The company announced a net loss of $137,000
Dover Downs Gaming & Entertainment on Oct. 25 reported results for the three months ended Sept. 30.
Gaming revenues of $39,503,000 were down 4.3 percent compared to the third quarter of 2016. The revenue decrease was primarily attributable to lower slot machine revenue.
Other operating revenues of $5,591,000 were down 3.9 percent compared to the third quarter of 2016 from small decreases in most non-gaming operations. Occupancy levels in the Dover Downs Hotel were 89.5 percent for the third quarter of this year.
General and administrative costs were $1,286,000 for the third quarter compared to $1,228,000 last year.
Net loss was $137,000, or $.00 per diluted share compared with net earnings of $520,000 or $.02 per diluted share for the third quarter of 2016.
Denis McGlynn, the company's president and chief executive officer, continued his call for legislators decrease how much the company sends to the state in taxes and fees.
“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,” McGlynn said.
“We will continue to pursue a more equitable approach to this industry.”