Not so-nice quarter: Dover Downs suffers $269,000 loss

DOVER — Dover Downs lost $269,000 from July through the end of September, according to an earnings report released Thursday.

The company saw an increase in revenue of about $1.04 million from the third quarter of 2017, but expenses were up by about $1.05 million. Those increased costs came largely as a result of a merger with Rhode Island-based gaming company Twin River Worldwide Holdings Inc.

The deal, which was announced in July, is expected to be finalized sometime in 2019.

Dover Downs was $389,000 in the hole through the first nine months of 2018. As this point in 2017, it had lost $301,000, en route to a loss of almost $1.1 million for the full year.

As of Sept. 30, the company had gross proceeds of about $994,000 from sports betting since the state launched full-scale sports gambling in June. That nearly equals the sum it collected from August 2017 to February 2018, when only NFL parlay bets were legal.

Earlier this year, the General Assembly passed a new law aimed at reducing the burden on the casinos, with the hope of making it easier for them to prosper. The bill reduced the slot tax rate 1 percent, slashed the table game tax rate from 29.4 to 15.5 percent and suspended the $3 million table game license fee.

The company’s debt totals $16.5 million.

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