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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
OPERATING REVENUES:        
Net Revenues $ 22,292,403 $ 21,347,334 $ 53,704,649 $ 46,444,694
OPERATING EXPENSES:        
Purse expense 2,979,947 2,906,225 6,931,243 6,346,172
Minnesota Breeders’ Fund 323,156 318,938 874,464 808,096
Salaries and benefits 6,860,590 6,399,950 18,881,258 16,054,814
Depreciation and amortization 747,267 730,164 2,234,790 2,113,917
Advertising and marketing 1,567,163 1,095,788 2,739,638 1,525,844
Professional and contracted services 1,571,128 1,533,804 3,781,005 3,372,138
Other operating expenses 1,602,933 1,933,761 3,800,281 3,743,240
Total Operating Expenses 17,884,034 16,961,343 44,179,373 37,957,706
Gain on sale/transfer of land 0 0 12,151 263,581
INCOME FROM OPERATIONS 4,408,369 4,385,991 9,537,427 8,750,569
OTHER (LOSS) INCOME        
Loss from equity investment (500,143) (685,741) (1,274,058) (1,964,321)
Interest income, net 222,671 180,357 620,811 524,757
Net Other Loss (277,472) (505,384) (653,247) (1,439,564)
INCOME BEFORE INCOME TAXES 4,130,897 3,880,607 8,884,180 7,311,005
INCOME TAX EXPENSE (1,209,777) (1,123,209) (2,434,078) (2,133,030)
NET INCOME $ 2,921,120 $ 2,757,398 $ 6,450,102 $ 5,177,975
Basic earnings per share (in dollars per share) $ 0.60 $ 0.58 $ 1.33 $ 1.09
Diluted earnings per share (in dollars per share) $ 0.60 $ 0.58 $ 1.32 $ 1.09
Weighted average basic shares outstanding (in shares) 4,872,674 4,786,283 4,845,743 4,769,201
Weighted average diluted shares (in shares) 4,901,189 4,786,283 4,879,803 4,769,203
Cash dividends declared per share (in dollars per share) $ 0.07 $ 0.00 $ 0.28 $ 0.00
Casino [Member]        
OPERATING REVENUES:        
Net Revenues $ 10,039,527 $ 10,452,206 $ 30,394,387 $ 27,207,088
Pari-mutuel [Member]        
OPERATING REVENUES:        
Net Revenues 4,730,827 4,300,570 9,599,070 8,999,154
Food and Beverage [Member]        
OPERATING REVENUES:        
Net Revenues 3,913,320 3,475,027 7,150,715 5,119,588
OPERATING EXPENSES:        
Cost of goods and services sold 1,365,748 1,178,346 2,771,338 1,938,677
Product and Service, Other [Member]        
OPERATING REVENUES:        
Net Revenues 3,608,729 3,119,531 6,560,477 5,118,864
Other Pari-mutuel Expenses [Member]        
OPERATING EXPENSES:        
Cost of goods and services sold 212,102 231,358 740,282 755,120
Public Utilities [Member]        
OPERATING EXPENSES:        
Cost of goods and services sold $ 654,000 $ 633,009 $ 1,425,074 $ 1,299,688