Revenues increased to $85.3m (B95.7m) from $79m (B88.6m) reported for the third quarter of 2000. Net earnings, however were slightly down $11.3m (B12.6m) compared with $13.2m (B14.8m) for the third quarter of 2000.
Dover Downs attributed the decline in earnings compared to the third quarter of last year to higher depreciation and interest expense related to the opening of the Nashville Superspeedway, as well as higher general and administrative costs from pre-opening expenses related to the Dover Downs Hotel and Conference Center.
Dover Downs also reported lower than expected attendance at several secondary motorsports events, while the events of September 11 also impacted. For example, expenses were higher for the Dover NASCAR weekend as security and staff increases became necessary.
A challenging quarter for the motorsports business saw “several positive events in the period,” the company said.
The September Winston Cup race at Dover Downs International Speedway saw national television ratings increase more than 40%, with an accompanying 88% increase in household viewership, faring very well against the NFL.
The Indy Racing League Harrah's 200 and the NASCAR Craftsman Truck Series Federated Auto Parts 250, were also run during the quarter at the new Nashville Superspeedway.
In the quarter, Dover Downs signed an agreement with Cart to organiSe and promote the Denver Grand Prix starting in 2002. The Company and CART have also agreed to pursue similar relationships in other major markets in the United States.
US motorsports track operators Dover Downs Entertainment has reported a $6million(B
