Dover Motorsports (DVD) 10-Q 4 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 26, 2015
Entity Registrant Name	DOVER MOTORSPORTS INC
Entity Central Index Key	1,017,673
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Common Stock
Entity Common Stock, Shares Outstanding		18,220,484
Class A Common Stock
Entity Common Stock, Shares Outstanding		18,510,975

CONSOLIDATED STATEMENTS OF (LOS

CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Admissions		$ 4,254	$ 4,212	$ 8,727
Event-related	$ 132	3,945	4,823	8,312
Broadcasting		12,857	16,486	28,463
Other	1	5	2	15
Total revenues	133	21,061	25,523	45,517
Expenses:
Operating and marketing	1,140	11,878	15,878	26,181
General and administrative	1,748	1,724	5,499	5,360
Loss on disposal of long-lived assets		2,403	40	2,403
Depreciation	1,410	805	4,377	2,448
Total expenses	4,298	16,810	25,794	36,392
Income from assets held for sale	1,867		2,900
Operating (loss) earnings	(2,298)	4,251	2,629	9,125
Interest expense, net	(47)	(71)	(280)	(335)
(Provision) benefit for contingent obligation	(12)	(8)	90
Other income		10	1	27
(Loss) earnings before income taxes	(2,357)	4,182	2,440	8,817
Income tax benefit (expense)	961	(1,581)	(946)	(3,490)
Net (loss) earnings	(1,396)	2,601	1,494	5,327
Unrealized (loss) gain on available-for- sale securities, net of income taxes	(25)	(12)	(21)	4
Change in net actuarial loss and prior service cost, net of income taxes	18	8	56	26
Comprehensive (loss) income	$ (1,403)	$ 2,597	$ 1,529	$ 5,357
Net (loss) earnings per common share:
Basic (in dollars per share)	$ (0.04)	$ 0.07	$ 0.04	$ 0.15
Diluted (in dollars per share)	$ (0.04)	$ 0.07	$ 0.04	$ 0.15

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash	$ 193,000	$ 24,000
Accounts receivable	368,000	139,000
Inventories	145,000	70,000
Prepaid expenses and other	5,984,000	1,042,000
Prepaid income taxes	1,664,000	170,000
Deferred income taxes	79,000	79,000
Assets held for sale	26,000,000	26,000,000
Total current assets	34,433,000	27,524,000
Property and equipment, net	54,438,000	58,236,000
Other assets	846,000	925,000
Deferred income taxes	569,000	580,000
Total assets	90,286,000	87,265,000
Current liabilities:
Accounts payable	260,000	889,000
Accrued liabilities	2,701,000	4,944,000
Payable to Dover Downs Gaming & Entertainment, Inc.	11,000	22,000
Deferred revenue	7,104,000	1,348,000
Total current liabilities	10,076,000	7,203,000
Revolving line of credit	10,580,000	10,760,000
Liability for pension benefits	4,116,000	4,231,000
Provision for contingent obligation	1,723,000	1,813,000
Deferred income taxes	13,983,000	15,163,000
Total liabilities	$ 40,478,000	$ 39,170,000
Commitments and contingencies (see Notes to the Consolidated Financial Statements)
Stockholders' equity:
Preferred stock, $0.10 par value; 1,000,000 shares authorized; shares issued and outstanding: none
Additional paid-in capital	$ 101,682,000	$ 101,508,000
Accumulated deficit	(52,255,000)	(53,749,000)
Accumulated other comprehensive loss	(3,292,000)	(3,327,000)
Total stockholders' equity	49,808,000	48,095,000
Total liabilities and stockholders' equity	90,286,000	87,265,000
Common Stock
Stockholders' equity:
Common stock	1,822,000	1,812,000
Class A Common Stock
Stockholders' equity:
Common stock	1,851,000	1,851,000
Total stockholders' equity	$ 1,851,000	$ 1,851,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	18,220,484	18,116,562
Common stock, shares outstanding	18,220,484	18,116,562
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	55,000,000	55,000,000
Common stock, shares issued	18,510,975	18,510,975
Common stock, shares outstanding	18,510,975	18,510,975

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net earnings	$ 1,494	$ 5,327
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	4,377	2,448
Amortization of credit facility fees	72	72
Stock-based compensation	256	221
Deferred income taxes	(1,156)	(778)
Benefit for contingent obligation	(90)
Income from assets held for sale	(2,900)
Loss on disposal of long-lived assets, non-cash		2,045
Changes in assets and liabilities:
Accounts receivable	(229)	(9,855)
Inventories	(75)	30
Prepaid expenses and other	(4,965)	190
Prepaid income taxes/income taxes payable	(1,481)	1,182
Accounts payable	149	679
Accrued liabilities	(543)	1,915
Payable to/receivable from Dover Downs Gaming & Entertainment, Inc.	(11)	33
Deferred revenue	5,756	(1,618)
Liability for pension benefits	(23)	(113)
Net cash provided by operating activities	631	1,778
Investing activities:
Capital expenditures	(1,357)	(1,460)
Purchases of available-for-sale securities	(18)	(81)
Proceeds from available-for-sale securities	14	77
Non-refundable payments received related to assets held for sale	1,200
Net cash used in investing activities	(161)	(1,464)
Financing activities:
Borrowings from revolving line of credit	23,460	28,480
Repayments on revolving line of credit	(23,640)	(28,580)
Repurchase of common stock	(121)	(129)
Net cash used in financing activities	(301)	(229)
Net increase in cash	169	85
Cash, beginning of period	24	4
Cash, end of period	193	89
Supplemental information:
Interest paid	354	422
Income tax payments	3,582	$ 3,087
Change in accounts payable for capital expenditures	$ (778)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Basis of Presentation
Basis of Presentation	NOTE 1 — Basis of Presentation References in this document to “we,” “us” and “our” mean Dover Motorsports, Inc. and/or its wholly owned subsidiaries, as appropriate. The accompanying consolidated financial statements have been prepared in compliance with Rule 10-01 of Regulation S-X and U.S. generally accepted accounting principles, and accordingly do not include all of the information and disclosures required for audited financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our latest Annual Report on Form 10-K filed on March 6, 2015. In the opinion of management, these consolidated financial statements include all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of operations, financial position and cash flows for the interim periods presented. Operating results for the three and nine-month periods ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 due to the seasonal nature of our business.

