Canterbury Park Holding 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	1-May-15
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	CANTERBURY PARK HOLDING CORP
Entity Central Index Key	926761
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,200,381

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$9,545,692	$8,761,925
Restricted cash	1,792,689	1,069,181
Short-term investments	204,743	204,525
Accounts receivable, net of allowance of $22,294 for both periods	231,057	192,674
Inventory	248,063	231,545
Prepaid expenses	525,857	541,822
Deferred income taxes	260,500	265,900
Due from Minnesota horsemen associations		125,828
Total current assets	12,808,601	11,393,400
LONG-TERM ASSETS
Deposits	26,400	26,400
Land, buildings and equipment, net of accumulated depreciation of $24,492,732 and $24,010,738, respectively	29,342,678	28,075,879
Total assets	42,177,679	39,495,679
CURRENT LIABILITIES
Accounts payable	3,794,456	2,174,466
Card Casino accruals	2,057,544	1,401,336
Accrued wages and payroll taxes	1,265,334	1,198,705
Accrued property taxes	814,455	653,385
Income taxes payable	66,152	388,910
Payable to horsepersons	272,829	211,571
Total current liabilities	8,270,770	6,028,373
LONG-TERM LIABILITIES
Deferred income taxes	1,832,000	1,972,400
Stock appreciation rights	582,597	499,734
Total long-term liabilities	2,414,597	2,472,134
Total Liabilities	10,685,367	8,500,507
STOCKHOLDERS' EQUITY
Common stock, $.01 par value, 10,000,000 shares authorized, 4,205,363 and 4,201,371, respectively, shares issued and outstanding	42,054	42,013
Additional paid-in capital	17,697,420	17,589,349
Retained earnings	13,752,838	13,363,810
Total stockholders' equity	31,492,312	30,995,172
Total liabilities and stockholders' equity	$42,177,679	$39,495,679

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance	$22,294	$22,294
Land, buildings and equipment, accumulated depreciation	$24,492,732	$24,010,738
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	4,205,363	4,201,371
Common stock, shares outstanding	4,205,363	4,201,371

Condensed_Consolidated_Stateme

Condensed Consolidated Statements Of Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
OPERATING REVENUES:
Pari-mutuel	$1,370,267	$1,529,632
Card Casino	6,840,627	6,420,171
Food and beverage	1,003,690	968,407
Other	692,295	492,443
Total Revenues	9,906,879	9,410,653
Less: Promotional allowances	-25,841	-36,199
Net Revenues	9,881,038	9,374,454
OPERATING EXPENSES:
Purse expense	881,452	860,143
Minnesota Breeders' Fund	142,826	147,990
Other pari-mutuel expenses	284,270	337,907
Salaries and benefits	4,575,758	4,209,822
Cost of concession and other sales	521,154	536,734
Depreciation	564,105	526,620
Utilities	280,042	323,483
Advertising and marketing	205,608	145,885
Other operating expenses	1,763,517	1,593,039
Total Operating Expenses	9,218,732	8,681,623
INCOME FROM OPERATIONS	662,306	692,831
OTHER INCOME:
Interest income	616	637
INCOME BEFORE INCOME TAXES	662,922	693,468
INCOME TAX EXPENSE	-274,242	-287,461
NET INCOME	$388,680	$406,007
NET INCOME PER SHARE:
Basic	$0.09	$0.10
Diluted	$0.09	$0.10
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	4,209,473	4,180,547
Diluted	4,215,874	4,198,878

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating Activities:
Net income	$388,680	$406,007
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	564,105	526,620
Stock-based compensation expense	74,963	60,370
Deferred income taxes	-135,000	-72,499
Stock appreciation rights	82,863	90,646
Changes in operating assets and liabilities:
Increase in restricted cash	-723,508	-652,375
Increase in accounts receivable	-38,383	-19,115
Decrease (increase) in other current assets	125,275	140,833
Decrease (increase) in income taxes (payable) receivable	-322,758	314,961
Increase in accounts payable	1,237,149	297,866
Increase in Card Casino accruals	656,208	657,708
Increase in accrued wages and payroll taxes	66,629	147,323
Increase in accrued property taxes	161,070	161,046
Increase in payable to horsepersons	61,258	180,678
Net cash provided by operating activities	2,198,551	2,240,069
Investing Activities:
Additions to buildings and equipment	-1,448,061	-837,336
Purchase of investments	-218	-236
Net cash used in investing activities	-1,448,279	-837,572
Financing Activities
Proceeds from issuance of common stock	33,495	26,904
Net cash provided by financing activities	33,495	26,904
Net increase (decrease) in cash and cash equivalents	783,767	1,429,401
Cash and cash equivalents at beginning of period	8,761,925	8,739,209
Cash and cash equivalents at end of period	9,545,692	10,168,610
Supplemental disclosure of non-cash investing and financing activities:
Additions to buildings and equipment funded through accounts payable	429,000	58,000
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds	$732,000	$45,000

