Increased taxes, fees eat Dover Downs' profits

Mar 9, 2010 4:05 AM
Industry Insider by Ray Poirier |

Increased taxes and fees ate into the profit of Dover Downs Gaming & Entertainment Inc. (DDE) during the fiscal fourth quarter.

Net earnings were $1.8 million or $0.06 per share compared to the previous year when earnings were $3.5 million or $0.11 per share.

However, the tax increase of $3.5 million reduced the earnings per share by $0.07.

For the fiscal year, net earnings were $11.2 million or $0.35 per share, down from $19.5 million or $0.61 per share in 2008.

The company said that a decrease in just over 1 percent in slots revenue was offset by sports betting revenue during the year.

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