Canterbury Park Holding Corp 10-K for FY2024

Canterbury Park Holding Corp (CPHC)

10-K 2025-03-11 For: 2024-12-31

Added on April 08, 2026

About this 10-K

Canterbury Park Holding Corp filed this 10-K on March 11, 2025, covering the fiscal year ended December 31, 2024 (FY2024).

Headline figures

Fiscal year ended December 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $61.56M; up 0.2% from $61.44M a year earlier
Net income: $2.11M; down 80.0% from net income of $10.56M a year earlier
Diluted EPS: $0.42; down 80.3% from $2.13 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	10
ITEM 1B.	Unresolved Staff Comments	15
ITEM 1C.	Cybersecurity	15
ITEM 2.	Properties	16
ITEM 3.	Legal Proceedings	16
ITEM 4.	Mine Safety Disclosures	16

PART II

ITEM 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	16
ITEM 6.	[Reserved]	16
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	16
ITEM 7A.	Quantitative and Qualitative Disclosures about Market Risk	22
ITEM 8.	Financial Statements and Supplementary Data	23
ITEM 9.	Changes In and Disagreements With Accountants on Accounting and Financial Disclosure	41
ITEM 9A.	Controls and Procedures	41
ITEM 9B.	Other Information	42
ITEM 9C.	Regarding Foreign Jurisdiction that Prevent Inspections	42

PART III

ITEM 10.	Directors, Executive Officers and Corporate Governance	42
ITEM 11.	Executive Compensation	42
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	42
ITEM 13.	Certain Relationships, Related Transactions and Director Independence	42
ITEM 14.	Principal Accounting Fees and Services	42

PART IV

ITEM 15.	Exhibits and Financial Statement Schedules	43
ITEM 16.	Form 10-K Summary	45

SIGNATURES		46

Name	Age	Position with Company
Randall D. Sampson	66	President, CEO, and Chairman of the Board

Randy J. Dehmer	42	Senior Vice President of Finance and CFO

*Financial Performance Summary*	2024			2023			2022			2021				2020
Net Revenues	$	61,562		$	61,437		$	66,824		$	60,400			$	33,140
Operating Expenses		56,862			56,426			55,943			42,882		⁽¹⁾		34,882
Gain on Transfer/Sale of Land		1,732			6,490			12			264				2,368
Income (Loss) Before Income Taxes		3,037			14,980			10,235			15,798				(189	)
Income Tax (Expense) Benefit		(924	)		(4,417	)		(2,722	)		(3,999	)			1,251
Net Income		2,113			10,563			7,513			11,798				1,062

	Year Ended December 31,
	2024			2023
NET INCOME	$	2,112,842		$	10,563,249
Interest income, net		(2,071,511	)		(1,978,122	)
Income tax expense		923,885			4,417,000
Depreciation and amortization		3,620,899			3,145,372
EBITDA		4,586,115			16,147,499
Stock-based compensation		1,447,009			1,378,373
Loss on disposal of assets		49,214			157,160
Gain on transfer/sale of land		(1,732,353	)		(6,489,976	)
Gain on insurance proceeds related to equity investments		—			(4,227,701	)
Depreciation and amortization related to equity investments		3,086,695			1,753,256
Interest expense related to equity investments		2,796,932			1,727,192
ADJUSTED EBITDA	$	10,233,612		$	10,445,803

					Minnesota Breeders’
	Purse Expense				Fund Expense
	2024		2023		2024		2023
Casino	$	4,668,000	$	4,797,000	$	519,000	$	533,000
Simulcast Racing		1,335,000		1,435,000		428,000		442,000
Live Racing		1,905,000		1,368,000		81,000		79,000
Total	$	7,908,000	$	7,600,000	$	1,028,000	$	1,054,000

	●	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)	24

Consolidated Balance Sheets as of December 31, 2024 and 2023	25

Consolidated Statements of Operations for the years ended December 31, 2024 and 2023	26

Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2024 and 2023	27

Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023	28

Notes to Consolidated Financial Statements for the years ended December 31, 2024 and 2023	30

	*2024*		*2023*
ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	10,075,642	$	21,936,210
Restricted cash		3,611,776		3,905,544
Short-term investments		5,000,000		5,000,000
Accounts receivable, net of allowance of $7,670 at December 31, 2024 and 2023		439,121		484,092
Inventory		250,658		249,370
Prepaid expenses		1,849,015		645,422
Income taxes receivable and prepaid income taxes		3,186,465		4,083,364
Total Current Assets		24,412,677		36,304,002

