Canterbury Park and Red Development Announce Plans to Bring Destination Retail to Canterbury Park
06 Juin 2008 - 12:36AM
Business Wire
Canterbury Park Holding Corporation (AMEX:ECP) today announced that
it has entered into a letter of intent with RED Development, LLC, a
Kansas City based retail developer, to be its exclusive partner in
a proposed retail and entertainment development on part of the
Company�s property in Shakopee, Minnesota. The goal of the proposed
development is to build upon Canterbury Park�s position as one of
Minnesota�s best known entertainment venues to create a dynamic,
multi-faceted retail and entertainment destination in one of the
fastest growing areas of the country. Under the terms of the
agreement, the Company and RED will jointly determine the
feasibility of a master-planned retail, entertainment and mixed-use
development. The proposed development will be integrated into the
existing Racetrack and Card Club property to expand dining,
shopping and retail opportunities to visitors of the park, as well
as provide entertainment options to visitors of the new destination
development. It is expected that the proposed development will be
conducted in phases and will be located on land that is currently
unused or underutilized. Before construction of the project can
begin, a number of conditions must be satisfied, including
development of a mutually agreeable master plan, signing of
definitive agreements between Canterbury Park and RED related to
the proposed development, input from and approval by the City of
Shakopee and Scott County, approval by the Minnesota Racing
Commission, and arranging financing for the project. RED
Development has successfully developed other similar projects in
the area. In 2003, they opened The Shoppes at Arbor Lakes, a
400,000 square foot lifestyle center in Maple Grove, MN. Not far
away, on the east side of St. Paul, the 398,000 square foot
Woodbury Lakes was opened in 2005. Both of these projects were done
in partnership with Opus Development. Also among RED�s more than 30
projects is The Legends at Village West located in Kansas City,
Kansas. The Legends combines almost 1.5 million square feet of
retail and entertainment and has attracted a great deal of national
acclaim. �We could not be more thrilled about this partnership,�
said Randy Sampson, President and CEO of Canterbury Park, �RED�s
experience in creating dynamic destination developments like the
Legends project in Kansas City make them a perfect partner for us.�
Steve Graham, Vice President of Destination Development for RED
also commented: �We look forward to working with Canterbury Park,
as well as the City of Shakopee and Scott County, to design a
project that will be a first class asset to the City of Shakopee
and a magnet for visitors to the region.� Mr. Graham added,
�Canterbury Park is such a quality facility, we believe it will
provide an excellent spring board for retail, entertainment and
other features that will increase the importance of Canterbury Park
to the Shakopee community and the surrounding area.� About
Canterbury Park: One of Minnesota�s largest and well-known
entertainment venues, Canterbury Park hosts pari-mutuel wagering
and card games at its facility in Shakopee, Minnesota. Pari-mutuel
wagering is offered on live thoroughbred and quarter horse races
each summer, and simulcast wagering on races held at out-of-state
racetracks is available year-round. Canterbury Park�s Card Club
hosts a variety of poker and casino style card games 24 hours a
day. Canterbury Park also derives revenues from related services
and activities, such as concessions, parking, admissions, programs,
and from other entertainment events held at the facility. To learn
more about Canterbury Park, visit our website at
www.canterburypark.com About RED Development, LLC: RED Development,
LLC, formed in 1995, develops, leases, manages and owns shopping
centers in rapidly growing communities throughout the country. The
company primarily focuses on open-air, regional shopping centers,
known as lifestyle centers. Additionally, the company has
experience in the development of power and community centers. RED
Asset Management was formed in early 2004 to provide property
management services for RED�s growing portfolio. RED has more than
30 centers open, in development, or under construction, totaling
more than 16 million square feet. Within the industry, RED has
earned a reputation for delivering as promised and creating strong
relationships with its tenants, communities and business partners.
RED has more than 200 employees and is co-headquartered in
Scottsdale, Ariz., and Kansas City, Mo. To learn more about how RED
is �REDefining� retail development, visit www.reddevelopment.com.
Cautionary Statement: From time to time, in press releases, SEC
filings 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. Shareholders and the investing public should
understand that such forward-looking information and statements are
subject to risks and uncertainties which could cause actual
performance, activities or plans to differ significantly from those
presented in the forward-looking statements. Such risks and
uncertainties include, but are not limited to: material changes in
the level of wagering by patrons, competition from other gaming
venues, legislative and regulatory changes, failure to obtain
regulatory approvals and/or financing needed for new initiatives
and other factors discussed in the Company�s SEC filings. For such
forward-looking information and statements, the Company claims the
protection of the safe harbor for forward-looking statements
contained in federal securities laws.
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