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Canterbury, Local Tribe Enter Deal

Canterbury, local casino team up and agree to drop racino legislation.

June 4, 2012

Canterbury Park

Canterbury Park and the Shakopee Mdewakanton Sioux Community have announced a historic ten‐year cooperative marketing agreement that will increase live purses at the racetrack while ending the pursuit of racino legislation.

SMSC has agreed to a commitment totaling approximately $75 million over the 10-year agreement, and they plan for joint marketing opportunities between Canterbury Park and SMSC’s Mystic Lake Casino Hotel, taking advantage of their proximity to one another in the southwest corner of the Twin Cities metropolitan area, including annual payments to Canterbury Park for joint marketing totaling $8.5 million over these ten years.

Further information regarding the cooperative marketing agreement will be in a Form 8‐K that will be filed by Canterbury Park with the U.S. Securities & Exchange Commission later today.

“This is a great day for Minnesota horse racing and for our two organizations,” said Randy Sampson, Canterbury Park’s president and chief executive officer. “We view this agreement as the milestone that will mark the rebound of Minnesota horse racing and our local equine industry. If approved by the Minnesota Racing Commission, this partnership sets aside longstanding political differences over gaming and allows us to devote our attention and resources to great racing and rebuilding a prosperous horse industry in Minnesota. We’re very excited to explore the many possibilities this agreement creates for both organizations, our communities, the Twin Cities and Minnesota.”

“There’s a natural synergy between Canterbury Park and Mystic Lake Casino Hotel that we’re very enthusiastic about developing,” said Edward Stevenson, president and chief executive officer of the SMSC Gaming Enterprise, which operates Mystic Lake. “Add that factor to our physical proximity to one another and it becomes evident how we can help one another with marketing, promotions, events and more. We think this partnership will further identify the southwest metro area as the premier entertainment and gaming destination for Minnesota and the Midwest while providing significant financial support to horse racing at Canterbury Park and much‐needed stimulus to the Minnesota equine industry.”

“The Shakopee Mdewakanton Sioux are very happy to be entering into this ten‐year alliance,” said Stanley R. Crooks, chairman of the SMSC Business Council. “We believe it’s a good agreement with advantages to both parties. It protects the horse industry in Minnesota and lets us all focus on the broader interests that we share. It continues our tradition of community involvement with our neighbors. We look forward to what these two excellent enterprises will accomplish over the next decade.”

Mystic Lake Casino Hotel and Canterbury Park are located less than four miles from one another along Canterbury Road/Mystic Lake Drive in Scott County in the southwest corner of the Twin Cities metropolitan area. The agreement is subject to approval by the Minnesota Racing Commission which is expected to take up consideration of the matter later this month. Until the agreement is endorsed by the nine‐member commission, the parties will have limited engagement at the staff level for planning purposes.

Sampson said that the agreement, if approved by the Racing Commission, would provide a much needed boost for Minnesota horse racing.

"At Canterbury Park, one of our key objectives has been supporting and growing Minnesota’s horse industry,” Sampson said. “We’ve explored a number of ways to achieve that goal, but SMSC’s commitment to enhancing racing purses and joint marketing provides the best solution for this state.”

Last month, the racetrack announced the Minnesota Governor signed legislation amending laws governing Canterbury’s card room. The amendments, which are effective immediately, increased Canterbury's flexibility to operate its card room which should lead to increased revenues, as well as increased purses for live races.

The track also lowered takeout on all Pick 3 and Pick 4 wagers, making their takeout on those wagers among the lowest in North America.