Bill Authorizing Slot Gaming Passes Minnesota House Committee

SHAKOPEE, Minn., March 26 /PRNewswire-FirstCall/ -- Canterbury Park Holding Corporation (AMEX:ECP) announced today that its proposal to develop a "Racino" by adding new casino gaming options to its existing Racetrack and Card Club in Shakopee cleared its first hurdle Monday in the Minnesota Legislature. The House Committee on Government Operations and Veterans Affairs approved, without recommendation, the "Racino" bill on a 9-to-8 vote, and sent it to the House Committee on Taxes for further consideration.

Canterbury's Racino proposal is contained in House File 646, authored by Rep. Mark Buesgens (R-Jordan). This bill authorizes the Minnesota Lottery to operate slot machines at the Shakopee location owned by Canterbury Park. The Racino at Canterbury Park proposal would add several new forms of entertainment at this site, including slot gaming, an Olympic-scale equestrian center, a 3,000-seat show horse arena, and a major hotel and conference center.

According to an analysis conducted by the Innovation Group of New Orleans, LA for the Company, once the Racino at Canterbury Park is fully operational it is projected to generate the following economic benefits:

-- At least $150 million in new state tax revenues each biennium (two year budget cycle) to the state of Minnesota;
-- Approximately $2 million each year to local governments;
-- 1,400 new Minnesota jobs; and
-- An improved horse and agricultural industry due to a $12 to $14 million increase in annual purses.

Proposals to add slot and video gaming to Canterbury Park have been considered by the Minnesota Legislature several times since 1997, but Monday's vote represents the first time a bill has passed a legislative committee. However, the bill still requires a number of legislative approvals. The Racino legislation is likely to be reviewed by other House committees before being presented to the full House, and no committee in the Senate has yet scheduled the Racino bill for a hearing.

"We have taken the first step towards legislative approval of the Racino, but there is no assurance that this bill or any gaming bill will be enacted into law this year," cautioned Canterbury Park's President, Randy Sampson. "Canterbury Park and our supporters will continue to work with legislators to make our case for how the Racino can create jobs and generate new tax revenues for Minnesota."

ABOUT CANTERBURY PARK:

Canterbury Park Holding Corporation owns and operates Canterbury Park Racetrack, Minnesota's only pari-mutuel horse racing facility. The Company's 63-day 2003 live race meet is expected to begin on May 16 and ended September 1, 2003. The Company also operates Canterbury Card Club, the only facility in Minnesota given legislative authority to host "unbanked" card games. Canterbury Card Club operates 24 hours a day, seven days a week conducting poker and a variety of unbanked card games. In addition, the Company conducts year-round wagering of simulcast horse racing and hosts a variety of other entertainment and special events at its facility in Shakopee, Minnesota. For more information about the Company please visit us at www.canterburypark.com .

Cautionary Statement:

From time to time, in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders or the investing public, the Company may make forward-looking statements concerning possible or anticipated future financial performance, business activities or plans which are typically preceded by the words "believes," "expects," "anticipates," "intends" or similar expressions. For such forward- looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in federal securities laws. Shareholders and the investing public should understand that such forward-looking statements are subject to risks and uncertainties which could cause actual performance, activities or plans to differ significantly from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to: fluctuations in attendance at the Racetrack, changes in the level of wagering by patrons, continued interest in the unbanked card games offered at the Card Club, legislative and regulatory changes, the impact of wagering products and technologies introduced by competitors; fluctuations in purse fund payments; upward pressure on salary and benefit expense; the general health of the gaming sector; higher than expected expense related to new marketing initiatives; and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.

Source: Canterbury Park Holding Corporation