By a News Reporter-Staff News Editor at Entertainment Newsweekly -- Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) reported results for the three months ended June 30, 2014.
Net earnings were $164,000 compared with $491,000 for the second quarter of 2013. Earnings per diluted share were $.01 compared with $.02 per diluted share for the second quarter of 2013.
The Company's revenues for the second quarter of 2014 were $46,206,000 compared with $50,048,000 for the second quarter of 2013. Gaming revenues were $39,284,000 compared to $43,177,000 for the second quarter of last year. The decline is primarily attributable to the competitive environment in the mid-Atlantic gaming market.
Other operating revenues increased to $6,922,000 compared to $6,871,000 for the second quarter of 2013. Occupancy levels in the Dover Downs Hotel were approximately 88% for the second quarter of 2014.
General and administrative and depreciation expenses were down slightly compared to the second quarter of 2013, while interest expense was slightly higher.
Regarding the June 2014 gaming legislation which provides that the State's share of slot revenues shall be calculated after the payment of a portion of equipment vendor costs beginning on July 1, 2014, Denis McGlynn, the Company's President and Chief Executive Officer, stated: "We are grateful for the consideration given by our elected officials to the challenges facing the Delaware gaming industry. Most people now recognize that the current revenue sharing arrangement no longer works in this hyper-competitive region. While the difficult fiscal situation the legislature was dealing with this year limited the changes made to the current model, we are hopeful that the Lottery and Gaming Study Commission will consider longer term solutions when they reconvene later this year."
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