Summary_Of_Significant_Account

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Business – Canterbury Park Holding Corporation (the “Company”) was incorporated under the laws of Minnesota and acquired land and buildings to conduct pari-mutuel horse racing operations (the “Racetrack”) in March 1994.  The Racetrack is located in Shakopee, Minnesota, approximately 25 miles southwest of downtown Minneapolis.  In May 1994, the Company commenced year-round horse racing simulcast operations and hosted the first annual live race meet during the summer of 1995.  The Company’s live racing operations are a seasonal business as it hosts live race meets each year from May until September.  The Company earns additional pari-mutuel revenue by televising its live racing to out-of-state racetracks around the country.  Canterbury Park’s Card Casino operates 24 hours a day, seven days a week and is limited by Minnesota State law to conducting card play on a maximum of 80 tables.  The Card Casino currently offers a variety of poker and table games.  The Company’s three largest sources of revenues, Card Casino operations, pari-mutuel operations and concession sales, generate cash revenues.  The Company also derives revenues from related services and activities, such as admissions, advertising signage, publication sales, and from other entertainment events and activities held at the Racetrack.
	Basis of Presentation and Preparation – The accompanying condensed consolidated financial statements include the accounts of the Company (Canterbury Park Holding Corporation, Canterbury Park Concession, Inc. and Shakopee Valley RV Park Acquisition Company, LLC). Intercompany accounts and transactions have been eliminated. The preparation of these condensed consolidated financial statements in conformity with accounting principle generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
	Certain prior period amounts in the notes to the condensed consolidated financial statements have been reclassified to conform to the current period’s presentation. In the first quarter of 2015, the Company changed its reportable operating segment allocation and began allocating “Special Events” to Food and Beverage that were previously included in the Horse Racing segment. The Company has reclassified the corresponding prior period amounts to conform to the current period’s presentation as further described in Note 5, “Operating Segments.”
	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, 2014, included in its Annual Report on Form 10-K (the “2014 Form 10-K”).
	Summary of Significant Accounting Policies  – A detailed description of our significant accounting policies can be found in our most recent Annual Report filed on Form 10-K for the fiscal year ended December 31, 2014.  There were no material changes in significant accounting policies during the quarter ended March 31, 2015.
	Due to Minnesota Horsemen’s Benevolent and Protective Association, Inc. (“MHBPA”) – The Minnesota Pari-mutuel Horse Racing Act specifies that the Company is required to segregate a portion of funds (recorded as purse expense in the statements of operations), received from Card Casino operations and wagering on simulcast and live horse races, for future payment as purses for live horse races or other uses of the horsepersons’ associations. Pursuant to an agreement with the MHBPA, the Company transferred into a trust account or paid directly to the MHBPA, approximately $505,000 and $650,000 for the three months ended March 31, 2015 and 2014, respectively, related to thoroughbred races. Minnesota Statutes specify that amounts transferred into the trust account are the property of the trust and not of the Company, and therefore are not recorded on the Company’s Consolidated Balance Sheet.
	Recent Accounting Pronouncement –In May 2014, the Financial Accounting Standards Board issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers.  The guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  The new guidance implements a five-step process for customer contract revenue recognition.  The guidance also requires enhanced disclosures relating to the nature, amount, timing, and uncertainty of revenues and cash flows arising from contracts with customers.  This new guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early adoption is prohibited.  Entities can transition to the new guidance either retrospectively or as a cumulative-effect adjustment as of the date of adoption.  The Company is evaluating the impact of the amended revenue recognition guidance on the Company’s consolidated financial statements but does not believe it will have a significant impact.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation [Abstract]
Stock-Based Compensation	2.   STOCK-BASED COMPENSATION
	Stock-based compensation is recorded at fair value as of the date of grant and included in the salaries and benefits expense line item on the consolidated statements of operations and amounted to $75,000 and $60,000 for the three months ended March 31, 2015 and 2014, respectively.
	Board of Directors Stock Option and Restricted Stock Grants
	The Company’s Stock Plan was amended to authorize annual grants to non-employee members of the Board of Directors of restricted stock or stock options, or both, as determined by the Board.  Options granted under the Plan generally expire 10 years after the grant date and generally become exercisable over a four year period. Generally the restricted stock vests 100% after one year and is subject to restrictions on resale for an additional year. Restricted stock awards are subject to forfeiture if a board member terminates prior to the shares vesting. As of March 31, 2015, the non-vested balance was 13,040 shares with a weighted average fair value of $10.61 per share.
	Employee Stock Option Grants
	The Company has granted incentive stock options to employees pursuant to the Company’s Stock Plan with an exercise price equal to the market price on the date of grant.  The options vest over a 42-month period and expire in 10 years.
	A summary of stock option activity as of March 31, 2015 and changes during the three months then ended is presented below:
								Weighted
					Weighted			Average
					Average			Remaining		Aggregate
		Number of			Exercise			Contractual		Grant Date
	Stock Options	Options			Price			Term		Fair Value
	Outstanding at January 1, 2015		255,252		$	9.63
	Granted		-			-
	Exercised		-750			7.52
	Expired/Forfeited		-15,000			17.10
	Outstanding at March 31, 2015		239,502		$	9.17			3.9 Years	$	2,195,772
	Exercisable at March 31, 2015		239,502		$	9.17			3.9 Years	$	2,195,772
	Employee Deferred Stock Award Grants
	Employee deferred stock awards are subject to forfeiture if an employee terminates prior to the vesting. Generally, the awards vest ratably over a four-year period and compensation costs are recognized over the vesting period. Compensation costs are recorded in “Salaries and benefits” on the Consolidated Statements of Operations.
	A summary of the changes in employee deferred stock award grants as of March 31, 2015, is as follows:
					Weighted
					Average
		Deferred			Fair Value
		Stock			Per Share
	Non-Vested Balance, January 1, 2015		34,750		$	10.27
	Granted		1,000			10.01
	Vested		-250			10.01
	Forfeited		-			-
	Non-Vested Balance, March 31, 2015		35,500		$	10.26
	Stock Appreciation Rights (“SARs”)
	As part of the Cooperative Marketing Agreement discussed in Note 7, on June 14, 2012, the Company signed a Stock Appreciation Rights Agreement (the “SAR Agreement”) and issued SARs to non-employees.  The SAR Agreement grants rights to the non-employees to benefit from the appreciation in the value of 165,000 shares of Company common stock above $14.30 per share, a price agreed upon by the two parties.  Each right represents the right to be paid the appreciation in the value of one share of stock above $14.30.  Ten percent of the rights (16,500 rights) vested immediately and the remaining rights vest at the rate of 16,500 per year beginning in January 2013.  As of March 31, 2015,  66,000 rights had vested.  The SAR Agreement provides for the cash payment of the excess of the fair market value of Canterbury Park Holding Corporation’s common stock price on the date of exercise over $14.30.  SARs have no effect on dilutive shares or shares outstanding as any appreciation of the Company’s common stock value over $14.30 is paid in cash and not in common stock.  The SAR Agreement and all rights granted expire on December 31, 2022.
	The fair value of SARs is revalued (mark-to-market) each reporting period using the Black-Scholes valuation model based on the Company’s period-end stock price.  The expected term of the SARs granted is based on the contractual term.  Expected volatility is based on the historical volatility of the Company’s stock for the length of time corresponding to the expected term of the SARs.  The expected dividend yield is based on the Company’s anticipated dividend payments.  The risk-free interest rate is based on the U.S. treasury yield curve in effect as of the reporting date for the length of time corresponding to the expected term of the SARs.
	The following weighted-average assumptions were used in calculating the fair value of SARs granted during the three months ended March 31, 2015 and 2014, using the Black-Scholes valuation model;
		31-Mar-15			31-Mar-14
	Expected dividend yield		0.00	%		0.00	%
	Expected weighted-average volatility		53.8	%		50.0	%
	Risk-free interest rate		1.77	%		2.55	%
	Expected term of SARs (in years)		7.75			8.75
	There have been no exercises of SARs as of March 31, 2015.  The total liability of the SARs as of March 31, 2015 was $582,597.
	Changes to the Company’s non-vested SARs during the three months ended March 31, 2015 were as follows:
		SARs			Weighted Average Fair Value
	Non-vested SARs at December 31, 2014		115,500		$	4.50
	Granted		—			—
	Vested		-16,500			5.04
	Cancellations		—			—
	Non-vested SARs at March 31, 2015		99,000		$	5.04

