This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Dover Downs Gaming & Entertainment, Inc. Reports Results For The Fourth Quarter And Year Ended December 31, 2011

Dover Downs Gaming & Entertainment, Inc. (NYSE:DDE) today reported results for the fourth quarter and year ended December 31, 2011.

The Company’s revenues were $61,619,000 compared with $57,941,000 for the fourth quarter of 2010. As a result of better weather compared to 2010, gaming revenue increased 4.0% compared to the fourth quarter of last year from higher slot win and table game revenue for the quarter.

Gaming profits were higher compared to the fourth quarter of last year as a result of the revenue increases and from various cost cutting programs implemented during the year.

Other operating revenues improved to $6,600,000 from $5,026,000 due to increased rooms and food and beverage business attributable to the timing of Dover Motorsports’ fall NASCAR race weekend held in October this year vs. September last year and from increased convention business. Occupancy levels in the Dover Downs Hotel were approximately 87% for the fourth quarter of 2011 compared with approximately 83% for the fourth quarter of 2010.

Net earnings were $2,120,000, or $.07 per diluted share, compared with $501,000, or $.02 per diluted share for the fourth quarter of 2010.

Net earnings for the year declined 20% to $5,359,000, or $.17 per diluted share compared with $6,743,000 or $.21 per diluted share for 2010.

Denis McGlynn, the Company's President and Chief Executive Officer, stated: "Compared to last year, casinos in our region benefited from mild weather in the fourth quarter this year, especially in December. Additionally, our non-gaming activity was strong in the fourth quarter, in large part due to the October NASCAR race. Our year end results emphasize that increasing competitive challenges and high taxes will require us to continue to find efficiencies – a formidable task considering that we are in a customer centric business that necessitates continued investment in our facility and in our promotions and marketing initiatives."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs