Canterbury Park Holding Corporation announced that earlier this week the Shakopee City Council voted unanimously to approve the PUD request for a proposed amphitheater at Canterbury Commons™, representing the completion of a critical regulatory hurdle which will allow the Company to move forward with the sale of approximately 40 acres of land to Swervo Development Corporation. The land sale is expected to be completed in the fourth quarter of 2022. The Company also announced that the Minnesota Racing Commission voted this week to approve its racing stables improvement plans.

Taken together, these approvals mark a key milestone in the ongoing development of Canterbury Park and Canterbury Commons into a world-class entertainment and horse racing destination. Swervo plans to construct a 19,000-seat amphitheater that is expected to attract major music acts and other events. They bring to the project a track record of success in developing similar venues, including the 2018 transformation of the Armory in downtown Minneapolis into an 8,400-seat live music venue and events center.

Swervo expects to begin grading and site work on the amphitheater in late Fall with construction starting in Spring 2023. The amphitheater is currently expected to open in May 2024. Canterbury's planned multi-million-dollar investment in improvements to the horse racing stable area will include the renovation of existing facilities and the addition of new barns and dorms, as well as a reconfiguration of the existing training track.

This project, which will be phased over several years, also includes the demolition of approximately 18 existing barns. The Company expects to begin the first phase of the project following the completion of the current live racing season, with completion of the final phase expected in 2025.