Net_Income_Per_Share_Computati

Net Income Per Share Computations	3 Months Ended
	Mar. 31, 2015
Net Income Per Share Computations [Abstract]
Net Income Per Share Computations	3.   NET INCOME PER SHARE COMPUTATIONS
	The following is a reconciliation of the numerator and denominator of the earnings per common share computations for the three months ended March 31, 2015 and 2014:
		Three Months Ended March 31,
		2015		2014
	Net income (numerator) amounts used for basic and diluted per share computations:	$	388,680	$	406,007
	Weighted average shares (denominator) of common stock outstanding:
	Basic		4,209,473		4,180,547
	Plus dilutive effect of stock options		6,401		18,331
	Diluted		4,215,874		4,198,878
	Net income per common share:
	Basic	$	0.09	$	0.1
	Diluted		0.09		0.1
	Options to purchase 75,000 shares of common stock at an average price of $13.45 per share were outstanding but not included in the computation of diluted net income per share for the three months ended March 31, 2015 because the options were out of the money at March 31, 2015.
	Options to purchase 92,500 shares of common stock at an average price of $14.15 per share were outstanding but not included in the computation of diluted net income per share for the three months ended March 31, 2014 because the options were out of the money at March 31, 2014.

General_Credit_Agreement

General Credit Agreement	3 Months Ended
	Mar. 31, 2015
General Credit Agreement [Abstract]
General Credit Agreement	4.   GENERAL CREDIT AGREEMENT
	The Company has a general credit and security agreement with Bremer Bank, which provides a revolving credit line of up to $3,000,000 and expires on May 4, 2015.  The Company had no borrowings under the credit line during the three months ended March 31, 2015 or the year ended December 31, 2014.  The credit agreement contains covenants requiring the Company to maintain certain financial ratios.  The Company was in compliance with these requirements at all times throughout the three months ended March 31, 2015.

