SHAKOPEE, Minn.--(BUSINESS WIRE)--Canterbury Park Holding Corporation (NASDAQ:CPHC) announced that today it has entered into a non-binding Letter of Intent with Kraus-Anderson, Incorporated (KA) related to the development of excess and underutilized property adjacent to its racetrack in Shakopee, Minnesota. Pursuant to the Letter of Intent, Kraus-Anderson will conduct due diligence to determine the feasibility of developing a portion of the land owned by CPHC into a mixed use center that could include retail shops, restaurants, entertainment and multi-family housing, as well as other compatible uses. If Kraus-Anderson is satisfied with the results of its due diligence, the Letter of Intent contemplates that the parties will negotiate a mutually acceptable comprehensive development plan and enter into a binding Development Agreement.
Randy Sampson, Canterbury Park’s President and CEO commented: “We have stated for many years our goal of developing a destination lifestyle retail and entertainment center adjacent to our Racetrack and Card Casino. We are very pleased to have the opportunity to work toward that goal with Kraus-Anderson, a great construction and real estate development company that has considerable experience with similar mixed use projects. Kraus-Anderson built the race track in 1985 and has worked with us on many successful construction projects over the years. Our familiarity with KA and their knowledge of Canterbury Park provides a great starting point for this expanded relationship.”
Mike Korsh, Vice President and Director of Real Estate Development for Kraus-Anderson Realty said, “Canterbury Park has established itself as not only a first class racetrack, but also a year-round entertainment destination. They have a great location in Shakopee, a community that is experiencing tremendous growth in both population and jobs. We are excited to have the opportunity to explore these development opportunities with Canterbury Park.”
About Canterbury Park:
Canterbury Park Holding Corporation owns and operates Canterbury Park Racetrack and Card Casino, Minnesota’s only thoroughbred and quarter horse racing facility. The Company’s 70-day 2015 live race meet will be conducted May 15th through September 12th. In addition, Canterbury Park’s Card Casino hosts card games 24 hours a day, seven days a week, offering both poker and table games. The Company also conducts year-round wagering on simulcast horse racing and hosts a variety of other entertainment and special events at its facility in Shakopee, Minnesota. For more information about the Company, please visit us at www.canterburypark.com.
Kraus-Anderson has transformed the American landscape for more than a century. Established in 1897, Kraus-Anderson provides strategic services including commercial real estate development and management, construction, equipment financing and risk management to clients nationwide. Kraus-Anderson (www.krausanderson.com) is an Affirmative Action, Equal Employment Opportunity Employer.
Canterbury Park Cautionary Statement:
The Letter of Intent that is being announced today may not lead to negotiation of a comprehensive development plan and signing of a binding Development Agreement between the parties. If the parties enter into a Development Agreement, there can be no assurance that a mixed use center will be constructed or that it will operate successfully. Also, from time to time, in press releases and in other communications to shareholders or the investing public, the Canterbury Park Holding Corporation may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans based on management’s beliefs and assumptions. These forward looking statements are typically preceded by the words such as "believes," "expects," "anticipates," "intends" or similar expressions. Shareholders and the investing public should understand that these forward-looking statements are subject to risks and uncertainties, including those disclosed in our periodic filings with the Securities and Exchange Commission, which could cause actual performance, activities or plans after the date the statements are made to differ significantly from those indicated in the forward-looking statements when made.