Dover Downs Gaming & Entertainment, Inc. eked out a tiny profit in the second quarter as competition from out of state casinos continued to take its toll.
Net earnings were $164,000 compared with $491,000 for the second quarter of 2013.
Revenues for the second quarter of 2014 were $46,206,000 compared with $50,048,000 for the second quarter of 2013. Gaming revenues were $39,284,000 compared to $43,177,000 for the second quarter of last year.
Other operating revenues increased to $6,922,000 compared to $6,871,000 for the second quarter of 2013. Occupancy levels in the Dover Downs Hotel were about 88 percent.
In the first half of the year, the company recorded a loss of $120,000, compared to net income of $1.5 million during the same period a year earlier.
Denis McGlynn, CEO stated: “We are grateful for the consideration given by our elected officials to the challenges facing the Delaware gaming industry. Most people now recognize that the current revenue sharing arrangement no longer works in this hyper-competitive region. While the difficult fiscal situation the legislature was dealing with this year limited the changes made to the current model, we are hopeful that the Lottery and Gaming Study Commission will consider longer term solutions when they reconvene later this year.”
This release contains or may contain forward-looking statements based on management’s beliefs and assumptions. Such statements are subject to various risks and uncertainties that could cause results to vary materially. Please refer to the Company’s SEC filings for a discussion of such factors.
Dover Downs Hotel & Casino has about 2,500 slots and table games including poker. Its hotel is the largest in the state with 500 rooms. full-service spa/salon, concert hall and 41,500 square feet of meeting space. Haness racing is featured November through April, and horse racing is simulcast year-round.
