Placeholder for WP Category in Events Manager

<?php
/**
 * Adds a custom Events Manager placeholder to display the WordPress category.
 *
 * @param  string $replacement The string to be shown in the front end.
 * @param  object $EM_Event    The current Events Manager Event object.
 * @param  string $placeholder The current placeholder (#_PLACEHOLDER).
 * @return string
 */
function stonehenge_em_placeholder_wp_category( $replacement, $EM_Event, $placeholder ) {
    if( '#_WPCATEGORY' === $placeholder ) {
        $categories = get_the_category( $EM_Event->post_id );
        foreach( $categories as $category ) {
            $replacement = $category->name;
        }
    }
    return $replacement;
}
add_filter( 'em_event_output_placeholder', 'stonehenge_em_placeholder_wp_category', 10, 3 );