Canterbury Park Holding 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 01, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	CANTERBURY PARK HOLDING CORP
Entity Central Index Key	926,761
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,245,769

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 8,339,727	$ 8,761,925
Restricted cash	1,184,637	1,069,181
Short-term investments	204,990	204,525
Accounts receivable, net of allowance of $22,294 for both periods	392,053	192,674
Inventory	262,670	231,545
Prepaid expenses	453,535	541,822
Deferred income taxes	251,900	265,900
Income taxes receivable	66,028
Due from Minnesota horsemen associations	602,352	125,828
Total current assets	11,757,892	11,393,400
LONG-TERM ASSETS
Deposits	20,000	26,400
Land, buildings and equipment, net of accumulated depreciation of $25,056,821 and $24,010,738, respectively	29,812,056	28,075,879
Total assets	41,589,948	39,495,679
CURRENT LIABILITIES
Accounts payable	3,320,037	2,174,466
Card Casino accruals	1,941,433	1,401,336
Accrued wages and payroll taxes	1,495,123	1,198,705
Accrued property taxes	814,280	653,385
Income taxes payable	17,626	388,910
Payable to horsepersons	102,048	211,571
Total current liabilities	7,690,547	6,028,373
LONG-TERM LIABILITIES
Deferred income taxes	1,861,700	1,972,400
Stock appreciation rights		499,734
Total long-term liabilities	1,861,700	2,472,134
Total Liabilities	9,552,247	8,500,507
STOCKHOLDERS' EQUITY
Common stock, $.01 par value, 10,000,000 shares authorized, 4,227,948 and 4,201,371, respectively, shares issued and outstanding	42,154	42,013
Additional paid-in capital	17,913,798	17,589,349
Retained earnings	14,081,749	13,363,810
Total stockholders' equity	32,037,701	30,995,172
Total liabilities and stockholders' equity	$ 41,589,948	$ 39,495,679

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance	$ 22,294	$ 22,294
Land, buildings and equipment, accumulated depreciation	$ 25,056,821	$ 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	4,227,948	4,201,371
Common stock, shares outstanding	4,227,948	4,201,371

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
OPERATING REVENUES:
Pari-mutuel	$ 3,887,494	$ 3,844,749	$ 8,583,730	$ 8,650,597
Card Casino	7,404,926	6,645,197	21,627,459	19,997,434
Food and beverage	3,299,659	2,954,609	6,822,197	6,022,989
Other	2,310,150	1,707,660	4,666,042	3,726,150
Total Revenues	16,902,229	15,152,215	41,699,428	38,397,170
Less: Promotional allowances	(50,571)	(105,257)	(118,655)	(191,044)
Net Revenues	16,851,658	15,046,958	41,580,773	38,206,126
OPERATING EXPENSES:
Purse expense	2,363,961	2,238,549	5,296,326	5,124,414
Minnesota Breeders' Fund	259,933	253,485	658,515	654,225
Other pari-mutuel expenses	320,927	328,224	1,266,797	1,223,832
Salaries and benefits	6,129,355	5,598,259	16,409,714	15,073,566
Cost of food and beverage and other sales	1,534,696	1,393,160	3,193,221	2,954,875
Depreciation	567,190	537,405	1,738,900	1,572,660
Utilities	495,849	417,680	1,074,966	1,091,425
Advertising and marketing	774,296	709,767	1,683,603	1,529,839
Gain on disposal of assets	(347,348)		(347,348)
Other operating expenses	3,365,288	2,505,576	7,587,370	6,471,724
Total Operating Expenses	15,464,147	13,982,105	38,562,064	35,696,560
INCOME FROM OPERATIONS	1,387,511	1,064,853	3,018,709	2,509,566
OTHER INCOME:
Interest income	348	644	1,653	1,993
INCOME BEFORE INCOME TAXES	1,387,859	1,065,497	3,020,362	2,511,559
INCOME TAX EXPENSE	(574,800)	(442,191)	(1,247,049)	(1,039,312)
NET INCOME	$ 813,059	$ 623,306	$ 1,773,313	$ 1,472,247
Basic earnings per share	$ 0.19	$ 0.15	$ 0.42	$ 0.35
Diluted earnings per share	$ 0.19	$ 0.15	$ 0.42	$ 0.35
Weighted Average Basic Shares Outstanding	4,233,315	4,188,120	4,221,164	4,188,669
Weighted Average Diluted Shares Outstanding	4,229,438	4,188,122	4,221,939	4,205,706
Cash dividends declared per share	$ 0	$ 0	$ 0.25	$ 0

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities:
Net income	$ 1,773,313	$ 1,472,247
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,738,900	1,572,660
Stock-based compensation expense	224,921	189,602
Deferred income taxes	(96,700)	(183,700)
Stock appreciation rights	141,686	79,907
Gain on disposal of assets	(347,348)
Gain on insurance proceeds	(120,091)
Tax benefit from exercise of stock-based awards	(4,060)	(7,895)
Changes in operating assets and liabilities:
Increase in restricted cash	(115,456)	(429,775)
Increase in accounts receivable	(199,379)	(794,432)
(Increase) decrease in other current assets	(412,962)	241,162
Decrease (increase) in income taxes (payable) receivable	(433,252)	573,012
Increase in accounts payable	1,104,482	792,068
Increase in Card Casino accruals	540,097	366,179
Increase in accrued wages and payroll taxes	296,418	334,086
Increase in accrued property taxes	160,895	162,311
Increase in payable to horsepersons	(109,523)	134,581
Net cash provided by operating activities	4,141,941	4,502,013
Investing Activities:
Additions to buildings and equipment	(3,841,086)	(3,662,523)
Proceeds from sale of RV Park	99,441
Proceeds from insurance claims	120,091
Purchase of investments	(465)	(623)
Net cash used in investing activities	(3,622,019)	(3,663,146)
Financing Activities
Proceeds from issuance of common stock	109,540	68,112
Cash dividends to shareholders	(1,055,720)
Tax benefit from exercise of stock-based awards	4,060	7,895
Net cash provided by (used in) financing activities	(942,120)	76,007
Net increase (decrease) in cash and cash equivalents	(422,198)	914,874
Cash and cash equivalents at beginning of period	8,761,925	8,739,209
Cash and cash equivalents at end of period	8,339,727	9,654,083
Supplemental disclosure of non-cash investing and financing activities:
Additions to buildings and equipment funded through accounts payable	87,000	361,000
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds	$ 1,852,000	$ 650,000

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 include: Card Casino operations, pari-mutuel o perations and food and beverage sales. 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 s 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” that were previously included in the Horse Racing segment to the Food and Beverage 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 September 30, 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 $ 3,285,000 and $ 5,233,000 for the three and nine months ended September 30, 2015 , respectively, compared to $2,300,00 0 and $4,375,000 for the comparable periods in 2014 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.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 Condensed C onsolidated Statements of O perations and amounted to $ 64,000 and $62,000 for the three months ended September 30, 2015 and 2014 , respectively. For the nine months ended September 30, 2015 and 2014 , stock-based compensation totaled $ 225,000 and $190,000 , 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. T he restricted stock g enerally 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 September 30, 2015 , 13,940 shares were not vested with a weighted average fair value of $10.76 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 September 30, 2015 and changes during the nine months 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 $ Granted - - Exercised Expired/Forfeited Outstanding at September 30, 2015 $ 3.4 Years $ Exercisable at September 30, 2015 $ 3.4 Years $ 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 Condensed Consolidated Statements of Operations. A summary of the changes in employee deferred stock award grants as of September 30, 2015 , is as follows: Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, January 1, 2015 $ Granted Vested Forfeited - - Non-Vested Balance, September 30, 2015 $ 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-emp loyees. The SAR Agreement granted 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 represent ed 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 ed at the rate of 16,500 per year beginning in January 2013. The SAR Agreement provide d 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 ha d no effect on dilutive shares or shares outstanding as any appreciation of the Company’s common stock value over $14.30 was to be paid in cash and not in common stock. On July 30, 2015 , the Company sold the land and buildings related to the Shakopee Valley RV Park located in Shakopee, Minnesota to SMSC (“ Shakopee Mdewakanton Sioux Community ”) for $100,000 plus the cancellation of the vested and unvested SARs. The sale resulted in a $347,000 gain on the Consolidated Statements of Operations – Gain on disposal of assets . Changes to the Company’s non-vested SARs during the nine months ended September 30, 2015 were as follows: SARs Weighted Average Fair Value Non-vested SARs at December 31, 2014 $ Granted — — Vested Cancellations Non-vested SARs at September 30, 2015 - $ -

