22 unchanged sentences
The Casino has historically operated 24 hours a day, seven days a week and has offered both poker and table games at up to 80 tables as allowed by Minnesota statute.
−Removed: We also derive revenues from related services and activities, such as food and beverage, parking, advertising signage, publication sales, and catering and events held at the Racetrack.
+Added: We also derive revenues from related services and activities, such as food and beverage, advertising signage, publication sales, and catering and events held at the Racetrack.
The ownership and operation of the Racetrack and the Casino are significantly regulated by the Minnesota Racing Commission (“MRC”).
34 unchanged sentences
For the years ended December 31, 2025 and 2024 , the Racetrack hos ted 50 and 53 d ays of live racing, respectively, beginning in May and concluding in September.
+Added: In 2025, the Company had one day of live racing cancelled and one other day shortened due to inclement weather.
In 2024, the Company had one day of live racing shortened due to inclement weather.
−Removed: In 2023, the Company had one day of live racing cancelled and two other days shortened due to inclement weather.
Simulcasting is the process by which live horse races held at one facility (the “host track”) are transmitted simultaneously to other locations to allow patrons at each receiving location (the “guest track”) to place wagers on races transmitted from the host track.
1 unchanged sentence
All of the amounts wagered at guest tracks are combined into the appropriate pools at the host track with the final odds and payouts based upon all the monies in the respective pools.
−Removed: The Company is able to offer simulcast racing seven days a week, 364 days a year from racetracks around the world, including Churchill Downs, Santa Anita, Gulfstream Park, Belmont Park, Saratoga Racecourse, and Dubai.
+Added: The Company is able to offer simulcast racing seven days a week, 364 days a year from racetracks around the world, including Churchill Downs, Santa Anita, Gulfstream Park, Belmont Park, Saratoga Racecourse, and Meydan Racecourse.
In addition, races of national interest, such as the Kentucky Derby, the Preakness Stakes, the Belmont Stakes, and the Breeders’ Cup supplement the regular simulcast program.
13 unchanged sentences
In order to fund the poker progressive jackpot pools, the dealer withholds up to $2 from each pot in excess of $15.
−Removed: Table games, including Blackjack, Mississippi Stud, Fortune Pai Gow, Three Card Poker, Four Card Poker, Ultimate Texas Hold ‘Em, EZ Baccarat, Criss Cross Poker, Free Bet Blackjack, DJ Wild, Double Down Madness Blackjack, and I Luv Suits, with betting limits ranging between $1 and $300, are currently offered in our Casino.
+Added: Table games, including Blackjack, Mississippi Stud, Fortune Pai Gow, Three Card Poker, Four Card Poker, Ultimate Texas Hold ‘Em, Five Treasures Baccarat, Criss Cross Poker, Free Bet Blackjack, DJ Wild, Double Down Madness Blackjack, and I Luv Suits, with betting limits ranging between $1 and $300, are currently offered in our Casino.
The Company has the option to offer banked games under the Minnesota law governing Casino operations but currently only offers “unbanked” games.
6 unchanged sentences
Of funds allocated for purses, the Company pays 10% of the purse monies to the MBF, which is a fund apportioned by the MRC among various purposes related to Minnesota’s horse breeding and horse racing industries.
−Removed: The remaining 90% of purse monies are divided between thoroughbred (95%) and quarter horse (5%) purse funds.
+Added: The remaining 90% of purse monies are divided between thoroughbred and quarter horse purse funds, the split of which is governed by an agreement that we negotiate annually with the MNHBPA and the MQHRA .
Food and Beverage Operations
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Our facilities provide a variety of purposes for year-round events and other activities.
−Removed: Our event space has been used for craft shows, trade shows, pool and poker tournaments, automobile and other utility vehicle shows, major art shows, and fundraisers.
−Removed: Our outdoor spaces have been used for concerts, snowmobile races, a rodeo, and other competitions.
+Added: Our event space has been used for craft shows, trade shows, pool and poker tournaments, mixed martial arts events, automobile and other utility vehicle shows, and fundraisers.
+Added: Our outdoor spaces have been used for concerts, snowmobile races, rodeos, and other competitions.
The infield of the Racetrack has also been used as a concert and event area.
14 unchanged sentences
Remaining units were completed and available for occupancy by the end of 2020.
−Removed: ○ In August 2020, Doran exercised its option for Phase II of the project, which include an additional 305 residential units, and the Company entered into a second joint venture with Doran called Doran Canterbury II, LLC.
+Added: ○ In August 2020, Doran exercised its option for Phase II of the project, which includes an additional 305 residential units, and the Company entered into a second joint venture with Doran called Doran Canterbury II, LLC.
Pursuant to this second agreement, the Company transferred roughly 10 acres of land to Doran Canterbury II, LLC.
13 unchanged sentences
The land was used for the development of a 147-unit senior living community with initial occupancy beginning during the fourth quarter of 2023.
−Removed: ○ During the fourth quarter of 2022, Canterbury DBSV transferred approximtely1.5 acres of land as an equity contribution into another joint venture, called SW Gateway, LLC, a Minnesota limited liability company.
+Added: ○ During the fourth quarter of 2022, Canterbury DBSV transferred approximately 1.5 acres of land as an equity contribution into another joint venture, called SW Gateway, LLC, a Minnesota limited liability company.
