For the past couple of years, shareholders in Canterbury Park Holdings Corp. (CPHC) have been hoping for legislative approval in their bid for slot machines. Some supporters even coupled their dream with a tie-in to Minnesota’s efforts to generate enough cash to build a new stadium for the Vikings football team.
All efforts have failed, however.
All, that is, until a new bill surfaced during the weekend that would expand gambling at both tribal casinos and the state’ racetracks. The proposal swiftly passed the Senate 44-18 and was sent to the House for a quick vote.
Approval in the House would place the measure on the desk of Gov. Mark Dayton.
The bill became possible, say insiders, because for the first time the racetracks and the tribal casinos jointly supported the measure.
“We haven’t always been on the same page with the tribes and now we are,” said a track spokesperson.
The bill would let horse tracks expand the number of card game tables and raise betting stakes on those games. Action is needed immediately since the lawmakers go home at the end of Monday’s session.
Speculators looking to see a rise in the price of CPHC shares have seen a low of $7.41 and a high of $15.20 during the past 52 weeks. In early trading on Monday the shares were trading at $10.98.