Operating_Segments

Operating Segments	3 Months Ended
	Mar. 31, 2015
Operating Segments [Abstract]
Operating Segments	5.   OPERATING SEGMENTS
	The Company has three reportable operating segments: horse racing, card casino, and food and beverage.  The horse racing segment primarily represents simulcast and live horse racing operations.  The Card Casino segment represents operations of Canterbury Park’s Card Casino, and the food and beverage segment represents food and beverage operations provided during simulcast and live racing, in the Card Casino, and during special events.  The Company’s reportable operating segments are strategic business units that offer different products and services.  They are managed separately because the segments differ in the nature of the products and services provided as well as processes to produce those products and services.  The Minnesota Racing Commission regulates the horse racing and Card Casino segments.
	The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies in the 2014 Annual Report on Form 10-K. In the first quarter of 2015, the Company changed its reportable operating segment allocation and began allocating “Special Events” to Food and Beverage segment that were previously included in the Horse Racing segment. The Company has reclassified the corresponding prior period amounts to conform to the current period’s presentation
	Depreciation, interest and income taxes are allocated to the segments, but no allocation is made to food and beverage for shared facilities.  However, the food and beverage segment pays approximately 25% of gross revenues earned on live racing and special event days to the horse racing segment for use of the facilities.
	The following tables provide information about the Company’s operating segments (in 000’s):
		Three Months Ended March 31, 2015
		Horse Racing		Card Casino		Food and Beverage		Total
	Net revenues from external customers	$	2,035	$	6,841	$	1,005	$	9,881
	Intersegment revenues		67		-		328		395
	Net interest income		1		-		-		1
	Depreciation		428		106		30		564
	Segment (loss) income before income taxes		-445		1,121		151		827
		At March 31, 2015
	Segment Assets	$	40,391	$	1,112	$	15,801	$	57,304
		Three Months Ended March 31, 2014
		Horse Racing		Card Casino		Food and Beverage		Total
	Net revenues from external customers	$	1,985	$	6,420	$	969	$	9,374
	Intersegment revenues		64		-		292		356
	Net interest income		1		-		-		1
	Depreciation		390		106		31		527
	Segment (loss) income before income taxes		-401		1,161		26		786
		At December 31, 2014
	Segment Assets	$	37,606	$	1,217	$	15,595	$	54,418
	The following are reconciliations of reportable segment revenues, income before income taxes, and assets, to the Company’s consolidated totals (in 000’s):
		Three Months Ended March 31,
		2015		2014
	Revenues
	Total net revenues for reportable segments	$	10,276	$	9,730
	Elimination of intersegment revenues		-395		-356
	Total consolidated net revenues	$	9,881	$	9,374
	Income before income taxes
	Total segment income before income taxes	$	827	$	786
	Elimination of intersegment income before income taxes		-164		-93
	Total consolidated income before income taxes	$	663	$	693
		March 31,		December 31,
		2015		2014
	Assets
	Total assets for reportable segments	$	57,304	$	54,418
	Elimination of intercompany receivables		-15,126		-14,922
	Total consolidated assets	$	42,178	$	39,496

Commitments_And_Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments And Contingencies [Abstract]
Commitments And Contingencies
	6.   COMMITMENTS AND CONTINGENCIES
	In accordance with an Earn Out Promissory Note given to the prior owner of the Racetrack as part of the consideration paid by the Company to acquire the Racetrack in 1994, if (i) off-track betting becomes legally permissible in the State of Minnesota and (ii) the Company begins to conduct off-track betting with respect to or in connection with its operations, the Company will be required to pay to the IMR Fund, L.P. the greater of $700,000 per operating year, as defined, or 20% of the net pretax profit, as defined for each of five operating years.  At this time, management believes that the likelihood that these two conditions will be met and that the Company will be required to pay these amounts is remote.  At the date (if any) that these two conditions are met, the five minimum payments will be discounted back to their present value and the sum of those discounted payments will be capitalized as part of the purchase price in accordance with GAAP.  The purchase price will be further increased if payments become due under the “20% of Net Pretax Profit” calculation.  The first payment is to be made 90 days after the end of the third operating year in which off-track betting is conducted by the Company.  Remaining payments would be made within 90 days of the end of each of the next four operating years.
	Additionally, the Company entered into the Cooperative Marketing Agreement (the “CMA”) with the Shakopee Mdewakanton Sioux Community (“SMSC”) which became effective on June 15, 2012 and was amended in January 2015.  The CMA contains certain covenants which, if breached, would trigger an obligation to repay a specified amount related to such covenant.  At this time, management believes that the likelihood that the breach of a covenant will occur and that the Company will be required to pay the specified amount related to such covenant is remote.
	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 March 31, 2015 and as of the date of this report will not have a material impact on the Company’s consolidated financial results of operations.