Business Operations

Business Operations	9 Months Ended
	Sep. 30, 2015
Business Operations
Business Operations	NOTE 2 — Business Operations Dover Motorsports, Inc. is a public holding company that is a leading marketer and promoter of motorsports entertainment in the United States. Through our subsidiaries, we own and operate Dover International Speedway ® in Dover, Delaware and Nashville Superspeedway ® near Nashville, Tennessee. As of the date of this filing our Dover facility promoted the following six events during 2015, all of which were under the auspices of the premier sanctioning body in motorsports - the National Association for Stock Car Auto Racing (“NASCAR”): · 2 NASCAR Sprint Cup Series events; · 2 NASCAR Xfinity Series events; · 1 NASCAR Camping World Truck Series event; and · 1 NASCAR K&N Pro Series East event. We promoted three NASCAR racing events at our Dover International Speedway facility during the third quarter of 2014. These events were held in the beginning of the fourth quarter for 2015; therefore, revenues and operating and marketing expenses are not comparable for the three and nine-month periods ended September 30, 2015 and 2014. We have hosted the Firefly Music Festival on our property in Dover, Delaware for four consecutive years. The inaugural three day festival with 40 musical acts was held in July 2012, followed by a three day festival in June 2013 with over 70 musical acts and an expanded four day festival in June 2014 with over 100 musical acts. The event returned to Dover on June 18-21, 2015 with 120 musical acts. In September 2014, Red Frog Events LLC formed RFGV Festivals LLC - a joint venture with Goldenvoice that promotes Firefly. Goldenvoice is owned by AEG Live, one of the world’s largest presenters of live music and entertainment events. We entered into an amended agreement with RFGV Festivals granting them two 5 year options to extend our facility rental agreement through 2032 (from its original expiration date of 2022) in exchange for a rental commitment to secure our property for up to two festivals per year. Rent is at differing rates depending on how many events are actually held. On June 26-28, 2015, the inaugural Big Barrel Country Music Festival was held at our facility. The three day festival was promoted by RFGV Festivals and featured 40 musical acts. We also receive a percentage of the concession sales we manage at the events. Nashville Superspeedway no longer promotes NASCAR events and has not entered into sanction agreements with NASCAR since 2011. We currently use the facility on a limited basis for motorsports track rentals. On May 29, 2014, we entered into an agreement to sell the facility for $27 million in cash and the assumption by the potential buyer of obligations of ours under certain Variable Rate Tax Exempt Infrastructure Revenue Bonds. The sales agreement was amended several times extending the closing date. In consideration for these amendments, during 2014 we received $1,700,000 in non-refundable deposits from the potential buyer which was to be applied against the purchase price at closing. As of December 31, 2014, the $1,700,000 was included in accrued expenses in our consolidated balance sheets. In the first nine months of 2015, we received $1,200,000 in non-refundable deposits to extend closing under the agreement, a portion of which was to be applied against the purchase price depending on the closing date. During the first and second quarters of 2015, $427,000 and $606,000, respectively, was recorded as income from assets held for sale in our consolidated statements of earnings as those deposit amounts were not to be applied against the purchase price at closing based on the terms of the amendments. On June 1, 2015, the potential buyer defaulted under the agreement and did not subsequently cure the default. The amended closing date under the agreement was July 27, 2015; therefore, the agreement expired by its terms. Accordingly, we recorded as income from assets held for sale the remaining deposits of $1,867,000 in the third quarter of 2015. We have expanded our sales efforts and are in discussions with additional prospective buyers. The assets of Nashville Superspeedway are reported as assets held for sale in our consolidated balance sheet at September 30, 2015 and December 31, 2014.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 3 — Summary of Significant Accounting Policies Basis of consolidation and presentation— The accompanying consolidated financial statements include the accounts of Dover Motorsports, Inc. and our wholly owned subsidiaries. Intercompany transactions and balances have been eliminated. Investments— Investments, which consist of mutual funds, are classified as available-for-sale and reported at fair-value in other assets in our consolidated balance sheets. Changes in fair value are reported in other comprehensive income (loss). See NOTE 5 — Pension Plans, NOTE 6 — Stockholders’ Equity and NOTE 7 — Fair Value Measurements for further discussion. Property and equipment— Property and equipment is stated at cost. Depreciation is provided for financial reporting purposes using the straight-line method over the asset’s estimated useful life. Accumulated depreciation was $53,373,000 and $49,083,000 as of September 30, 2015 and December 31, 2014, respectively. In the first quarter of 2015, we identified certain track related assets that, as a result of our planned reduction of grandstand seating, were retired at the end of our 2015 race season. As a result, we adjusted the service lives of those assets to properly reflect their shortened estimated useful life. We recorded depreciation expense of $655,000 and $2,039,000 in the three and nine-month periods ended September 30, 2015 related to these assets. We will record depreciation expense of approximately $177,000 during the fourth quarter of 2015 related to these assets , at which point the assets will be fully depreciated. Impairment of long-lived assets— Long-lived assets are assessed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. Generally, fair value is determined using valuation techniques such as the comparable sales approach based on either independent third party appraisals or pending/completed sales transactions. Income taxes— Deferred income taxes are provided on all differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements based upon enacted statutory tax rates in effect at the balance sheet date. We record a valuation allowance to reduce our deferred tax assets when uncertainty regarding their realizability exists. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. As of September 30, 2015, our valuation allowance on state net operating loss carry-forwards net of federal income taxes was $10,311,000, which decreased by $93,000 in the first nine months of 2015. These state net operating losses are related to our Midwest facilities that have not produced taxable income in recent years to utilize the net operating loss carryforwards. As such, the valuation allowances fully reserve the state net operating loss carryforwards, net of federal tax benefit. We file income tax returns with the Internal Revenue Service and the states in which we conduct business. We have identified the U.S. federal and state of Delaware as our major tax jurisdictions. As of September 30, 2015, tax years after 2011 remain open to examination for federal and Delaware income tax purposes. Revenue recognition— We classify our revenues as admissions, event-related, broadcasting and other. “Admissions” revenue includes ticket sales for all of our events. “Event-related” revenue includes amounts received from sponsorship fees; luxury suite rentals; hospitality tent rentals and catering; concessions and souvenir sales and vendor commissions for the right to sell concessions and souvenirs at our facilities; sales of programs; track rentals and other event-related revenues. Additionally, event related revenue includes amounts received for the use of our property and a portion of the concession sales we manage from the Firefly Music Festival and the Big Barrel Country Music Festival. “Broadcasting” revenue includes rights fees obtained for television and radio broadcasts of events held at our speedways and any ancillary media rights fees. Revenues pertaining to specific events are deferred until the event is held. Concession and souvenir revenues are recorded at the time of sale. Revenues and related expenses from barter transactions in which we provide advertising or other goods or services in exchange for sponsorships of motorsports events are recorded at fair value. Barter transactions accounted for $0 and $251,000, and $326,000 and $550,000 of total revenues for the three and nine-month periods ended September 30, 2015 and 2014, respectively. Under the terms of our sanction agreements, NASCAR retains 10% of the gross broadcast rights fees allocated to each NASCAR-sanctioned event as a component of its sanction fee. The remaining 90% is recorded as revenue. The event promoter is required to pay 25% of the gross broadcast rights fees to the event as part of the awards to the competitors, which we record as operating expenses. Expense recognition— The cost of non-event related advertising, promotion and marketing programs is expensed as incurred. Certain direct expenses pertaining to specific events, including prize and point fund monies and sanction fees paid to NASCAR, a majority of our marketing expenses and other expenses associated with the promotion of our racing events are deferred until the event is held, at which point they are expensed. Advertising expenses were $7,000 and $641,000, and $541,000 and $1,209,000 for the three and nine-month periods ended September 30, 2015 and 2014. Net (loss) earnings per common share— Nonvested share-based payment awards that include rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities, and the two-class method of computing basic and diluted net (loss) earnings per common share (“EPS”) is applied for all periods presented. The following table sets forth the computation of EPS (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net (loss) earnings per common share — basic and diluted: Net (loss) earnings $ ) $ $ $ Allocation to nonvested restricted stock awards — Net (loss) earnings available to common stockholders $ ) $ $ $ Weighted-average shares outstanding — basic and diluted Net (loss) earnings per common share — basic and diluted $ ) $ $ $ There were no options outstanding and we paid no dividends during the three and nine-month periods ended September 30, 2015 or 2014. Accounting for stock-based compensation— We recorded total stock-based compensation expense for our restricted stock awards of $60,000 and $256,000, and $57,000 and $221,000 as general and administrative expenses for the three and nine-month periods ended September 30, 2015 and 2014, respectively. We recorded income tax benefits of $26,000 and $104,000, and $23,000 and $90,000 for the three and nine-month periods ended September 30, 2015 and 2014, respectively, related to our restricted stock awards. Use of estimates— The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities, disclosures about contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on our best estimates and judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. Volatility in credit and equity markets and declines in consumer spending have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Long-Term Debt
Long-Term Debt	NOTE 4 — Long-Term Debt At September 30, 2015, Dover Motorsports, Inc. and its wholly owned subsidiaries Dover International Speedway, Inc. and Nashville Speedway, USA, Inc., as co-borrowers had a $35,000,000 secured credit agreement with a bank group. The credit facility expires on July 31, 2017. Interest is based upon LIBOR plus a margin that varies between 125 and 175 basis points depending on the leverage ratio (125 basis points at September 30, 2015). The facility provides that we may elect to enter into a negative pledge with the bank group in exchange for the release of the security interest in the collateral securing the agreement. In the event we elect to enter into the negative pledge, interest will be based upon LIBOR plus a margin that varies between 150 and 200 basis points depending on the leverage ratio. The credit facility contains certain covenants including maximum funded debt to earnings before interest, taxes, depreciation and amortization (“leverage ratio”) and a minimum fixed charge coverage ratio. Material adverse changes in our results of operations could impact our ability to maintain financial ratios necessary to satisfy these requirements. In addition, the credit agreement includes a material adverse change clause and provides the lenders with a first lien on all of our assets. The credit facility also provides that if we default under any other loan agreement, that would be a default under this facility. At September 30, 2015, there was $10,580,000 outstanding under the credit facility at an interest rate of 1.45%. The credit facility provides for seasonal funding needs, capital improvements, letter of credit requirements and other general corporate purposes. At September 30, 2015, we were in compliance with the terms of the credit facility. After consideration of stand-by letters of credit outstanding, the remaining maximum borrowings available pursuant to the credit facility were $6,932,000 at September 30, 2015. We expect to be in compliance with the financial covenants, and all other covenants, for all measurement periods during the next twelve months.

