Gaming revenues, including slots and table games, were up as well as sports betting
Dover Downs Gaming & Entertainment on Oct. 25 reported results for the three months ended Sept. 30.
Gaming revenues increased 2.8 percent 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 percent 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 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 Sept. 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.