Canterbury Park Holding (CPHC) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Document Information [Line Items]
Entity Central Index Key	0001672909
Entity Registrant Name	Canterbury Park Holding Corp
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37858
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	47-5349765
Entity Address, Address Line One	1100 Canterbury Road
Entity Address, City or Town	Shakopee
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55379
City Area Code	952
Local Phone Number	445-7223
Title of 12(b) Security	Common Stock Common stock, $.01 par value
Trading Symbol	CPHC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,019,609

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 16,713,056	$ 21,936,210
Restricted cash	5,714,338	3,905,544
Short-term investments	5,000,000	5,000,000
Accounts receivable, net of allowance of $7,670 for both periods	2,457,780	484,092
Inventory	292,986	249,370
Prepaid expenses	1,706,038	645,422
Income taxes receivable and prepaid income taxes	2,127,349	4,083,364
Total Current Assets	34,011,547	36,304,002
LONG-TERM ASSETS
Other prepaid expenses	38,182	10,978
TIF receivable	16,969,097	13,972,875
Operating lease right-of-use asset	27,674	53,026
Equity investment	8,046,985	6,612,712
Land held for development	1,229,475	1,229,475
Land, buildings, and equipment, net	49,288,093	42,969,529
Total Long-term Assets	80,215,573	68,374,666
TOTAL ASSETS	114,227,120	104,678,668
CURRENT LIABILITIES
Accounts payable	5,783,824	4,599,391
Casino accruals	2,240,551	2,667,499
Accrued wages and payroll taxes	2,806,975	1,662,927
Cash dividend payable	350,555	346,125
Accrued property taxes	726,331	741,215
Deferred revenue	325,883	274,898
Payable to horsepersons	2,906,622	763,383
Current portion of finance lease obligations	32,259	1,604
Current portion of operating lease obligations	27,674	25,352
Total Current Liabilities	15,200,674	11,082,394
LONG-TERM LIABILITIES
Deferred income taxes	9,708,000	10,300,015
Investee losses in excess of equity investment	4,003,146	1,464,218
Finance lease obligations, net of current portion	125,682	7,770
Operating lease obligations, net of current portion	0	27,674
Total Long-term Liabilities	13,836,828	11,799,677
TOTAL LIABILITIES	29,037,502	22,882,071
STOCKHOLDERS’ EQUITY
Common stock, $.01 par value, 10,000,000 shares authorized, 5,019,609 and 4,962,573 respectively, shares issued and outstanding	50,196	49,626
Additional paid-in capital	28,445,226	27,351,509
Retained earnings	56,694,196	54,395,462
Total Stockholders’ Equity	85,189,618	81,796,597
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	114,227,120	104,678,668
Related Party [Member]
CURRENT ASSETS
Accounts receivable, net of allowance of $7,670 for both periods	8,000	47,000
LONG-TERM ASSETS
Related party receivable	$ 4,616,067	$ 3,526,071

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance	$ 7,670	$ 7,670
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	5,019,609	4,962,573
Common stock, shares outstanding (in shares)	5,019,609	4,962,573

Condensed Consolidated Statemen

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

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	4,888,975
Balance at Dec. 31, 2022	$ 48,890	$ 25,914,644	$ 45,221,509	$ 71,185,043
Stock-based compensation	0	398,269	0	398,269
Dividend	$ 0	0	(1,043,171)	(1,043,171)
401(k) stock match (in shares)	28,597
401(k) stock match	$ 286	644,287	0	644,573
Net income	$ 0	0	9,199,331	9,199,331
Issuance of deferred stock awards (in shares)	22,197
Issuance of deferred stock awards	$ 221	(171,970)	0	(171,749)
Shares issued under Employee Stock Purchase Plan (in shares)	4,873
Shares issued under Employee Stock Purchase Plan	$ 49	94,584	0	94,633
Balance (in shares) at Sep. 30, 2023	4,944,642
Balance at Sep. 30, 2023	$ 49,446	26,879,814	53,377,669	80,306,929
Balance (in shares) at Jun. 30, 2023	4,933,844
Balance at Jun. 30, 2023	$ 49,338	26,538,005	52,586,742	79,174,085
Stock-based compensation	0	132,436	0	132,436
Dividend	$ 0	0	(345,372)	(345,372)
401(k) stock match (in shares)	10,798
401(k) stock match	$ 108	209,373	0	209,481
Net income	$ 0	0	1,136,299	1,136,299
Balance (in shares) at Sep. 30, 2023	4,944,642
Balance at Sep. 30, 2023	$ 49,446	26,879,814	53,377,669	80,306,929
Balance (in shares) at Dec. 31, 2023	4,962,573
Balance at Dec. 31, 2023	$ 49,626	27,351,509	54,395,462	81,796,597
Stock-based compensation	0	418,957	0	418,957
Dividend	$ 0	0	(1,059,512)	(1,059,512)
401(k) stock match (in shares)	32,024
401(k) stock match	$ 320	655,120	0	655,440
Net income	$ 0	0	3,358,246	3,358,246
Issuance of deferred stock awards (in shares)	17,475
Issuance of deferred stock awards	$ 175	(109,062)	0	(108,887)
Shares issued under Employee Stock Purchase Plan (in shares)	7,537
Shares issued under Employee Stock Purchase Plan	$ 75	128,702	0	128,777
Balance (in shares) at Sep. 30, 2024	5,019,609
Balance at Sep. 30, 2024	$ 50,196	28,445,226	56,694,196	85,189,618
Balance (in shares) at Jun. 30, 2024	5,007,921
Balance at Jun. 30, 2024	$ 50,079	28,086,304	55,022,946	83,159,329
Stock-based compensation	0	147,837	0	147,837
Dividend	$ 0	0	(350,556)	(350,556)
401(k) stock match (in shares)	11,688
401(k) stock match	$ 117	211,085	0	211,202
Net income	$ 0	0	2,021,806	2,021,806
Balance (in shares) at Sep. 30, 2024	5,019,609
Balance at Sep. 30, 2024	$ 50,196	$ 28,445,226	$ 56,694,196	$ 85,189,618