Cooperative_Marketing_Agreemen

Cooperative Marketing Agreement	3 Months Ended
	Mar. 31, 2015
Cooperative Marketing Agreement [Abstract]
Cooperative Marketing Agreement	7.   COOPERATIVE MARKETING AGREEMENT
	On June 4, 2012, the Company entered into the CMA with the SMSC.  The primary purpose of the CMA is to increase purses paid during live horse racing at Canterbury Park’s Racetrack in order to strengthen Minnesota’s horse industry.  Under the CMA, this is achieved through “Purse Enhancement Payments to Horsemen” paid directly to the MHBPA.  Such payments have no direct impact on the Company’s consolidated financial statements or operations.
	Under the terms of the CMA, the SMSC paid the horsemen $6.2 million and $5.3 million in the first quarter of 2015 and 2014, respectively, primarily for purse enhancements.
	Under the CMA, SMSC also agreed to make “Marketing Payments” to the Company relating to joint marketing efforts for the mutual benefit of the Company and SMSC, including signage, joint promotions, player benefits and events.  Under the CMA, the Company received marketing payments of $944,000 and $660,000 in the first quarter of 2015 and 2014, respectively.
	Effective January 2015, the CMA was amended to adjust the payment amounts between the “Purse Enhancement Payments to Horsemen” and “Marketing Payments to Canterbury Park.”  Under the CMA as amended, SMSC agreed to make the following purse enhancement and marketing payments for 2016 through 2022:
	Year	Purse Enhancement Payments to Horsemen		1	Marketing Payments to Canterbury Park
	2016	$	6,947,820		$	1,038,180
	2017		7,642,602			1,141,998
	2018		7,830,000			1,170,000
	2019		7,830,000			1,170,000
	2020		7,830,000			1,170,000
	2021		7,830,000			1,170,000
	2022		7,830,000			1,170,000
	1   Includes $100,000 each year to various horsemen associations.
	The amounts earned from the marketing payments are recorded as a component of other revenue and the related expenses are recorded as a component of advertising and marketing expense and depreciation in the Company’s consolidated statements of operations.  For the three months ended March 31, 2015, the Company recorded $65,000 in other revenue and incurred $8,000 in advertising and marketing expense and $57,000 in depreciation related to the SMSC marketing payment.  For the three months ended March 31, 2014, the Company recorded $59,000 in other revenue and incurred $6,000 in advertising and marketing expense and $53,000 in depreciation related to the SMSC marketing payment.  The excess of amounts received over revenue is reflected as deferred revenue which is included in accounts payable on the consolidated balance sheets.
	Under the CMA, the Company agreed it would not promote or lobby the Minnesota legislature for expanded gambling authority and will support the SMSC’s lobbying efforts against expanding gambling authority.
	As part of the CMA and pursuant to a related SAR Agreement dated June 14, 2012, the Company issued stock appreciation rights to the SMSC.  The SAR Agreement granted rights to the SMSC to benefit from the appreciation in the value of 165,000 shares of Company common stock above $14.30 per share, a price agreed upon by the two parties.  Each right represents the right to be paid the appreciation in the value of one share of stock above $14.30.  Ten percent of the rights (16,500 rights) vested immediately and the remaining rights vest at the rate of 16,500 per year beginning in January 2013.  As of March 31, 2015, 66,000 rights had vested.   The SAR Agreement provides for the cash payment of the excess of the fair market value of Canterbury Park Holding Corporation’s common stock price on the date of exercise over the grant price.  The SAR Agreement and all rights granted expire on December 31, 2022.  The liability related to these stock appreciation rights is recorded as a long-term liability and the Company recognizes the income or expense related to the fluctuation in the value of the stock appreciation rights against the revenues recorded relating to the marketing payment due to the nature of the CMA.  Any excess expenses will be recognized as a component of other operating expenses. For the three months ended March 31, 2015, the Company recognized $83,000 of expense related to these stock appreciation rights, of which $83,000 was recorded as an offset to other revenue.   For the three months ended March 31, 2014, the Company recognized $91,000 of expense related to these stock appreciation rights, of which $59,000 was recorded as an offset to other revenue and $32,000 was recorded as other operating expenses.  In the future, changes in the fair value of these stock appreciation rights will increase or decrease the stock appreciation rights liability, and the Company will recognize an additional offset to other revenue and/or other operating expenses related to these changes.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	8.   SUBSEQUENT EVENTS
	On April 15, 2015, the Company entered into an agreement to purchase approximately 32 acres of land adjacent to the Racetrack property.  Under this agreement, the Company agreed to pay approximately $4.8 million and anticipates closing within the next six months.

Summary_Of_Significant_Account1

Summary Of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Business	Business – Canterbury Park Holding Corporation (the “Company”) was incorporated under the laws of Minnesota and acquired land and buildings to conduct pari-mutuel horse racing operations (the “Racetrack”) in March 1994.  The Racetrack is located in Shakopee, Minnesota, approximately 25 miles southwest of downtown Minneapolis.  In May 1994, the Company commenced year-round horse racing simulcast operations and hosted the first annual live race meet during the summer of 1995.  The Company’s live racing operations are a seasonal business as it hosts live race meets each year from May until September.  The Company earns additional pari-mutuel revenue by televising its live racing to out-of-state racetracks around the country.  Canterbury Park’s Card Casino operates 24 hours a day, seven days a week and is limited by Minnesota State law to conducting card play on a maximum of 80 tables.  The Card Casino currently offers a variety of poker and table games.  The Company’s three largest sources of revenues, Card Casino operations, pari-mutuel operations and concession sales, generate cash revenues.  The Company also derives revenues from related services and activities, such as admissions, advertising signage, publication sales, and from other entertainment events and activities held at the Racetrack.
Basis Of Presentation And Preparation	Basis of Presentation and Preparation – The accompanying condensed consolidated financial statements include the accounts of the Company (Canterbury Park Holding Corporation, Canterbury Park Concession, Inc. and Shakopee Valley RV Park Acquisition Company, LLC). Intercompany accounts and transactions have been eliminated. The preparation of these condensed consolidated financial statements in conformity with accounting principle generally accepted in the U.S. (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
	Certain prior period amounts in the notes to the condensed consolidated financial statements have been reclassified to conform to the current period’s presentation. In the first quarter of 2015, the Company changed its reportable operating segment allocation and began allocating “Special Events” to Food and Beverage that were previously included in the Horse Racing segment. The Company has reclassified the corresponding prior period amounts to conform to the current period’s presentation as further described in Note 5, “Operating Segments.”
	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, 2014, included in its Annual Report on Form 10-K (the “2014 Form 10-K”).
Summary Of Significant Accounting Policies	Summary of Significant Accounting Policies  – A detailed description of our significant accounting policies can be found in our most recent Annual Report filed on Form 10-K for the fiscal year ended December 31, 2014.  There were no material changes in significant accounting policies during the quarter ended March 31, 2015.
Due to Minnesota Horsemen's Benevolent and Protective Association, Inc. ("MHBPA")	Due to Minnesota Horsemen’s Benevolent and Protective Association, Inc. (“MHBPA”) – The Minnesota Pari-mutuel Horse Racing Act specifies that the Company is required to segregate a portion of funds (recorded as purse expense in the statements of operations), received from Card Casino operations and wagering on simulcast and live horse races, for future payment as purses for live horse races or other uses of the horsepersons’ associations. Pursuant to an agreement with the MHBPA, the Company transferred into a trust account or paid directly to the MHBPA, approximately $505,000 and $650,000 for the three months ended March 31, 2015 and 2014, respectively, related to thoroughbred races. Minnesota Statutes specify that amounts transferred into the trust account are the property of the trust and not of the Company, and therefore are not recorded on the Company’s Consolidated Balance Sheet.
Recent Accounting Pronouncement	Recent Accounting Pronouncement –In May 2014, the Financial Accounting Standards Board issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers.  The guidance requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  The new guidance implements a five-step process for customer contract revenue recognition.  The guidance also requires enhanced disclosures relating to the nature, amount, timing, and uncertainty of revenues and cash flows arising from contracts with customers.  This new guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early adoption is prohibited.  Entities can transition to the new guidance either retrospectively or as a cumulative-effect adjustment as of the date of adoption.  The Company is evaluating the impact of the amended revenue recognition guidance on the Company’s consolidated financial statements but does not believe it will have a significant impact.