Net Income Per Share Computatio

Net Income Per Share Computations	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2015 and 2014 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income (numerator) amounts used for basic and diluted per share computations: $ $ $ $ Weighted average shares (denominator) of common stock outstanding: Basic Plus dilutive effect of stock options Diluted Net income per common share: Basic $ .19 $ .15 $ .42 $ .35 Diluted .19 .15 .42 .35 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 and nine months ended September 30, 2015 because the options were out of the money at September 30, 2015 . Options to purchase 90,000 shares of common stock at an average price of $ 14.06 per share were outstanding but not included in the computation of diluted net income per share for the three and nine months ended September 30, 2014 because the options were out of the money at September 30, 2014 .

General Credit Agreement

General Credit Agreement	9 Months Ended
	Sep. 30, 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 5, 201 6 . The line of credit is collateralized by all receivables, inventory, equipment, and general intangibles of the Company. The Company had no borrowings under the credit line during the nine months ended September 30, 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 nine months ended September 30, 2015 .

Operating Segments

Operating Segments	9 Months Ended
	Sep. 30, 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, as well as the catering and events operations. 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 the 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): Nine Months Ended September 30, 2015 Horse Racing Card Casino Food and Beverage Total Net revenues from external customers $ $ $ $ Intersegment revenues - Net interest income - - Depreciation Segment (loss) income before income taxes At September 30, 2015 Segment Assets $ $ $ $ Nine Months Ended September 30, 2014 Horse Racing Card Casino Food and Beverage Total Net revenues from external customers $ $ $ $ Intersegment revenues - Net interest income - - Depreciation Segment (loss) income before income taxes At December 31, 2014 Segment Assets $ $ $ $ The following are reconciliations of reportable segment revenues, income before income taxes, and assets, to the Company’s consolidated totals (in 000’s): Nine Months Ended September 30, 2015 2014 Revenues Total net revenues for reportable segments $ $ Elimination of intersegment revenues Total consolidated net revenues $ $ Income before income taxes Total segment income before income taxes $ $ Elimination of intersegment income before income taxes Total consolidated income before income taxes $ $ September 30, December 31, 2015 2014 Assets Total assets for reportable segments $ $ Elimination of intercompany receivables Total consolidated assets $ $

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 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 a 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. On April 15, 2015, the Company entered into a purchase agreement , and amended the agreement in June 2015 , to acquire approximately 32 acres of land adjacent to the Racetrack. Under the amended agreement, the Company will purchase the land for $4.9 million with a closing date of December 15, 2015. 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, 2015 and as of the date of this report will not have a material impact on the Company’s consolidated financial positions or results of operations.

Cooperative Marketing Agreement

Cooperative Marketing Agreement	9 Months Ended
	Sep. 30, 2015
Cooperative Marketing Agreement [Abstract]
Cooperative Marketing Agreement	7. COOPERATIVE MARKETING AGREEMENT As discussed in Note 6, 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 condensed cons olidated financial statements . 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 amended CMA, 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 $ $ 2017 2018 2019 2020 2021 2022 1 Includes $100,000 each year payable 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 condensed consolidated statements of operations. For the nine months ended September 30, 2015 , the Company recorded $800,000 in other revenue and incurred $630,000 in advertising and marketing expense and $170,000 in depreciation related to the SMSC marketing payment. For the nine months ended September 30, 2014 , the Company recorded $711,000 in other revenue and incurred $551,000 in advertising and marketing expense and $160,000 in depreciation related to the SMSC marketing payment. The excess of amounts received over revenue earned 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 represent ed 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 ed at the rate of 16,500 per year beginning in January 2013 . For the nine months ended September 30, 2015 , the Company recognized $ 142,000 of expense related to these stock appreciation rights, of which $ 142,000 was recorded as an offset to other revenue. For the nine months ended September 30, 2014 , the Company recognized $80,000 of expense related to these stock appreciation rights, of which $80,000 was recorded as an offset to other revenue. On July 30, 2015 , the Company sold the land and buildings related to the Shakopee Valley RV Park located in Shakopee, Minnesota to SMSC for $100,000 plus the cancellation of the vested and unvested SARs. The sale resulted in a $347,000 gain on the Consolidated Statements of Operations – Gain on disposal of assets .

