Dover Downs releases results for third quarter 2015
1 Nov 2015
Gaming revenues of $42,012,000 were up 1.6% compared to the third quarter of 2014. The revenue increase was primarily attributable to increased slot machine revenue.
Other operating revenues of $5,184,000 were down compared to the third quarter of 2014, primarily from the fact that there were several large non-recurring conventions in the third quarter of last year and the fact that the fall NASCAR race weekend at Dover International Speedway was held in the fourth quarter of this year compared to the third quarter of last year. Occupancy levels in the Dover Downs Hotel were 92% for the third quarter of this year.
General and administrative costs were down to $1,331,000 for the third quarter compared to $1,468,000 last year.
Interest expense decreased to $259,000 during the quarter from lower interest rates and lower average outstanding borrowings.
Net earnings were $826,000, or $.03 per diluted share compared with $699,000 or $.02 per diluted share for the third quarter of 2014.
Denis McGlynn, the Company's President and Chief Executive Officer, stated: "The fact that we were able to generate a small Gaming revenue increase for the quarter reflects the value of our assets on-site, especially our 500-room hotel which continues to be our strongest competitive tool. While we continue to benefit from legislation passed in July 2014 by which the State shares in some of our slot machine vendor costs, more comprehensive legislation proposed in the Senate stalled in 2015 and it remains imperative that we impress upon those who regulate and control our destiny that our hotel and restaurants are in need of upgrades in order to remain the critical marketing assets they have historically been.”
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.
Owned by Dover Downs Gaming & Entertainment, Inc., Dover Downs Hotel & Casino is a premier gaming and entertainment resort destination in the Mid-Atlantic region. Gaming operations consist of approximately 2,500 slots and a full complement of table games including poker. The AAA-rated Four Diamond hotel is Delaware’s largest with 500 luxurious rooms/suites and amenities including a full-service spa/salon, concert hall and 41,500 sq. ft. of multi-use event space. Live, world-class harness racing is featured November through April, and horse racing is simulcast year-round. Professional football parlay betting is accepted during the season. Additional property amenities include multiple restaurants from fine dining to casual fare, bars/lounges and retail shops. For more information, please visit the Dover Downs website.