The gaming and entertainment company reported a $1.43 million increase in gaming revenues for the last quarter of 2018.
Dover Downs Gaming and Entertainment Inc. on Jan. 24 reported results for the fourth quarter and year ended December 31, 2018.
Gaming revenues increased 4.2 percent to $35.86 million compared to $34.43 million 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 $10.76 million were up nine percent 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 about 83 percent and 80 percent for the fourth quarters of 2018 and 2017, respectively.
General and administrative costs were $1.24 million for the fourth quarter of 2018 compared to $1.29 million 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 two percent to $179.93 million 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 $1.5 million.
Capital spending was $4.82 million for the year ended December 31, 2018, as compared to $2.19 million for 2017.
Dover Downs Gaming (NYSE:DDE) reports Gaming revenues increased 4.2% to $35.89M in Q4, as a result of improved slot machine, table game and sports betting win.
Other operating revenues grew 9% to $10.76M, due to increase in food and beverage and rooms revenue.
Occupancy levels in the Dover Downs Hotel were ~83% for the quarter.