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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: MAY 24, 1999
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(DATE OF EARLIEST EVENT REPORTED)
CANTERBURY PARK HOLDING CORPORATION
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(EXACT NAME OF BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
COMMISSION FILE NUMBER 0-24554
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MINNESOTA 41-1775532
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(STATE OR OTHER JURISDICTION (IRS EMPLOYER
OF INCORPORATION OR IDENTIFICATION NO.)
ORGANIZATION)
1100 CANTERBURY ROAD, SHAKOPEE, MINNESOTA
55379
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(ZIP CODE)
(612) 445-7223
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(REGISTRANT'S TELEPHONE
NUMBER INCLUDING AREA
CODE)
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ITEMS 1 - 4.
Not applicable.
ITEM 5. OTHER EVENTS.
On May 24, 1999, the Governor of the State of Minnesota signed legislation
authorizing Canterbury Park to establish a card club of up to 50 tables at its
facility in Shakopee, Minnesota. Implementation of the card club is subject to
the oversight of the Minnesota Racing Commission. Management is carefully
reviewing the specific provisions of the new law and is developing a business
plan for implementation of the card club which will be submitted to the
Minnesota Racing Commission for approval later this year.
The legislation provides that the Company will receive a percentage of
the wagers or a fee from the players as revenue for providing card club
services. The new law specifies that the Racetrack's purse fund, which is the
prize money paid out to owners of winning horses during Canterbury Park's live
race meets, will receive 10% to 14% of the gross revenue generated by the card
club.
ITEM 6.
Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
( a ) - ( b ) Not applicable.
( c ) Exhibit 1 - Press Release dated May 25, 1999
ITEMS 8 - 9.
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CANTERBURY PARK HOLDING CORPORATION
By: /s/ Randall D. Sampson .
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Randall D. Sampson
President
June 3, 1999
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ITEM 7 ( c ). EXHIBIT 1
CANTERBURY PARK
1100 Canterbury Road
Shakopee, MN 55379
CANTERBURY PARK PLEASED WITH NEW GAMING AUTHORITY
NEW LAW SHOULD BOOST PURSES FOR HORSE RACING
FOR IMMEDIATE RELEASE CONTACT: RANDY SAMPSON
MAY 25, 1999 612-496-6429
SHAKOPEE, MN ... Officials at Canterbury Park are pleased that the Minnesota
Legislature and Governor Jesse Ventura authorized new gaming authority for
Canterbury during the just completed 1999 Legislative Session. On Monday,
Governor Ventura signed into law legislation that authorizes Canterbury Park to
host a card room of up to 50 tables at its facility in Shakopee.
"We are pleased with the broad support this legislation received in the
legislature and the backing by Governor Ventura," said Randall D. Sampson,
Canterbury Park's President and Chief Financial Officer. "Over the past few
years, Minnesotans have overwhelmingly said they support additional gaming
authority for Canterbury and the resulting benefits to the horse industry.
While the card club legislation does not level the playing field for Canterbury
with other gaming enterprises in Minnesota, this is certainly a step in the
right direction."
Canterbury officials are now carefully reviewing the specific provisions of the
new law and are developing a business plan to support the card club authority.
The Company's card club plan will be submitted later this year to the Minnesota
Racing Commission for its review and approval.
The card club law will allow Canterbury Park to host wagered card games whereby
players compete against each other and not against the house. In addition to
hosting the card club facility, Canterbury Park will supply dealers, chips and
other services to the patrons. The law limits the opening wager to $15 and
raises are limited to $30. Canterbury will receive a percentage of the wagers
or a fee from the players as its revenue for providing the facility and
services. The new law specifies that the track's purse fund, which is the prize
money paid out during Canterbury Park's live racing meet, will receive 10% - 14%
of the gross revenue generated by the card club.
"Until we have completed our financial analysis, it is difficult to accurately
predict the revenue impact to Canterbury Park and the purse fund," said Sampson.
"We are optimistic, however, that this new gaming authority combined with our
focus on customer service will make this card club a success for our patrons,
the horse industry and Canterbury Park."
Canterbury Park Holding Corporation (TRAK/Nasdaq) owns and operates Canterbury
Park, Minnesota's only pari-mutuel horse racing facility. The Company conducts
year-round simulcast pari-mutuel horse racing and is currently hosting its 1999
56-day live racing meet which began May 15th and ends August 22nd with the
Festival of Champions. The Company also serves as a venue for a variety of
other entertainment events at its facility in Shakopee, Minnesota.