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation [Abstract]
Stock Options Activity
								Weighted
					Weighted			Average
					Average			Remaining		Aggregate
		Number of			Exercise			Contractual		Grant Date
	Stock Options	Options			Price			Term		Fair Value
	Outstanding at January 1, 2015		255,252		$	9.63
	Granted		-			-
	Exercised		-750			7.52
	Expired/Forfeited		-15,000			17.10
	Outstanding at March 31, 2015		239,502		$	9.17			3.9 Years	$	2,195,772
	Exercisable at March 31, 2015		239,502		$	9.17			3.9 Years	$	2,195,772
Summary of Changes in Employee Deferred Stock Award Grants
					Weighted
					Average
		Deferred			Fair Value
		Stock			Per Share
	Non-Vested Balance, January 1, 2015		34,750		$	10.27
	Granted		1,000			10.01
	Vested		-250			10.01
	Forfeited		-			-
	Non-Vested Balance, March 31, 2015		35,500		$	10.26
Stock Appreciation Rights Valuation Assumptions
		31-Mar-15			31-Mar-14
	Expected dividend yield		0.00	%		0.00	%
	Expected weighted-average volatility		53.8	%		50.0	%
	Risk-free interest rate		1.77	%		2.55	%
	Expected term of SARs (in years)		7.75			8.75
Stock Appreciation Rights Award Activity
		SARs			Weighted Average Fair Value
	Non-vested SARs at December 31, 2014		115,500		$	4.50
	Granted		—			—
	Vested		-16,500			5.04
	Cancellations		—			—
	Non-vested SARs at March 31, 2015		99,000		$	5.04

Net_Income_Per_Share_Computati1

Net Income Per Share Computations (Tables)	3 Months Ended
	Mar. 31, 2015
Net Income Per Share Computations [Abstract]
Schedule Of Earnings Per Share Reconciliation
		Three Months Ended March 31,
		2015		2014
	Net income (numerator) amounts used for basic and diluted per share computations:	$	388,680	$	406,007
	Weighted average shares (denominator) of common stock outstanding:
	Basic		4,209,473		4,180,547
	Plus dilutive effect of stock options		6,401		18,331
	Diluted		4,215,874		4,198,878
	Net income per common share:
	Basic	$	0.09	$	0.1
	Diluted		0.09		0.1

Operating_Segments_Tables

Operating Segments (Tables)	3 Months Ended
	Mar. 31, 2015
Operating Segments [Abstract]
Schedule Of The Company's Operating Segments
		Three Months Ended March 31, 2015
		Horse Racing		Card Casino		Food and Beverage		Total
	Net revenues from external customers	$	2,035	$	6,841	$	1,005	$	9,881
	Intersegment revenues		67		-		328		395
	Net interest income		1		-		-		1
	Depreciation		428		106		30		564
	Segment (loss) income before income taxes		-445		1,121		151		827
		At March 31, 2015
	Segment Assets	$	40,391	$	1,112	$	15,801	$	57,304
		Three Months Ended March 31, 2014
		Horse Racing		Card Casino		Food and Beverage		Total
	Net revenues from external customers	$	1,985	$	6,420	$	969	$	9,374
	Intersegment revenues		64		-		292		356
	Net interest income		1		-		-		1
	Depreciation		390		106		31		527
	Segment (loss) income before income taxes		-401		1,161		26		786
		At December 31, 2014
	Segment Assets	$	37,606	$	1,217	$	15,595	$	54,418
Reconciliation Of Revenues
		Three Months Ended March 31,
		2015		2014
	Revenues
	Total net revenues for reportable segments	$	10,276	$	9,730
	Elimination of intersegment revenues		-395		-356
	Total consolidated net revenues	$	9,881	$	9,374
Reconciliation Of Income Before Income Taxes
	Income before income taxes
	Total segment income before income taxes	$	827	$	786
	Elimination of intersegment income before income taxes		-164		-93
	Total consolidated income before income taxes	$	663	$	693
Reconciliation Of Assets
		March 31,		December 31,
		2015		2014
	Assets
	Total assets for reportable segments	$	57,304	$	54,418
	Elimination of intercompany receivables		-15,126		-14,922
	Total consolidated assets	$	42,178	$	39,496

Cooperative_Marketing_Agreemen1

Cooperative Marketing Agreement (Tables)	3 Months Ended
	Mar. 31, 2015
Cooperative Marketing Agreement [Abstract]
Purse Enhancement and Marketing Payments
	Year	Purse Enhancement Payments to Horsemen		1	Marketing Payments to Canterbury Park
	2016	$	6,947,820		$	1,038,180
	2017		7,642,602			1,141,998
	2018		7,830,000			1,170,000
	2019		7,830,000			1,170,000
	2020		7,830,000			1,170,000
	2021		7,830,000			1,170,000
	2022		7,830,000			1,170,000
	1   Includes $100,000 each year to various horsemen associations.