In connection with its contribution, Canterbury DBSV became a 45.9% equity member in SW Gateway, LLC.
6 unchanged sentences
In connection with its contribution, Canterbury DBSV became a 31.22% equity member in High Stakes, LLC.
−Removed: The land is being used for the development of a new, 28,000 square foot office building, which is expected to begin operations in July 2025.
+Added: The land was used for the development of a new, 28,000 square foot office building.
+Added: The project was completed in the 2025 fourth quarter.
● On September 20, 2023, Canterbury Development, entered into an Operating Agreement with Trackside Hospitality, LLC as the two members of a Minnesota limited liability company named Trackside Investments, LLC ("Trackside Investments").
−Removed: Trackside Investments was formed as a joint venture for the development of an approximately 16,000 square foot restaurant and entertainment venue.
+Added: Trackside Investments was formed as a joint venture for the development of an approximately 16,000 square foot restaurant and entertainment venue, which began operations in June 2025.
Canterbury Development's equity contribution to Trackside Investments was approximately 3.5 acres of land, which were contributed to Trackside Investments on August 20, 2024.
7 unchanged sentences
Ground improvements and utility work commenced in early 2021 for both projects.
−Removed: Pulte has initiated ground up construction of a number of townhome buildings and its first model units were completed in the first quarter of 2022 with approximately 84 townhomes occupied as of
+Added: Pulte has completed construction of all row home and townhome buildings with all of the residences occupied as of
December 31, 2025
−Removed: Lifestyle Communities will be a 44-unit age restricted active senior cooperative community.
−Removed: The building is programmed with over 5,000 square feet of amenity spaces and outdoor spaces.
● In September 2021, the Company entered into a purchase agreement to sell approximately 37 acres of land on the northeast corner of the Racetrack to Minneapolis-based Swervo Development Corporation (“Swervo”).
2 unchanged sentences
In late 2023, Swervo broke ground and construction is underway on the amphitheater.
−Removed: In connection with the land sale and amphitheater development, Canterbury received approval for a three-phase barn relocation and redevelopment plan which is expected to be completed in 2025.
+Added: They have announced their 2026 live concert series that will begin in June.
+Added: In connection with the land sale and amphitheater development, Canterbury received approval for a three-phase barn relocation and redevelopment plan which was substantially completed in 2025.
We believe this $15 million barn area redevelopment project will continue the Company’s ongoing commitment to provide quality horse racing in the State of Minnesota as well as allow for future development of Canterbury’s underutilized land.
12 unchanged sentences
Additionally, Internet-based interactive gaming and wagering is growing rapidly and adversely affects all forms of wagering offered by the Company.
+Added: In recent years, this form of wagering has become increasingly prevalent, as evidenced by the growth of sweepstakes websites and predictive market wagering.
Legislation became effective November 1, 2016 in Minnesota that allowed the Company to begin collecting source market fees from companies that offer ADW wagering.
31 unchanged sentences
The Class A License is effective until revoked, suspended by the MRC, or relinquished by the licensee.
−Removed: Currently, the fee for a Class A License is $253,000 per fiscal year.
+Added: Currently, the fee for a Class A License is $253,000 p er fiscal year.
The Company also holds a Class B License, issued by the MRC, that allows the Company to sponsor and manage horse racing on which pari-mutuel wagering is conducted at its Class A licensed racetrack and on other horse races run at out-of-state locations as authorized by the MRC.
34 unchanged sentences
The City of Shakopee, located in the southwestern portion of the metropolitan area, is one of the fastest growing communities in the region, and Scott County is one of the fastest growing counties in the country.
−Removed: To support its Casino, pari-mutuel horse racing, and catering and events businesses, the Company conducts year-round marketing efforts to maintain the loyalty of existing customers and attract new players to the property.
+Added: To support its Casino, pari-mutuel horse racing, and catering and events businesses, the Company conducts year-round marketing efforts to maintain the loyalty of existing customers and attract new players and customers to the property.
The Company uses radio, television, digital advertising, social media, print advertising, and direct marketing to communicate to its audiences.
−Removed: In addition to its regular advertising and communication program, the Company conducts numerous special promotions, handicapping contests, and poker tournaments to attract incremental visits.
+Added: In addition to its regular advertising and communication program, the Company conducts numerous special promotions, handicapping contests, and Casino tournaments to attract incremental visits.
The Company also uses a player rewards and database marketing program to enhance the loyalty of its guests.
4 unchanged sentences
At December 31, 2025 , the Compa ny had 214 full-time team members and 532 part-time team members.
−Removed: T he Company adds approximately 350 team members on a seasonal basis for live racing operations from early May until early September.
+Added: Th e Company adds approximately 350 team members on a seasonal basis for live racing operations from early May until September.
We have seen, and continue to see, industry-wide labor shortages causing challenges in hiring or re-hiring for certain positions.
5 unchanged sentences
The Company offers training and development opportunities for team members to enhance leadership and communication skills .
−Removed: The Company also has created various internal committees, including a specific rewards and recognition committee to support our team member recognition programs.
To help retain talent, we measure team member engagement, including conducting regular engagement surveys to all team members.
21 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.