LONG-TERM ASSETS
Deposits		19,650		—
Other prepaid expenses		19,951		10,978
TIF receivable		18,898,445		13,972,875
Related party receivable (Note 12)		4,743,913		3,526,071
Operating lease right-of-use assets		27,674		53,026
Equity investment (Note 11)		6,976,091		6,612,712
Other long-term receivables (Note 9)		1,597,463		—
Land held for development		2,183,930		1,756,914
Land, buildings, and equipment, net (Note 3)		51,042,988		42,442,090
Total Long-term Assets		85,510,105		68,374,666
TOTAL ASSETS	$	109,922,782	$	104,678,668

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES
Accounts payable	$	3,665,155	$	4,599,391
Casino accruals		2,159,249		2,667,499
Accrued wages and payroll taxes		2,151,524		1,662,927
Cash dividend payable		351,373		346,125
Accrued property taxes		1,103,784		741,215
Deferred revenue		311,244		274,898
Payable to horsepersons		870,775		763,383
Current portion of finance lease obligations		32,950		1,604
Current portion of operating lease obligations		27,674		25,352
Total Current Liabilities		10,673,728		11,082,394

LONG-TERM LIABILITIES
Deferred income taxes (Note 4)		9,846,000		10,300,015
Investee losses in excess of equity investment		5,016,198		1,464,218
Finance lease obligations, net of current portion		117,182		7,770
Operating lease obligations, net of current portion		—		27,674
Other long-term liabilities		181,000		—
Total Long-term Liabilities		15,160,380		11,799,677
TOTAL LIABILITIES		25,834,108		22,882,071

STOCKHOLDERS’ EQUITY (Note 5)
Common stock, $.01 par value, 10,000,000 shares authorized, 5,036,717 and 4,962,573, respectively, shares issued and outstanding		50,367		49,626
Additional paid-in capital		28,940,887		27,351,509
Retained earnings		55,097,420		54,395,462
Total Stockholders’ Equity		84,088,674		81,796,597
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	109,922,782	$	104,678,668

	*2024*			*2023*
OPERATING REVENUES:
Casino	$	38,774,702		$	39,781,166
Pari-mutuel		8,226,047			8,253,615
Food and beverage		7,968,157			7,828,980
Other		6,593,382			5,573,097
Total Net Revenues		61,562,288			61,436,858

OPERATING EXPENSES:
Purse expense		7,908,404			7,600,059
Minnesota Breeders’ Fund		1,027,609			1,053,790
Other pari-mutuel expenses		910,843			915,714
Salaries and benefits		26,142,046			25,490,790
Cost of food and beverage and other sales		3,195,767			3,062,974
Depreciation and amortization		3,620,899			3,145,372
Utilities		1,489,576			1,680,885
Advertising and marketing		1,349,656			2,068,846
Professional and contracted services		5,660,993			5,981,480
Loss on disposal of assets		49,214			157,160
Other operating expenses		5,506,647			5,268,905
Total Operating Expenses		56,861,654			56,425,975
Gain on transfer/sale of land (Note 11)		1,732,353			6,489,976
INCOME FROM OPERATIONS		6,432,987			11,500,859
OTHER INCOME (LOSS)
(Loss) income from equity investment		(5,467,771	)		1,501,268
Interest income, net		2,071,511			1,978,122
Net Other (Loss) Income		(3,396,260	)		3,479,390
INCOME BEFORE INCOME TAXES		3,036,727			14,980,249
INCOME TAX EXPENSE (Note 4)		(923,885	)		(4,417,000	)
NET INCOME	$	2,112,842		$	10,563,249

Basic earnings per share	$	0.42		$	2.15
Diluted earnings per share	$	0.42		$	2.13
Weighted average basic shares outstanding		4,994,905			4,921,379
Weighted average diluted shares		5,032,210			4,949,182

	*Number of*		*Common*		*Additional*			*Retained*
	*Shares*		*Stock*		*Paid-in Capital*			*Earnings*			*Total*
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

Stock-based compensation		—		—		571,632			—			571,632
Dividend distribution		—		—		—			(1,410,884	)		(1,410,884	)
401(K) stock match		42,086		421		875,377			—			875,798
Issuance of deferred stock awards		17,475		175		(109,062	)		—			(108,887	)
Shares issued under Employee Stock Purchase Plan		14,583		146		251,431			—			251,577
Net income		—		—		—			2,112,842			2,112,842

Balance at December 31, 2024		5,036,717	$	50,367	$	28,940,887		$	55,097,420		$	84,088,674