Pension Plans

Pension Plans	9 Months Ended
	Sep. 30, 2015
Pension Plans
Pension Plans	NOTE 5 — Pension Plans We maintain a non-contributory tax qualified defined benefit pension plan that has been frozen since July 2011. All of our full time employees were eligible to participate in the qualified plan. Benefits provided by our qualified pension plan were based on years of service and employees’ remuneration over their employment period. Compensation earned by employees up to July 31, 2011 is used for purposes of calculating benefits under our pension plan with no future benefit accruals after this date. Participants as of July 31, 2011 continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. We also maintain a non-qualified, non-contributory defined benefit pension plan, the excess plan, for certain employees that has been frozen since July 2011. This excess plan provided benefits that would otherwise be provided under the qualified pension plan but for maximum benefit and compensation limits applicable under federal tax law. The cost associated with the excess plan is determined using the same actuarial methods and assumptions as those used for our qualified pension plan. The assets for the excess plan aggregate $791,000 and $820,000 as of September 30, 2015 and December 31, 2014, respectively, and are recorded in other assets in our consolidated balance sheets (see NOTE 7 — Fair Value Measurements). The components of net periodic pension benefit for our defined benefit pension plans are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest cost $ $ $ $ Expected return on plan assets ) ) ) ) Recognized net actuarial loss $ ) $ ) $ ) $ ) We made no contributions to our defined benefit pension plans during the nine months ended September 30, 2015. We do not expect to contribute to our defined benefit pension plans in 2015. We contributed $25,000 and $33,000 to our defined benefit pension plans during the three and nine-month periods ended September 30, 2014, respectively. We also maintain a non-elective, non-qualified supplemental executive retirement plan (“SERP”) which provides deferred compensation to certain highly compensated employees that approximates the value of benefits lost by the freezing of the pension plan which are not offset by our enhanced matching contributions in our 401(k) plan. The SERP is a discretionary defined contribution plan and contributions made to the SERP in any given year are not guaranteed and will be at the sole discretion of our Compensation and Stock Incentive Committee. In the three and nine-month periods ended September 30, 2015 and 2014, we recorded expenses of $17,000 and $52,000, and $17,000 and $52,000, respectively, related to the SERP. During the nine-month periods ended September 30, 2015 and 2014, we contributed $72,000 and $65,000 to the plan, respectively. The liability for SERP benefits was $53,000 and $73,000 as of September 30, 2015 and December 31, 2014, respectively. We maintain a defined contribution 401(k) plan that permits participation by substantially all employees. Our matching contributions to the 401(k) plan were $20,000 and $83,000, and $28,000 and $88,000 in the three and nine-month periods ended September 30, 2015 and 2014, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity
Stockholders' Equity	NOTE 6 — Stockholders’ Equity Changes in the components of stockholders’ equity are as follows (in thousands): Common Stock Class A Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Balance at December 31, 2014 $ $ $ $ ) $ ) Net earnings — — — — Issuance of restricted stock awards, net of forfeitures — ) — — Stock-based compensation — — — — Repurchase and retirement of common stock ) — ) — — Unrealized loss on available-for-sale securities, net of income tax benefit of $14 — — — — ) Change in net actuarial loss and prior service cost, net of income tax expense of $37 — — — — Excess tax benefit on restricted stock — — — — Balance at September 30, 2015 $ $ $ $ ) $ ) As of September 30, 2015 and December 31, 2014, accumulated other comprehensive loss, net of income taxes, consists of the following: September 30, 2015 December 31, 2014 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,286,000 and $2,323,000, respectively $ ) $ ) Accumulated unrealized gain on available-for-sale securities, net of income tax expense of $29,000 and $43,000, respectively Accumulated other comprehensive loss $ ) $ ) On July 28, 2004, our Board of Directors authorized the repurchase of up to 2,000,000 shares of our outstanding common stock. The purchases may be made in the open market or in privately negotiated transactions as conditions warrant. The repurchase authorization has no expiration date, does not obligate us to acquire any specific number of shares and may be suspended at any time. During the nine months ended September 30, 2014, we purchased and retired 13,950 shares of our outstanding common stock at an average purchase price of $2.27 per share, not including nominal brokerage commissions. No purchases of our equity securities were made pursuant to this authorization during the nine months ended September 30, 2015. At September 30, 2015, we had remaining repurchase authority of 1,178,131 shares. We had a stock incentive plan, adopted in 2004, which provided for the grant of up to 1,500,000 shares of common stock to our officers and key employees through stock options and/or awards valued in whole or in part by reference to our common stock, such as nonvested restricted stock awards. Under the plan, nonvested restricted stock vests an aggregate of twenty percent each year beginning on the second anniversary date of the grant. The aggregate market value of the nonvested restricted stock at the date of issuance is being amortized on a straight-line basis over the six-year period. We granted 151,000 stock awards under this plan during the nine months ended September 30, 2014. This plan expired on January 27, 2014; therefore, no further grants of stock options or stock awards can be made under this plan. On January 29, 2014, our board of directors adopted a new stock incentive plan. The plan was approved by our shareholders on April 23, 2014. The plan provides for the grant of up to 2,000,000 shares of common stock to our officers and key employees through stock options and/or awards valued in whole or in part by reference to our common stock, such as nonvested restricted stock awards. Terms of the plan are similar to the 2004 plan discussed above. We granted 153,000 stock awards under this plan during the nine months ended September 30, 2015. As of September 30, 2015, there were 1,848,626 shares available for granting options or stock awards. During the nine months ended September 30, 2015 and 2014, we purchased and retired 49,078 and 40,210 shares of our outstanding common stock at an average purchase price of $2.46 and $2.41 per share, respectively. These purchases were made from employees in connection with the vesting of restricted stock awards under our Stock Incentive Plan and were not pursuant to the aforementioned repurchase authorization. Since the vesting of a restricted stock award is a taxable event to our employees for which income tax withholding is required, the plan allows employees to surrender to us some of the shares that would otherwise have vested in satisfaction of their tax liability. The surrender of these shares is treated by us as a purchase of the shares.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements
