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Dover Downs Q3 Results Up Slightly

DOVER, Delaware – (PRESS RELEASE) -- Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months ended September 30, 2004.

The Company's gross revenues increased 8.9% to $60,169,000 for the third quarter of 2004 compared with $55,256,000 for the third quarter of 2003. Gaming revenues, which include video lottery win and harness racing commissions, increased $3,917,000 or 8.3% for the third quarter of 2004 compared with the third quarter of 2003. Record occupancy levels of almost 97% for the quarter were achieved in the Dover Downs Hotel and Conference Center.

Net earnings were $4,982,000 or $.19 per diluted share for the third quarter of 2004 compared with $4,782,000 or $.18 per diluted share for the third quarter of 2003.

For the nine months ended September 30, 2004, net earnings improved 5.3% to $13,874,000 from $13,174,000 for the same period last year. This growth was attained despite an increased gaming tax rate during the first six months of 2004, which added $447,000, or approximately $.01 per share to gaming expenses during the nine months ended September 30, 2004.

The Company continues to equip its slot machines with ticket-in-ticket-out technology. There are approximately 350 slot machines with this technology today, and the Company anticipates that approximately 1,000 slot machines will be ticket-in-ticket-out by the end of the year.

For the second year in a row, AAA has awarded Dover Downs Hotel and Conference Center its Four-Diamond rating, making it one of only three hotels in the State of Delaware receiving this level of recognition.

The Company's financial position remained strong. $8,350,000 of debt was paid down during the quarter, leaving outstanding debt of $24,000,000 at September 30, 2004.

The Company also purchased and retired 50,400 shares of its $.10 par value common stock during the quarter.

The Company announced yesterday that its Board of Directors declared a quarterly dividend of $.06 per share. The dividend is payable on December 10, 2004 to shareholders of record at the close of business on November 10, 2004.

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