Dover Downs Gaming & Entertainment, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2018
DOVER, Del.--(BUSINESS WIRE)--Jan 24, 2019--Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the fourth quarter and year ended December 31, 2018.
Gaming revenues increased 4.2% to $35,868,000 compared to $34,435,000 for the fourth 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 $10,764,000 were up 9% compared to the fourth quarter of 2017 from an increase in food and beverage and rooms revenue. Occupancy levels in the Dover Downs Hotel were approximately 83% and 80% for the fourth quarters of 2018 and 2017, respectively.
General and administrative costs were $1,242,000 for the fourth quarter of 2018 compared to $1,297,000 last year.
Costs incurred during the fourth quarter related to the Company’s pending merger with Twin River Worldwide Holdings, Inc. were $325,000.
Including the merger related costs, the Company’s pretax earnings were $686,000 compared with a ($235,000) pretax loss for the fourth quarter of last year.
Net earnings were $419,000, or $.01 per diluted share compared with a net loss of ($841,000) or ($.03) per diluted share for the fourth quarter of 2017. The fourth quarter of 2017 results were impacted by the Tax Cuts and Job Act, which resulted in an income tax expense of $662,000, or ($.02) per diluted share.
For the year as a whole, total revenues increased 2% to $179,931,000, while pretax earnings were $417,000 compared to a pretax loss of ($619,000) in 2017. Excluding merger related costs, pretax earnings for 2018 were $1,507,000.
Capital spending was $4,826,000 for the year ended December 31, 2018 as compared to $2,193,000 for 2017.
This release contains or may contain forward-looking statements based on management’s beliefs and assumptions. Such statements are subject to various risks and uncertainties that could cause results to vary materially. Please refer to the Company’s SEC filings for a discussion of such factors.
Owned by Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE), Dover Downs Hotel & Casino® is a premier gaming and entertainment resort destination in the Mid-Atlantic region. Gaming operations consist of approximately 2,200 slots, a full complement of table games, including poker, and a newly expanded race and sports book taking single game wagers on professional and college sports. The AAA-rated Four Diamond hotel is Delaware’s largest with 500 luxurious rooms/suites and amenities including a full-service spa/salon, concert hall and 41,500 sq. ft. of multi-use event space. Live, world-class harness racing is featured November through April, and horse racing is simulcast year-round. Additional property amenities include multiple restaurants from fine dining to casual fare, bars/lounges and retail shops. For more information, please visit www.doverdowns.com.
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CONTACT: Timothy R. Horne - Sr. Vice President-Finance
KEYWORD: UNITED STATES NORTH AMERICA DELAWARE
INDUSTRY KEYWORD: ENTERTAINMENT CASINO/GAMING TRAVEL LODGING
SOURCE: Dover Downs Gaming & Entertainment, Inc.
Copyright Business Wire 2019.
PUB: 01/24/2019 06:55 AM/DISC: 01/24/2019 06:55 AM