Dover Motorsports (DVD) 10-Q 6 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Entity Registrant Name	DOVER MOTORSPORTS INC
Entity Central Index Key	0001017673
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Common Stock | Common Stock
Entity Common Stock, Shares Outstanding		18,089,599
Common Stock | Class A Common Stock
Entity Common Stock, Shares Outstanding		18,509,975

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Revenues	$ 24,838,000	$ 25,812,000	$ 24,967,000	$ 26,038,000
Expenses:
Operating and marketing	14,584,000	14,234,000	15,639,000	15,385,000
General and administrative	1,826,000	1,799,000	3,742,000	3,754,000
Depreciation	794,000	825,000	1,587,000	1,703,000
Total expenses	17,204,000	16,858,000	20,968,000	20,842,000
Gain on sale of land			139,000	2,512,000
Operating earnings	7,634,000	8,954,000	4,138,000	7,708,000
Interest expense, net	(10,000)	(33,000)	(16,000)	(73,000)
Provision for contingent obligation	(135,000)	(69,000)	(246,000)	(136,000)
Other income	57,000	27,000	189,000	31,000
Earnings before income taxes	7,546,000	8,879,000	4,065,000	7,530,000
Income tax expense	(2,045,000)	(2,371,000)	(1,054,000)	(2,014,000)
Net loss	5,501,000	6,508,000	3,011,000	5,516,000
Change in net actuarial loss and prior service cost, net of income taxes	26,000	26,000	51,000	53,000
Comprehensive loss	$ 5,527,000	$ 6,534,000	$ 3,062,000	$ 5,569,000
Net earnings per common share:
Basic (in dollars per share)	$ 0.15	$ 0.18	$ 0.08	$ 0.15
Diluted (in dollars per share)	$ 0.15	$ 0.18	$ 0.08	$ 0.15
Admissions
Revenues:
Revenues	$ 2,502,000	$ 2,853,000	$ 2,502,000	$ 2,853,000
Event-related
Revenues:
Revenues	3,453,000	4,830,000	3,582,000	5,056,000
Broadcasting
Revenues:
Revenues	18,878,000	18,128,000	18,878,000	18,128,000
Other
Revenues:
Revenues	$ 5,000	$ 1,000	$ 5,000	$ 1,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash	$ 8,989,000	$ 3,951,000
Accounts receivable	1,449,000	676,000
Inventories	20,000	21,000
Prepaid expenses and other	933,000	1,055,000
Assets held for sale	2,203,000	531,000
Total current assets	13,594,000	6,234,000
Property and equipment, net	48,559,000	48,137,000
Nashville Superspeedway facility	21,322,000	23,567,000
Right of use asset	231,000
Other assets	1,169,000	1,015,000
Total assets	84,875,000	78,953,000
Current liabilities:
Accounts payable	712,000	187,000
Accrued liabilities	3,053,000	3,083,000
Payable to Dover Downs Gaming & Entertainment, Inc.		9,000
Income taxes payable	1,149,000	118,000
Contract liabilities	2,008,000	1,140,000
Total current liabilities	6,922,000	4,537,000
Liability for pension benefits	666,000	773,000
Lease liability	157,000
Non-refundable deposit	500,000
Provision for contingent obligation	2,630,000	2,384,000
Deferred income taxes	8,074,000	8,371,000
Total liabilities	18,949,000	16,065,000
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	101,388,000	101,416,000
Accumulated deficit	(35,815,000)	(38,826,000)
Accumulated other comprehensive loss	(3,307,000)	(3,358,000)
Total stockholders' equity	65,926,000	62,888,000
Total liabilities and stockholders' equity	84,875,000	78,953,000
Common Stock | Common Stock
Stockholders' equity:
Common stock	1,809,000	1,805,000
Common Stock | 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	Jun. 30, 2019	Dec. 31, 2018
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
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	18,089,599	18,045,276
Common stock, shares outstanding	18,089,599	18,045,276
Common Stock | 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	18,509,975	18,509,975
Common stock, shares outstanding	18,509,975	18,509,975

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net earnings	$ 3,011,000	$ 5,516,000
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation	1,587,000	1,703,000
Amortization of credit facility fees	31,000	32,000
Stock-based compensation	176,000	171,000
Deferred income taxes	(317,000)	(160,000)
Provision for contingent obligation	246,000	136,000
(Gains) losses on equity investments	(113,000)	6,000
Gain on sale of land	(139,000)	(2,512,000)
Changes in assets and liabilities:
Accounts receivable	(773,000)	(1,701,000)
Inventories	1,000	(4,000)
Prepaid expenses and other	58,000	182,000
Accounts payable	555,000	178,000
Accrued liabilities	(104,000)	(227,000)
Payable to Dover Downs Gaming & Entertainment, Inc.	(9,000)	12,000
Income taxes payable	1,031,000	1,748,000
Contract liabilities	868,000	451,000
Liability for pension benefits	(36,000)	(1,038,000)
Net cash used in operating activities	6,073,000	4,493,000
Investing activities:
Capital expenditures	(2,154,000)	(530,000)
Proceeds from sale of land and equipment, net	827,000	4,945,000
Non-refundable deposit	500,000
Purchases of equity investments	(9,000)	(62,000)
Proceeds from sale of equity investments	1,000	56,000
Net cash (used in) provided by investing activities	(835,000)	4,409,000
Financing activities:
Borrowings from revolving line of credit	4,060,000	9,400,000
Repayments on revolving line of credit	(4,060,000)	(12,640,000)
Repurchase of common stock	(200,000)	(406,000)
Net cash used in financing activities	(200,000)	(3,646,000)
Net increase in cash	5,038,000	5,256,000
Cash, beginning of period	3,951,000	1,000
Cash, end of period	8,989,000	5,257,000
Supplemental information:
Interest (received) paid	(20,000)	55,000
Income tax payments	340,000	$ 427,000
Change in accounts payable for capital expenditures	$ (30,000)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
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 1, 2019. 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 six-month periods ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 due to the seasonal nature of our business.