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net income	$ 3,358,246	$ 9,199,331
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,676,092	2,308,272
Stock-based compensation expense	418,957	398,269
Stock-based employee match contribution	655,440	644,573
Gain on disposal of assets	0	(19,265)
Gain on sale of land	0	(6,489,976)
Gain on transfer of land	(1,732,353)	0
Deferred income taxes	(592,015)	776,000
Loss (gain) from equity investment	3,401,147	(561,991)
Changes in operating assets and liabilities:
Accounts receivable	(1,973,688)	(1,001,522)
Employee retention credit	0	6,103,236
Increase in TIF receivable	(510,064)	(502,644)
Inventory and prepaid expenses	(1,131,436)	96,360
Income taxes receivable and prepaid income taxes	1,956,015	(374,000)
Operating lease right-of-use asset	25,352	24,524
Operating lease liabilities	(25,352)	(24,524)
Accounts payable	(142,261)	116,379
Deferred revenue	50,985	(46,443)
Casino accruals	(426,948)	3,152
Accrued wages and payroll taxes	1,144,048	581,448
Accrued property taxes	(14,884)	(262,755)
Payable to horsepersons	2,143,239	(767,731)
Net cash provided by operating activities	9,280,520	10,200,693
Investing Activities:
Additions to land, buildings, and equipment	(8,080,229)	(5,577,116)
Proceeds from disposal of assets	0	22,500
Proceeds from sale of land	0	8,336,359
Additions for TIF eligible improvements	(2,486,158)	(4,160)
Increase in related party receivable	(1,089,996)	(382,987)
Proceeds from sale of short-term investments	5,000,000	500,000
Purchase of short-term investments	(5,000,000)	0
Cash dividends received from investments	19,158	0
Net cash (used in) provided by investing activities	(11,637,225)	2,894,596
Financing Activities:
Proceeds from issuance of common stock	128,777	94,633
Cash dividend paid to shareholders	(1,055,082)	(1,039,404)
Payments for taxes related to net share settlement of equity awards	(108,887)	(171,749)
Principal payments on finance leases	(22,463)	(9,219)
Net cash used in financing activities	(1,057,655)	(1,125,739)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(3,414,360)	11,969,550
Cash, cash equivalents, and restricted cash at beginning of period	25,841,754	16,106,003
Cash, cash equivalents, and restricted cash at end of period	22,427,394	28,075,553
Schedule of non-cash investing and financing activities
Additions to land, buildings, and equipment funded through accounts payable	1,327,000	28,000
Dividend declared but not yet paid	351,000	345,000
Change in investee losses in excess of equity investments	2,539,000	(636,000)
ROU assets obtained in exchange for lease obligations	171,000	77,550
Transfer of assets to Trackside Investments, LLC	583,000	0
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds	0	3,257,000
Interest paid	$ 10,000	$ 0

Note 1 - Overview and Summary o

Note 1 - Overview and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Business 20 May 1994, first 1995. May September. 24 seven 80 three 140 Basis of Presentation and Preparation These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2023, 10 2023 Form 10 The condensed consolidated balance sheets and the related condensed consolidated statements of operations, stockholders’ equity, and the cash flows for the periods ended September 30, 2024 2023 have been prepared by Company management. In the opinion of management, all adjustments (which include only normal recurring adjustments, except where noted) necessary to present fairly the financial position, results of operations, statement of stockholders’ equity, and cash flows at September 30, 2024 2023 and for the periods then ended have been made. Summary of Significant Accounting Policies 2023 Form 10 no three nine September 30, 2024 . Reclassifications Restricted Cash Accounts Receivable not one September 30, 2024 December 31, 2023 not Deferred Revenue Payable to Horsepersons - PA, $7,694,000 and $6,174,000 fo nine September 30, 2024 2023 , respectively, related to thoroughbred races. Minnesota Statutes provide that amounts transferred into the trust account are the property of the trust and not not Revenue Recognition ● Identification of the contract, or contracts, with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligation in the contract ● Recognition of revenue when, or as, we satisfy a performance obligation The transaction price for a Casino contract is a set percentage of wagers and is recognized at the time that the wagering process is complete. The transaction price for pari-mutuel wagering is the commission received on a wager, exclusive of any track fees and is recognized upon occurrence of the live race that is presented for wagering and after that live race is made official by the respective state’s racing regulatory body. The transaction price for food and beverage contracts is the net amount collected from the customer for these goods. Food and beverage services have been determined to be separate, stand-alone performance obligations and the transaction price is recorded as revenue as the good is transferred to the customer when delivery is made. Contracts for Casino operations and pari-mutuel wagering involve two not not no We have two 1 2 The Company offers certain promotional allowances at no We evaluate our on-track revenue, export revenue (as described below), and import revenue (as described below) contracts to determine whether we are acting as the principal or as the agent when providing services, to determine if we should report revenue on a gross or net basis. An entity acts as a principal if it controls a specified service before that service is transferred to a customer. For on-track revenue and “import revenue,” that is revenue we generate for racing held elsewhere that our patrons wager on, we are entitled to retain a commission for providing a wagering service to our customers. For these arrangements, we are the principal because we control the wagering service; therefore, any charges, including simulcast fees, we incur for delivering the wagering service are presented as operating expenses. For “export revenue,” when the wagering occurs outside our premises, our customer is the third third

