Canterbury Park Holding 10-Q 16 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 01, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		4,275,939

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 9,867,465	$ 8,274,112
Restricted cash	1,997,654	1,563,058
Short-term investments	205,192	205,192
Accounts receivable, net of allowance of $28,000 for both periods	467,862	155,861
Inventory	284,337	253,334
Prepaid expenses	323,378	396,705
Income taxes receivable	143,574	355,060
Total current assets	13,289,462	11,203,322
LONG-TERM ASSETS
Deposits	25,000	20,000
Land, buildings and equipment, net of accumulated depreciation of $26,028,680 and $25,538,147, respectively	34,519,815	34,117,760
Total Assets	47,834,277	45,341,082
CURRENT LIABILITIES
Current maturities of capital lease obligations	591,960	585,563
Accounts payable	4,179,475	2,710,661
Card Casino accruals	2,240,313	1,759,314
Accrued wages and payroll taxes	1,471,871	1,370,577
Accrued property taxes	887,807	711,482
Payable to horsepersons	257,033	171,355
Total current liabilities	9,628,459	7,308,952
LONG-TERM LIABILITIES
Capital lease obligations - long term portion	2,410,734	2,592,731
Deferred income taxes	2,258,600	2,341,900
Total long-term liabilities	4,669,334	4,934,631
Total Liabilities	14,297,793	12,243,583
STOCKHOLDERS' EQUITY
Common stock, $.01 par value, 10,000,000 shares authorized, 4,241,370 and 4,238,430, respectively, shares issued and outstanding	42,410	42,383
Additional paid-in capital	18,147,863	18,019,658
Retained earnings	15,346,211	15,035,458
Total stockholders' equity	33,536,484	33,097,499
Total Liabilities And Stockholders' Equity	$ 47,834,277	$ 45,341,082

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Condendsed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance	$ 28,000	$ 28,000
Land, buildings and equipment, accumulated depreciation	$ 26,028,680	$ 25,538,147
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	4,241,370	4,238,430
Common stock, shares outstanding	4,241,370	4,238,430

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING REVENUES:
Pari-mutuel	$ 1,395,377	$ 1,370,267
Card Casino	7,119,121	6,840,627
Food and beverage	1,080,901	1,003,690
Other	823,414	692,295
Total Revenues	10,418,813	9,906,879
Less: Promotional allowances	(25,502)	(25,841)
Net Revenues	10,393,311	9,881,038
OPERATING EXPENSES:
Purse expense	1,035,655	881,452
Minnesota Breeders' Fund	147,143	142,826
Other pari-mutuel expenses	291,006	284,270
Salaries and benefits	5,037,356	4,575,758
Cost of food and beverage and other sales	547,023	521,154
Depreciation	576,480	564,105
Utilities	272,046	280,042
Advertising and marketing	219,992	205,608
Other operating expenses	1,743,617	1,763,517
Total Operating Expenses	9,870,318	9,218,732
INCOME FROM OPERATIONS	522,993	662,306
OTHER INCOME:
Interest income	945	616
INCOME BEFORE INCOME TAXES	523,938	662,922
INCOME TAX EXPENSE	(213,186)	(274,242)
NET INCOME	$ 310,752	$ 388,680
Basic earnings per share	$ 0.07	$ 0.09
Diluted earnings per share	$ 0.07	$ 0.09
Weighted Average Basic Shares Outstanding	4,258,347	4,209,473
Weighted Average Diluted Shares Outstanding	4,273,851	4,215,874