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	8. SUBSEQUENT EVENTS On October 6, 2015, the Company sold 6 acres of land adjacent to the Racetrack for $1,459,000 . Under the sale agreement, the Company has a 3 year repurchase right for up to one acre of the land at the sale purchase price of $240,000 per acre. The likelihood the Company would repurchase the land is reasonably possible.

Summary Of Significant Accoun14

Summary Of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 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 include: Card Casino operations, pari-mutuel o perations and food and beverage sales. 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 s 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” that were previously included in the Horse Racing segment to the Food and Beverage 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 September 30, 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 $ 3,285,000 and $ 5,233,000 for the three and nine months ended September 30, 2015 , respectively, compared to $2,300,00 0 and $4,375,000 for the comparable periods in 2014 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.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 $ Granted - - Exercised Expired/Forfeited Outstanding at September 30, 2015 $ 3.4 Years $ Exercisable at September 30, 2015 $ 3.4 Years $
Summary of Changes in Employee Deferred Stock Award Grants	Weighted Average Deferred Fair Value Stock Per Share Non-Vested Balance, January 1, 2015 $ Granted Vested Forfeited - - Non-Vested Balance, September 30, 2015 $
Stock Appreciation Rights Award Activity	SARs Weighted Average Fair Value Non-vested SARs at December 31, 2014 $ Granted — — Vested Cancellations Non-vested SARs at September 30, 2015 - $ -

Net Income Per Share Computat16

Net Income Per Share Computations (Tables)	9 Months Ended
	Sep. 30, 2015
Net Income Per Share Computations [Abstract]
Schedule Of Earnings Per Share Reconciliation	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income (numerator) amounts used for basic and diluted per share computations: $ $ $ $ Weighted average shares (denominator) of common stock outstanding: Basic Plus dilutive effect of stock options Diluted Net income per common share: Basic $ .19 $ .15 $ .42 $ .35 Diluted .19 .15 .42 .35

Operating Segments (Tables)

Operating Segments (Tables)	9 Months Ended
	Sep. 30, 2015
Operating Segments [Abstract]
Schedule Of The Company's Operating Segments	Nine Months Ended September 30, 2015 Horse Racing Card Casino Food and Beverage Total Net revenues from external customers $ $ $ $ Intersegment revenues - Net interest income - - Depreciation Segment (loss) income before income taxes At September 30, 2015 Segment Assets $ $ $ $ Nine Months Ended September 30, 2014 Horse Racing Card Casino Food and Beverage Total Net revenues from external customers $ $ $ $ Intersegment revenues - Net interest income - - Depreciation Segment (loss) income before income taxes At December 31, 2014 Segment Assets $ $ $ $
Reconciliation Of Revenues	Nine Months Ended September 30, 2015 2014 Revenues Total net revenues for reportable segments $ $ Elimination of intersegment revenues Total consolidated net revenues $ $
Reconciliation Of Income Before Income Taxes	Income before income taxes Total segment income before income taxes $ $ Elimination of intersegment income before income taxes Total consolidated income before income taxes $ $
Reconciliation Of Assets	September 30, December 31, 2015 2014 Assets Total assets for reportable segments $ $ Elimination of intercompany receivables Total consolidated assets $ $

Cooperative Marketing Agreeme18

Cooperative Marketing Agreement (Tables)	9 Months Ended
	Sep. 30, 2015
Cooperative Marketing Agreement [Abstract]
Purse Enhancement and Marketing Payments	Year Purse Enhancement Payments to Horsemen 1 Marketing Payments to Canterbury Park 2016 $ $ 2017 2018 2019 2020 2021 2022 1 Includes $100,000 each year payable to various horsemen associations

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)itemmi	Sep. 30, 2014USD ($)
Summary Of Significant Accounting Policies [Abstract]
Racetrack distance from Minneapolis (in miles) | mi			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 | $	$ 3,285,000	$ 230,000	$ 5,233,000	$ 4,375,000

