Dover Downs Gaming & Entertainment, Inc. reported a modest profit for the fourth quarter and 2018 after a loss a year earlier.
Gaming revenues increased 4.2 percent to $35,868,000 compared to $34,435,000 for the fourth quarter of 2017.
Slot machine and table game win were both higher, and sports betting win improved as a result of recently expanded sports wagering in Delaware. These increases were offset by lower wagering on horse racing compared to last year.
Other operating revenues of $10,764,000 were up 9 percent compared to the fourth quarter of 2017 from an increase in food and beverage and rooms revenue.
Occupancy levels in the Dover Downs Hotel were approximately 83 percent and 80 percent for the fourth quarters of 2018 and 2017, respectively.
General and administrative costs were $1,242,000 for the fourth quarter of 2018 compared to $1,297,000 last year.
Costs incurred during the fourth quarter related to the Company’s pending merger with Twin River Worldwide Holdings, Inc. were $325,000.
Including the merger-related costs, the company’s pretax earnings were $686,000 compared with a $235,000 pretax loss for the fourth quarter of last year.
Net earnings were $419,000, compared with a net loss of $841,000 for the fourth quarter of 2017.
For the year as a whole, total revenues increased 2 percent to $179,931,000, while pretax earnings were $417,000 compared to a pretax loss of ($619,000) in 2017. Excluding merger-related costs, pretax earnings for 2018 were $1,507,000.
Capital spending was $4,826,000 for the year ended December 31, 2018 as compared to $2,193,000 for 2017.