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities:
Net income	$ 310,752	$ 388,680
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	576,480	564,105
Stock-based compensation expense	64,018	74,963
Deferred income taxes	(83,300)	(135,000)
Stock appreciation rights		82,863
Changes in operating assets and liabilities:
Increase in restricted cash	(434,596)	(723,508)
Increase in accounts receivable	(312,001)	(38,383)
(Increase) decrease in other current assets	37,324	125,275
Decrease (increase) in income taxes (payable) receivable	211,486	(322,758)
Increase in accounts payable	1,333,655	1,237,149
Increase in Card Casino accruals	480,999	656,208
Increase in accrued wages and payroll taxes	101,294	66,629
Increase in accrued property taxes	176,325	161,070
Increase in payable to horsepersons	85,678	61,258
Net cash provided by operating activities	2,548,114	2,198,551
Investing Activities:
Additions to buildings and equipment	(843,293)	(1,448,061)
Purchase of investments		(218)
Net cash used in investing activities	(843,293)	(1,448,279)
Financing Activities
Proceeds from issuance of common stock	64,132	33,495
Principle payments on capital lease obligations	(175,600)
Net cash provided by (used in) financing activities	(111,468)	33,495
Net increase (decrease) in cash and cash equivalents	1,593,353	783,767
Cash and cash equivalents at beginning of period	8,274,112	8,761,925
Cash and cash equivalents at end of period	9,867,465	9,545,692
Supplemental disclosure of non-cash investing and financing activities:
Additions to buildings and equipment funded through accounts payable	266,000	429,000
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds	$ 85,000	$ 732,000

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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.  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, 2015 , included in its Annua l Report on Form 10-K (the “2015 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 fis cal year ended December 31, 2015 . There were no material changes in significant accounting policies during the quarter ended March 31, 2016 .  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 $ 886,000 and $ 505,000 for the three months ended March 31, 2016 and 2015 , 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 March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies various aspects related to share-based payments. Previously, tax benefits in excess of compensation cost ("windfalls") were recorded as an increase to shareholders' equity. Under the new ASU, windfalls are recorded as a component of income tax expense. ASU 2016-09 also requires that tax-related cash flows resulting from share-based payments be reported as a part of cash flows from operating activities. The Company believes the adoption of this ASU will not have a material impact on our financial statements or diluted earnings per share.  In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue in a manner that depicts the transfer of promised 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 revised guidance will become effective for annual periods beginning after December 15, 2017 and will be applied retrospectively to each period presented or as a cumulative- effect adjustment as of the date of adoption. We are assessing the impact of the new accounting guidance and currently cannot estimate the financial statement impact of adoption.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
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 $75,000 for the three months ended March 31, 2016 and 2015 , respectively.  Adoption of Long Term Incentive Plan and Award of Deferred Stock  Effective March 30, 2016, the Board of Directors of the Company approved a new plan for long-term incentive compensation of the Company’s named executive officers (NEOs) and other Senior Executives called the Canterbury Park Holding Corporation Long Term Incentive Plan (the “LTI Plan”). The LTI Plan authorizes the grant of Long Term Incentive Awards that provide an opportunity to NEOs and other Senior Executives to receive a payment in cash or shares of the Company’s common stock to the extent of achievement at the end of a period greater than one year (the “Performance Period”) as compared to Performance Goals established at the beginning of the Performance Period. The LTI is a sub-plan of the Company’s Stock Plan which authorizes the grant of Deferred Stock awards that represent the right to receive Company common stock if conditions specified in the awards are satisfied.  Effective March 30, 2016, the Board approved granting opportunities to Company officers and key employees to earn long-term incentive compensation under the LTI Plan. Each officer and key employee was granted an Incentive Award (that was also a Deferred Stock Award under the Stock Plan) which provided an opportunity to receive a payout of shares of the Company’s common stock to the extent of achievement compared to Performance Goals at the end of the period beginning January 1, 2016 and ending December 31, 2018. Pursuant to these awards the Company has reserved 24,000 shares that potentially may be issued under the Deferred Stock Awards. Further information regarding the LTI Plan and the awards approved effective March 30, 2016 is presented under Item 5.02 in the Company’s Report on Form 8-K for March 30, 2016 (filed April 5, 2016), which information is incorporated herein by reference.  Board of Directors Stock Option and Restricted Stock Grants The Company’s Stock Plan authorizes annual grants of restricted stock or stock options, or both, to non-employee members of the Board of Directors at the time of the time of the Company’s annual shareholders meeting as determined by the Board prior to each such meeting. Options granted under the Plan generally expire 10 years after the grant date. Restricted stock grants generally vest 100% one year after the date of the annual meeting in the prior year, are subject to restrictions on resale for an additional year, and are subject to forfeiture if a board member terminates prior to the shares vesting. As of March 31, 2016 , 13,940 shares with a weighted average fair value of $10.76 per share, that were reserved for issuance under a restricted stock award in June 2015 were not vested.   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, 2016 and changes during the three 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, 2016 223,002 $ 9.3  Granted - -  Exercised - -  Expired/Forfeited (30,000) 14.43  Outstanding at March 31, 2016 193,002 $ 8.50 3.3 Years $ 1,640,862   Exercisable at March 31, 2016 193,002 $ 8.50 3.3 Years $ 1,640,862  Deferred Stock Awards  Prior to January 1, 2016 the Company’s Board awarded deferred compensation to executive officers and key employees that were not performance-based in the form of Deferred Stock awards under the Company’s Stock Plan. Such deferred stock awards are subject to forfeiture if an employee terminates employment 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. As of March 31, 2016 , 23,875 shares were not vested with a weighted average fair value of $10.31 per share. 

