Dover Downs Gaming & Entertainment Inc., based in Dover, Delaware, reported third-quarter gaming revenue declined 4.3 percent to .5 million compared to third quarter 2016. Officials said the drop primarily was due to lower slots revenue.
Other operating revenue of $5.6 million fell by 3.9 percent compared to third quarter of 2016, due to small decreases in most non-gaming operations. Third-quarter occupancy levels in the Dover Downs Hotel were 89.5 percent. Net loss was $137,000, compared with net earnings of $520,000 for the third quarter. General and administrative costs were $1.29 million compared to $1.23 in third quarter of 2016.
Dover Downs President and Chief Executive Officer Denis McGlynn stated, “It should be apparent that the state’s gaming revenue-sharing formula is unsustainable when considering that the company has paid out $56.4 million to the state and the horsemen, while incurring a pretax loss of $366,000 through the first nine months of this year. We will continue to pursue a more equitable approach to this industry.”
Dover Downs Hotel & Casino offers 2,200 slots and table games. The hotel is the largest in Delaware, featuring 500 rooms and suites, a spa/salon, concert hall and 41,500 square feet of multi-use event space. Live, world-class harness racing is offered November through April, and horseracing is simulcast year-round.
