenue		274,898		413,442
Payable to horsepersons		763,383		993,529
Current portion of finance lease obligations		1,604		18,973
Current portion of operating lease obligations		25,352		—
Total Current Liabilities		11,082,394		10,431,198

LONG-TERM LIABILITIES
Deferred income taxes (Note 4)		10,300,015		7,474,015
Investee losses in excess of equity investment		1,464,218		3,185,923
Finance lease obligations, net of current portion		7,770		—
Operating lease obligations, net of current portion		27,674		—
Total Long-term Liabilities		11,799,677		10,659,938
TOTAL LIABILITIES		22,882,071		21,091,136

STOCKHOLDERS’ EQUITY (Note 5)
Common stock, $.01 par value, 10,000,000 shares authorized, 4,962,573 and 4,888,975, respectively, shares issued and outstanding		49,626		48,890
Additional paid-in capital		27,351,509		25,914,644
Retained earnings		54,395,462		45,221,509
Total Stockholders’ Equity		81,796,597		71,185,043
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	104,678,668	$	92,276,179

	*2023*			*2022*
OPERATING REVENUES:
Casino	$	39,781,166		$	40,218,953
Pari-mutuel		8,253,615			10,957,692
Food and beverage		7,828,980			8,227,105
Other		5,573,097			7,420,131
Total Net Revenues		61,436,858			66,823,881

OPERATING EXPENSES:
Purse expense		7,600,059			8,530,090
Minnesota Breeders’ Fund		1,053,790			1,118,968
Other pari-mutuel expenses		915,714			962,579
Salaries and benefits		25,490,790			24,355,049
Cost of food and beverage and other sales		3,062,974			3,272,472
Depreciation		3,145,372			2,981,168
Utilities		1,680,885			1,747,744
Advertising and marketing		2,068,846			3,098,437
Professional and contracted services		5,981,480			4,772,565
Loss on disposal of assets		157,160			157,435
Other operating expenses		5,268,905			4,946,915
Total Operating Expenses		56,425,975			55,943,422
Gain on sale of land (Note 12)		6,489,976			12,151
INCOME FROM OPERATIONS		11,500,859			10,892,610
OTHER INCOME (LOSS)
Income (loss) from equity investment		1,501,268			(1,567,822	)
Interest income, net		1,978,122			909,958
Net Other Income (Loss)		3,479,390			(657,864	)
INCOME BEFORE INCOME TAXES		14,980,249			10,234,746
INCOME TAX EXPENSE (Note 4)		(4,417,000	)		(2,721,800	)
NET INCOME	$	10,563,249		$	7,512,946

Basic earnings per share	$	2.15		$	1.55
Diluted earnings per share	$	2.13		$	1.54
Weighted Average Basic Shares Outstanding		4,921,379			4,854,339
Weighted Average Diluted Shares		4,949,182			4,892,600

	*Number of*		*Common*		*Additional*			*Retained*
	*Shares*		*Stock*		*Paid-in Capital*			*Earnings*			*Total*
Balance at December 31, 2021		4,812,085		48,121		24,894,571			39,410,534		$	64,353,226

Stock-based compensation		—		—		449,891			—			449,891
Dividend distribution		—		—		—			(1,701,971	)		(1,701,971	)
401(K) stock match		25,939		260		618,475			—			618,735
Issuance of deferred stock awards		41,816		418		(213,026	)		—			(212,608	)
Shares issued under Employee Stock Purchase Plan		9,135		91		164,733			—			164,824
Net income		—		—		—			7,512,946			7,512,946

Balance at December 31, 2022		4,888,975		48,890		25,914,644			45,221,509			71,185,043

Stock-based compensation		—		—		527,762			—			527,762
Dividend distribution		—		—		—			(1,389,296	)		(1,389,296	)
401(K) stock match		38,701		387		850,611			—			850,998
Issuance of deferred stock awards		22,197		222		(171,970	)		—			(171,748	)
Shares issued under Employee Stock Purchase Plan		12,700		127		230,462			—			230,589
Net income		—		—		—			10,563,249			10,563,249

Balance at December 31, 2023		4,962,573	$	49,626	$	27,351,509		$	54,395,462		$	81,796,597

