Canterbury Park Revenue...

[nef]

I saw this on a link from someone else's post on the stock forum...

This states Cabterbury Park's revenue from the poker room is about $24 Million in 2003. See "Analysis" section on link.

Canterbury Park (http://www.fortune.com/fortune/Fsb100/snapshot/0,15290,52,00.html)

[Mackie]

They have 34 tables in the poker room and another what, 15 or so in the back room. For just the poker room, I would guess that on average they have 20 tables going (just an average, sometimes it's just 4 tables at 6am on a Wednesday and sometimes all 34 at 9pm on a Friday), where they play about 35 hands an hour, raking an average of $3 per hand, 24 hours a day, 365 days a year = $18.4 million dollars. Add in the money they make in the back room and a total take of 24M seems very believeable to me.

[Andy B]

For what it's worth, Canterbury is limited by law to 50 total tables, which is what they have. There are 31 poker tables and 19 in the back. There is no table 11, 13, or 18 in the poker room. I think they get out more than 35 hands an hour, and I think they have slightly fewer than 20 tables going on average, and I think the average rake is somewhat more than $3 per hand. They also make money on food and beverage in the poker room, and I don't know if that's factored into the $24MM.

[Cooling Heels]

They also take a healthy cut out of the jackpot tax of
$1 a hand. Great deal for the house.

[benfranklin]

[ QUOTE ]
For what it's worth, Canterbury is limited by law to 50 total tables, which is what they have.

[/ QUOTE ]

The bill to remove that restriction passed the Minnesota House this session, but was never addressed by the do-nothing 2004 Senate. Depending on the two year cycle of the legislature, the bill may or may not have to go back through the House before the Senate can take it up next year. I'm not sure where we are in those two year sessions.

The good news is that the bill to put an additional 5% gross tax on poker revenue didn't go anywhere this year.

[Andy B]

I thought that the additional 5% tax was tied into lifting the limit on the number of tables, which would be win-win for CP and the state. I actually think that the interminable waits for $2/4 games are a good thing, as it should encourage Minnesota's youth to devote their weekends to more constructive pursuits, such as drink and sex.

[elwoodblues]

The number of people there yesterday who appeared to be younger than the Olsen Twins was astounding.

[Mackie]

The table limit and the 5% tax are different bills.

Andy you know what table numbers are missing and you don't work there? That's scary.