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In a release dated July 30, the company stated:
- The company's revenues fell 2.4 percent to $58,530,000 compared with $59,971,000 for the second quarter of 2008.
- Gaming expenses were higher from increased gaming taxes and slot machine fees that resulted from legislation passed in June of 2008 that became effective on July 1, 2008, and from legislation passed in May of 2009 that became effective on May 28. These increases were approximately $1.8 million for the second quarter of 2009.
- Depreciation expense increased $594,000, primarily related to the casino expansion.
- Net earnings were $3,938,000 compared with $5,698,000 for the second quarter of 2008. Net earnings per diluted share were $.12 for the quarter compared with $.18 per diluted share in the second quarter of 2008.
Denis McGlynn, President and CEO of Dover Downs Gaming & Entertainment, said, "The improvements we have made to our property have allowed us to hold up pretty well in what remains a challenging environment. We look forward to the introduction of sports wagering in Delaware sometime this Fall, and will be working with the State to try to have table games operational as soon as possible."
Dover Downs Gaming & Entertainment is a diversified gaming and entertainment company whose operations consist of Dover Downs Slots, a 165,000-square foot video lottery casino complex featuring the latest in slot machine offerings, including multi-player electronic table games with virtual dealers; the Dover Downs Hotel and Conference Center, a 500 room AAA Four Diamond hotel with conference, banquet, fine dining, ballroom and concert hall facilities; and Dover Downs Raceway, a harness racing track with pari-mutuel wagering on live and simulcast horse races.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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