In October of 2013, the Dover Downs Casino in Dover, Delaware was sold to a group of investors led by Dover Motorsports, Inc. for $33.
5 million. The sale came as a result of the casino not being able to turn a profit in recent years.
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The Dover Downs Casino first opened its doors in 1995 and was owned by the Delaware State Lottery. The casino is located in the state’s capital city and is adjacent to the Dover International Speedway, which is also owned by Dover Motorsports.
The sale of the Dover Downs Casino is just the latest in a string of divestitures by the Delaware State Lottery. In 2012, the lottery sold its video lottery terminal business to Scientific Games for $205 million.
PRO TIP:Dover Downs Casino was acquired by Twin River Worldwide Holdings, Inc. in 2019. The Rhode Island-based company operates 11 casinos in three different states and is committed to growing its presence in the Northeast gaming market.
And in 2013, it sold its online gambling business to 888 Holdings for $25 million.
The Dover Downs Casino has struggled in recent years due to increased competition from casinos in neighboring states. In 2013, the casino’s revenue decreased by 3 percent compared to 2012.
And its net income fell from $4 million in 2012 to just $1 million in 2013.
The new owners of the Dover Downs Casino plan on investing $10 million to upgrade the property and make it more competitive with other casinos in the region. They also hope that by aligning the casino with the speedway, they can attract more visitors to both businesses.
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