Net Income Per Share Computatio

Net Income Per Share Computations	3 Months Ended
	Mar. 31, 2016
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, 2016 and 2015      Three Months Ended March 31,  2016 2015  Net income (numerator) amounts used for basic and diluted per share computations: $ 310,752 $ 388,680   Weighted average shares (denominator) of common stock outstanding:  Basic 4,258,347 4,209,473  Plus dilutive effect of stock options 15,504 6,401  Diluted 4,273,851 4,215,874   Net income per common share:  Basic $ .07 $ .09  Diluted .07 .09  Options to purchase 45,000 shares of common stock at an average price of $ 12.80 per share were outstanding but not included in the computation of diluted net income per share for the three months ended March 31, 2016 because the options were out of the money at March 31, 2016 .  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 three months ended March 31, 2015 because the options were out of the money at March 31, 2015 .

General Credit Agreement

General Credit Agreement	3 Months Ended
	Mar. 31, 2016
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 September 30, 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 three months ended March 31, 2016 or the year ended December 31, 2015 . The credit agreement contains covenants requiring the Company to maintain certain financial ratios and limits capital lease obligations up to $250,000 . The Company was in compliance with these requirements , after receiving a limited waiver for the capital lease obligation exception, for the three months ended March 31, 2016 .

Operating Segments

Operating Segments	3 Months Ended
	Mar. 31, 2016
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 and other 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. 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, 2016  Horse Racing Card Casino Food and Beverage Total   Net revenues from external customers $ 2,179 $ 7,119 $ 1,095 $ 10,393   Intersegment revenues 83 - 306 389   Net interest income 1 - - 1   Depreciation 436 106 34 576   Segment (loss) income before income taxes (435) 1,010 8 583   At March 31, 2016  Segment Assets $ 46,247 $ 690 $ 17,520 $ 64,457     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 December 31, 2015  Segment Assets $ 44,283 $ 795 $ 17,303 $ 62,381 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,  2016 2015  Revenues  Total net revenues for reportable segments $ 10,782 $ 10,276  Elimination of intersegment revenues (389) (395)  Total consolidated net revenues $ 10,393 $ 9,881                                   Income before income taxes  Total segment income before income taxes $ 583 $ 827  Elimination of intersegment income before income taxes (59) (164)  Total consolidated income before income taxes $ 524 $ 663       March 31, December 31,  2016 2015  Assets  Total assets for reportable segments $ 64,457 $ 62,381  Elimination of intercompany receivables (16,623) (17,040)  Total consolidated assets $ 47,834 $ 45,341 

