Dover Downs Results Down

30 Oct 2003

DOVER, Delaware -- (Press Release) -- Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months ended September 30, 2003.

The Company's gross revenues decreased 8.3% to $55,256,000 compared with $60,242,000 for the third quarter of 2002. The decrease in gaming revenues, which include video lottery win and harness racing commissions, was offset by an increase in other revenues of $598,000, primarily related to higher occupancy levels at the Dover Downs Hotel and Conference Center compared with the third quarter of 2002. Occupancy levels for the Dover Downs Hotel and Conference Center remained strong, with the highest monthly occupancy since the opening of the hotel achieved in July.

Net earnings were $4,782,000 or $.18 per diluted share compared with $6,333,000 or $.24 per diluted share for the third quarter of 2002. The operating results reflect an improvement from the $.17 per diluted share reported for the second quarter of 2003.

The newly created "Platinum Club" for premium players has continued to be successful. Although slot win as a whole declined, the number of Platinum- level players increased 11%. The Company expects future quarters to benefit from recent legislative and regulatory changes, including the authorization to add 500 additional slot machines, expand operating hours, increase betting limits, and allow credit play in the casino.

The Company noted that slot win decreased 10.7% for the third quarter of 2003 compared with the third quarter of 2002. Although this is the smallest quarterly decrease this year, the decline is consistent with that experienced since the passage of the Delaware Clean Indoor Air Act, which has prohibited smoking in the casino since November 27, 2002. Slot win during the quarter was also negatively impacted by Hurricane Isabel.

The Company's financial position remained strong at September 30, 2003. During the quarter, $8,125,000 of debt was paid down, bringing outstanding borrowings to $29,500,000 at September 30, 2003.

Denis McGlynn, President and CEO of Dover Downs Gaming & Entertainment, Inc., stated, "Given the impact that Hurricane Isabel had on our results and the negative effect the Delaware Clean Indoor Air Act continues to have on our revenues, we were happy to be able to improve our margins compared with the first six months of this year. We look forward to the coming anniversary of the smoking ban and the implementation of the recently approved legislative and regulatory changes, which should allow us to show year-over-year growth again."

Dover Downs Gaming & Entertainment, Inc. began trading on the New York Stock Exchange on April 1, 2002, the first day after the effective date of the tax-free spin-off by Dover Motorsports, Inc. of its gaming business.

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	Dover Downs Results Down 30 Oct 2003 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> DOVER, Delaware -- (Press Release) -- Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months ended September 30, 2003. The Company's gross revenues decreased 8.3% to $55,256,000 compared with $60,242,000 for the third quarter of 2002. The decrease in gaming revenues, which include video lottery win and harness racing commissions, was offset by an increase in other revenues of $598,000, primarily related to higher occupancy levels at the Dover Downs Hotel and Conference Center compared with the third quarter of 2002. Occupancy levels for the Dover Downs Hotel and Conference Center remained strong, with the highest monthly occupancy since the opening of the hotel achieved in July. Net earnings were $4,782,000 or $.18 per diluted share compared with $6,333,000 or $.24 per diluted share for the third quarter of 2002. The operating results reflect an improvement from the $.17 per diluted share reported for the second quarter of 2003. The newly created "Platinum Club" for premium players has continued to be successful. Although slot win as a whole declined, the number of Platinum- level players increased 11%. The Company expects future quarters to benefit from recent legislative and regulatory changes, including the authorization to add 500 additional slot machines, expand operating hours, increase betting limits, and allow credit play in the casino. The Company noted that slot win decreased 10.7% for the third quarter of 2003 compared with the third quarter of 2002. Although this is the smallest quarterly decrease this year, the decline is consistent with that experienced since the passage of the Delaware Clean Indoor Air Act, which has prohibited smoking in the casino since November 27, 2002. Slot win during the quarter was also negatively impacted by Hurricane Isabel. The Company's financial position remained strong at September 30, 2003. During the quarter, $8,125,000 of debt was paid down, bringing outstanding borrowings to $29,500,000 at September 30, 2003. Denis McGlynn, President and CEO of Dover Downs Gaming & Entertainment, Inc., stated, "Given the impact that Hurricane Isabel had on our results and the negative effect the Delaware Clean Indoor Air Act continues to have on our revenues, we were happy to be able to improve our margins compared with the first six months of this year. We look forward to the coming anniversary of the smoking ban and the implementation of the recently approved legislative and regulatory changes, which should allow us to show year-over-year growth again." Dover Downs Gaming & Entertainment, Inc. began trading on the New York Stock Exchange on April 1, 2002, the first day after the effective date of the tax-free spin-off by Dover Motorsports, Inc. of its gaming business.