	*2024*			*2023*
Operating Activities:
Net income	$	2,112,842		$	10,563,249
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,620,899			3,145,372
Stock-based compensation expense		571,632			527,762
Stock-based employee match contribution		875,798			850,998
Deferred income taxes		(454,015	)		2,826,000
Loss on disposal of assets		49,214			157,160
Loss (gain) from equity investment		5,467,771			(1,501,268	)
Gain on sale of land		—			(6,489,976	)
Gain on transfer of land		(1,732,353	)		—
Changes in operating assets and liabilities:
Accounts receivable		44,971			134,273
Employee retention credit		—			6,103,236
Increase in TIF receivable		(681,332	)		(674,378	)
Inventory, prepaid expenses and deposits		(1,233,504	)		(17,403	)
Income taxes receivable and prepaid income taxes		896,899			(2,031,000	)
Other long-term receivables		(1,597,463	)		—
Operating lease right-of-use assets		25,352			24,524
Operating lease liabilities		(25,352	)		(24,524	)
Accounts payable		(2,121,199	)		(1,465,498	)
Deferred revenue		36,346			(138,544	)
Casino accruals		(508,250	)		(16,945	)
Accrued wages and payroll taxes		488,597			(151,952	)
Accrued property taxes		362,569			(54,431	)
Other long-term liabilities		181,000			—
Payable to horsepersons		107,392			(230,146	)
Net cash provided by operating activities		6,487,814			11,536,509

Investing Activities:
Additions to land, buildings, and equipment		(11,984,131	)		(7,907,963	)
Proceeds from disposal of assets		60,800			60,800
Proceeds from sale of land		—			8,336,359
Additions for TIF eligible improvements		(4,244,238	)		(4,160	)
Proceeds from sale of short-term investments		7,000,000			5,000,000
Purchase of short-term investments		(7,000,000	)		(5,000,000	)
Cash dividends received from equity investments		36,480			30,368
Increase in related party receivable		(1,217,842	)		(970,751	)
Net cash used in investing activities		(17,348,931	)		(455,347	)

Financing Activities:
Proceeds from issuance of common stock		251,577			230,589
Cash dividend paid to shareholders		(1,405,636	)		(1,384,773	)
Payments for taxes related to net share settlement of equity awards		(108,887	)		(171,748	)
Principal payments on finance lease		(30,272	)		(19,479	)
Net cash used in financing activities		(1,293,218	)		(1,345,411	)

Net (decrease) increase in cash, cash equivalents, and restricted cash		(12,154,336	)		9,735,751

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

Cash, cash equivalents, and restricted cash at end of year	$	13,687,418		$	25,841,754

Schedule of non-cash investing and financing activities
Additions to land, buildings, and equipment funded through accounts payable	$	1,187,000	$	2,696,000
Dividend declared but not yet paid		351,000		346,125
Change in investee losses in excess of equity investments		3,552,000		(1,722,000	)
ROU assets obtained in exchange for operating lease obligations		171,030		87,430
Transfer of assets to Trackside Investments, LLC		583,000		—

Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds	$	300,000	$	3,622,000
Interest paid		13,000		1,000

	Year Ended December 31,
	2024		2023
Poker Games Collection	$	7,581,000	$	7,477,000
Other Poker Revenue		3,191,000		3,016,000
Total Poker Revenue		10,772,000		10,493,000

Table Games Collection		24,768,000		26,970,000
Other Table Games Revenue		3,235,000		2,318,000
Total Table Games Revenue		28,003,000		29,288,000

Total Casino Revenue	$	38,775,000	$	39,781,000

	Year Ended December 31,
	2024		2023
Simulcast	$	3,595,000	$	3,717,000
Live racing		1,557,000		1,526,000
Guest fees		1,702,000		1,582,000
Other revenue		1,372,000		1,429,000
Total Pari-Mutuel Revenue	$	8,226,000	$	8,254,000

Racing Days
Simulcast only racing days		311		311
Live and simulcast racing days		54		53
Total Number of Racing Days		365		364

	*2024*			*2023*
Land	$	2,835,655		$	2,878,308
Buildings and building improvements		55,620,120			45,338,216
Furniture and equipment		21,102,057			20,805,643
Construction in progress		6,586,250			6,892,192
		86,144,082			75,914,359
Accumulated depreciation		(35,101,094	)		(33,472,269	)
Total land, buildings, and equipment, net	$	51,042,988		$	42,442,090

	*2024*			*2023*
Federal tax expense at statutory rates	$	637,700		$	3,145,900
Nondeductible lobbying expense		32,000			30,200
State expense, net of federal impact		275,700			1,204,200
Stock-based compensation expense		4,900			(52,500	)
Other		(26,415	)		89,200
Total income tax expense	$	923,885		$	4,417,000

	*2024*			*2023*
Current
Federal	$	522,900		$	931,000
State		674,000			660,000
		1,196,900			1,591,000
Deferred, Federal		51,985			1,961,700
Deferred, State		(325,000	)		864,300
Total income tax expense	$	923,885		$	4,417,000

