Dover Downs Results Down

29 Jan 2004

DOVER, Delaware – (Press Release) -- Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months and year ended December 31, 2003.

The Company's gross revenues were $51,310,000 compared with $51,604,000 for the fourth quarter of 2002. A 5% decrease in gaming revenues, which include video lottery win and harness racing commissions, was offset by an increase in other revenues of $1,911,000, primarily related to higher occupancy levels at the Dover Downs Hotel and Conference Center and business interruption insurance proceeds. Occupancy levels for the Dover Downs Hotel and Conference Center remained strong, averaging more than 94% for the quarter.

Net earnings for the fourth quarter of 2003 were $4,063,000 or $.15 per diluted share compared with $4,238,000 or $.16 per diluted share for the fourth quarter of 2002.

For the year ended December 31, 2003, gross revenues decreased 5.6% to $207,499,000 compared with $219,806,000 for 2002. The revenue decline consisted of a 9.7% decrease in gaming revenues, primarily as a result of the Delaware Clean Indoor Air Act (the "Act"), offset by an increase in other revenues of $6,393,000, primarily related to the Dover Downs Hotel and Conference Center.

Net earnings were $17,237,000 or $.65 per diluted share compared with $21,442,000 or $.80 per diluted share for 2002.

November 27, 2003 marked the first anniversary of the Act, which prohibits smoking in virtually all public buildings in Delaware. During the first year of the smoking ban, the Company's slot win declined approximately 11.3% compared to the previous year. In December 2003, slot win increased for the first time in 2003 by approximately 7%.

To promote continued growth in gaming revenues, the Company embarked on two significant capital projects. Construction and renovations have begun to allow for the addition of 500 slot machines by the end of the first quarter of 2004. As part of the construction, several climate-controlled smoking areas are being built. The Company is also installing a new slot data system for the entire casino floor. In addition to providing the ability to promote and market the casino more efficiently, the system will allow for the conversion to ticket in/ticket out gaming.

Denis McGlynn, President and Chief Executive Officer of Dover Downs Gaming & Entertainment, Inc., noted, "We are pleased at the return to growth in December 2003. Our continued focus on our most profitable customers through the use of the Dover Downs Hotel and Conference Center should continue to benefit the Company as we expand our casino and capitalize on our improved marketing data systems."

The Company's financial position remains very strong. Operating cash flows for 2003 were $24,178,000, and the outstanding balance on the Company's revolving credit facility was reduced from $40,890,000 at December 31, 2002 to $31,225,000 at December 31, 2003.

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.

Language: English Location: Currency: > edit my preferences Home Online Slots Live Dealer Games Online Casinos Online Poker Online Bingo Games Lotteries Sports & Racebooks Fantasy Sports Forex Betting Exchanges Spread Betting Binary Options Exclusive Bonuses Weekly Newsletter Online Gaming News Payment Methods Gaming Software Gaming Site Owners Gaming Jurisdictions		Bonuses! New games! Gossip! And all the player news you can handle. Sign up NOW! View the current issue
	Dover Downs Results Down 29 Jan 2004 <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 and year ended December 31, 2003. The Company's gross revenues were $51,310,000 compared with $51,604,000 for the fourth quarter of 2002. A 5% decrease in gaming revenues, which include video lottery win and harness racing commissions, was offset by an increase in other revenues of $1,911,000, primarily related to higher occupancy levels at the Dover Downs Hotel and Conference Center and business interruption insurance proceeds. Occupancy levels for the Dover Downs Hotel and Conference Center remained strong, averaging more than 94% for the quarter. Net earnings for the fourth quarter of 2003 were $4,063,000 or $.15 per diluted share compared with $4,238,000 or $.16 per diluted share for the fourth quarter of 2002. For the year ended December 31, 2003, gross revenues decreased 5.6% to $207,499,000 compared with $219,806,000 for 2002. The revenue decline consisted of a 9.7% decrease in gaming revenues, primarily as a result of the Delaware Clean Indoor Air Act (the "Act"), offset by an increase in other revenues of $6,393,000, primarily related to the Dover Downs Hotel and Conference Center. Net earnings were $17,237,000 or $.65 per diluted share compared with $21,442,000 or $.80 per diluted share for 2002. November 27, 2003 marked the first anniversary of the Act, which prohibits smoking in virtually all public buildings in Delaware. During the first year of the smoking ban, the Company's slot win declined approximately 11.3% compared to the previous year. In December 2003, slot win increased for the first time in 2003 by approximately 7%. To promote continued growth in gaming revenues, the Company embarked on two significant capital projects. Construction and renovations have begun to allow for the addition of 500 slot machines by the end of the first quarter of 2004. As part of the construction, several climate-controlled smoking areas are being built. The Company is also installing a new slot data system for the entire casino floor. In addition to providing the ability to promote and market the casino more efficiently, the system will allow for the conversion to ticket in/ticket out gaming. Denis McGlynn, President and Chief Executive Officer of Dover Downs Gaming & Entertainment, Inc., noted, "We are pleased at the return to growth in December 2003. Our continued focus on our most profitable customers through the use of the Dover Downs Hotel and Conference Center should continue to benefit the Company as we expand our casino and capitalize on our improved marketing data systems." The Company's financial position remains very strong. Operating cash flows for 2003 were $24,178,000, and the outstanding balance on the Company's revolving credit facility was reduced from $40,890,000 at December 31, 2002 to $31,225,000 at December 31, 2003. 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.