Dover Downs Results Up

28 Apr 2005

DOVER, Delaware – (PRESS RELEASE) -- Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months ended March 31, 2005.

Net earnings improved 12.3% to $4,979,000 compared with $4,434,000 for the first quarter of 2004.

Net earnings per diluted share were $.21 compared with $.17 per diluted share in 2004, a 23.5% improvement as a result of the aforementioned increase in net earnings and the impact of the shares repurchased as a result of a tender offer completed during the fourth quarter of 2004.

The Company's revenues increased to $52,091,000 compared with $50,560,000 for the first quarter of 2004. Gaming revenues, which include video lottery win and harness racing commissions, increased 3.7% or $1,736,000, entirely as a result of increased video lottery win compared with the first quarter of 2004.

Occupancy levels in the Dover Downs Hotel and Conference Center remained strong, averaging approximately 90% for the first quarter. The Company also noted that the average win from slot players staying in the Dover Downs Hotel and Conference Center continues to improve.

Denis McGlynn, President and CEO of Dover Downs Gaming & Entertainment, Inc. stated, "We are very pleased with the continued growth in our slot win during the quarter. Given the fact that Easter fell in the first quarter this year, and our typical winter snowstorms happened to fall on weekends, our revenue growth could have been somewhat larger. However, we are very pleased with the results."

The Company's financial position remained strong, as amounts outstanding pursuant to the Company's revolving credit facility were reduced by $5,950,000 during the quarter, to $46,000,000 at March 31, 2005.

The Company announced yesterday that its Board of Directors declared a regular quarterly dividend of $.06 per share. The dividend is payable on June 10, 2005 to shareholders of record at the close of business on May 10, 2005.

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	Dover Downs Results Up 28 Apr 2005 <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 March 31, 2005. Net earnings improved 12.3% to $4,979,000 compared with $4,434,000 for the first quarter of 2004. Net earnings per diluted share were $.21 compared with $.17 per diluted share in 2004, a 23.5% improvement as a result of the aforementioned increase in net earnings and the impact of the shares repurchased as a result of a tender offer completed during the fourth quarter of 2004. The Company's revenues increased to $52,091,000 compared with $50,560,000 for the first quarter of 2004. Gaming revenues, which include video lottery win and harness racing commissions, increased 3.7% or $1,736,000, entirely as a result of increased video lottery win compared with the first quarter of 2004. Occupancy levels in the Dover Downs Hotel and Conference Center remained strong, averaging approximately 90% for the first quarter. The Company also noted that the average win from slot players staying in the Dover Downs Hotel and Conference Center continues to improve. Denis McGlynn, President and CEO of Dover Downs Gaming & Entertainment, Inc. stated, "We are very pleased with the continued growth in our slot win during the quarter. Given the fact that Easter fell in the first quarter this year, and our typical winter snowstorms happened to fall on weekends, our revenue growth could have been somewhat larger. However, we are very pleased with the results." The Company's financial position remained strong, as amounts outstanding pursuant to the Company's revolving credit facility were reduced by $5,950,000 during the quarter, to $46,000,000 at March 31, 2005. The Company announced yesterday that its Board of Directors declared a regular quarterly dividend of $.06 per share. The dividend is payable on June 10, 2005 to shareholders of record at the close of business on May 10, 2005.