	*2024*			*2023*
Deferred tax assets:
Vacation accrual	$	82,300		$	47,600
Player rewards program accrual		94,800			116,800
Stock-based compensation expense		160,200			135,900
Other		1,700			2,785
Net deferred tax assets		339,000			303,085
Deferred tax liabilities:
Land, building and equipment - cost and depreciation		(5,523,200	)		(5,352,900	)
Investment in equity investments		(3,468,100	)		(4,314,400	)
Prepaid expenses		(231,600	)		(169,500	)
TIF receivable accrued interest		(962,100	)		(766,300	)
Net deferred tax liabilities		(10,185,000	)		(10,603,100	)
Net long-term deferred tax liabilities	$	(9,846,000	)	$	(10,300,015	)

Unrecognized tax benefits — January 1, 2024	$	—

Gross increases — tax positions taken during the prior period		630,000
Gross decreases — tax positions taken during the current period		(449,000	)

Unrecognized tax benefits — December 31, 2024	$	181,000

				*Weighted*
				*Average*
	*Deferred*			*Fair Value*
	*Stock*			*Per Share*
Non-Vested Balance, December 31, 2023		7,818		$	23.01
Granted		10,734			22.35
Vested		(7,818	)		23.01
Forfeited		—			—
Non-Vested Balance, December 31, 2024		10,734		$	22.35

	*Year Ended December 31,*
	*2024*		*2023*
Net income (numerator) amounts used for basic and diluted per share computations:	$	2,112,842	$	10,563,249

Weighted average shares (denominator) of common stock outstanding:
Basic		4,994,905		4,921,379
Plus dilutive effect of stock options		37,305		27,803
Diluted	$	5,032,210	$	4,949,182

Net income per common share:
Basic	$	0.42	$	2.15
Diluted		0.42		2.13

		*Year Ended December 31,*
Assets	*Balance Sheet Location*	*2024*		*2023*

Finance	Land, buildings and equipment, net (1)	$	150,132	$	9,374
Operating	Operating lease right-of-use assets		27,674		53,026
Total Leased Assets		$	177,806	$	62,400

Year Ended December 31, 2024	*Operating Leases*			*Finance Leases*
2025	$	28,228		$	44,447
2026		—			44,447
2027		—			44,447
2028 and beyond		—			44,252
Total minimum lease obligations		28,228			177,593
Less: amounts representing interest		(554	)		(27,461	)
Present value of minimum lease payments		27,674			150,132
Less: current portion		(27,674	)		(32,950	)
Lease obligations, net of current portion	$	—		$	117,182

	*Year Ended December 31, 2024*
	*Horse Racing*			*Casino*		*Food and Beverage*		*Development*			*Total*
Net revenues from external customers	$	13,967		$	38,775	$	8,820	$	—		$	61,562
Intersegment revenues		281			—		1,325		—			1,606
Net interest income		1,014			—		—		1,058			2,072
Depreciation		3,157			301		163		—			3,621
Segment (loss) income before income taxes		(1,838	)		5,855		1,891		(2,871	)		3,037
Segment tax (benefit) expense		(559	)		1,781		575		(873	)		924

		*At December 31, 2024*
Segment Assets		$	99,810			$	1,041			$	35,679			$	39,088			$	175,618

	*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 (loss) income before income taxes		(5,142	)		9,320		2,132		8,670		14,980
Segment tax (benefit) expense		(1,516	)		2,748		629		2,556		4,417

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

Income (loss) before income taxes
Total segment income before income taxes	$	5,661		$	17,946
Elimination of intersegment loss before income taxes		(2,624	)		(2,966	)
Total consolidated income before income taxes	$	3,037		$	14,980

	*December 31,*			*December 31,*
	*2024*			*2023*
Assets
Total assets for reportable segments	$	175,618		$	163,162
Elimination of intercompany balances		(65,695	)		(58,483	)
Total consolidated assets	$	109,923		$	104,679

	*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

Equity investment (loss) income		(220,437	)		1,721,705			1,501,268

Dividends received from investments		(30,368	)		—			(30,368	)

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

Equity investment loss		(1,915,791	)		(3,551,980	)		(5,467,771	)

Contribution to equity investment		2,315,650			—			2,315,650

Dividends received from investments		(36,480	)		—			(36,480	)

Net Equity Investment Balance at 12/31/24	$	6,976,091		$	(5,016,198	)	$	1,959,893


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		54,524	$	—		135,238
Employee Stock Purchase Plan		—		—		68,583
Equity compensation plans not approved by security holders:
Total		54,524				203,821

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, filed as Exhibit 10.2 to the Form 8-K dated February 2, 2024 and incorporated herein by reference.

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.