Dover Downs CEO Denis Glyn has acknowledged efforts by the legislature in Delaware to ease the tax burden on casinos with a one per cent cut in gaming tax. The measure was included in the last draft of the state’s gaming bill and reduces casino operators’ tax burden by nearly $17m.
Said Glyn: “I want to take this opportunity to thank the legislature and the administration for listening to the needs of the casino industry in Delaware. The modification to the gaming tax structure will help us going forward as we continue to improve our performance in this intensely competitive market.”
The CEO’s comments were made during a trading update on Dover Downs’ Q2 financials which revealed a marginal improvement in earnings. Revenue was reported as being ahead by 2.3 per cent to just over $44m. Gaming revenue was also ahead at circa $33.9m compared with $33.2m on the corresponding period for 2017.
The operator also noted that general and administrative, depreciation and interest expenses were each fairly consistent with the second quarter of 2017, while occupancy levels in the Dover Downs Hotel were approximately 85 per cent for the second quarter of both years.