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2016
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 and 2016 . 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 December 14, 2015, the Company entered into a five -year lease agreement for approximately 32 acres of land adjacent to the Racetrack . The lease payments are payable monthly at $58,533 , with an interest rate of 4.0% and a maturity date of December 15, 2020 . Title to the land will transfer to the Company at the end of the lease or when all payments have been made, if earlier. As of March 31, 2016, the capital lease obligation totaled approximately $3,003,000 .  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, 2016 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	3 Months Ended
	Mar. 31, 2016
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 thoroughbred and quarter horse industry. Under the CMA, as amended, 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 $6.7 million and $6.2 million in the first three months of 2016 and 2015, respectively, primarily for purse enhancements for the live race meets in the respective years. Under the CMA, as amended, 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 SMSC paid the Company $1,197,000 and $944,000 for marketing purposes during the three months ended March 31, 2016 and 2015 , respectively. During January 2015 and 2016 , the CMA was amended to adjust the payment amounts between the “Purse Enhancement Payments to Horsemen” and “Marketing Payments to Canterbury Park.” SMSC has currently agreed to make the following purse enhancement and marketing payments for 2017 through 2022:     Year Purse Enhancement Payments to Horsemen 1 Marketing Payments to Canterbury Park  2017 $ 7,466,910 $ 1,317,690  2018 7,650,000 1,350,000  2019 7,650,000 1,350,000  2020 7,650,000 1,350,000  2021 7,650,000 1,350,000  2022 7,650,000 1,350,000   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 consolidated statements of operations. For the three months ended March 31, 2016 , the Company recorded $126,000 in other revenue and incurred $69,000 in advertising and marketing expense and $57,000 in depreciation related to the SMSC marketing payment. 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. 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 for the term of the CMA that 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. 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. 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. As a result, there was no expense for the three months ended March 31, 2016.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	8. SUBSEQUENT EVENTS On May 13, 2016, the Company completed the land sale and purchase transactions that were structured as a “deferred exchange using a qualified intermediary” pursuant to Internal Revenue Code (IRC) Section 1031 exchange (“1031 Exchange”) for income tax purposes. The Company sold approximately 24 acres of land adjacent to the Racetrack for $4.3 million. As a result of the sale, the Company received approximately $1.1 million in cash and the remaining amount will be a promissory note in the amount of $3.2 million. In addition, t he Company purchased approximately 32 acres of land adjacent to the Racetrack with a total purchase price of $4.9 million. As a result, the Company paid off the remaining capital lease obligation in the amount of $3.0 million.

Summary Of Significant Accoun14

Summary Of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2016
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.  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, 2015 , included in its Annua l Report on Form 10-K (the “2015 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 fis cal year ended December 31, 2015 . There were no material changes in significant accounting policies during the quarter ended March 31, 2016 .
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 $ 886,000 and $ 505,000 for the three months ended March 31, 2016 and 2015 , 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 March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies various aspects related to share-based payments. Previously, tax benefits in excess of compensation cost ("windfalls") were recorded as an increase to shareholders' equity. Under the new ASU, windfalls are recorded as a component of income tax expense. ASU 2016-09 also requires that tax-related cash flows resulting from share-based payments be reported as a part of cash flows from operating activities. The Company believes the adoption of this ASU will not have a material impact on our financial statements or diluted earnings per share.  In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue in a manner that depicts the transfer of promised 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 revised guidance will become effective for annual periods beginning after December 15, 2017 and will be applied retrospectively to each period presented or as a cumulative- effect adjustment as of the date of adoption. We are assessing the impact of the new accounting guidance and currently cannot estimate the financial statement impact of adoption.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2016 223,002 $ 9.3  Granted - -  Exercised - -  Expired/Forfeited (30,000) 14.43  Outstanding at March 31, 2016 193,002 $ 8.50 3.3 Years $ 1,640,862   Exercisable at March 31, 2016 193,002 $ 8.50 3.3 Years $ 1,640,862