Note 2 - Stock-based Compensati

Note 2 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	2. Long Term Incentive Plan and Award of Deferred Stock The Long Term Incentive Plan (the “LTI Plan”) authorizes the grant of Long Term Incentive Awards that provide an opportunity to Named Executive Officers (“NEOs”) and other Senior Executives to receive a payment in cash or shares of the Company’s common stock to the extent of achievement at the end of a period greater than one 2020, 2020 2024. February 2022, 2021 2019 2021 2019 2021 no Board of Directors Stock Options, Deferred Stock Awards, and Restricted Stock Grants The Company’s Stock Plan currently authorizes annual grants of restricted stock, deferred stock, stock options, or any combination of the three, to non-employee members of the Board of Directors at the time of the Company’s annual shareholders’ meeting as determined by the Board prior to each such meeting. Deferred stock awards represent the right to receive shares of the Company's common stock upon vesting. Restricted stock and deferred stock grants to non-employee directors generally vest 100% one September 30, 2024 to our non-employee directors consists only of the grants of deferred stock on June 6, 2024 September 30, 2024 . Board of Directors deferred stock transactions during the nine September 30, 2024 are summarized as follows: Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2023 7,818 $ 23.01 Granted 10,734 22.35 Vested (7,818 ) 23.01 Forfeited — — Non-Vested Balance, September 30, 2024 10,734 $ 22.35 Employee Deferred Stock Awards The Company's Stock Plan permits its Compensation Committee to grant stock-based awards, including deferred stock awards, to key employees and non-employee directors. The Company has made deferred stock grants to key employees that vest over one four During the nine months ended September 30 , 2024 , the Company granted employees deferred stock awards totaling 22,100 shares of common stock, with a vesting term of approximately four nine months ended September 30 , 2023 , the Company granted employees deferred stock awards totaling 19,020 shares of common stock, with a vesting term of approximately four Employee deferred stock transactions during the nine September 30, 2024 are summarized as follows: Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2023 36,920 $ 22.00 Granted 22,100 21.08 Vested (15,230 ) 19.15 Forfeited — — Non-Vested Balance, September 30, 2024 43,790 $ 22.52 There were no stock options outstanding to any employee or other person at September 30, 2024. ely $419,000 nine September 30, 2024 2023 . At September 30, 2024, y $905,000 o

Note 3 - Net Income Per Share C

Note 3 - Net Income Per Share Computations	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	3. The following is a reconciliation of the numerator and denominator of the earnings per common share computations for the three nine September 30, 2024 2023 : ​ Three Months Ended September 30, 2024 For the Nine Months Ended September 30, 2024 2023 2024 2023 Net income (numerator) amounts used for basic and diluted per share computations: $ 2,021,806 $ 1,136,299 $ 3,358,246 $ 9,199,331 Weighted average shares (denominator) of common stock outstanding: Basic 5,008,048 4,933,961 4,986,609 4,913,560 Plus dilutive effect of deferred stock awards 21,802 16,563 35,013 27,540 Diluted 5,029,850 4,950,524 5,021,622 4,941,100 Net income per common share: Basic $ 0.40 $ 0.23 $ 0.67 $ 1.87 Diluted 0.40 0.23 0.67 1.86 ​

Note 4 - General Credit Agreeme

Note 4 - General Credit Agreement	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	4. The Company has a general credit and security agreement with a financial institution. The agreement was amended as of February 28, 2021 January 31, 2024 January 31, 2024 January 31, 2027 not September 30, 2024 December 31, 2023.

Note 5 - Operating Segments

Note 5 - Operating Segments	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	5. The Company has four Depreciation, interest, and income taxes are allocated to the segments, but no The following tables represent a disaggregation of revenues from contracts with customers along with the Company’s operating segments (in 000’s ​ For the Nine Months Ended September 30, 2024 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 12,093 $ 29,780 $ 7,712 $ — $ 49,585 Intersegment revenues 238 — 1,044 — 1,282 Net interest income 809 — — 784 1,593 Depreciation 2,328 225 123 — 2,676 Segment income (loss) before income taxes (1,962 ) 5,636 2,086 (1,038 ) 4,722 Segment tax expense (benefit) (567 ) 1,628 603 (300 ) 1,364 September 30, 2024 Segment Assets $ 104,133 $ 1,899 $ 35,912 $ 39,381 $ 181,325 ​ For the Nine Months Ended September 30, 2023 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 11,186 $ 30,322 $ 7,402 $ — $ 48,910 Intersegment revenues 194 — 893 — 1,087 Net interest income 754 — — 679 1,433 Depreciation 1,954 225 129 — 2,308 Segment income (loss) before income taxes (3,745 ) 6,940 2,137 7,576 12,908 Segment tax expense (benefit) (1,076 ) 1,994 614 2,177 3,709 December 31, 2023 Segment Assets $ 92,970 $ 2,125 $ 33,175 $ 34,892 $ 163,162 ​ The following are reconciliations of reportable segment revenues, income before income taxes, and assets, to the Company’s consolidated totals (in 000’s ​ For the Nine Months Ended September 30, 2024 2023 Revenues Total net revenue for reportable segments $ 50,867 $ 49,997 Elimination of intersegment revenues (1,282 ) (1,087 ) Total consolidated net revenues $ 49,585 $ 48,910 ​ Income before income taxes Total segment income before income taxes $ 7,401 $ 15,833 Elimination of intersegment income loss before income taxes (2,679 ) (2,925 ) Total consolidated income before income taxes $ 4,722 $ 12,908 ​ September 30, December 31, 2024 2023 Assets Total assets for reportable segments $ 181,325 $ 163,162 Elimination of intercompany balances (67,098 ) (58,483 ) Total consolidated assets $ 114,227 $ 104,679 ​ ​