Recovered_Sheet1

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
	item
	mi
Summary Of Significant Accounting Policies [Abstract]
Racetrack distance from Minneapolis (in miles)	25
Casino open, number of hours daily	24 hours
Casino open, number of days weekly	7 days
Minnesota State law, maximum number of game tables	80
Due to Minnesota Horsemen's Benevolent and Protective Association, Inc	$505,000	$650,000

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Feb. 25, 2010	Jun. 14, 2012	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$75,000	$60,000
Exercised, SARs	0
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period			42 months
Share-based compensation, expiration period	10 years		10 years
Period options become exercisable	4 years
Employee Deferred Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, other than options granted	1,000
Share-based compensation, vesting period	4 years
Share-based compensation, nonvested number of shares	35,500				34,750
Share-based Compensation, nonvested, weighted average grant date fair value	$10.26				$10.27
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock, percentage that will vest	100.00%
Share-based compensation, vesting period	1 year
Share-based compensation, nonvested number of shares	13,040
Share-based Compensation, nonvested, weighted average grant date fair value	$10.61
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	83,000	91,000
Share-based compensation, other than options granted				165,000
Share-based compensation, nonvested number of shares	99,000				115,500
Share-based Compensation, nonvested, weighted average grant date fair value	$5.04				$4.50
Benefit from appreciation in the value of common stock, per share				$14.30
Number of shares of stock each right represents				1
Percentage of the Rights vested				10.00%
Number of the Rights vested	66,000			16,500
Number of remaining Rights vest per year				16,500
Total liability of SARs vested	$582,597

StockBased_Compensation_Stock_

Stock-Based Compensation (Stock Options Activity) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Stock-Based Compensation [Abstract]
Outstanding at beginning of year, Number of Options	255,252
Exercised, Number of Options	-750
Expired/Forfeited, Number of Options	-15,000
Outstanding at end of period, Number of Options	239,502
Exercisable, Number of Options	239,502
Outstanding beginning of year, Weighted Average Exercise Price	$9.63
Exercised, Weighted Average Exercise Price	$7.52
Expired/Forfeited, Weighted Average Exercise Price	$17.10
Outstanding at end of period, Weighted Average Exercise Price	$9.17
Exercisable, Weighted Average Exercise Price	$9.17
Outstanding, Weighted Average Remaining Contractual Term, years	3 years 10 months 24 days
Exercisable, Weighted Average Remaining Contractual Term	3 years 10 months 24 days
Outstanding, Aggregate Grant Date Fair Value	$2,195,772
Exercisable, Aggregate Grant Date Fair Value	$2,195,772

StockBased_Compensation_Summar

Stock-Based Compensation (Summary Of Changes In Employee Deferred Stock Award Grants) (Details) (Employee Deferred Stock Award [Member], USD $)	3 Months Ended
	Mar. 31, 2015
Employee Deferred Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, Beginning Balance	34,750
Granted	1,000
Vested	-250
Non-vested, Ending Balance	35,500
Non-vested, Weighted Average Fair Value, Beginning Balance	$10.27
Granted, Weighted Average Fair Value	$10.01
Vested, Weighted Average Fair Value	$10.01
Non-vested, Weighted Average Fair Value, Ending Balance	$10.26

StockBased_Compensation_Stock_1

Stock-Based Compensation (Stock Appreciation Rights Valuation Assumptions) (Details) (Stock Appreciation Rights (SARs) [Member])	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected weighted-average volatility	53.80%	50.00%
Risk-free interest rate	1.77%	2.55%
Expected term of SARs (in years)	7 years 9 months	8 years 9 months

StockBased_Compensation_Stock_2

Stock-Based Compensation (Stock Appreciation Rights Award Activity) (Details) (Stock Appreciation Rights (SARs) [Member], USD $)	0 Months Ended	3 Months Ended
	Jun. 14, 2012	Mar. 31, 2015
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, Beginning Balance		115,500
Granted	165,000
Vested		-16,500
Cancellations
Non-vested, Ending Balance		99,000
Non-vested, Weighted Average Fair Value, Beginning Balance		$4.50
Granted, Weighted Average Fair Value
Vested, Weighted Average Fair Value		$5.04
Cancellations, Weighted Average Fair Value
Non-vested, Weighted Average Fair Value, Ending Balance		$5.04

Net_Income_Per_Share_Computati2

Net Income Per Share Computations (Narrative) (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014
Net Income Per Share Computations [Abstract]
Number of common stock shares to purchase under stock options	75,000	92,500
Average price of common shares under stock options	$13.45	$14.15

Net_Income_Per_Share_Computati3

Net Income Per Share Computations (Schedule Of Earnings Per Share Reconciliation) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net Income Per Share Computations [Abstract]
Net income (numerator) amounts used for basic and diluted per share computations:	$388,680	$406,007
Weighted average shares (denominator) of common stock outstanding:
Basic	4,209,473	4,180,547
Plus dilutive effect of stock options	6,401	18,331
Diluted	4,215,874	4,198,878
Net income per common share:
Basic	$0.09	$0.10
Diluted	$0.09	$0.10

General_Credit_Agreement_Detai

General Credit Agreement (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
General Credit Agreement [Abstract]
Revolving credit line maximum borrowing amount	$3,000,000
Borrowings under credit line	$0	$0
Revolving credit line, maturity date	4-May-15