Business Operations

Business Operations	6 Months Ended
	Jun. 30, 2019
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. In 2019, we celebrate our 50 th anniversary of racing and our Dover facility is scheduled to promote the following six events during 2019, all of which will be under the auspices of the premier sanctioning body in motorsports - the National Association for Stock Car Auto Racing (“NASCAR”): · 2 NASCAR Monster Energy Cup Series events (May and October); · 2 NASCAR Xfinity Series events (May and October); · 1 NASCAR Gander Outdoors Truck Series event (May); and · 1 NASCAR K&N Pro Series East event (October). A NASCAR Monster Energy Cup Series event, a NASCAR Xfinity Series event and a NASCAR Gander Outdoors Truck Series event were held at Dover International Speedway during the second quarter of 2019 and 2018. We have hosted the Firefly Music Festival (“Firefly”) on our property in Dover, Delaware for eight consecutive years. The inaugural three day festival with 40 musical acts was held in July 2012 and the 2019 event was held on June 21-23, 2019 with over 120 musical acts. In September 2014, Red Frog Events LLC formed RFGV Festivals LLC - a joint venture with Goldenvoice that promotes Firefly. Goldenvoice is a company of AEG Presents, LLC, a subsidiary of Anschutz Entertainment Group, Inc. AEG Presents, one of the world’s largest presenters of live music and entertainment events, announced on July 18, 2018 that it had acquired the remainder of RFGV Festivals LLC from Red Frog. Our amended agreement with RFGV Festivals grants them two 5 year options to extend our facility rental agreement through 2032 in exchange for a rental commitment to secure our property. In addition to the facility rental fee, we also receive a percentage of the concession sales we manage at the events. Nashville Superspeedway no longer promotes motorsports events and has not entered into sanction agreements with NASCAR since 2011. We lease the facility on a short term basis to third parties from time to time. On August 17, 2017, we entered into an agreement with an entity owned by Panattoni Development Company (“buyer”) relative to the sale of approximately 147 acres of land at a purchase price of $35,000 per acre. On March 2, 2018, we closed on the sale of the property with proceeds, less closing costs, of $4,945,000. Net proceeds after taxes were approximately $4,150,000. On September 1, 2017, we also awarded to the buyer a three year option for 88.03 additional acres at a purchase price of $55,000 per acre. That option agreement has been amended twice since: first, on February 9, 2018, to extend its term and to add additional acreage; and second, on June 25, 2019, in connection with the purchaser's exercise of its option on two parcels, we adjusted the acreage and further extended the term of the option on a third parcel. On July 26, 2019, the purchaser closed on the first two parcels, comprising approximately 133 acres, which yielded to us proceeds, less closing costs, of $6,397,000.Net proceeds after taxes are estimated to be approximately $5,314,000. At June 30, 2019, $2,203,000 was reported as assets held for sale in our consolidated balance sheet. One parcel of 97.17 acres remains under the option agreement with a purchase price of $66,685 per acre. The purchaser paid to us $500,000 for the extension of this option until March 1, 2022, and this non-refundable payment would be credited to the purchase price at the closing of that option parcel. While management remains committed to selling the remaining Nashville Superspeedway property which consists of approximately 1,000 acres, we do not believe it is probable that the remaining property will be sold within the next twelve months. At June 30, 2019 and December 31, 2018, $21,322,000 and $23,567,000 was reported as long term assets in our consolidated balance sheets, respectively. On February 28, 2019, we entered into an agreement to sell 7.63 acres of land at our Nashville facility for proceeds, less closing costs, of $267,000. The sale closed in the first quarter of 2019 and resulted in a gain of $139,000, which we have reported as gain on sale of land in our consolidated statements of earnings. During September 2018, we entered into negotiations to sell the last remaining parcel of land we owned near St. Louis. The sale closed in the first quarter of 2019 with proceeds, less closing costs, of $531,000. At December 31, 2018, the fair value of the land was reported as assets held for sale in our consolidated balance sheets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 3 – Summary of Significant Accounting Policies Property and equipment— Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the asset’s estimated useful life. Accumulated depreciation was $64,563,000 and $63,042,000 as of June 30, 2019 and December 31, 2018, respectively. Leases— Effective January 1, 2019, we account for leases under Accounting Standards Codification 842, Leases. Under this guidance, arrangements meeting the definition of a lease are recorded on the consolidated balance sheet as both a right of use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or our incremental borrowing rate. During