Dover Motorsports, Inc. (DVD) on Q2 2021 Results - Earnings Call Transcript
Denis McGlynn: Good morning, everyone. I'm joined by Tim Horne, our CFO, who is going to read our forward-looking statement, disclaimer, and then we'll get underway.
Tim Horne: In order to help you understand the Company and its results, we may make certain forward-looking statements. It is possible that the Company's actual results might differ from any predictions we make today. Additional information regarding factors that could cause such differences appear in the Company's SEC filings.
Denis McGlynn: Thanks Tim. Well, obviously this was an unusual quarter for the company with both our NASCAR race weekends occurring in the same reporting period versus none last year. The quarter was highlighted by our reopening of Nashville Superspeedway with a Father’s Day sellout crowd, which required temporary additional, temporary grandstands to accommodate. It was the first full grandstand sellout for NASCAR this year.
Tim Horne: Thanks Denis. As Denis mentioned, we held a triple-header NASCAR weekends at both Dover International Speedway and Nashville Superspeedway during the second quarter of 2021. Given the impact of the pandemic last year, no major events were held during the second quarter of 2020. If you look at the second quarter statement of earnings, you'll see our revenues were just short of $50 million, compared to $110,000 last year. Our Dover race weekend was an operational success. Admissions revenues and per cap items were somewhat limited as the State of Delaware approved a maximum capacity of 20,000 patrons for the mid-May weekend, but expenses were lower as a result and our corporate sales were strong, allowing us to get close to our budget of results. Our Nashville weekend in mid-June was run without limitation and was very successful. With a grandstand sellout on Sunday and strong corporate sales and hospitality, we exceeded our expectations for the event. Our operating and marketing expenses were obviously higher than last year at $29.4 million. Additionally, there were somewhat higher employee-related costs, contracting services and repairs expense from the reopening of Nashville.
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