	*2023*			*2022*
Operating Activities:
Net income	$	10,563,249		$	7,512,946
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		3,145,372			2,981,168
Stock-based compensation expense		527,762			449,891
Stock-based employee match contribution		850,998			618,735
Deferred income taxes		2,826,000			(197,000	)
Loss on disposal of assets		157,160			157,435
(Gain) loss from equity investment		(1,501,268	)		1,567,822
Gain on sale of land		(6,489,976	)		(12,151	)
Changes in operating assets and liabilities:
Accounts receivable		134,273			(230,061	)
Employee retention credit		6,103,236			211,232
Increase in TIF receivable		(674,378	)		(791,594	)
Inventory, prepaid expenses and deposits		(17,403	)		36,953
Income taxes receivable/payable and prepaid income taxes		(2,031,000	)		(788,308	)
Operating lease right-of-use assets		24,524			22,786
Operating lease liabilities		(24,524	)		(22,786	)
Accounts payable		(1,465,498	)		456,328
Deferred revenue		(138,544	)		(319,850	)
Casino accruals		(16,945	)		(572,833	)
Accrued wages and payroll taxes		(151,952	)		45,301
Accrued property taxes		(54,431	)		21,322
Payable to horsepersons		(230,146	)		70,106
Net cash provided by operating activities		11,536,509			11,217,442

Investing Activities:
Additions to land, buildings, and equipment		(7,907,963	)		(4,997,481	)
Proceeds from disposal of assets		60,800			—
Proceeds from sale of land		8,336,359			1,159,640
Additions for TIF eligible improvements		(4,160	)		—
Proceeds from sale of short-term investments		5,000,000			—
Purchase of short-term investments		(5,000,000	)		(5,000,000	)
Cash dividends received from equity investments		30,368			337,192
Increase in related party receivable		(970,751	)		(376,521	)
Equity investment contribution		—			(397,807	)
Net cash used in investing activities		(455,347	)		(9,274,977	)

Financing Activities:
Proceeds from issuance of common stock		230,589			164,824
Cash dividend paid to shareholders		(1,384,773	)		(1,360,369	)
Payments for taxes related to net share settlement of equity awards		(171,748	)		(212,608	)
Principal payments on finance lease		(19,479	)		(27,062	)
Net cash used in financing activities		(1,345,411	)		(1,435,215	)

Net increase in cash, cash equivalents, and restricted cash		9,735,751			507,250

Cash, cash equivalents, and restricted cash at beginning of year		16,106,003			15,598,753

Cash, cash equivalents, and restricted cash at end of year	$	25,841,754		$	16,106,003

Schedule of non-cash investing and financing activities
Additions to land, buildings, and equipment funded through accounts payable	$	2,696,000		$	606,000
Dividend declared but not yet paid		346,125			342,000
Change in investee losses in excess of equity investments		(1,722,000	)		1,981,000
ROU assets obtained in exchange for operating lease obligations		87,430			—

Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds	$	3,622,000		$	3,707,000
Interest paid		1,000			2,000

	Year Ended December 31,
	2023		2022
Poker Games Collection	$	7,477,000	$	7,607,000
Other Poker Revenue		3,016,000		2,875,000
Total Poker Revenue		10,493,000		10,482,000

Table Games Collection		26,970,000		27,392,000
Other Table Games Revenue		2,318,000		2,345,000
Total Table Games Revenue		29,288,000		29,737,000

Total Casino Revenue	$	39,781,000	$	40,219,000

	Year Ended December 31,
	2023		2022
Simulcast	$	3,717,000	$	3,862,000
Live racing		1,526,000		1,890,000
Guest fees		1,582,000		3,517,000
Other revenue		1,429,000		1,689,000
Total Pari-Mutuel Revenue	$	8,254,000	$	10,958,000

Racing Days
Simulcast only racing days		311		300
Live and simulcast racing days		53		64
Total Number of Racing Days		364		364

	*2023*			*2022*
Land	$	2,878,308		$	3,063,325
Buildings and building improvements		45,338,216			42,590,623
Furniture and equipment		20,805,643			21,409,954
Construction in progress		7,419,631			4,218,089
		76,441,798			71,281,991
Accumulated depreciation		(33,472,269	)		(34,790,331	)
	$	42,969,529		$	36,491,660

	*2023*			*2022*
Federal tax expense at statutory rates	$	3,145,900		$	2,149,300
Nondeductible lobbying expense		30,200			10,200
State expense, net of federal impact		1,204,200			753,500
Stock-based compensation expense		(52,500	)		(78,600	)
Long term incentive and restricted stock unit expense		—			(9,600	)
Other		89,200			(103,000	)
	$	4,417,000		$	2,721,800

	*2023*		*2022*
Current
Federal	$	931,000	$	2,010,700
State		660,000		908,100
		1,591,000		2,918,800
Deferred, Federal		1,961,700		(242,700	)
Deferred, State		864,300		45,700
	$	4,417,000	$	2,721,800

