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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
OPERATING REVENUES:        
Operating revenues $ 13,300,014 $ 18,600,641 $ 27,016,828 $ 46,624,515
OPERATING EXPENSES:        
Purse expense 2,389,068 2,085,277 4,094,136 5,441,449
Minnesota Breeders' Fund 268,887 290,104 582,058 813,906
Other pari-mutuel expenses 253,665 293,742 533,205 1,013,793
Salaries and benefits 5,449,631 7,147,203 12,920,833 19,829,175
Cost of food and beverage and other sales 425,296 1,571,048 1,060,335 3,398,220
Depreciation and amortization 655,003 785,327 2,065,496 1,987,067
Utilities 512,315 567,763 1,004,947 1,266,681
Advertising and marketing 108,628 947,377 330,792 1,894,898
Professional and contracted services 1,026,140 1,773,826 2,608,869 4,078,565
Loss on disposal of assets 13,407 6,376 13,407 114,413
Gain on insurance recoveries       (198,874)
Other operating expenses 1,143,359 1,659,236 2,925,019 4,229,849
Total Operating Expenses 12,245,399 17,127,279 28,139,097 43,869,142
Gain on transfer of land 2,275,458   2,275,458  
INCOME FROM OPERATIONS 3,330,073 1,473,362 1,153,189 2,755,373
OTHER OPERATING INCOME (LOSS)        
Loss from equity investment (511,616)   (661,255) (2,377)
Interest income, net 168,552 96,065 501,600 204,623
Net Other Operating (Loss) Income (343,064) 96,065 (159,655) 204,623
INCOME BEFORE INCOME TAXES 2,987,009 1,569,427 993,534 2,959,996
INCOME TAX BENEFIT (EXPENSE) (1,137,997) (418,942) (70,498) (795,164)
NET INCOME $ 1,849,012 $ 1,150,485 $ 923,036 $ 2,164,832
Basic earnings per share $ 0.39 $ 0.25 $ 0.20 $ 0.47
Diluted earnings per share $ 0.39 $ 0.25 $ 0.20 $ 0.47
Weighted Average Basic Shares Outstanding 4,708,966 4,604,562 4,688,282 4,583,591
Weighted Average Diluted Shares 4,708,966 4,608,987 4,691,378 4,596,314
Cash dividends declared per share $ 0.00 $ 0.07 $ 0.00 $ 0.21
Pari-mutuel        
OPERATING REVENUES:        
Operating revenues $ 4,184,533 $ 3,578,841 $ 6,901,142 $ 8,277,727
Card Casino        
OPERATING REVENUES:        
Operating revenues 7,191,607 8,559,935 15,547,974 25,350,903
Food and beverage        
OPERATING REVENUES:        
Operating revenues 861,723 3,838,792 2,091,855 7,735,986
Other        
OPERATING REVENUES:        
Operating revenues $ 1,062,151 $ 2,623,073 $ 2,475,857 $ 5,259,899