Shakopee, MN – April 1, 2020 – Canterbury Park Holding Corporation, (NASDAQ: CPHC) (“Canterbury Park” or the “Company”) today announced that the Company is taking additional action to help mitigate the financial impact resulting from the suspension of operations at Canterbury Park since March 16, 2020 in response to the ongoing COVID-19 pandemic.
Given the uncertainty on the duration of Canterbury Park’s temporary closure and with no meaningful revenue being generated during this time, the Company has implemented temporary unpaid furloughs impacting approximately 850 employees. The Company will continue to operate with a significantly reduced staff of key personnel, all of whom are subject to salary reductions that will remain in effect until the Company begins to return to normal operations.
“Since suspending all operations at Canterbury Park on March 16, 2020, we have acted aggressively to preserve cash by reducing our operating expenses, suspending or delaying our 2020 planned capital expenditures, and suspending our quarterly cash dividend,” said Randy Sampson, Canterbury Park President and CEO. “The additional actions we are implementing today are the hardest we have ever had to make given the impact on our dedicated employees for whom this situation is beyond our collective control. While this was an extremely difficult decision to make, the Board of Directors and I remain committed to taking the necessary actions that help ensure our employees’ health and safety as well as the Company’s long-term future. We continue to work closely with Governor Walz, the Minnesota Department of Health and other government entities, and will seek their guidance on when Canterbury Park can reopen so that our team members’ way of life can get back to normal. We look forward to seeing our dedicated team members return to Canterbury Park once we reopen.”
Subsequent to the Company’s March 16, 2020 voluntary suspension of activities at Canterbury Park, Minnesota Governor Tim Walz issued Emergency Executive Order 20-04 and subsequently Emergency Executive Order 20-18 causing the closure of bars, restaurants and other public accommodations including Canterbury Park until May 1, 2020 at 5:00 p.m.