	*2023*			*2022*
Deferred tax assets:
Vacation accrual	$	47,600		$	67,600
Player rewards program accrual		116,800			120,100
Stock-based compensation expense		135,900			118,700
Other		2,785			5,785
Net deferred tax assets		303,085			312,185
Deferred tax liabilities:
Land, building and equipment - cost and depreciation		(5,352,900	)		(4,202,800	)
Investment in equity investments		(3,100,100	)		(2,866,400	)
Deferred gain		(1,214,300	)		—
Prepaid expenses		(766,300	)		(144,100	)
TIF receivable accrued interest		(169,500	)		(572,900	)
Net deferred tax liabilities		(10,603,100	)		(7,786,200	)
Net long-term deferred tax liabilities	$	(10,300,015	)	$	(7,474,015	)

				*Weighted*
				*Average*
	*Deferred*			*Fair Value*
	*Stock*			*Per Share*
Non-Vested Balance, December 31, 2022		7,230		$	22.12
Granted		7,818			23.01
Vested		(7,230	)		22.12
Forfeited		—			—
Non-Vested Balance, December 31, 2023		7,818		$	23.01

	*Year Ended December 31,*
	*2023*		*2022*
Net income (numerator) amounts used for basic and diluted per share computations:	$	10,563,249	$	7,512,946

Weighted average shares (denominator) of common stock outstanding:
Basic		4,921,379		4,854,339
Plus dilutive effect of stock options		27,803		38,261
Diluted		4,949,182		4,892,600

Net income per common share:
Basic	$	2.15	$	1.55
Diluted		2.13		1.54

		Year Ended December 31,
Assets	Balance Sheet Location	2023		2022

Finance	Land, buildings and equipment, net (1)	$	9,374	$	18,973
Operating	Operating lease right-of-use assets		53,026		-
Total Leased Assets		$	62,400	$	18,973

Year Ended December 31, 2023	*Operating leases*			*Finance leases*
2024	$	26,785		$	2,339
2025		28,229			2,339
2026		—			2,339
2027 and beyond		—			4,485
Total minimum lease obligations		55,014			11,503
Less: amounts representing interest		(1,988	)		(2,129	)
Present value of minimum lease payments		53,026			9,374
Less: current portion		(25,352	)		(1,604	)
Lease obligations, net of current portion	$	27,674		$	7,770

	*Year Ended December 31, 2023*
	*Horse Racing*			*Casino*		*Food and Beverage*		*Development*		*Total*
Net revenues from external customers	$	13,198		$	39,781	$	8,458	$	—	$	61,437
Intersegment revenues		235			—		1,181		—		1,416
Net interest income		1,058			—		—		920		1,978
Depreciation		2,674			301		170		—		3,145
Segment income (loss) before income taxes		(2,082	)		9,226		2,132		8,670		17,946
Segment tax expense (benefit)		(1,488	)		2,720		629		2,556		4,417

		*At December 31, 2023*
Segment Assets		$	92,970			$	2,125			$	33,175			$	34,892			$	163,162

	*Year Ended December 31, 2022*
	*Horse Racing*			*Casino*		*Food and Beverage*		*Development*			*Total*
Net revenues from external customers	$	17,560		$	40,219	$	9,045	$	—		$	66,824
Intersegment revenues		216			—		1,031		—			1,247
Net interest income		96			—		—		814			910
Depreciation		2,482			301		198		—			2,981
Segment (loss) income before income taxes		687			10,446		2,441		(969	)		12,605
Segment tax (benefit) expense		(448	)		2,778		649		(257	)		2,722

		*At December 31, 2022*
Segment Assets		$	71,338			$	2,425			$	30,341			$	26,475			$	130,579

Income (loss) before income taxes
Total segment income before income taxes	$	17,946		$	12,605
Elimination of intersegment loss before income taxes		(2,966	)		(2,370	)
Total consolidated income before income taxes	$	14,980		$	10,235

	*December 31,*			*December 31,*
	*2023*			*2022*
Assets
Total assets for reportable segments	$	163,162		$	130,579
Elimination of intercompany balances		(58,483	)		(38,303	)
Total consolidated assets	$	104,679		$	92,276

	*Equity investment*			*Investee losses in excess of equity investment*			*Equity investment, net*
Net Equity Investment Balance at 12/31/22	$	6,863,517		$	(3,185,923	)	$	3,677,594

Q1 Equity investment (loss) income		(23,232	)		1,881,744			1,858,512

Q2 Equity investment loss		(26,071	)		(596,109	)		(622,180	)

Q3 Equity investment loss		(24,442	)		(649,899	)		(674,341	)

Q4 Equity investment (loss) income		(177,060	)		1,085,969			908,909

Net Equity Investment Balance at 12/31/23	$	6,612,712		$	(1,464,218	)	$	5,148,494


Plan Category	Number of shares of common stock to be issued upon exercise of outstanding options, warrants and rights (1)		Weighted-average exercise price of outstanding options, warrants and rights		Number of shares of common stock remaining available for future issuance under equity compensation plans (2)
Equity compensation plans approved by security holders:
Stock Plan		44,738	$	—		123,334
Employee Stock Purchase Plan		—		—		83,166
Equity compensation plans not approved by security holders:
Total		44,738				206,500

Exhibit Table Reference		Title of Document

3.1		Restated Articles of Incorporation, filed as Exhibit 3.1 to Form 8-K dated June 30, 2016 and incorporated herein by reference.