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6. COMMITMENTS AND CONTINGENCIES Effective on December 21, 2021, October 27, 2022, December 12, 2023, Effective December 21, 2023, 2024 2024 2024 may five 2024 2024 three nine September 30, 2024, The Company is periodically involved in various claims and legal actions arising in the normal course of business. Management believes that the resolution of any pending claims and legal actions at September 30, 2024 and as of the date of this report, will not In August 2018, January 25, 2022, September 7, 2021. not ​

Note 7 - Real Estate Developmen

Note 7 - Real Estate Development	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Real Estate Disclosure [Text Block]	7. Equity Investments Doran Canterbury I, LLC On April 2, 2018, two On September 27, 2018, December 20, 2018, 321 not three nine September 30, 2024, three nine September 30, 2023, first nine 2023 September 30, 2024 December 31, 2023, 9 We are a party to a contribution and indemnity agreement with affiliates of Doran relating to debt financing by Doran Canterbury I as borrower, which is guaranteed by Doran affiliates. Under the contribution and indemnity agreement, as amended, the Company is obligated to reimburse and indemnify each loan guarantor for any amounts paid by such loan guarantor to the lender on debt financing by Doran Canterbury I, up to a maximum of $7,000,000 as of September 30, 2024. 6. Doran Canterbury II, LLC In connection with the execution of the Amended Doran Canterbury I Agreement, on August 18, 2018, two July 30, 2020. September 30, 2020, 300 not three nine months ended September 30 , 2024, on equity method investment related to this joint venture. As of September 30 , 2023, not January 2024. 9 Canterbury DBSV Development, LLC On June 16, 2020, two 13 July 1, 2020. not 13 three nine months ended September 30, 2024, three nine months ended September 30, 2023, three nine September 30, 2024, Trackside Investments, LLC On September 20, 2023, two August 20, 2024. not In accordance with ASC 610 20, not The following table summarizes changes to the Equity investment and Investee losses in excess of equity investment lines on our consolidated balance sheets for the nine September 30, 2024: Equity investment Investee losses in excess of equity investment Equity investment, net Net Equity Investment Balance at 12/31/23 $ 6,612,712 $ (1,464,218 ) $ 5,148,494 Q1 Equity investment loss (87,841 ) (764,406 ) (852,247 ) Q2 Equity investment loss (326,482 ) (848,017 ) (1,174,499 ) Q3 Equity investment loss (447,896 ) (926,505 ) (1,374,401 ) Contribution to equity investment 2,315,650 — 2,315,650 Dividends received from investments (19,158 ) — (19,158 ) Net Equity Investment Balance at 9/30/24 $ 8,046,985 $ (4,003,146 ) $ 4,043,839 Tax Increment Financing On August 8, 2018, April 2018. August 10, 2018. Under the Original Agreement, the Company agreed to undertake a number of specific infrastructure improvements within the TIF District, and the City agreed that a portion of the tax revenue generated from the developed property will be paid to the Company to reimburse it for its expense in constructing these improvements. Under the Original Agreement, the total estimated cost of TIF eligible improvements to be borne by the Company was $23,336,500. On January 25, 2022, September 7, 2021. not December 31, 2019. A detailed Schedule of the Public Improvements under the First Amendment, the timeline for their construction and the source and amount of funding is set forth in the First Amendment, which is filed as Exhibit 10.1 8 January 31, 2022. July 17, 2027 no July 17, 2027. not As of September 30, 2024, no December 31, 2023, The Company expects to finance its improvements under the Redevelopment Agreement with funds from its current operating resources and existing credit facility and, potentially, third

Note 8 - Leases

Note 8 - Leases	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Leases of Lessee and Commitments Disclosure [Text Block]	8. The Company determines if an arrangement is a lease or contains a lease at inception. The Company leases some office equipment under finance leases. We also lease equipment related to our horse racing operations under operating leases. For lease accounting purposes, we do not As our leases do not not Lease costs related to operating leases were $25,353 for both the nine September 30, 2024 2023 . The total lease expenses for leases with a term of twelve not nine September 30, 2024 2023 , respectively. Lease costs included in depreciation and amortization related to our finance leases were $24,999 and $18,701 for the nine September 30, 2024 2023 , respectively. Interest expense related to our finance leases was immaterial. The following table shows the classification of the right of use assets on our consolidated balance sheets: September 30, December 31, Balance Sheet Location 2024 2023 Assets Finance Land, buildings and equipment, net (1) $ 157,941 $ 9,374 Operating Operating lease right-of-use assets 27,674 53,026 Total Leased Assets $ 185,615 $ 62,400 1 September 30, 2024 December 31, 2023, The following table shows the lease terms and discount rates related to our leases: September 30, December 31, 2024 2023 Weighted average remaining lease term (in years): Finance 4.5 4.9 Operating 0.4 0.8 Weighted average discount rate (%): Finance 8.5 % 4.8 % Operating 8.0 % 8.0 % ​ The maturity of operating leases and finance leases as of September 30, 2024 are as follows: Nine Months Ended September 30, Operating leases Finance leases 2024 remaining $ — $ 11,111 2025 28,228 44,447 2026 — 44,447 2027 — 44,447 2028 and beyond — 44,251 Total minimum lease obligations 28,228 188,703 Less: amounts representing interest (554 ) (30,762 ) Present value of minimum lease payments 27,674 157,941 Less: current portion (27,674 ) (32,259 ) Lease obligations, net of current portion $ — $ 125,682

