Canterbury Park operates a horse racing track and card casino in Shakopee, Minnesota, about 20 miles southwest of Minneapolis. The Casino is the largest revenue driver (~62% of net revenue), offering unbanked poker and table games where players compete against each other — not the house. Canterbury Park collects a rake on poker pots and a collection fee on table game buy-ins, meaning Canterbury Park bears no gambling risk. The Horse Racing segment (~13% of net revenue) includes live thoroughbred and quarter horse meets running May through September, plus year-round simulcast wagering. Canterbury Park is the only venue in Minnesota licensed to host live thoroughbred and quarter horse racing. Food & beverage (~14% of net revenue) includes restaurants, bars, and a large event venue that hosts trade shows and concerts year-round. Minnesota law requires Canterbury Park to direct a portion of Casino revenues to horse racing purses, structurally linking the two businesses. The fourth segment is real estate development (~11% of net revenue), where Canterbury Park monetizes roughly 140 acres of underutilized Racetrack land through its Canterbury Commons project. Rather than developing with cash, Canterbury Park contributes land as equity into joint ventures with outside developers, taking minority equity stakes and preferred returns. Projects to date include luxury apartments, office buildings, a senior living community, and a restaurant/entertainment venue, with future phases expected to focus on entertainment, retail, and hospitality.