Expense controls helped Dover Downs Gaming and Entertainment post stronger earnings in an increasingly crowded market in the second quarter.
The company’s revenues for quarter were $58.3 million compared with $58.8 million for the second quarter of 2011. Gaming revenues were $52.3 million compared to $53.1 million for the second quarter of last year, with lower slot win partly offset by improved table game wins. Occupancy levels in the Dover Downs Hotel were about 93 percent for the second quarter of 2012 compared with about 91 percent last year.
Thanks to lower expenses, net earnings improved 46.8 percent to $1.8 million, from $1.2 million in the second quarter of 2011.
Denis McGlynn, the company’s CEO said: “The second quarter saw several more casinos added to an already crowded market. While it is far too early to understand the long-term impact these new properties will have on our business levels, we believe the quality of our property and amenities will allow us to compete effectively. We are thankful that the state has recognized the challenges we face and has taken steps to improve our competitiveness with the reduction of certain fees and the approval of internet gaming, and look forward to their continued collaboration and partnership as the competitive environment continues to evolve.”