Net Income Per Share Computat16

Net Income Per Share Computations (Tables)	3 Months Ended
	Mar. 31, 2016
Net Income Per Share Computations [Abstract]
Schedule Of Earnings Per Share Reconciliation	    Three Months Ended March 31,  2016 2015  Net income (numerator) amounts used for basic and diluted per share computations: $ 310,752 $ 388,680   Weighted average shares (denominator) of common stock outstanding:  Basic 4,258,347 4,209,473  Plus dilutive effect of stock options 15,504 6,401  Diluted 4,273,851 4,215,874   Net income per common share:  Basic $ .07 $ .09  Diluted .07 .09 

Operating Segments (Tables)

Operating Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Operating Segments [Abstract]
Schedule Of The Company's Operating Segments	    Three Months Ended March 31, 2016  Horse Racing Card Casino Food and Beverage Total   Net revenues from external customers $ 2,179 $ 7,119 $ 1,095 $ 10,393   Intersegment revenues 83 - 306 389   Net interest income 1 - - 1   Depreciation 436 106 34 576   Segment (loss) income before income taxes (435) 1,010 8 583   At March 31, 2016  Segment Assets $ 46,247 $ 690 $ 17,520 $ 64,457     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 December 31, 2015  Segment Assets $ 44,283 $ 795 $ 17,303 $ 62,381 
Reconciliation Of Revenues	   Three Months Ended March 31,  2016 2015  Revenues  Total net revenues for reportable segments $ 10,782 $ 10,276  Elimination of intersegment revenues (389) (395)  Total consolidated net revenues $ 10,393 $ 9,881 
Reconciliation Of Income Before Income Taxes	   Income before income taxes  Total segment income before income taxes $ 583 $ 827  Elimination of intersegment income before income taxes (59) (164)  Total consolidated income before income taxes $ 524 $ 663 
Reconciliation Of Assets	   March 31, December 31,  2016 2015  Assets  Total assets for reportable segments $ 64,457 $ 62,381  Elimination of intercompany receivables (16,623) (17,040)  Total consolidated assets $ 47,834 $ 45,341 

Cooperative Marketing Agreeme18

Cooperative Marketing Agreement (Tables)	3 Months Ended
	Mar. 31, 2016
Cooperative Marketing Agreement [Abstract]
Purse Enhancement and Marketing Payments	   Year Purse Enhancement Payments to Horsemen 1 Marketing Payments to Canterbury Park  2017 $ 7,466,910 $ 1,317,690  2018 7,650,000 1,350,000  2019 7,650,000 1,350,000  2020 7,650,000 1,350,000  2021 7,650,000 1,350,000  2022 7,650,000 1,350,000   1 Includes $100,000 each year payable to various horsemen associations 

Summary Of Significant Accoun19

Summary Of Significant Accounting Policies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)itemmi	Mar. 31, 2015USD ($)
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 | item	80
Due to Minnesota Horsemen's Benevolent and Protective Association, Inc | $	$ 886,000	$ 505,000

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 64,018	$ 74,963
Weighted Average Remaining Contractual Life in Years	3 years 3 months 18 days
Number of options granted
CPHC Long Term Incentive Plan (LTI Plan) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares that may potentially be issued	24,000
Minimum [Member] | CPHC Long Term Incentive Plan (LTI Plan) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTI Plan performance period	1 year
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
Employee Deferred Stock Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	4 years
Share-based compensation, nonvested number of shares	23,875
Share-based Compensation, nonvested, weighted average grant date fair value	$ 10.31
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, expiration period	10 years
Share-based compensation, nonvested number of shares	13,940
Share-based Compensation, nonvested, weighted average grant date fair value	$ 10.76

