DOVER, Del.–(BUSINESS WIRE)–Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months ended June 30, 2018.
The Company’s revenues for the second quarter of 2018 increased 2.3% to $44,133,000 compared with $43,141,000 for the second quarter of 2017. Gaming revenues were $33,895,000 compared to $33,227,000 for the second quarter of last year.
Occupancy levels in the Dover Downs Hotel were approximately 85% for the second quarter of both years.
General and administrative, depreciation and interest expenses were each fairly consistent with the second quarter of 2017.
Net earnings were $153,000 compared with $33,000 for the second quarter of 2017. Earnings per diluted share were $.00 for the second quarter of each year.
Denis McGlynn, the Company’s President and Chief Executive Officer, stated: “I want to take this opportunity to thank the Legislature and the Administration for listening to the needs of the casino industry in Delaware. The modification to the gaming tax structure will help us going forward as we continue to improve our performance in this intensely competitive market.”
As previously announced, the Company has entered into a definitive merger agreement with Twin River Worldwide Holdings, Inc. The merger contemplates that Dover Downs stockholders will exchange their Dover Downs stock for Twin River common shares representing 7.225% of the equity in the combined company at closing. Please see the press release of July 22, 2018 and the Form 8-K filed on July 23, 2018 for more information.
This release contains or may contain forward-looking statements based on management’s beliefs and assumptions. Such statements are subject to various risks and uncertainties that could cause results to vary materially. Please refer to the Company’s SEC filings for a discussion of such factors.
Owned by Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE), Dover Downs Hotel & Casino® is a premier gaming and entertainment resort destination in the Mid-Atlantic region. Gaming operations consist of approximately 2,200 slots, a full complement of table games, including poker, and a newly expanded race and sports book taking single game wagers on professional and college sports. The AAA-rated Four Diamond hotel is Delaware’s largest with 500 luxurious rooms/suites and amenities including a full-service spa/salon, concert hall and 41,500 sq. ft. of multi-use event space. Live, world-class harness racing is featured November through April, and horse racing is simulcast year-round. Additional property amenities include multiple restaurants from fine dining to casual fare, bars/lounges and retail shops. For more information, please visit www.doverdowns.com.
Source: Business Wire Entertainment News