Note 9 - Related Party Receivab

Note 9 - Related Party Receivables	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	9. Since 2019, September 30, 2024 December 31, 2023, Prime Rate two September 30, 2024 December 31, 2023, The Company has also recorded related party receivables of approximately $8,000 and $47,000 as of September 30, 2024 December 31, 2023, 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Insider Trading Arr Line Items
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Preparation These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2023, 10 2023 Form 10 The condensed consolidated balance sheets and the related condensed consolidated statements of operations, stockholders’ equity, and the cash flows for the periods ended September 30, 2024 2023 have been prepared by Company management. In the opinion of management, all adjustments (which include only normal recurring adjustments, except where noted) necessary to present fairly the financial position, results of operations, statement of stockholders’ equity, and cash flows at September 30, 2024 2023 and for the periods then ended have been made.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash
Accounts Receivable [Policy Text Block]	Accounts Receivable not one September 30, 2024 December 31, 2023 not
Revenue Recognition, Deferred Revenue [Policy Text Block]	Deferred Revenue
Due To Organization [Policy Text Block]	Payable to Horsepersons - PA, $7,694,000 and $6,174,000 fo nine September 30, 2024 2023 , respectively, related to thoroughbred races. Minnesota Statutes provide that amounts transferred into the trust account are the property of the trust and not not
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition ● Identification of the contract, or contracts, with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligation in the contract ● Recognition of revenue when, or as, we satisfy a performance obligation The transaction price for a Casino contract is a set percentage of wagers and is recognized at the time that the wagering process is complete. The transaction price for pari-mutuel wagering is the commission received on a wager, exclusive of any track fees and is recognized upon occurrence of the live race that is presented for wagering and after that live race is made official by the respective state’s racing regulatory body. The transaction price for food and beverage contracts is the net amount collected from the customer for these goods. Food and beverage services have been determined to be separate, stand-alone performance obligations and the transaction price is recorded as revenue as the good is transferred to the customer when delivery is made. Contracts for Casino operations and pari-mutuel wagering involve two not not no We have two 1 2 The Company offers certain promotional allowances at no We evaluate our on-track revenue, export revenue (as described below), and import revenue (as described below) contracts to determine whether we are acting as the principal or as the agent when providing services, to determine if we should report revenue on a gross or net basis. An entity acts as a principal if it controls a specified service before that service is transferred to a customer. For on-track revenue and “import revenue,” that is revenue we generate for racing held elsewhere that our patrons wager on, we are entitled to retain a commission for providing a wagering service to our customers. For these arrangements, we are the principal because we control the wagering service; therefore, any charges, including simulcast fees, we incur for delivering the wagering service are presented as operating expenses. For “export revenue,” when the wagering occurs outside our premises, our customer is the third third

Note 2 - Stock-based Compensa_2

Note 2 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Nonvested Share Activity [Table Text Block]	Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2023 7,818 $ 23.01 Granted 10,734 22.35 Vested (7,818 ) 23.01 Forfeited — — Non-Vested Balance, September 30, 2024 10,734 $ 22.35 Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, December 31, 2023 36,920 $ 22.00 Granted 22,100 21.08 Vested (15,230 ) 19.15 Forfeited — — Non-Vested Balance, September 30, 2024 43,790 $ 22.52

Note 3 - Net Income Per Share_2

Note 3 - Net Income Per Share Computations (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, 2024 For the Nine Months Ended September 30, 2024 2023 2024 2023 Net income (numerator) amounts used for basic and diluted per share computations: $ 2,021,806 $ 1,136,299 $ 3,358,246 $ 9,199,331 Weighted average shares (denominator) of common stock outstanding: Basic 5,008,048 4,933,961 4,986,609 4,913,560 Plus dilutive effect of deferred stock awards 21,802 16,563 35,013 27,540 Diluted 5,029,850 4,950,524 5,021,622 4,941,100 Net income per common share: Basic $ 0.40 $ 0.23 $ 0.67 $ 1.87 Diluted 0.40 0.23 0.67 1.86

Note 5 - Operating Segments (Ta

Note 5 - Operating Segments (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	For the Nine Months Ended September 30, 2024 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 12,093 $ 29,780 $ 7,712 $ — $ 49,585 Intersegment revenues 238 — 1,044 — 1,282 Net interest income 809 — — 784 1,593 Depreciation 2,328 225 123 — 2,676 Segment income (loss) before income taxes (1,962 ) 5,636 2,086 (1,038 ) 4,722 Segment tax expense (benefit) (567 ) 1,628 603 (300 ) 1,364 September 30, 2024 Segment Assets $ 104,133 $ 1,899 $ 35,912 $ 39,381 $ 181,325 For the Nine Months Ended September 30, 2023 Horse Racing Casino Food and Beverage Development Total Net revenues from external customers $ 11,186 $ 30,322 $ 7,402 $ — $ 48,910 Intersegment revenues 194 — 893 — 1,087 Net interest income 754 — — 679 1,433 Depreciation 1,954 225 129 — 2,308 Segment income (loss) before income taxes (3,745 ) 6,940 2,137 7,576 12,908 Segment tax expense (benefit) (1,076 ) 1,994 614 2,177 3,709 December 31, 2023 Segment Assets $ 92,970 $ 2,125 $ 33,175 $ 34,892 $ 163,162
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	For the Nine Months Ended September 30, 2024 2023 Revenues Total net revenue for reportable segments $ 50,867 $ 49,997 Elimination of intersegment revenues (1,282 ) (1,087 ) Total consolidated net revenues $ 49,585 $ 48,910
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Income before income taxes Total segment income before income taxes $ 7,401 $ 15,833 Elimination of intersegment income loss before income taxes (2,679 ) (2,925 ) Total consolidated income before income taxes $ 4,722 $ 12,908
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	September 30, December 31, 2024 2023 Assets Total assets for reportable segments $ 181,325 $ 163,162 Elimination of intercompany balances (67,098 ) (58,483 ) Total consolidated assets $ 114,227 $ 104,679

Note 7 - Real Estate Developm_2

Note 7 - Real Estate Development (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Equity Method Investments [Table Text Block]	Equity investment Investee losses in excess of equity investment Equity investment, net Net Equity Investment Balance at 12/31/23 $ 6,612,712 $ (1,464,218 ) $ 5,148,494 Q1 Equity investment loss (87,841 ) (764,406 ) (852,247 ) Q2 Equity investment loss (326,482 ) (848,017 ) (1,174,499 ) Q3 Equity investment loss (447,896 ) (926,505 ) (1,374,401 ) Contribution to equity investment 2,315,650 — 2,315,650 Dividends received from investments (19,158 ) — (19,158 ) Net Equity Investment Balance at 9/30/24 $ 8,046,985 $ (4,003,146 ) $ 4,043,839

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Assets, Lessee [Table Text Block]	September 30, December 31, Balance Sheet Location 2024 2023 Assets Finance Land, buildings and equipment, net (1) $ 157,941 $ 9,374 Operating Operating lease right-of-use assets 27,674 53,026 Total Leased Assets $ 185,615 $ 62,400
Lease, Cost [Table Text Block]	September 30, December 31, 2024 2023 Weighted average remaining lease term (in years): Finance 4.5 4.9 Operating 0.4 0.8 Weighted average discount rate (%): Finance 8.5 % 4.8 % Operating 8.0 % 8.0 %
Lessee, Operating and Financing, Lease Liability Maturity [Table Text Block]	Nine Months Ended September 30, Operating leases Finance leases 2024 remaining $ — $ 11,111 2025 28,228 44,447 2026 — 44,447 2027 — 44,447 2028 and beyond — 44,251 Total minimum lease obligations 28,228 188,703 Less: amounts representing interest (554 ) (30,762 ) Present value of minimum lease payments 27,674 157,941 Less: current portion (27,674 ) (32,259 ) Lease obligations, net of current portion $ — $ 125,682

Note 1 - Overview and Summary_2

Note 1 - Overview and Summary of Significant Accounting Policies (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Funds Due To Organization	$ 7,694,000	$ 6,174,000

Note 2 - Stock-based Compensa_3

Note 2 - Stock-based Compensation (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares)	0
CPHC Long Term Incentive Plan (LTI Plan) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	0
Non-Employee Board Member Stock Option and Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	10,734
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 22.35
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	10,734		7,818
Non-Employee Board Member Stock Option and Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	100%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	0
Employee Deferred Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	4 years	4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	22,100	19,020
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 21.08	$ 25.52
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	43,790		36,920
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 905,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years 6 months
Employee Deferred Stock Award [Member] | CPHC Long Term Incentive Plan (LTI Plan) [Member]
Share-Based Payment Arrangement, Expense	$ 419,000	$ 398,000
Employee Deferred Stock Award [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Employee Deferred Stock Award [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	4 years

Note 2 - Stock-based Compensa_4

Note 2 - Stock-based Compensation - Unvested Restricted Stock and Deferred Stock (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Non-Employee Board Member Stock Option and Restricted Stock [Member]
Non-Vested Balance (in shares)	7,818
Non-Vested Balance, weighted average fair value per share (in dollars per share)	$ 23.01
Granted (in shares)	10,734
Granted, weighted average fair value per share (in dollars per share)	$ 22.35
Vested (in shares)	(7,818)
Vested, weighted average fair value per share (in dollars per share)	$ 23.01
Forfeited (in shares)	0
Forfeited, weighted average fair value per share (in dollars per share)	$ 0
Non-Vested Balance (in shares)	10,734
Non-Vested Balance, weighted average fair value per share (in dollars per share)	$ 22.35
Employee Deferred Stock Award [Member]
Non-Vested Balance (in shares)	36,920
Non-Vested Balance, weighted average fair value per share (in dollars per share)	$ 22
Granted (in shares)	22,100	19,020
Granted, weighted average fair value per share (in dollars per share)	$ 21.08	$ 25.52
Vested (in shares)	(15,230)
Vested, weighted average fair value per share (in dollars per share)	$ 19.15
Forfeited (in shares)	0
Forfeited, weighted average fair value per share (in dollars per share)	$ 0
Non-Vested Balance (in shares)	43,790
Non-Vested Balance, weighted average fair value per share (in dollars per share)	$ 22.52

Note 3 - Net Income Per Share_3

Note 3 - Net Income Per Share Computations - Reconciliation of Net Common Share Computation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 2,021,806	$ 1,136,299	$ 3,358,246	$ 9,199,331
Basic (in shares)	5,008,048	4,933,961	4,986,609	4,913,560
Plus dilutive effect of deferred stock awards (in shares)	21,802	16,563	35,013	27,540
Diluted (in shares)	5,029,850	4,950,524	5,021,622	4,941,100
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

Note 4 - General Credit Agree_2

Note 4 - General Credit Agreement (Details Textual) - USD ($)	Sep. 30, 2024	Jan. 31, 2024	Dec. 31, 2023	Feb. 28, 2021
Long-Term Line of Credit	$ 0		$ 0
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 5,000,000		$ 10,000,000

Note 5 - Operating Segments (De

Note 5 - Operating Segments (Details Textual)	9 Months Ended
	Sep. 30, 2024
Number of Reportable Segments	4
Source of Revenues of Horse Racing Segment	25%