Fair Value Measurements	NOTE 7 — Fair Value Measurements Our financial instruments are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following table summarizes the valuation of our financial instrument pricing levels as of September 30, 2015 and December 31, 2014: Total Level 1 Level 2 Level 3 September 30, 2015 Available-for-sale securities $ $ $ — $ — December 31, 2014 Available-for-sale securities $ $ $ — $ — Our investments in available-for-sale securities consist of mutual funds. These investments are included in other assets on our consolidated balance sheets. The carrying amounts of other financial instruments reported in our consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short maturity of these instruments. At September 30, 2015 and December 31, 2014, there was $10,580,000 and $10,760,000, respectively, outstanding under our revolving credit agreement. The borrowings under our revolving credit agreement bear interest at the variable rate described in NOTE 4 — Long-Term Debt and therefore we believe approximate fair value.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions
Related Party Transactions	NOTE 8 — Related Party Transactions During the three and nine-month periods ended September 30, 2015 and 2014, Dover Downs Gaming & Entertainment, Inc. (“Gaming”), a company related through common ownership, allocated costs of $453,000 and $1,399,000, and $473,000 and $1,465,000, respectively, to us for certain administrative and operating services, including leased space. We allocated certain administrative and operating service costs of $39,000 and $168,000, and $35,000 and $194,000, respectively, to Gaming for the three and nine-month periods ended September 30, 2015 and 2014. The allocations were based on an analysis of each company’s share of the costs. In connection with our 2015 and 2014 NASCAR event weekends at Dover International Speedway, Gaming provided certain services, primarily catering, for which we were invoiced $4,000 and $426,000, and $353,000 and $693,000, respectively, for the three and nine-month periods ended September 30, 2015 and 2014. Additionally, we invoiced Gaming $8,000 and $119,000, and $94,000 and $193,000, respectively, for the three and nine-month periods ended September 30, 2015 and 2014 for tickets to the event. As of September 30, 2015 and December 31, 2014, our consolidated balance sheets included an $11,000 and $22,000 payable to Gaming for the aforementioned items. These items were settled in October of 2015 and January of 2015, respectively. The net costs incurred by each company for these services are not necessarily indicative of the costs that would have been incurred if the companies had been unrelated entities and/or had otherwise independently managed these functions; however, management believes that these costs are reasonable. Prior to the spin-off of Gaming from our company in 2002, both companies shared certain real property in Dover, Delaware. At the time of the spin-off, some of this real property was transferred to Gaming to ensure that the real property holdings of each company was aligned with its past uses and future business needs. During its harness racing season, Gaming has historically used the 5/8-mile harness racing track that is located on our property and is on the inside of our one-mile motorsports superspeedway. In order to continue this historic use, we granted a perpetual easement to the harness track to Gaming at the time of the spin-off. This perpetual easement allows Gaming to have exclusive use of the harness track during the period beginning November 1 of each year and ending April 30 of the following year, together with set up and tear down rights for the two weeks before and after such period. The easement requires that Gaming maintain the harness track but does not require the payment of any rent. Various easements and agreements relative to access, utilities and parking have also been entered into between us and Gaming relative to our respective Dover, Delaware facilities. We pay rent to Gaming for the lease of our principal executive office space. Gaming also allows us to use its indoor grandstands in connection with our two annual motorsports weekends. This occasional grandstand use is not material to us and Gaming does not assess rent for it; Gaming may also discontinue our use at its discretion. Henry B. Tippie, Chairman of our Board of Directors, controls in excess of fifty percent of our voting power. Mr. Tippie’s voting control emanates from his direct and indirect holdings of common stock and Class A common stock and from his status as trustee of the RMT Trust, our largest stockholder. This means that Mr. Tippie has the ability to determine the outcome of the election of directors and to determine the outcome of many significant corporate transactions, many of which only require the approval of a majority of our voting power. Patrick J. Bagley, Timothy R. Horne, Denis McGlynn, Jeffrey W. Rollins, R. Randall Rollins, Richard K. Struthers and Henry B. Tippie are all Directors of Dover Motorsports, Inc. and Gaming. Denis McGlynn is the President and Chief Executive Officer of both companies, Klaus M. Belohoubek is the Senior Vice President — General Counsel and Secretary of both companies and Timothy R. Horne is the Senior Vice President — Finance and Chief Financial Officer of both companies. Mr. Tippie controls in excess of fifty percent of the voting power of Gaming.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies
Commitments and Contingencies	NOTE 9 — Commitments and Contingencies In September 1999, the Sports Authority of the County of Wilson (Tennessee) issued $25,900,000 in Variable Rate Tax Exempt Infrastructure Revenue Bonds, Series 1999, to acquire, construct and develop certain public infrastructure improvements which benefit Nashville Superspeedway, of which $17,200,000 was outstanding at September 30, 2015. Annual principal payments range from $900,000 in September 2016 to $1,600,000 in 2029 and are payable solely from sales taxes and incremental property taxes generated from the facility. These bonds are direct obligations of the Sports Authority and therefore have historically not been required to be recorded on our consolidated balance sheet. If the sales taxes and incremental property taxes (“applicable taxes”) are insufficient for the payment of principal and interest on the bonds, we would become responsible for the difference. In the event we were unable to make the payments, they would be made pursuant to a $17,488,000 irrevocable direct-pay letter of credit issued by our bank group. We are exposed to fluctuations in interest rates for these bonds. As of September 30, 2015 and December 31, 2014, $2,039,000 and $1,932,000, respectively, was available in the sales and incremental property tax fund maintained by the Sports Authority to pay the remaining principal and interest due under the bonds. During the first nine months of 2015, we paid $983,000 into the sales and incremental property tax fund and $876,000 was deducted from the fund for principal and interest payments. If we fail to maintain the letter of credit that secures the bonds or we allow an uncured event of default to exist under our reimbursement agreement relative to the letter of credit, the bonds would be immediately redeemable. Nashville Superspeedway no longer promotes NASCAR events and has not entered into sanction agreements with NASCAR since 2011. We currently use the facility on a limited basis for motorsports track rentals. In 2011 we recorded a $2,250,000 provision for contingent obligation reflecting the present value of the estimated portion of the revenue bonds debt service that may not be covered by the projected sales and incremental property taxes from the facility. Due to changing interest rates, the provision for contingent obligation increased (decreased) by $12,000 and ($90,000), and $8,000 and $0 in the three and nine-month periods ended September 30, 2015 and 2014, respectively, and is $1,723,000 at September 30, 2015. An increase in interest rates would result in an increase in the portion of debt service not covered by applicable taxes and therefore an increase in our liability. We are also a party to ordinary routine litigation incidental to our business. Management does not believe that the resolution of any of these matters is likely to have a material adverse effect on our results of operations, financial position or cash flows.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Summary of Significant Accounting Policies
