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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
OPERATING REVENUES:        
Net Revenues $ 21,347,334 $ 13,300,014 $ 46,444,694 $ 27,016,828
OPERATING EXPENSES:        
Purse expense 2,906,225 2,389,068 6,346,172 4,094,136
Minnesota Breeders’ Fund 318,938 268,887 808,096 582,058
Salaries and benefits 6,399,950 5,449,631 16,054,814 12,920,833
Depreciation and amortization 730,164 655,003 2,113,917 2,065,496
Advertising and marketing 1,095,788 108,628 1,525,844 330,792
Professional and Contracted Services 1,533,804 1,026,140 3,372,138 2,608,869
Loss on disposal of assets 0 13,407 0 13,407
Other operating expenses 1,933,761 1,143,359 3,743,240 2,925,019
Total Operating Expenses 16,961,343 12,245,399 37,957,706 28,139,097
Gain on sale/transfer of land 0 2,275,458 263,581 2,275,458
INCOME FROM OPERATIONS 4,385,991 3,330,073 8,750,569 1,153,189
OTHER (LOSS) INCOME        
Loss from equity investment (685,741) (511,616) (1,964,321) (661,255)
Interest income, net 180,357 168,552 524,757 501,600
Net Other (Loss) Income (505,384) (343,064) (1,439,564) (159,655)
INCOME BEFORE INCOME TAXES 3,880,607 2,987,009 7,311,005 993,534
INCOME TAX EXPENSE (1,123,209) (1,137,997) (2,133,030) (70,498)
NET INCOME $ 2,757,398 $ 1,849,012 $ 5,177,975 $ 923,036
Basic earnings per share (in dollars per share) $ 0.58 $ 0.39 $ 1.09 $ 0.20
Diluted earnings per share (in dollars per share) $ 0.58 $ 0.39 $ 1.09 $ 0.20
Weighted Average Basic Shares Outstanding (in shares) 4,786,283 4,708,966 4,769,201 4,688,282
Weighted Average Diluted Shares (in shares) 4,786,283 4,708,966 4,769,203 4,691,378
Pari-mutuel [Member]        
OPERATING REVENUES:        
Net Revenues $ 4,300,570 $ 4,184,533 $ 8,999,154 $ 6,901,142
Casino [Member]        
OPERATING REVENUES:        
Net Revenues 10,452,206 7,191,607 27,207,088 15,547,974
Food and Beverage [Member]        
OPERATING REVENUES:        
Net Revenues 3,475,027 861,723 5,119,588 2,091,855
OPERATING EXPENSES:        
Cost of goods and services sold 1,178,346 425,296 1,938,677 1,060,335
Product and Service, Other [Member]        
OPERATING REVENUES:        
Net Revenues 3,119,531 1,062,151 5,118,864 2,475,857
Other Pari-mutuel Expenses [Member]        
OPERATING EXPENSES:        
Cost of goods and services sold 231,358 253,665 755,120 533,205
Public Utilities [Member]        
OPERATING EXPENSES:        
Cost of goods and services sold $ 633,009 $ 512,315 $ 1,299,688 $ 1,004,947