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock Options Activity) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Stock-Based Compensation [Abstract]
Outstanding, Beginning Balance, Number of Options | shares	223,002
Granted, Number of Options | shares
Exercised, Number of Options | shares
Expired/Forfeited, Number of Options | shares	(30,000)
Outstanding, Ending Balance, Number of Options | shares	193,002
Exercisable, Number of Options | shares	193,002
Outstanding, Beginning Balance, Weighted Average Exercise Price | $ / shares	$ 9.30
Granted, Weighted Average Exercise Price | $ / shares
Exercised, Weighted Average Exercise Price | $ / shares
Expired/Forfeited, Weighted Average Exercise Price | $ / shares	$ 14.43
Outstanding, Ending Balance, Weighted Average Exercise Price | $ / shares	8.50
Exercisable, Weighted Average Exercise Price | $ / shares	$ 8.50
Exercisable, Weighted Average Remaining Contractual Term, years	3 years 3 months 18 days
Outstanding, Aggregate Grant Date Fair Value | $	$ 1,640,862
Exercisable, Aggregate Grant Date Fair Value | $	$ 1,640,862

Net Income Per Share Computat22

Net Income Per Share Computations (Narrative) (Details) - $ / shares	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Number of common stock shares to purchase under stock options	193,002	223,002
Average price of common shares under stock options	$ 8.50	$ 9.30
Excluded From Diluted Net Income Computation [Member]
Number of common stock shares to purchase under stock options	45,000		75,000
Average price of common shares under stock options	$ 12.80		$ 13.45

Net Income Per Share Computat23

Net Income Per Share Computations (Schedule Of Earnings Per Share Reconciliation) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income Per Share Computations [Abstract]
Net income (numerator) amounts used for basic and diluted per share computations:	$ 310,752	$ 388,680
Weighted average shares (denominator) of common stock outstanding:
Basic	4,258,347	4,209,473
Plus dilutive effect of stock options	15,504	6,401
Diluted	4,273,851	4,215,874
Net income per common share:
Basic	$ 0.07	$ 0.09
Diluted	$ 0.07	$ 0.09

General Credit Agreement (Narra

General Credit Agreement (Narrative) (Details) - Revolving Credit Line [Member] - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
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	Sep. 30, 2016
Revolving credit line, capital lease obligations limit	$ 250,000

Operating Segments (Narrative)

Operating Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016segment
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, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net revenues	$ 10,393,311	$ 9,881,038
Net interest income	945	616
Depreciation	576,480	564,105
Segment (loss) income before income taxes	523,938	662,922
Segment Assets	47,834,277		$ 45,341,082
Reportable Segment [Member]
Segment Reporting Information [Line Items]
Net revenues	10,782,000	10,276,000
Net interest income	1,000	1,000
Depreciation	576,000	564,000
Segment (loss) income before income taxes	583,000	827,000
Segment Assets	64,457,000	62,381,000	$ 62,381,000
External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues	10,393,000	9,881,000
Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues	389,000	395,000
Horse Racing [Member] | Reportable Segment [Member]
Segment Reporting Information [Line Items]
Net interest income	1,000	1,000
Depreciation	436,000	428,000
Segment (loss) income before income taxes	(435,000)	(445,000)
Segment Assets	46,247,000	44,283,000
Horse Racing [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues	2,179,000	2,035,000
Horse Racing [Member] | Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues	83,000	67,000
Card Casino [Member] | Reportable Segment [Member]
Segment Reporting Information [Line Items]
Depreciation	106,000	106,000
Segment (loss) income before income taxes	1,010,000	1,121,000
Segment Assets	690,000	795,000
Card Casino [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues	7,119,000	6,841,000
Food and Beverage [Member] | Reportable Segment [Member]
Segment Reporting Information [Line Items]
Depreciation	34,000	30,000
Segment (loss) income before income taxes	8,000	151,000
Segment Assets	17,520,000	17,303,000
Food and Beverage [Member] | External Customers [Member]
Segment Reporting Information [Line Items]
Net revenues	1,095,000	1,005,000
Food and Beverage [Member] | Intersegment [Member]
Segment Reporting Information [Line Items]
Net revenues	$ 306,000	$ 328,000

