Dover Downs Sees Plunge in Casino Earnings
There’s have been a major drop in the net earnings for Dover Downs last year from $4.8 million in 2012 to just $13-thousand in 2013.
Denis McGlynn, president and CEO of Dover Downs Gaming and Entertainment and Dover Motorsports Incorporated blamed the decline on competition – especially the Maryland Live! Casino.
The announcement comes a day before the nine-member Lottery and Gaming Study Commission is set to submit alternatives to lawmakers on how to best aid an ailing casino industry.
The Wilmington News Journal reports that among them is how to restore the revenue distribution from video lottery games to pre-recession rates that would cost the state around $25 million.
In addition, there is another proposal that would reduce the tax rate on table games as well as a proposal to implement a complimentary hotel room incentive program.