Dover Downs reports third quarter earnings
Dover Downs Gaming & Entertainment, Inc. today reported results for the three months ended September 30, 2018.
Gaming revenues increased 2.8% to $36,723,000 compared to $35,716,000 for the third quarter of 2017. Slot machine and table game win were both higher, and sports betting win improved as a result of recently expanded sports wagering in Delaware. These increases were offset by lower wagering on horse racing compared to last year.
Other operating revenues of $9,284,000 were up slightly compared to the third quarter of 2017 from an increase in food and beverage revenue offset by a decline in rooms revenue during the quarter. Occupancy levels in the Dover Downs Hotel were almost 90% for the third quarter of both years, while average rates were lower this year.
General and administrative costs were $1,355,000 for the third quarter compared to $1,316,000 last year.
Costs incurred to date related to the Company’s pending merger with Twin River Worldwide Holdings, Inc. were $765,000 during the quarter.
Including the merger related costs, the Company’s pretax loss was ($149,000) compared with ($225,000) for the third quarter of last year.
Net loss was ($269,000), or ($.01) per diluted share compared with net loss of ($138,000) or $.00 per diluted share for the third quarter of 2017.
Capital spending increased to $3,029,000 for the nine months ended September 30, 2018 as compared to $1,764,000 for the comparable period last year, and related primarily to renovations to the Dover Downs Hotel and improvements related to the recently opened Pearl Oyster Grill.