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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
OPERATING REVENUES:        
Net Revenues $ 19,284,367 $ 19,268,549 $ 49,584,751 $ 48,909,795
OPERATING EXPENSES:        
Purse expense 2,796,644 2,594,270 6,474,049 6,034,508
Minnesota Breeders’ Fund 292,740 308,038 810,141 822,797
Salaries and benefits 7,290,780 7,245,775 20,280,955 19,922,853
Depreciation and amortization 936,033 831,379 2,676,092 2,308,272
Advertising and marketing 668,572 887,197 1,214,788 1,817,180
Professional and contracted services 1,915,498 2,284,181 4,613,426 4,857,229
Gain on disposal of assets 0 (19,265) 0 (19,265)
Other operating expenses 1,637,026 1,390,339 4,137,582 4,117,388
Total Operating Expenses 17,370,092 17,461,813 44,786,387 44,486,784
Gain on transfer/sale of land 1,732,353 0 1,732,353 6,489,976
INCOME FROM OPERATIONS 3,646,628 1,806,736 6,530,717 10,912,987
OTHER INCOME (LOSS)        
(Loss) gain from equity investment (1,374,401) (674,341) (3,401,147) 561,991
Interest income, net 521,579 536,904 1,592,676 1,433,353
Net Other (Loss) Income (852,822) (137,437) (1,808,471) 1,995,344
INCOME BEFORE INCOME TAXES 2,793,806 1,669,299 4,722,246 12,908,331
INCOME TAX EXPENSE (772,000) (533,000) (1,364,000) (3,709,000)
NET INCOME $ 2,021,806 $ 1,136,299 $ 3,358,246 $ 9,199,331
Basic earnings per share (in dollars per share) $ 0.4 $ 0.23 $ 0.67 $ 1.87
Diluted earnings per share (in dollars per share) $ 0.4 $ 0.23 $ 0.67 $ 1.86
Weighted average basic shares outstanding (in shares) 5,008,048 4,933,961 4,986,609 4,913,560
Weighted average diluted shares (in shares) 5,029,850 4,950,524 5,021,622 4,941,100
Cash dividends declared per share (in dollars per share) $ 0.07 $ 0.07 $ 0.21 $ 0.21
Casino [Member]        
OPERATING REVENUES:        
Net Revenues $ 9,878,660 $ 10,224,216 $ 29,780,059 $ 30,322,149
Pari-mutuel [Member]        
OPERATING REVENUES:        
Net Revenues 3,327,332 3,405,010 7,100,316 7,009,710
Food and Beverage [Member]        
OPERATING REVENUES:        
Net Revenues 3,102,706 3,310,759 6,930,086 6,808,242
OPERATING EXPENSES:        
Cost of goods and services sold 1,166,693 1,161,665 2,661,404 2,567,561
Product and Service, Other [Member]        
OPERATING REVENUES:        
Net Revenues 2,975,669 2,328,564 5,774,290 4,769,694
Other Pari-mutuel Expenses [Member]        
OPERATING EXPENSES:        
Cost of goods and services sold 186,745 210,212 708,911 691,519
Public Utilities [Member]        
OPERATING EXPENSES:        
Cost of goods and services sold $ 479,361 $ 568,022 $ 1,209,039 $ 1,366,742