Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months ended June 30, 2012.
The Company’s revenues for the second quarter of 2012 were $58,355,000 compared with $58,815,000 for the second quarter of 2011. Gaming revenues were $52,331,000 compared to $53,129,000 for the second quarter of last year, with lower slot win being somewhat offset by improved table game win.
Occupancy levels in the Dover Downs Hotel were approximately 93% for the second quarter of 2012 compared with approximately 91% last year.
With lower general and administrative, depreciation and interest expenses, net earnings improved 46.8% to $1,817,000 compared with $1,238,000 for the second quarter of 2011. Earnings per diluted share were $.06 compared with $.04 per diluted share for the second quarter of 2011.
Denis McGlynn, the Company's President and Chief Executive Officer, stated: "The second quarter saw several more casinos added to an already crowded market. While it is far too early to understand the long-term impact these new properties will have on our business levels, we believe the quality of our property and amenities will allow us to compete effectively. We are thankful that the State has recognized the challenges we face and has taken steps to improve our competitiveness with the reduction of certain fees and the approval of internet gaming, and look forward to their continued collaboration and partnership as the competitive environment continues to evolve.”
The Company announced yesterday that its Board of Directors declared a quarterly dividend of $.03 per share payable on September 10, 2012 to shareholders of record at the close of business on August 10, 2012.
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.