Operating_Segments_Narrative_D

Operating Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015
	segment
Operating Segments [Abstract]
Number of reportable operating segments	3
Percent of gross concession segment revenue paid to horse racing segment	25.00%

Operating_Segments_Schedule_of

Operating Segments (Schedule of Operating Segments) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net revenues	$9,881,038	$9,374,454
Net interest income	1,000	1,000
Depreciation	564,105	526,620
Segment (loss) income before income taxes	827,000	786,000
Assets	42,177,679		39,495,679
External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues	9,881,000	9,374,000
Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues	395,000	356,000
Segment [Member]
Segment Reporting Information [Line Items]
Assets	57,304,000		54,418,000
Horse Racing [Member]
Segment Reporting Information [Line Items]
Net interest income	1,000	1,000
Depreciation	428,000	390,000
Segment (loss) income before income taxes	-445,000	-401,000
Horse Racing [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues	2,035,000	1,985,000
Horse Racing [Member] | Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues	67,000	64,000
Horse Racing [Member] | Segment [Member]
Segment Reporting Information [Line Items]
Assets	40,391,000		37,606,000
Card Casino [Member]
Segment Reporting Information [Line Items]
Depreciation	106,000	106,000
Segment (loss) income before income taxes	1,121,000	1,161,000
Card Casino [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues	6,841,000	6,420,000
Card Casino [Member] | Segment [Member]
Segment Reporting Information [Line Items]
Assets	1,112,000		1,217,000
Food and Beverage [Member]
Segment Reporting Information [Line Items]
Depreciation	30,000	31,000
Segment (loss) income before income taxes	151,000	26,000
Food and Beverage [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues	1,005,000	969,000
Food and Beverage [Member] | Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues	328,000	292,000
Food and Beverage [Member] | Segment [Member]
Segment Reporting Information [Line Items]
Assets	$15,801,000		$15,595,000

Operating_Segments_Reconciliat

Operating Segments (Reconciliation Of Revenues) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues	$9,881,038	$9,374,454
Reportable Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues	10,276,000	9,730,000
Elimination Of Intersegment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues	($395,000)	($356,000)

Operating_Segments_Reconciliat1

Operating Segments (Reconciliation Of Income Before Income Taxes) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes	$662,922	$693,468
Reportable Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes	827,000	786,000
Elimination Of Intersegment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes	($164,000)	($93,000)

Operating_Segments_Reconciliat2

Operating Segments (Reconciliation Of Assets) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	$42,177,679	$39,495,679
Reportable Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	57,304,000	54,418,000
Elimination Of Intersegment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	($15,126,000)	($14,922,000)

Commitments_And_Contingencies_

Commitments And Contingencies (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
	item
Commitments And Contingencies [Abstract]
Off-track betting payment to the IMR Fund, L.P., per operating year	$700,000
Off-track betting payment to the IMR Fund, L.P. as percentage of net pretax profit	20.00%
Earn out note conditions	2
Number of years defined by off-track betting agreement	5 years
Minimum number of payments to IMR Fund, L.P.	5
Maximum term for first payment to be made to IMR Fund, L.P.	90 days
Maximum term for remaining payments to be made to the IMR Fund, L.P.	90 days
Remaining years, payments to the IMR Fund, L.P.	4 years

Cooperative_Marketing_Agreemen2

Cooperative Marketing Agreement (Narrative) (Details) (USD $)	0 Months Ended	3 Months Ended
	Jun. 14, 2012	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Obligation under the Agreement to enhance purses for live horse racing meet due current		$6,200,000	$5,300,000
Amount received under agreement for joint marketing activities		944,000	660,000
Revenues related to marketing payment		65,000	59,000
Advertising and marketing expenses related to marketing payment		8,000	6,000
Depreciation related to marketing payment		57,000	53,000
Stock based compensation expense		75,000	60,000
Expense recorded as an offset to revenue		9,881,038	9,374,454
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, other than options granted	165,000
Benefit from appreciation in the value of common stock, per share	$14.30
Number of shares of stock each right represents	1
Percentage of the Rights vested	10.00%
Number of the Rights vested	16,500	66,000
Number of remaining Rights vest per year	16,500
Stock based compensation expense		83,000	91,000
Expense recorded as an offset to revenue		83,000	59,000
Other operating expense related to stock appreciation rights			$32,000

Cooperative_Marketing_Agreemen3

Cooperative Marketing Agreement (Purse Enhancement And Marketing Payments) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Cooperative Marketing Agreement [Abstract]
2016, Purse Enhancement	$6,947,820
2017, Purse Enhancement	7,642,602
2018, Purse Enhancement	7,830,000
2019, Purse Enhancement	7,830,000
2020, Purse Enhancement	7,830,000
2021, Purse Enhancement	7,830,000
2022, Purse Enhancement	7,830,000
2016, Marketing Payment	1,038,180
2017, Marketing Payment	1,141,998
2018, Marketing Payment	1,170,000
2019, Marketing Payment	1,170,000
2020, Marketing Payment	1,170,000
2021, Marketing Payment	1,170,000
2022, Marketing Payment	1,170,000
Amount to various horsemen associations included each year in purse enhancement payments to horsemen	$100,000

Subsequent_Events_Details

Subsequent Events (Details) (Subsequent Event [Member], USD $)	Apr. 15, 2015
In Millions, unless otherwise specified	acre
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of acres of land to be purchased	32
Approximate payment for land under agreement	$4.80