Basis of consolidation and presentation	Basis of consolidation and presentation— The accompanying consolidated financial statements include the accounts of Dover Motorsports, Inc. and our wholly owned subsidiaries. Intercompany transactions and balances have been eliminated.
Investments	Investments— Investments, which consist of mutual funds, are classified as available-for-sale and reported at fair-value in other assets in our consolidated balance sheets. Changes in fair value are reported in other comprehensive income (loss). See NOTE 5 — Pension Plans, NOTE 6 — Stockholders’ Equity and NOTE 7 — Fair Value Measurements for further discussion.
Property and equipment	Property and equipment— Property and equipment is stated at cost. Depreciation is provided for financial reporting purposes using the straight-line method over the asset’s estimated useful life. Accumulated depreciation was $53,373,000 and $49,083,000 as of September 30, 2015 and December 31, 2014, respectively. In the first quarter of 2015, we identified certain track related assets that, as a result of our planned reduction of grandstand seating, were retired at the end of our 2015 race season. As a result, we adjusted the service lives of those assets to properly reflect their shortened estimated useful life. We recorded depreciation expense of $655,000 and $2,039,000 in the three and nine-month periods ended September 30, 2015 related to these assets. We will record depreciation expense of approximately $177,000 during the fourth quarter of 2015 related to these assets, at which point the assets will be fully depreciated.
Impairment of long-lived assets	Impairment of long-lived assets— Long-lived assets are assessed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds its fair value. Generally, fair value is determined using valuation techniques such as the comparable sales approach based on either independent third party appraisals or pending/completed sales transactions.
Income taxes	Income taxes— Deferred income taxes are provided on all differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements based upon enacted statutory tax rates in effect at the balance sheet date. We record a valuation allowance to reduce our deferred tax assets when uncertainty regarding their realizability exists. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. As of September 30, 2015, our valuation allowance on state net operating loss carry-forwards net of federal income taxes was $10,311,000, which decreased by $93,000 in the first nine months of 2015. These state net operating losses are related to our Midwest facilities that have not produced taxable income in recent years to utilize the net operating loss carryforwards. As such, the valuation allowances fully reserve the state net operating loss carryforwards, net of federal tax benefit. We file income tax returns with the Internal Revenue Service and the states in which we conduct business. We have identified the U.S. federal and state of Delaware as our major tax jurisdictions. As of September 30, 2015, tax years after 2011 remain open to examination for federal and Delaware income tax purposes.
Revenue recognition	Revenue recognition— We classify our revenues as admissions, event-related, broadcasting and other. “Admissions” revenue includes ticket sales for all of our events. “Event-related” revenue includes amounts received from sponsorship fees; luxury suite rentals; hospitality tent rentals and catering; concessions and souvenir sales and vendor commissions for the right to sell concessions and souvenirs at our facilities; sales of programs; track rentals and other event-related revenues. Additionally, event related revenue includes amounts received for the use of our property and a portion of the concession sales we manage from the Firefly Music Festival and the Big Barrel Country Music Festival. “Broadcasting” revenue includes rights fees obtained for television and radio broadcasts of events held at our speedways and any ancillary media rights fees. Revenues pertaining to specific events are deferred until the event is held. Concession and souvenir revenues are recorded at the time of sale. Revenues and related expenses from barter transactions in which we provide advertising or other goods or services in exchange for sponsorships of motorsports events are recorded at fair value. Barter transactions accounted for $0 and $251,000, and $326,000 and $550,000 of total revenues for the three and nine-month periods ended September 30, 2015 and 2014, respectively. Under the terms of our sanction agreements, NASCAR retains 10% of the gross broadcast rights fees allocated to each NASCAR-sanctioned event as a component of its sanction fee. The remaining 90% is recorded as revenue. The event promoter is required to pay 25% of the gross broadcast rights fees to the event as part of the awards to the competitors, which we record as operating expenses.
Expense recognition	Expense recognition— The cost of non-event related advertising, promotion and marketing programs is expensed as incurred. Certain direct expenses pertaining to specific events, including prize and point fund monies and sanction fees paid to NASCAR, a majority of our marketing expenses and other expenses associated with the promotion of our racing events are deferred until the event is held, at which point they are expensed. Advertising expenses were $7,000 and $641,000, and $541,000 and $1,209,000 for the three and nine-month periods ended September 30, 2015 and 2014.
Net (loss) earnings per common share	Net (loss) earnings per common share— Nonvested share-based payment awards that include rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities, and the two-class method of computing basic and diluted net (loss) earnings per common share (“EPS”) is applied for all periods presented. The following table sets forth the computation of EPS (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net (loss) earnings per common share — basic and diluted: Net (loss) earnings $ ) $ $ $ Allocation to nonvested restricted stock awards — Net (loss) earnings available to common stockholders $ ) $ $ $ Weighted-average shares outstanding — basic and diluted Net (loss) earnings per common share — basic and diluted $ ) $ $ $ There were no options outstanding and we paid no dividends during the three and nine-month periods ended September 30, 2015 or 2014.
Accounting for stock-based compensation	Accounting for stock-based compensation— We recorded total stock-based compensation expense for our restricted stock awards of $60,000 and $256,000, and $57,000 and $221,000 as general and administrative expenses for the three and nine-month periods ended September 30, 2015 and 2014, respectively. We recorded income tax benefits of $26,000 and $104,000, and $23,000 and $90,000 for the three and nine-month periods ended September 30, 2015 and 2014, respectively, related to our restricted stock awards.
Use of estimates	Use of estimates— The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities, disclosures about contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on our best estimates and judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. Volatility in credit and equity markets and declines in consumer spending have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Summary of Significant Accounting Policies
Schedule of the computation of EPS	The following table sets forth the computation of EPS (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net (loss) earnings per common share — basic and diluted: Net (loss) earnings $ ) $ $ $ Allocation to nonvested restricted stock awards — Net (loss) earnings available to common stockholders $ ) $ $ $ Weighted-average shares outstanding — basic and diluted Net (loss) earnings per common share — basic and diluted $ ) $ $ $

