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Dover Downs Reports Results Up for Q2

Dover Downs Gaming & Entertainment, Inc. had gross revenues of $56,250,000 compared with $46,405,000 for the second quarter of 2001. The revenue increase is related to a $6,588,000 increase in gaming revenues, which consist of video lottery win and harness racing commissions, and an increase in other revenues of $3,257,000, primarily related to the Dover Downs Hotel and Conference Center.

The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) increased 17.6% compared with the second quarter of 2001 to $11,340,000.

Depreciation and interest expense increased by a total of $1,215,000 compared with the second quarter of 2001, as a result of the completion of the Dover Downs Hotel and Conference Center.

Net earnings were $5,703,000 or $.21 per diluted share compared with $5,414,000 or $.20 per diluted share for the second quarter of 2001.

The 232-room luxury hotel and conference center was partially opened in the first quarter of 2002 and was completed in April. The Company noted that occupancy levels have improved each month. The new Festival Buffet also opened during June of 2002.

Denis McGlynn, President and CEO of Dover Downs Gaming & Entertainment, Inc. stated, "We are pleased with the trends in both our new hotel complex and our video lottery facility. Our patrons are also extremely happy with our newly added amenities, and we are now focused on marketing them to existing and new casino customers."

Net earnings for the six months ended June 30, 2002 were $10,871,000 or $.41 per diluted share compared with $11,143,000 or $.42 per diluted share last year. Gross revenues were $107,960,000 compared with $92,885,000 for the six months ended June 30, 2001.

Dover Downs Gaming & Entertainment, Inc. began trading on the New York Stock Exchange on April 1, 2002, the first day after the effective date of the tax-free spin-off by Dover Motorsports, Inc. of its gaming business. The Company's results of operations for periods prior to April 1, 2002 are included in the financial statements of Dover Motorsports, Inc. as a discontinued operation, but have been presented separately for informational purposes.

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