First quarter gaming revenues were down 12.2 per cent for Dover Downs Gaming & Entertainment, compared to the first quarter of 2013, primarily as a result of increased competition in the Mid-Atlantic region.
The company’s revenues for the first quarter of 2014 were $45,477,000 compared with $50,518,000 for the first quarter of 2013.
Other operating revenues were up 9.2 per cent compared to last year to $5,695,000. Occupancy levels in the Dover Downs Hotel were approximately 80 per cent for the first quarter of 2014 compared with approximately 84 per cent for the first quarter of 2013, though cash sales were higher than last year. Strong convention business helped improve cash food and beverage sales.
Denis McGlynn, the Company’s President and Chief Executive Officer, said: “The fact that the company paid more than $16m into the State’s General Fund, more than $4m for horse racing purses and almost $2.7m on slot vendor fees during a quarter in which we incurred a $1m net loss is clear evidence that our current revenue sharing model is out of balance and needs to be reset. This is an issue we continue to pursue with the state and with our current loan agreement set to expire in June, we are hopeful of a speedy resolution during the current legislative session.”
Owned by Dover Downs Gaming & Entertainment, Dover Downs Hotel & Casino is a premier gaming and entertainment resort destination in the Mid-Atlantic region. Gaming operations consist of approximately 2,500 slots and a full complement of table games including poker.