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($)	Jul. 30, 2015	Jun. 14, 2012	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense			$ 64,000	$ 62,000
Stock-based compensation expense					$ 224,921	$ 189,602
Proceeds from sale of RV Park					99,441
Gain on disposal of assets			$ 347,348		$ 347,348
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
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		35,500		34,750
Share-based Compensation, nonvested, weighted average grant date fair value			$ 10.26		$ 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			13,940		13,940
Share-based Compensation, nonvested, weighted average grant date fair value			$ 10.76		$ 10.76
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense					$ 142,000	$ 80,000
Share-based compensation, other than options granted		165,000
Share-based compensation, nonvested number of shares							115,500
Share-based Compensation, nonvested, weighted average grant date fair value							$ 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		16,500
Number of remaining Rights vest per year		16,500
Shakopee Valley RV Park [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from sale of RV Park	$ 100,000
Gain on disposal of assets	$ 347,000

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock Options Activity) (Details)	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Stock-Based Compensation [Abstract]
Outstanding at beginning of year, Number of Options | shares	255,252
Exercised, Number of Options | shares	(4,250)
Expired/Forfeited, Number of Options | shares	(15,000)
Outstanding at end of period, Number of Options | shares	236,002
Exercisable, Number of Options | shares	236,002
Outstanding beginning of year, Weighted Average Exercise Price	$ 9.63
Exercised, Weighted Average Exercise Price	6.27
Expired/Forfeited, Weighted Average Exercise Price	17.10
Outstanding at end of period, Weighted Average Exercise Price	9.22
Exercisable, Weighted Average Exercise Price	$ 9.22
Outstanding, Weighted Average Remaining Contractual Term, years	3 years 4 months 24 days
Exercisable, Weighted Average Remaining Contractual Term, years	3 years 4 months 24 days
Outstanding, Aggregate Grant Date Fair Value | $	$ 2,174,772
Exercisable, Aggregate Grant Date Fair Value | $	$ 2,174,772

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary Of Changes In Employee Deferred Stock Award Grants) (Details) - Employee Deferred Stock Award [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, Beginning Balance | shares	34,750
Granted | shares	1,000
Vested | shares	(250)
Non-vested, Ending Balance | shares	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

Stock-Based Compensation (Sto23

Stock-Based Compensation (Stock Appreciation Rights Award Activity) (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares	Jun. 14, 2012	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested, Beginning Balance		115,500
Granted	165,000
Vested		(16,500)
Cancellations		(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		$ 5.39

Net Income Per Share Computat24

Net Income Per Share Computations (Narrative) (Details) - $ / shares	Sep. 30, 2015	Sep. 30, 2014
Net Income Per Share Computations [Abstract]
Number of common stock shares to purchase under stock options	75,000	90,000
Average price of common shares under stock options	$ 13.45	$ 14.06

Net Income Per Share Computat25

Net Income Per Share Computations (Schedule Of Earnings Per Share Reconciliation) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Income Per Share Computations [Abstract]
Net income (numerator) amounts used for basic and diluted per share computations:	$ 813,059	$ 623,306	$ 1,773,313	$ 1,472,247
Weighted average shares (denominator) of common stock outstanding:
Basic	4,233,315	4,188,120	4,221,164	4,188,669
Plus dilutive effect of stock options	(3,877)	2	775	17,037
Diluted	4,229,438	4,188,122	4,221,939	4,205,706
Net income per common share:
Basic	$ 0.19	$ 0.15	$ 0.42	$ 0.35
Diluted	$ 0.19	$ 0.15	$ 0.42	$ 0.35

General Credit Agreement (Detai

General Credit Agreement (Details) - Revolving Credit Line [Member] - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Revolving credit line maximum borrowing amount	$ 3,000,000
Borrowings under credit line	$ 0	$ 0
Revolving credit line, maturity date	May 5, 2016

Operating Segments (Narrative)