3.2		Bylaws, filed as Exhibit 3.2 to Form 8-K dated June 30, 2016 and incorporated herein by reference.

3.3		Amendments effective April 17, 2020 to Bylaws of Canterbury Park Holding Corporation, filed as Exhibit 3.2 to Current Report on Form 8-K dated April 17, 2020 and incorporated herein by reference.

4.1		Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, filed as Exhibit 4.1 to Form 10-K dated March 21, 2023 and incorporated herein by reference.

10.3		Canterbury Park Holding Corporation Stock Plan, as amended through June 7, 2017, filed as Exhibit 10.5 to the Form 8-K dated June 7, 2017 and incorporated herein by reference.

10.4		General Credit and Security Agreement dated as of November 11, 2016 between Canterbury Park Holding Corporation and Bremer Bank N.A., filed as Exhibit 10.10 to 2017 Form 10-K and incorporated herein by reference.

10.4.1		Credit Amendment Agreement, dated as of September 30, 2018, between and among Canterbury Park Holding Corporation and Bremer Bank N.A, filed as Exhibit 10.1 to Form 10-Q dated November 14, 2018 and incorporated herein by reference.

Exhibit Table Reference		Title of Document

10.4.2		Third Amendment made as of September 30, 2019, by and among to the General Credit and Security Agreement between Canterbury Park Holding Corporation and Bremer Bank N.A, filed as Exhibit 10.1 to Form 8-K dated September 30, 2019 and incorporated herein by reference.

10.4.3		Fourth Amendment made as of September 30, 2020, by and among to the General Credit and Security Agreement between Canterbury Park Holding Corporation and Bremer Bank N.A., filed as Exhibit 10.1 to Form 8-K dated September 30, 2020 and incorporated herein by reference.

10.4.4		Fifth Amendment made as of December 23, 2020, by and among to the General Credit and Security Agreement between Canterbury Park Holding Corporation and Bremer Bank N.A., filed as Exhibit 10.1 to Form 8-K dated December 23, 2020 and incorporated herein by reference.

10.4.5		Sixth Amendment made as of February 28, 2021, by and among to the General Credit and Security Agreement between Canterbury Park Holding Corporation and Bremer Bank N.A., filed as Exhibit 10.1 to Form 8-K dated February 28, 2021 and incorporated herein by reference.

10.4.6		Seventh Amendment Agreement effective January 31, 2024 by and among Canterbury Park Entertainment LLC, Canterbury Holding Corporation, Canterbury Park Concessions, Inc. and Bremer Bank, National Association, filed as Exhibit 10.1 to Form 8-K filed on February 2, 2024 and incorporated herein by reference.

10.4.7		Negative Pledge Agreement effective January 31, 2024 by Canterbury Park Entertainment LLC in favor of Bremer Bank National Association.

10.5		Contract for Private Redevelopment dated August 10, 2018 between the City of Shakopee, Minnesota, Economic Development Authority for the City of Shakopee, Minnesota, Canterbury Development LLC, and Canterbury Park Holding Corporation, filed as Exhibit 10.1 to the Form 10-Q for the quarter ended June 30, 2018 and incorporated herein by reference.

10.5.1		First Amendment dated as of September 7, 2021 to the Contract for Private Redevelopment dated August 10, 2018 by and among Canterbury Park Holding Corporation, Canterbury Development LLC, the City of Shakopee, Minnesota, and the Economic Development Authority for the City of Shakopee, Minnesota, filed as Exhibit 10.1 to the Form 8-K dated January 25, 2022 and incorporated herein by reference.

10.6*		Canterbury Park Holding Corporation Annual Incentive Plan filed as Exhibit 99.1 to Form 8-K dated April 5, 2016 and incorporated herein by reference.

10.7*		Canterbury Park Holding Corporation Long Term Incentive Plan filed as Exhibit 99.2 to Form 8-K dated April 5, 2016 and incorporated herein by reference.

10.8		Canterbury Park Holding Corporation Employee Stock Purchase Plan, as amended through March 23, 2021, incorporated by reference from Appendix A to the Company's definitive proxy statement for its 2021 Annual Meeting of Shareholders held on June 3, 2021 and incorporated herein by reference.

10.9*		Canterbury Form of Severance and Change in Control Letter Agreement approved March 17, 2022 by and between Canterbury Park Holding Corporation and its executive officers, incorporated by reference from the Exhibit 10.2 to the Current Report on Form 8-K filed on March 22, 2022.