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International Guild of Hospitality & Restaurant Managers
1131 N. DuPont Highway
Dover, DE 19901
Phone: (302) 674-4600
Employees (last reported count): 782
Dover Downs Gaming &
Entertainment, Inc., incorporated in December 2001, is a diversified gaming and
entertainment company whose operations consist of Dover Downs Slots, an
80,000-square-foot video lottery (slots) casino complex, the Dover Downs Hotel
and Conference Center, which features luxury accommodations with conference,
banquet, fine dining, ballroom and concert hall facilities and the Dover Downs
Raceway, a harness racing track with pari-mutuel wagering on live and simulcast
horse races. These facilities are located in close proximity to the major
metropolitan areas of Philadelphia, Baltimore and Washington, D.C.
Dover Downs Slots
The Company's video lottery (slot) machine casino opened in December 1995 with
approximately 500 video lottery (slot) machines. The video lottery (slot)
machine casino has expanded three times since its opening and the number of
machines has increased steadily to its current level of 2,000. The most recent
expansion of the gaming operations to the Company's casino was completed in
March 2000.
The video lottery (slot) machines range from the Company's nickel machines to
$50 machines in the Premium Slots area. Additional amenities include the Garden
Cafe, which becomes a lounge with live entertainment most evenings, and the
Winners Circle Restaurant. The Las Vegas-style "video lottery casino" housing
the gaming equipment was designed and built using expertise from Caesars World
Gaming Development Corporation (Caesars). The Company's facilities are open
every day of the year, except Christmas and Easter.
The Delaware State Lottery Office administers and controls the Company's video
lottery (slot) machine operations. The Company is a licensed agent authorized to
conduct video lottery operations under the Delaware State Lottery Code. The
Company is permitted by law to set the payout to customers between 87% and 95%.
Since the introduction of the video lottery (slot) machine operations, the
Company has maintained an average payout of approximately 91.2%.
The Company has a management agreement with Caesars, under which Caesars is its
agent to supervise, manage and operate its video lottery (slot) machine casino.
Caesars has been properly licensed by the Delaware State Lottery Office to
perform these functions. The Company pays Caesars a management fee based on
pre-tax income generated by the video lottery operations.
Dover Downs Hotel and Conference Center
The Company's luxury hotel facility, the Dover Downs Hotel and Conference
Center, is located adjacent to its casino. Phase one of the facility was
partially opened in the first quarter of 2002 and was completed in April 2002.
The hotel and conference center includes 232 rooms, a multi-purpose
ballroom/concert hall, fine dining restaurant, swimming pool and health spa.
Additional construction that occurred in adjacent facilities during the first
phase includes, among other things, building a new 425-seat buffet restaurant,
renovating the enclosed harness racing grandstand with simulcasting facilities
and building a heating, ventilation and air-conditioning plant. The second
phase, if implemented, is expected to include an additional 250 rooms.
Dover Downs Raceway
Dover Downs Raceway has presented pari-mutuel harness racing events since 1969.
Live harness races are conducted at Dover Downs Raceway between November and
April and are simulcast to tracks and other off-track betting locations across
North America on each of the Company's more than 140 live race dates. The
Company's races are transmitted to more than 440 tracks and off-track betting
locations. The harness horse-racing track is a 5/8-mile track and is lighted for
nighttime operations. The track is adjacent to the Company's casino and hotel
and conference center on land owned by Dover Motorsports, Inc. (DVD) on the
inside of DVD's auto racing superspeedway. Use of the track is under an easement
granted by DVD.
Dover Downs Raceway has facilities for pari-mutuel wagering on both live harness
horse racing and on simulcast thoroughbred and harness horse racing received
from numerous tracks across North America. Within the Company's main grandstand
is the simulcast parlor where its patrons can wager on harness and thoroughbred
races received by satellite into Dover Downs Raceway year round. Television
monitors throughout the parlor area provide views of all races simultaneously
and the parlor's betting windows are connected to a central computer allowing
bets to be received on all races from all tracks.
Disclaimer:
The data included within the Financial section is solely for information
and does not construe a recommendation and/or endorsement by IGHRM or its
members to invest funds with any of the companies listed. You are strongly
advised
to obtain professional advice with qualified individuals or corporations for any
investments of funds.
© 1999-2001 International Guild of Hospitality and Restaurant Managers
Inc. All rights reserved.
ighrm@hospitalityguild.com