Dover Downs Gaming & Entertainment, Inc. eked out a small profit in the second quarter as gaming revenues increased and interest expenses declined.
Company revenues for the second quarter of 2016 were $46,224,000 compared with $45,301,000 for the second quarter of 2015. Gaming revenues were $39,058,000 compared to $38,058,000 for the second quarter of last year.
Other operating revenues decreased to $7,166,000 compared to $7,243,000 for the second quarter of 2015 from lower rooms revenue and revenue in the second quarter of 2015 associated with the company taking over certain retail operations in the casino.
Occupancy levels in the Dover Downs Hotel were approximately 88 percent for the second quarter of 2016 compared with 85 percent during the second quarter last year.
General and administrative, depreciation and interest expenses were each down compared to the second quarter of 2015.
Net earnings were $796,000 compared with $631,000 for the second quarter of 2015. Earnings for the first half were $557,000, compared to $279,000 during the same period a year earlier.
“We were disappointed that the state budget shortfall that was revealed late in the legislative session preempted consideration of the recommended changes to the casino industry’s revenue sharing model set forth in Senate Bill 183,” said Denis McGlynn CEO. “Needless to say, we will continue to pursue this much-needed legislation in January when the legislature returns.”
Dover Downs has 2,300 slots and table games, the largest hotel in the state with 500 rooms, spa/salon, concert hall and 41,500 sq. ft. of multi-use event space. Harness racing is featured November through April, and horse racing is simulcast year-round. Other property amenities include restaurants bars/lounges and retail shops.
