Dover Downs Reports Results - Saturday 28th of January 2006

DOVER, Delaware – Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months and year ended December 31, 2005.

The Company reported earnings per share for the fourth quarter of 2005 of $.39 per diluted share compared with $.10 per diluted share for the fourth quarter of 2004. The results for the fourth quarter of 2005 include a $5,837,000 or $.15 per diluted share gain on the sale of a commercial real estate property in December of 2005. As previously disclosed, the fourth quarter of 2004 results included a one-time, net non-recurring charge of $2,250,000, or $.05 per diluted share, related to a change in policy for reward points earned by customers.

On a pro-forma basis, excluding the aforementioned gain in 2005 and change in policy in 2004, earnings per diluted share increased 60% to $.24 per diluted share for the fourth quarter of 2005 compared with $.15 per diluted share for the fourth quarter of 2004.

The Company's net earnings were $9,222,000 for the fourth quarter of 2005 compared with $2,507,000 for the fourth quarter of 2004. On a pro-forma basis, net earnings improved 49.8% to $5,761,000 for the fourth quarter of 2005 compared with $3,845,000 for the fourth quarter of 2004.

Revenues for the fourth quarter of 2005 increased to $54,015,000 compared with pro-forma revenues of $51,712,000 for the fourth quarter of 2004. Gaming revenues, which include video lottery win and harness racing commissions, increased 3.3% or $1,612,000 for the fourth quarter.

For the year ended December 31, 2005, net earnings were $26,040,000 or $1.09 per diluted share compared with $16,381,000 or $.62 per diluted share for the year ended December 31, 2004. On the pro-forma basis described above, net earnings were $22,579,000 or $.94 per diluted share for the year ended December 31, 2005 compared with $17,719,000 or $.67 per diluted share for the year ended December 31, 2004.

Legislation has been proposed in the State of Delaware which would allow the Company to expand its operating hours, add additional slot machines and provide free promotional play through its recently enhanced slots marketing system. The legislation has the support of the Governor's office and has been passed by the House of Representatives and the Senate. It is currently awaiting the Governor's signature. The legislation proposes to increase the number of allowable slot machines for each of the three licensed facilities in Delaware from 2,500 to 4,000. Each slot machine in excess of 2,500 would require payment of an annual fee of $1,100 per machine for the first 500 machines added, $700 per machine for the next 500 machines added, and $300 per machine for the last 500 machines added.

Denis McGlynn, President and CEO of Dover Downs Gaming & Entertainment, Inc., stated, "We are very pleased with the results for the fourth quarter and for 2005 as a whole. Having celebrated our 10th anniversary of casino gaming in Delaware during the quarter, it is nice to continue to create revenue growth as well as to improve operating efficiencies. With improved marketing systems, the elimination of our management agreement and more than 75% of our slot machines cash-less, we were able to improve margins significantly. These results, along with the legislation currently under consideration should provide us with momentum as we begin 2006."

The Company announced yesterday that its Board of Directors declared a regular quarterly dividend of $.06 per share. The dividend is payable on March 10, 2006 to shareholders of record at the close of business on February 10, 2006.

The Company previously announced that on January 19, 2006 it successfully completed a self-tender of 1,063,937 shares of its common stock and 1,325,000 shares of its Class A common stock at a price of $14.50 per share. The repurchase represented approximately 10% of the Company's outstanding shares.

Other news from around the same time

Dover Downs Declares Regular Quarterly Dividend - Saturday 28th of January 2006

DOVER, Delaware – Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) Board of Directors today....


PBL Appoints Packer Replacement - Saturday 28th of January 2006

AUSTRALIA As reported by the (Queensland) Courier and Mail: "Media and gaming firm Publishing & Br....


Trump Sues Writer for $5 Billion - Saturday 28th of January 2006

NEW YORK As reported by the (London) Independent: "Donald Trump, the property developer, reality s....


Ameristar Makes Record Donation - Saturday 28th of January 2006

KANSAS CITY, Missouri – As reported by the Kansas City Star: "The nonprofit Rehabilitation Instit....


Stanley Leisure Acquires More Casinos - Saturday 28th of January 2006

UNITED KINGDOM – As reported by the icChestshire: "Liverpool gaming group Stanley Leisure today a....


Ausvegas Online Casino Celebrates Year of the Dog - Saturday 28th of January 2006

Ausvegas Online Casino is celebrating the arrival in the Chinese Lunar Calendar of the Year of th....


Ontario Municipalities Receive More Gaming Money - Saturday 28th of January 2006

GANANOQUE, Ontario – As reported by the Brockville Recorder & Times: "Another three months, anoth....


Boyd Gaming Prices Notes - Saturday 28th of January 2006

LAS VEGAS – Boyd Gaming Corporation (NYSE: BYD) today announced that it has priced a registered....


Harrah's To Re-Open Lake Charles Hotel - Saturday 28th of January 2006

LAS VEGAS Harrah's Entertainment, Inc. (NYSE:HET) said today that its hotel in Lake Charles, La.....


Mahjong Mania Gaming Software Licensed to Ladbrokes - Saturday 28th of January 2006

MONTREAL, Canada Mahjong Systems Limited, a subsidiary of Montreal-based Dynasty Gaming Inc. (TS....