Dover Downs Results Up Slightly

29 Jul 2004

DOVER, Delaware – (PRESS RELEASE) -- Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months ended June 30, 2004.

The Company's gross revenues increased 5.4% to $55,419,000 for the second quarter of 2004 compared with $52,578,000 for the second quarter of 2003. Gaming revenues, which include video lottery win and harness racing commissions increased $2,667,000 or 6.0% for the second quarter of 2004 compared with the second quarter of 2003. Record occupancy levels of more than 95% for the quarter were achieved in the Dover Downs Hotel and Conference Center, as the Company continued to market the hotel principally to casino customers.

Net earnings were $4,458,000 or $.17 per diluted share for the second quarter of 2004 compared with $4,385,000 or $.17 per diluted share for the second quarter of 2003. For the six months ended June 30, 2004, net earnings improved 6.0% to $8,892,000 from $8,392,000 for the same period last year.

The Company noted that the quarter began with strong slot win growth in both April and May. However, June's slot win was below the Company's expectations and approximately the same as in June of 2003. The Company believes various factors such as higher gasoline prices, a general softness in the regional industry and a slightly lower hold percentage than normal contributed to June's results, but noted that July's slot win results to-date have been strong. Also impacting the quarterly and year-to-date results was the state gaming tax surcharge that began in late June of 2003. That gaming expense was $272,000 and $533,000, respectively for the three-month and six- month periods ended June 30, 2004 compared with $86,000 for both the three- month and six-month periods ended June 30, 2003.

The Company's financial position remained strong, with outstanding debt of $32,350,000 at June 30, 2004. As the Company has completed its 500-slot machine expansion and substantially completed its new slot data system installation, it anticipates debt reductions to accelerate during the second half of 2004.

The Company announced yesterday that its Board of Directors declared a quarterly dividend of $.06 per share. The dividend is payable on September 10, 2004 to shareholders of record at the close of business on August 10, 2004.

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	Dover Downs Results Up Slightly 29 Jul 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 ended June 30, 2004. The Company's gross revenues increased 5.4% to $55,419,000 for the second quarter of 2004 compared with $52,578,000 for the second quarter of 2003. Gaming revenues, which include video lottery win and harness racing commissions increased $2,667,000 or 6.0% for the second quarter of 2004 compared with the second quarter of 2003. Record occupancy levels of more than 95% for the quarter were achieved in the Dover Downs Hotel and Conference Center, as the Company continued to market the hotel principally to casino customers. Net earnings were $4,458,000 or $.17 per diluted share for the second quarter of 2004 compared with $4,385,000 or $.17 per diluted share for the second quarter of 2003. For the six months ended June 30, 2004, net earnings improved 6.0% to $8,892,000 from $8,392,000 for the same period last year. The Company noted that the quarter began with strong slot win growth in both April and May. However, June's slot win was below the Company's expectations and approximately the same as in June of 2003. The Company believes various factors such as higher gasoline prices, a general softness in the regional industry and a slightly lower hold percentage than normal contributed to June's results, but noted that July's slot win results to-date have been strong. Also impacting the quarterly and year-to-date results was the state gaming tax surcharge that began in late June of 2003. That gaming expense was $272,000 and $533,000, respectively for the three-month and six- month periods ended June 30, 2004 compared with $86,000 for both the three- month and six-month periods ended June 30, 2003. The Company's financial position remained strong, with outstanding debt of $32,350,000 at June 30, 2004. As the Company has completed its 500-slot machine expansion and substantially completed its new slot data system installation, it anticipates debt reductions to accelerate during the second half of 2004. The Company announced yesterday that its Board of Directors declared a quarterly dividend of $.06 per share. The dividend is payable on September 10, 2004 to shareholders of record at the close of business on August 10, 2004.