Note 5 - Operating Segments - D

Note 5 - Operating Segments - Disaggregation of Revenue from Contracts with Customers (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Net revenues from external customers	$ 19,284,367	$ 19,268,549	$ 49,584,751	$ 48,909,795
Net interest income	521,579	536,904	1,592,676	1,433,353
Depreciation			2,676,092	2,308,272
Income before income taxes	2,793,806	1,669,299	4,722,246	12,908,331
Segment tax expense (benefit)	772,000	$ 533,000	1,364,000	3,709,000
Segment Assets	114,227,120		114,227,120		$ 104,678,668
Operating Segments [Member]
Net revenues from external customers			49,585,000	48,910,000
Net interest income			1,593,000	1,433,000
Depreciation			2,676,000	2,308,000
Income before income taxes			4,722,000	12,908,000
Segment tax expense (benefit)			1,364,000	3,709,000
Segment Assets	181,325,000		181,325,000		163,162,000
Intersegment Eliminations [Member]
Net revenues from external customers			1,282,000	1,087,000
Income before income taxes			(2,679,000)	(2,925,000)
Segment Assets	(67,098,000)		(67,098,000)		(58,483,000)
Horse Racing [Member] | Operating Segments [Member]
Net revenues from external customers			12,093,000	11,186,000
Net interest income			809,000	754,000
Depreciation			2,328,000	1,954,000
Income before income taxes			(1,962,000)	(3,745,000)
Segment tax expense (benefit)			(567,000)	(1,076,000)
Segment Assets	104,133,000		104,133,000		92,970,000
Horse Racing [Member] | Intersegment Eliminations [Member]
Net revenues from external customers			238,000	194,000
Card Casino [Member] | Operating Segments [Member]
Net revenues from external customers			29,780,000	30,322,000
Net interest income			0	0
Depreciation			225,000	225,000
Income before income taxes			5,636,000	6,940,000
Segment tax expense (benefit)			1,628,000	1,994,000
Segment Assets	1,899,000		1,899,000		2,125,000
Card Casino [Member] | Intersegment Eliminations [Member]
Net revenues from external customers			0	0
Food and Beverage Segment [Member] | Operating Segments [Member]
Net revenues from external customers			7,712,000	7,402,000
Net interest income			0	0
Depreciation			123,000	129,000
Income before income taxes			2,086,000	2,137,000
Segment tax expense (benefit)			603,000	614,000
Segment Assets	35,912,000		35,912,000		33,175,000
Food and Beverage Segment [Member] | Intersegment Eliminations [Member]
Net revenues from external customers			1,044,000	893,000
Development [Member] | Operating Segments [Member]
Net revenues from external customers			0	0
Net interest income			784,000	679,000
Depreciation			0	0
Income before income taxes			(1,038,000)	7,576,000
Segment tax expense (benefit)			(300,000)	2,177,000
Segment Assets	$ 39,381,000		39,381,000		$ 34,892,000
Development [Member] | Intersegment Eliminations [Member]
Net revenues from external customers			$ 0	$ 0

Note 5 - Operating Segments - R

Note 5 - Operating Segments - Reconciliation of Segment Revenues, Income Before Income Taxes, and Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 19,284,367	$ 19,268,549	$ 49,584,751	$ 48,909,795
Reportable Legal Entities [Member]
Revenues			50,867,000	49,997,000
Intersegment Eliminations [Member]
Revenues			$ 1,282,000	$ 1,087,000

Note 5 - Operating Segments- In

Note 5 - Operating Segments- Income Before Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income before income taxes	$ 2,793,806	$ 1,669,299	$ 4,722,246	$ 12,908,331
Reportable Legal Entities [Member]
Income before income taxes			7,401,000	15,833,000
Intersegment Eliminations [Member]
Income before income taxes			$ (2,679,000)	$ (2,925,000)

Note 5 - Operating Segments- As

Note 5 - Operating Segments- Assets (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Segment Assets	$ 114,227,120	$ 104,678,668
Reportable Legal Entities [Member]
Segment Assets	181,325,000	163,162,000
Intersegment Eliminations [Member]
Segment Assets	$ (67,098,000)	$ (58,483,000)

Note 6 - Commitments and Cont_2

Note 6 - Commitments and Contingencies (Details Textual) - USD ($)		3 Months Ended	9 Months Ended
	Dec. 21, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 12, 2023	Oct. 27, 2022	Dec. 21, 2021
Overnight Racing Expense, Price Per Race	$ 23,000
Overnight Racing Expense, Price Per Race	23,000
Recruiting and Participation Incentives [Member]
Other Expenses	$ 400,000	$ 257,000	$ 418,000
Indemnity Agreement [Member]
Debt Instrument, Maximum Reimbursement and Indemnification Amount		$ 7,000,000		$ 7,000,000		$ 5,000,000
Debt Instrument, Additional Reimbursement and Indemnification Amount				$ 1,300,000	$ 700,000

