Canterbury Park has furloughed approximately 850 employees as a result of their temporary closure due to the coronavirus, and has subjected key personnel to salary reductions, according to a statement from the Canterbury Park Holding Corporation Wednesday.
“Since suspending all operations at Canterbury Park on March 16, 2020, we have acted aggressively to preserve cash by reducing our operating expenses, suspending or delaying our 2020 planned capital expenditures, and suspending our quarterly cash dividend,” said Randy Sampson, Canterbury Park President and CEO. “The additional actions we are implementing today are the hardest we have ever had to make given the impact on our dedicated employees for whom this situation is beyond our collective control. While this was an extremely difficult decision to make, the Board of Directors and I remain committed to taking the necessary actions that help ensure our employees' health and safety as well as the Company's long-term future. We continue to work closely with Governor (Tim) Walz, the Minnesota Department of Health and other government entities, and will seek their guidance on when Canterbury Park can reopen so that our team members' way of life can get back to normal. We look forward to seeing our dedicated team members return to Canterbury Park once we reopen.”
The release said that Canterbury would continue to operate with “significantly reduced staff of key personnel,” until Canterbury could resume normal operations.
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