Operating Segments (Reconciliat

Operating Segments (Reconciliation Of Revenues) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues	$ 10,393,311	$ 9,881,038
Reportable Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues	10,782,000	10,276,000
Elimination Of Intersegment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total consolidated net revenues	$ (389,000)	$ (395,000)

Operating Segments (Reconcili28

Operating Segments (Reconciliation Of Income Before Income Taxes) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes	$ 523,938	$ 662,922
Reportable Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes	583,000	827,000
Elimination Of Intersegment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total consolidated income before income taxes	$ (59,000)	$ (164,000)

Operating Segments (Reconcili29

Operating Segments (Reconciliation Of Assets) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	$ 47,834,277	$ 45,341,082
Reportable Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	64,457,000	62,381,000	$ 62,381,000
Elimination Of Intersegment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total consolidated assets	$ (16,623,000)	$ (17,040,000)

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details)	Dec. 14, 2015USD ($)a	Mar. 31, 2016USD ($)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 | item		2
Number of years defined by off-track betting agreement		5 years
Minimum number of payments to IMR Fund, L.P. | item		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
Lease agreement term		5 years
Number of acres | a	32
Monthly lease payment	$ 58,533
Annual interest rate	4.00%
Lease maturity date		Dec. 15, 2020
Capital lease obligation		$ 3,003,000

Cooperative Marketing Agreeme31

Cooperative Marketing Agreement (Narrative) (Details) - USD ($)	Jul. 30, 2015	Mar. 31, 2016	Mar. 31, 2015
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		$ 6,700,000	$ 6,200,000
Obligation under Agreement to support joint marketing activities due current		1,197,000	944,000
Other revenue		823,414	692,295
Advertising and marketing expense		219,992	205,608
Depreciation		576,480	564,105
Stock based compensation expense		64,018	74,963
Expense recorded as an offset to revenue		10,393,311	9,881,038
Cooperative Marketing Agreement (CMA) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other revenue		126,000	65,000
Advertising and marketing expense		69,000	8,000
Depreciation		57,000	57,000
Shakopee Valley RV Park [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from sale of RV Park	$ 100,000
Stock Appreciation Rights (SARs) [Member] | Cooperative Marketing Agreement (CMA) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other operating expense related to stock appreciation rights		$ 0	$ 83,000

Cooperative Marketing Agreeme32

Cooperative Marketing Agreement (Purse Enhancement And Marketing Payments) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Cooperative Marketing Agreement [Abstract]
2017, Purse Enhancement Payments to Horesmen	$ 7,466,910	[1]
2018, Purse Enhancement Payments to Horesmen	7,650,000	[1]
2019, Purse Enhancement Payments to Horesmen	7,650,000	[1]
2020, Purse Enhancement Payments to Horesmen	7,650,000	[1]
2021, Purse Enhancement Payments to Horesmen	7,650,000	[1]
2022, Purse Enhancement Payments to Horesmen	7,650,000	[1]
2017, Marketing Payments to Canterbury Park	1,317,690
2018, Marketing Payments to Canterbury Park	1,350,000
2019, Marketing Payments to Canterbury Park	1,350,000
2020, Marketing Payments to Canterbury Park	1,350,000
2021, Marketing Payments to Canterbury Park	1,350,000
2022, Marketing Payments to Canterbury Park	1,350,000
Amount to various horsemen associations included each year in purse enhancement payments to horsemen	$ 100,000
[1]	Includes $100,000 each year payable to various horsemen associations

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Subsequent Event [Member] $ in Millions	May. 13, 2016USD ($)a
Subsequent Event [Line Items]
Number of acres sold | a	24
Land sold	$ 4.3
Land sold, cash	1.1
Promissory note	$ 3.2
Number of acres purchased | a	32
Purchase price for land	$ 4.9
Remaining capital lease obligations paid off	$ 3