Note 7 - Real Estate Developm_3

Note 7 - Real Estate Development (Details Textual)		3 Months Ended				9 Months Ended
	Jan. 25, 2022 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 20, 2024 a ft²	Dec. 31, 2023 USD ($)	Dec. 12, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 21, 2021 USD ($)	Sep. 30, 2020 a	Jul. 01, 2020	Jun. 16, 2020 a	Sep. 27, 2018 a
Income (Loss) from Equity Method Investments		$ (1,374,401)	$ (1,174,499)	$ (852,247)	$ (674,341)	$ (3,401,147)	$ 561,991
Investee Losses in Excess of Equity Investment		4,003,146				4,003,146			$ 1,464,218
Proceeds from Equity Method Investment, Distribution, Return of Capital						19,158	0
Gain (Loss) on Transfer/Sale of Land		1,732,353			0	1,732,353	6,489,976
TIF Improvement Costs											$ 23,336,500
Estimated Cost of Tax Increment Financing Eligible Improvements, Expected Reduction	$ 5,744,000
Estimated Cost of Tax Increment Financing Eligible Improvements, Maximum Principle	$ 17,592,881
Income Taxes Receivable, Noncurrent		16,969,097				16,969,097			13,972,875
State and Local Jurisdiction [Member]
Income Taxes Receivable, Noncurrent		16,969,000				16,969,000			13,973,000
Income Tax Receivable Principal		13,793,000				13,793,000			11,307,000
Income Tax Receivable Interest		3,176,000				3,176,000			2,666,000
Indemnity Agreement [Member]
Debt Instrument, Maximum Reimbursement and Indemnification Amount		7,000,000				7,000,000				$ 7,000,000		$ 5,000,000
Doran Canterbury I Joint Venture [Member]
Area of Land (Acre) | a																13
Equity Method Investment, Ownership Percentage																27.40%
Income (Loss) from Equity Method Investments		(927,000)			(650,000)	(2,539,000)	636,000
Investee Losses in Excess of Equity Investment		4,003,000				4,003,000			$ 1,464,000
Doran Canterbury II [Member]
Area of Land (Acre) | a													10
Equity Method Investment, Ownership Percentage													27.40%
Income (Loss) from Equity Method Investments		(364,000)				(781,000)
Canterbury DBSV [Member]
Area of Land (Acre) | a															13
Equity Method Investment, Ownership Percentage														61.87%
Income (Loss) from Equity Method Investments		(84,000)			$ (24,000)	(81,000)	$ (76,000)
Proceeds from Equity Method Investment, Distribution, Return of Capital		$ 6,000				$ 19,000
Trackside Investments, LLC [Member]
Area of Land (Acre) | a								3.5
Equity Method Investment, Ownership Percentage								50%
Area of Real Estate Property (Square Foot) | ft²								16,000
Equity Method Investment, Annual Preferred Return Percentage		6%				6%
Gain (Loss) on Transfer/Sale of Land						$ 1,732,000

Note 7 - Real Estate Developm_4

Note 7 - Real Estate Development - Changes to Equity Method Investments (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Equity Investment Balance	$ 8,046,985				$ 8,046,985		$ 6,612,712
Investee losses in excess of equity investment	(4,003,146)				(4,003,146)		(1,464,218)
Net Equity Investment Balance	4,043,839				4,043,839		$ 5,148,494
Equity investment income (loss), equity investment	(447,896)	$ (326,482)	$ (87,841)
Equity investment income (loss), investee losses in excess of equity investment	(926,505)	(848,017)	(764,406)
Equity investment income (loss), net equity investment	$ (1,374,401)	$ (1,174,499)	$ (852,247)	$ (674,341)	(3,401,147)	$ 561,991
Contribution to equity investment, gross					2,315,650
Contribution to equity investment, net					2,315,650
Dividends received from investments, gross					(19,158)
Dividends received from investments, net					$ (19,158)	$ 0

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating Lease, Cost	$ 25,353	$ 25,353
Operating Lease, Expense	386,044	378,134
Finance Lease, Right-of-Use Asset, Amortization	24,999	$ 18,701
Finance Lease, Right-of-Use Asset, Accumulated Amortization	$ 22,968		$ 118,424

Note 8 - Leases - Classificatio

Note 8 - Leases - Classification of Right of Use Assets (Details) - USD ($)		Sep. 30, 2024	Dec. 31, 2023
Finance	[1],[2]	$ 157,941	$ 9,374
Operating		27,674	53,026
Total Leased Assets		$ 185,615	$ 62,400
[1]Finance lease assets are net of accumulated amortization of $15,322 and $118,424 as of June 30, 2024 and December 31, 2023, respectively.[2]Finance lease assets are net of accumulated amortization of $22,968 and $118,424 as of September 30, 2024 and December 31, 2023, respectively.

Note 8 - Leases - Lease Terms a

Note 8 - Leases - Lease Terms and Discount (Details)	Sep. 30, 2024	Dec. 31, 2023
Finance (Year)	4 years 6 months	4 years 10 months 24 days
Operating (Year)	4 months 24 days	9 months 18 days
Finance	8.50%	4.80%
Operating	8%	8%

Note 8 - Leases - Operating and

Note 8 - Leases - Operating and Finance Lease (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
2024 remaining, operating lease	$ 0
2024 remaining, finance lease	11,111
2025, operating lease	28,228
2025, finance lease	44,447
2026, operating lease	0
2026, finance lease	44,447
2027, operating lease	0
2027, finance lease	44,447
2027 and beyond, operating lease	0
2027 and beyond, finance lease	44,251
Total minimum lease obligations, operating lease	28,228
Total minimum, finance lease	188,703
Less: amounts representing interest, operating lease	(554)
Less: amounts representing interest, finance lease	(30,762)
Present value of minimum lease payments, operating lease	27,674
Present value of minimum lease payments, finance lease	157,941
Less: current portion, operating lease	(27,674)	$ (25,352)
Less: current portion, finance lease	(32,259)	(1,604)
Lease obligations, net of current portion, operating lease	0	27,674
Lease obligations, net of current portion, finance lease	$ 125,682	$ 7,770

Note 9 - Related Party Receiv_2

Note 9 - Related Party Receivables (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss, Current	$ 2,457,780	$ 484,092
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Prime Rate [Member]
Doran Canterbury I and II Joint Ventures [Member]
Financing Receivable, after Allowance for Credit Loss	$ 3,812,000	2,957,000
Financing Receivable, Interest Rate	2%
Interest Receivable	$ 796,000	522,000
Related Party [Member]
Accounts Receivable, after Allowance for Credit Loss, Current	$ 8,000	$ 47,000