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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
OPERATING REVENUES:        
Net Revenues $ 17,774,274 $ 15,871,818 $ 31,412,246 $ 25,097,360
OPERATING EXPENSES:        
Purse expense 2,513,655 2,463,587 3,951,296 3,439,947
Minnesota Breeders’ Fund 322,251 314,018 551,308 489,158
Salaries and benefits 6,512,711 5,687,514 12,020,668 9,654,864
Depreciation and amortization 741,574 694,168 1,487,523 1,383,753
Advertising and marketing 871,043 373,604 1,172,475 430,056
Professional and contracted services 1,269,398 1,102,487 2,209,877 1,838,334
Other operating expenses 1,208,262 1,123,444 2,197,348 1,809,478
Total Operating Expenses 15,083,603 13,042,932 26,295,339 20,996,363
Gain on sale/transfer of land 12,151 263,581 12,151 263,581
INCOME FROM OPERATIONS 2,702,822 3,092,467 5,129,058 4,364,578
OTHER (LOSS) INCOME        
Loss from equity investment (534,393) (640,876) (773,915) (1,278,580)
Interest income, net 205,300 175,090 398,140 344,400
Net Other Loss (329,093) (465,786) (375,775) (934,180)
INCOME BEFORE INCOME TAXES 2,373,729 2,626,681 4,753,283 3,430,398
INCOME TAX EXPENSE (618,660) (757,597) (1,224,301) (1,009,821)
NET INCOME $ 1,755,069 $ 1,869,084 $ 3,528,982 $ 2,420,577
Basic earnings per share (in dollars per share) $ 0.36 $ 0.39 $ 0.73 $ 0.51
Diluted earnings per share (in dollars per share) $ 0.36 $ 0.39 $ 0.73 $ 0.51
Weighted average basic shares outstanding (in shares) 4,846,216 4,766,824 4,832,278 4,760,660
Weighted average diluted shares (in shares) 4,874,339 4,766,824 4,863,731 4,760,668
Cash dividends declared per share (in dollars per share) $ 0.07 $ 0.00 $ 0.21 $ 0.00
Casino [Member]        
OPERATING REVENUES:        
Net Revenues $ 9,994,433 $ 9,890,588 $ 20,354,860 $ 16,754,882
Pari-mutuel [Member]        
OPERATING REVENUES:        
Net Revenues 3,621,556 3,544,740 4,868,243 4,698,584
Food and Beverage [Member]        
OPERATING REVENUES:        
Net Revenues 2,148,673 1,270,090 3,237,395 1,644,561
OPERATING EXPENSES:        
Cost of goods and services sold 908,537 554,694 1,405,590 760,332
Product and Service, Other [Member]        
OPERATING REVENUES:        
Net Revenues 2,009,612 1,166,400 2,951,748 1,999,333
Other Pari-mutuel Expenses [Member]        
OPERATING EXPENSES:        
Cost of goods and services sold 323,482 338,467 528,180 523,762
Public Utilities [Member]        
OPERATING EXPENSES:        
Cost of goods and services sold $ 412,690 $ 390,949 $ 771,074 $ 666,679