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Dover Downs Results Up24 October 2002DOVER, Delaware—(Press Release) -- Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported record results for the three months ended September 30, 2002. Dover Downs Gaming & Entertainment, Inc.'s gross revenues increased 21.1% to $60,242,000 compared with $49,734,000 for the third quarter of 2001. The revenue increase consists of a $6,282,000 increase in gaming revenues, which include video lottery win and harness racing commissions, and an increase in other revenues of $4,226,000, primarily related to the Dover Downs Hotel and Conference Center. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) increased 24.3% compared with the third quarter of 2001 to $12,409,000. Depreciation expense increased by $922,000 compared with the third quarter of 2001, as a result of the completion of the Dover Downs Hotel and Conference Center. Net earnings were $6,333,000 or $.24 per diluted share compared with $5,298,000 or $.20 per diluted share for the third quarter of 2001. The Company noted that hotel occupancy levels were strong throughout the quarter, helping fuel the record video lottery revenue. Denis McGlynn, President and CEO of Dover Downs Gaming & Entertainment, Inc., stated, "The capital investments we have made in our hotel and expanded dining and entertainment offerings have had a positive impact on our revenues and cash flows. Our customers continue to react favorably to these improvements as evidenced by their increased visits and extended stays, and our new amenities provide tremendous leverage to our marketing efforts." Net earnings for the nine months ended September 30, 2002 were $17,204,000 or $.64 per diluted share compared with $16,441,000 or $.62 per diluted share for the comparable period last year. Gross revenues were $168,202,000 compared with $142,619,000 for the nine months ended September 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. |