Operating Segments (Narrative) (Details)	9 Months Ended
	Sep. 30, 2015segment
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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net revenues	$ 16,851,658	$ 15,046,958	$ 41,580,773	$ 38,206,126
Net interest income			2,000	2,000
Depreciation	567,190	537,405	1,738,900	1,572,660
Segment (loss) income before income taxes	1,387,859	$ 1,065,497	3,020,362	2,511,559
Assets	41,589,948		41,589,948		$ 39,495,679
External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues			41,581,000	38,206,000
Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues			1,703,000	1,554,000
Segment [Member]
Segment Reporting Information [Line Items]
Segment (loss) income before income taxes			4,314,000	4,079,000
Assets	58,261,000		58,261,000		54,418,000
Horse Racing [Member]
Segment Reporting Information [Line Items]
Net interest income			2,000	2,000
Depreciation			1,324,000	1,179,000
Horse Racing [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues			12,876,000	12,178,000
Horse Racing [Member] | Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues			674,000	562,000
Horse Racing [Member] | Segment [Member]
Segment Reporting Information [Line Items]
Segment (loss) income before income taxes			(2,260,000)	(2,219,000)
Assets	39,911,000		39,911,000		37,606,000
Card Casino [Member]
Segment Reporting Information [Line Items]
Depreciation			317,000	317,000
Card Casino [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues			21,628,000	19,997,000
Card Casino [Member] | Segment [Member]
Segment Reporting Information [Line Items]
Segment (loss) income before income taxes			5,302,000	4,956,000
Assets	900,000		900,000		1,217,000
Food and Beverage [Member]
Segment Reporting Information [Line Items]
Depreciation			98,000	77,000
Food and Beverage [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues			7,077,000	6,031,000
Food and Beverage [Member] | Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues			1,029,000	992,000
Food and Beverage [Member] | Segment [Member]
Segment Reporting Information [Line Items]
Segment (loss) income before income taxes			1,272,000	$ 1,342,000
Assets	$ 17,450,000		$ 17,450,000		$ 15,595,000

Operating Segments (Reconciliat

Operating Segments (Reconciliation Of Revenues) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues	$ 16,851,658	$ 15,046,958	$ 41,580,773	$ 38,206,126
Reportable Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues			43,284,000	39,760,000
Elimination Of Intersegment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues			$ (1,703,000)	$ (1,554,000)

Operating Segments (Reconcili30

Operating Segments (Reconciliation Of Income Before Income Taxes) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes	$ 1,387,859	$ 1,065,497	$ 3,020,362	$ 2,511,559
Reportable Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes			4,314,000	4,079,000
Elimination Of Intersegment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes			$ (1,294,000)	$ (1,567,000)

Operating Segments (Reconcili31

Operating Segments (Reconciliation Of Assets) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	$ 41,589,948	$ 39,495,679
Reportable Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	58,261,000	54,418,000
Elimination Of Intersegment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	$ (16,671,000)	$ (14,922,000)

Commitments And Contingencies (

Commitments And Contingencies (Details)	9 Months Ended
	Sep. 30, 2015USD ($)item	Jun. 30, 2015USD ($)a
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
Number of acres of land to be purchased | a		32
Payment for land under agreement | $		$ 4,900,000

Cooperative Marketing Agreeme33

Cooperative Marketing Agreement (Narrative) (Details)	Jul. 30, 2015USD ($)	Jun. 14, 2012$ / sharesshares	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Sep. 30, 2015USD ($)itemshares	Sep. 30, 2014USD ($)
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							$ 800,000	$ 711,000
Advertising and marketing expenses related to marketing payment							630,000	551,000
Depreciation related to marketing payment							$ 170,000	160,000
Number of parties | item							2
Stock based compensation expense			$ 64,000		$ 62,000
Expense recorded as an offset to revenue			16,851,658		$ 15,046,958		$ 41,580,773	38,206,126
Gain on disposal of assets			$ 347,348				347,348
Proceeds from sale of RV Park							$ 99,441
Shakopee Valley RV Park [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Gain on disposal of assets	$ 347,000
Proceeds from sale of RV Park	$ 100,000
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, other than options granted | shares		165,000
Benefit from appreciation in the value of common stock, per share | $ / shares		$ 14.30
Number of shares of stock each right represents | shares		1
Percentage of the Rights vested		10.00%
Number of the Rights vested | shares		16,500
Number of remaining Rights vest per year | shares		16,500
Stock based compensation expense							$ 142,000	80,000
Expense recorded as an offset to revenue							$ 142,000	$ 80,000

Cooperative Marketing Agreeme34

Cooperative Marketing Agreement (Purse Enhancement And Marketing Payments) (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
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]	Oct. 06, 2015USD ($)a
Subsequent Event [Line Items]
Number of acres sold	6
Land Sales | $	$ 1,459,000
Period of repurchase right, years	3 years
Repurchase price per acre | $	$ 240,000
Number of acres able to be purchased	1