Dover Downs Gaming & Entertainment, Inc. posted a loss for nearly a quarter of a million dollars in the first quarter.
The company’s revenues for the first quarter of 2018 were $43,159,000 compared with $44,012,000 for the first quarter of 2017.
Gaming revenues of $34,134,000 were down 3.3 percent compared to the first quarter of last year, primarily from lower slot machine win. Revenues remain under pressure as Maryland and Pennsylvania
Other operating revenues increased to $9,025,000 compared to $8,706,000 last year. Occupancy levels in the Dover Downs Hotel were approximately 73 percent for the first quarter of 2018 compared with 74 percent for the first quarter of last year.
Net loss was $273,000 for the first quarter compared with net loss of $196,000 for the first quarter of 2017.
Denis McGlynn, the company’s CEO stated: “Once again the company demonstrated substantial gaming operational profitability which once again was totally wiped out by an unfair and outdated gaming revenue-sharing formula.
“Legislation has been introduced to implement a more fair and realistic formula and we hope the Delaware Legislature and Administration will act favorably on it.”
A key Senate committee passed the measure, which has gone nowhere in the General Assembly in recent years.
