Dover Downs reports multimillion-dollar loss through end of June

DOVER — Dover Downs saw a net loss of $2.36 million in the second quarter of 2020, with gaming revenues plummeting about 70% compared to last year.

Delaware announced its first official COVID-19 case on March 11, and by the end of the month the state was in lockdown. Dover Downs (along with the state’s other two casinos) was closed from March 16 to June 1 and has operated under restrictions, like capacity limits, since reopening.

According to documents filed with the U.S. Securities and Exchange Commission Tuesday, Dover Downs, the only public casino in Delaware, ended the first half of 2020 in the red.

Its revenues through the first half of the year are actually almost identical to net income through the same period in 2019, but the casino’s profits are down $3.48 million: Dover Downs went from a gain of $1.33 million last year to a loss of $2.15 million halfway through 2020.

Gaming revenues plummeted from $20.96 million in the second quarter of 2019 to $6.08 million. However, total revenues for slots and table games for 2020 saw a slight increase through six months compared to 2019: $23.92 million versus $22.48 million.

Dover Downs has been owned by Twin River Worldwide Holdings Inc., which also runs several other casinos, since last summer. Companywide, Twin River Twin River went from a profit of $34.78 million in the initial six months of 2019 to a loss of $32.43 million from January through June this year.

Company executives said in a conference call Tuesday some employees remain furloughed.

“We were thrilled to have welcomed back our valued team members and loyal customers at all of our properties to safe and secure environments that meet or exceed CDC safety guidelines,” George Papanier, president and CEO of Twin River, said in a statement. “Since reopening, where we have been permitted to operate under fewer capacity restrictions with more amenities, we are seeing strong demand.”