Pension Plans (Tables)

Pension Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Pension Plans
Schedule of components of net periodic pension benefit	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest cost $ $ $ $ Expected return on plan assets ) ) ) ) Recognized net actuarial loss $ ) $ ) $ ) $ )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity
Schedule of changes in the components of stockholders' equity	Changes in the components of stockholders’ equity are as follows (in thousands): Common Stock Class A Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Balance at December 31, 2014 $ $ $ $ ) $ ) Net earnings — — — — Issuance of restricted stock awards, net of forfeitures — ) — — Stock-based compensation — — — — Repurchase and retirement of common stock ) — ) — — Unrealized loss on available-for-sale securities, net of income tax benefit of $14 — — — — ) Change in net actuarial loss and prior service cost, net of income tax expense of $37 — — — — Excess tax benefit on restricted stock — — — — Balance at September 30, 2015 $ $ $ $ ) $ )
Schedule of accumulated other comprehensive loss, net of income taxes	September 30, 2015 December 31, 2014 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,286,000 and $2,323,000, respectively $ ) $ ) Accumulated unrealized gain on available-for-sale securities, net of income tax expense of $29,000 and $43,000, respectively Accumulated other comprehensive loss $ ) $ )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements
Summary of valuation of financial instrument pricing levels	Total Level 1 Level 2 Level 3 September 30, 2015 Available-for-sale securities $ $ $ — $ — December 31, 2014 Available-for-sale securities $ $ $ — $ —

Business Operations (Details)

Business Operations (Details)

Jun. 28, 2015item

Jun. 21, 2015item

May. 29, 2014USD ($)

Jun. 30, 2014item

Jun. 30, 2013item

Jul. 31, 2012item

Sep. 30, 2015USD ($)

Jun. 30, 2015USD ($)

Mar. 31, 2015USD ($)

Sep. 30, 2014item

Sep. 30, 2015USD ($)item

Dec. 31, 2014USD ($)

Business Operations

Non-refundable deposit received on expected sale of facility | $

$ 1,200,000

Income from assets held for sale | $

$ 1,867,000

2,900,000

Nashville Superspeedway

Business Operations

Proceeds from sale of facility | $

$ 27,000,000

Non-refundable deposit received on expected sale of facility | $

$ 1,200,000

$ 1,700,000

Income from assets held for sale | $

$ 1,867,000

$ 606,000

$ 427,000

Deposits included in accrued expenses | $

$ 1,700,000

Dover Facility

Business Operations

Number of events scheduled to be promoted

6

Number of events promoted

3

Number of years Firefly Music Festival hosted

4 years

Number of days the Firefly Music Festival is held

3 days

4 days

3 days

3 days

Number of music acts featured in Firefly Music Festival

40

120

100

70

40

Number of options granted to extend rent agreement

2

Number of years each agreement permits to use our facility

5 years

Dover Facility | Maximum

Business Operations

Number of events scheduled to be promoted

2

Dover Facility | NASCAR Sprint Cup Series events

Business Operations

Number of events scheduled to be promoted

2

Dover Facility | NASCAR Xfinity Series events

Business Operations

Number of events scheduled to be promoted

2

Dover Facility | NASCAR Camping World Truck Series event

Business Operations

Number of events scheduled to be promoted

1

Dover Facility | NASCAR K&N Pro Series East event

Business Operations

Number of events scheduled to be promoted

1

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Property and Equipment
Accumulated depreciation		$ 53,373,000	$ 53,373,000	$ 49,083,000
Depreciation expense		655,000	2,039,000
Scenario Forecast
Property and Equipment
Depreciation expense	$ 177,000
State and Local Jurisdiction
Operating loss carryforwards
Valuation allowance for deferred tax assets		$ 10,311,000	10,311,000
Decrease in valuation allowances			$ 93,000

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue recognition
Revenues from barter transactions	$ 0	$ 326,000	$ 251,000	$ 550,000
Percentage of gross broadcast rights fees retained by NASCAR	10.00%		10.00%
Percentage of gross broadcast rights fees recorded as revenue	90.00%		90.00%
Percentage of gross broadcast rights fees payable to the event as part of the awards to the competitors	25.00%		25.00%
Expense recognition
Advertising expenses	$ 7,000	541,000	$ 641,000	1,209,000
Net (loss) earnings per common share:
Net earnings	(1,396,000)	2,601,000	1,494,000	5,327,000
Allocation to nonvested restricted stock awards		42,000	23,000	85,000
Net (loss) earnings available to common stockholders	$ (1,396,000)	$ 2,559,000	$ 1,471,000	$ 5,242,000
Weighted-average shares outstanding - basic and diluted	36,157,000	36,042,000	36,155,000	36,049,000
Net (loss) earnings per common share - basic and diluted	$ (0.04)	$ 0.07	$ 0.04	$ 0.15
Options outstanding (in shares)	0	0	0	0
Dividends paid	$ 0	$ 0	$ 0	$ 0
Restricted Stock
Accounting for stock-based compensation
Stock-based compensation expense	60,000	57,000	256,000	221,000
Income tax benefits related to restricted stock awards	$ 26,000	$ 23,000	$ 104,000	$ 90,000

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Long-Term Debt
Amount outstanding under the credit facility	$ 10,580,000	$ 10,760,000
Line of Credit
Long-Term Debt
Maximum borrowing capacity under the credit facility	$ 35,000,000
Reference rate	LIBOR
Interest rate added to the reference rate (as a percent)	125.00%
Amount outstanding under the credit facility	$ 10,580,000
Interest rate at the end of the period (as a percent)	1.45%
Remaining maximum borrowings available pursuant to the credit facility	$ 6,932,000
Line of Credit | Minimum
Long-Term Debt
Interest rate added to the reference rate (as a percent)	1.25%
Interest rate added to the reference rate, if the entity entered into the negative pledge (as a percent)	1.50%
Line of Credit | Maximum
Long-Term Debt
Interest rate added to the reference rate (as a percent)	1.75%
Interest rate added to the reference rate, if the entity entered into the negative pledge (as a percent)	2.00%

Pension Plans (Details)

Pension Plans (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Pension plans
Future benefit accruals	$ 0
Pension Plans, Defined Benefit
Pension plans
Fair values of pension assets	$ 791,000	$ 820,000

Pension Plans (Details 2)

Pension Plans (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Components of net periodic pension benefit
Interest cost	$ 127,000	$ 119,000	$ 387,000	$ 356,000
Expected return on plan assets	(160,000)	(153,000)	(482,000)	(460,000)
Recognized net actuarial loss	30,000	14,000	92,000	44,000
Net periodic pension cost	$ (3,000)	(20,000)	(3,000)	(60,000)
Contributions to pension plans		$ 25,000	$ 0	$ 33,000

Pension Plans (Details 3)

Pension Plans (Details 3) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Pension Plans, Defined Benefit
Defined contribution plan disclosures
Expenses recorded under the plan	$ 17,000	$ 17,000	$ 52,000	$ 52,000
Employer contributions			72,000	65,000
Liability for benefits	53,000		53,000		$ 73,000
Defined Contribution 401 K Plan
Defined contribution plan disclosures
Expenses recorded under the plan	$ 20,000	$ 28,000	$ 83,000	$ 88,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Jul. 28, 2004
Changes in the components of stockholders equity
Balance at the beginning of the period			$ 48,095,000
Net earnings	$ (1,396,000)	$ 2,601,000	1,494,000	$ 5,327,000
Unrealized loss on available-for-sale securities, net of income tax benefit of $14	(25,000)	(12,000)	(21,000)	4,000
Change in net actuarial loss and prior service cost, net of income tax expense of $37	(18,000)	$ (8,000)	(56,000)	$ (26,000)
Balance at the end of the period	49,808,000		49,808,000
Income tax expense on unrealized gain on available-for-sale securities			14,000
Income tax expense on change in net actuarial loss and prior service cost			37,000
Accumulated other comprehensive loss, net of income taxes
Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,286,000 and $2,323,000, respectively	(3,331,000)		(3,331,000)		$ (3,387,000)
Accumulated unrealized gain on available-for-sale securities, net of income tax expense of $29,000 and $43,000, respectively	39,000		39,000		60,000
Accumulated other comprehensive loss	(3,292,000)		(3,292,000)		(3,327,000)
Income tax benefit on net actuarial loss and prior service cost not yet recognized in net periodic benefit cost	2,286,000		2,286,000		2,323,000
Income tax expense on accumulated unrealized gain on available-for-sale securities	$ 29,000		$ 29,000		$ 43,000
Share Repurchase Authorization 2004
Changes in the components of stockholders equity
Number of shares purchased and retired			0	13,950
Average purchase price of shares purchased and retired (in dollars per share)				$ 2.27
Accumulated other comprehensive loss, net of income taxes
Number of shares of common stock authorized to be repurchased						2,000,000
Remaining number of shares authorized to be repurchased	1,178,131		1,178,131
Class A Common Stock
Changes in the components of stockholders equity
Balance at the beginning of the period			$ 1,851,000
Balance at the end of the period	$ 1,851,000		1,851,000
Common Stock
Changes in the components of stockholders equity
Balance at the beginning of the period			1,812,000
Issuance of restricted stock awards, net of forfeitures			15,000
Repurchase and retirement of common stock			(5,000)
Balance at the end of the period	1,822,000		1,822,000
Additional Paid-in Capital
Changes in the components of stockholders equity
Balance at the beginning of the period			101,508,000
Issuance of restricted stock awards, net of forfeitures			(15,000)
Stock-based compensation			256,000
Repurchase and retirement of common stock			(116,000)
Excess tax benefit on restricted stock			49,000
Balance at the end of the period	101,682,000		101,682,000
Accumulated Deficit
Changes in the components of stockholders equity
Balance at the beginning of the period			(53,749,000)
Net earnings			1,494,000
Balance at the end of the period	(52,255,000)		(52,255,000)
Accumulated Other Comprehensive Loss
Changes in the components of stockholders equity
Balance at the beginning of the period			(3,327,000)
Unrealized loss on available-for-sale securities, net of income tax benefit of $14			(21,000)
Change in net actuarial loss and prior service cost, net of income tax expense of $37			(56,000)
Balance at the end of the period	$ (3,292,000)		$ (3,292,000)

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jan. 29, 2014
Stockholders Equity
Maximum number of shares authorized for grant	1,500,000		2,000,000
Options granted (in shares)	153,000	151,000
Number of shares available for grant	1,848,626
Restricted Stock
Stockholders Equity
Vesting rights percentage each year beginning on the second anniversary date of the grant	20.00%
Number of shares purchased and retired	49,078	40,210
Average purchase price of shares purchased and retired (in dollars per share)	$ 2.46	$ 2.41
Service period over which the aggregate market value of stock is being amortized	6 years

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value Measurements
Available-for-sale securities	$ 791,000	$ 820,000
Amount outstanding under revolving credit agreement	10,580,000	10,760,000
Level 1
Fair Value Measurements
Available-for-sale securities	$ 791,000	$ 820,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)itemmi	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Related Party Transactions
Length of motorsports superspeedway of entity (in miles) | mi			1
Dover Downs Gaming and Entertainment Inc
Related Party Transactions
Costs for administrative and operating services, including leased space allocated by related party	$ 453,000	$ 473,000	$ 1,399,000	$ 1,465,000
Administrative and operating service costs allocated to related party	39,000	35,000	168,000	194,000
Payable to Dover Downs Gaming & Entertainment, Inc.	$ 11,000		$ 11,000		$ 22,000
Length of harness racing track used (in miles) | mi			0.625
Period, before and after the period of exclusive use of harness track, for which related party has set up and tear down rights ( in weeks)			14 days
Number of annual motorsports weekends for which use of indoor grandstands is allowed by related party | item	2		2
Dover Downs Gaming and Entertainment Inc | Dover Facility
Related Party Transactions
Costs for administrative and operating services, including leased space allocated by related party	$ 4,000	353,000	$ 426,000	693,000
Administrative and operating service costs allocated to related party	$ 8,000	$ 94,000	$ 119,000	$ 193,000
Board of Directors Chairman
Related Party Transactions
Minimum percentage of voting power controlled by related party	50.00%		50.00%
Minimum percentage of voting power of Gaming controlled by other related party	50.00%		50.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2011	Dec. 31, 2014	Sep. 30, 1999
Commitments and Contingencies
Provision for contingent obligation	$ 12,000	$ 8,000	$ (90,000)
Provision for contingent obligation	1,723,000		1,723,000			$ 1,813,000
Indirect Guarantee of Indebtedness
Commitments and Contingencies
Balance available in the sales and incremental property tax fund	2,039,000		2,039,000			$ 1,932,000
Amount paid into the sales and incremental property tax fund			983,000
Deduction from the sales and incremental property tax fund for principal and interest payments			876,000
Nontaxable Municipal Bonds | Indirect Guarantee of Indebtedness
Commitments and Contingencies
Aggregate principal amount							$ 25,900,000
Outstanding amount of debt	17,200,000		17,200,000
Irrevocable direct-pay letter of credit issued	17,488,000		17,488,000
Nontaxable Municipal Bonds | Minimum | Indirect Guarantee of Indebtedness
Commitments and Contingencies
Annual principal payments	900,000		900,000
Nontaxable Municipal Bonds | Maximum | Indirect Guarantee of Indebtedness
Commitments and Contingencies
Annual principal payments	1,600,000		1,600,000
Nashville Superspeedway | Nontaxable Municipal Bonds
Commitments and Contingencies
Provision for contingent obligation					$ 2,250,000
Increased (decreased) in the provision for contingent obligation due to changing interest rates	12,000	$ 8,000	(90,000)	$ 0
Provision for contingent obligation	$ 1,723,000		$ 1,723,000