the second quarter of 2019, we entered into certain operating leases with 36 month terms. At June 30, 2019, our consolidated balance sheet included a right of use asset of $231,000, a long-term lease liability of $157,000, and a short-term lease liability, which is included in accrued liabilities, of $74,000. Revenue recognition— We classify our revenues as admissions, event-related, broadcasting and other. “Admissions” revenue includes ticket sales for our events. “Event-related” revenue includes amounts received from sponsorship fees; luxury suite rentals; hospitality tent rentals and catering; concessions and vendor commissions for the right to sell concessions and souvenirs at our events; sales of programs; track rentals; broadcasting rights other than domestic television broadcasting revenue, 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. “Broadcasting” revenue includes rights fees obtained for domestic television broadcasts of events held at our speedway. All of our revenues are based on contracts with customers and, with the exception of certain track rentals, relate to two NASCAR event weekends and the Firefly Music Festival held at our Dover facility. Our contracts are typically for specific events or a racing season. We have several multi-year sponsorship contracts for our racing events and our contract with the promoter of the Firefly Music Festival is multi-year. Revenues pertaining to specific events are deferred and recorded as contract liabilities in our consolidated balance sheets until the event is held. As of June 30, 2019, contract liabilities in our consolidated balance sheets of $1,997,000 and $11,000 relate to 2019 and 2020 events, respectively. As of December 31, 2018, contract liabilities in our consolidated balance sheets relate to 2019 events. Concession and souvenir revenues are recorded at the time of sale. Revenues and related expenses from barter transactions in which we provide sponsorship packages in exchange for goods or services are recorded at fair value. Barter transactions accounted for $261,000 and $239,000 of total revenues for the three and six-month periods ended June 30, 2019 and 2018, respectively. The following table summarizes the liability activity related to contracts with customers for the three and six-month periods ended June 30, 2019 and 2018: Three Months Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 Balance, beginning of period $ 4,496 $ 5,298 $ 1,140 $ 1,249 Reductions from beginning balance (3,345) (4,000) (739) (778) Additional liabilities recorded during the period 1,841 1,648 5,197 5,697 Reduction of additional liabilities recorded during the period, not from beginning balance (984) (1,246) (3,590) (4,468) Balance, end of period $ 2,008 $ 1,700 $ 2,008 $ 1,700 We have contracted future revenues representing unsatisfied performance obligations. These contracts contain initial terms typically ranging from one to three years, with some for longer periods, excluding renewal options. We have excluded unsatisfied performance obligations for future NASCAR broadcasting revenue with contract terms through 2024. We anticipate recognizing unsatisfied performance obligations for the calendar year ending 2020 and beyond of approximately $3,272,000 at June 30, 2019. Under the terms of our sanction agreements with NASCAR, we receive a portion of the broadcast revenue NASCAR negotiates with various television networks. NASCAR typically remits payment to us for the broadcast revenue within 30 days of the event being held. 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. We are required to pay 25% of the gross broadcast rights fees to the event as part of the awards to the competitors, which are recorded as operating expenses. Expense recognition— The cost of advertising is expensed as incurred. Advertising expenses were $482,000 and $546,000, and $469,000 and $605,000 for the three and six-month periods ended June 30, 2019 and 2018, respectively. Certain direct expenses pertaining to specific events, including prize and point fund monies and sanction fees paid to NASCAR, and other expenses associated with our racing events are deferred until the event is held, at which point they are expensed. Net 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 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net earnings per common share – basic and diluted: Net earnings $ 5,501 $ 6,508 $ 3,011 $ 5,516 Allocation to nonvested restricted stock awards 89 104 49 89 Net earnings available to common stockholders $ 5,412 $ 6,404 $ 2,962 $ 5,427 Weighted-average shares outstanding – basic and diluted 36,010 36,160 36,021 36,196 Net earnings per common share – basic and diluted $ 0.15 $ 0.18 $ 0.08 $ 0.15 There were no options outstanding and we paid no dividends during the six months ended June 30, 2019 or 2018. Accounting for stock-based compensation— We recorded total stock-based compensation expense for our restricted stock awards of $68,000 and $176,000, and $66,000 and $171,000 as general and administrative expenses for the three and six-month periods ended June 30, 2019 and 2018, respectively. We recorded income tax benefits of $19,000 and $38,000, and $18,000 and $46,000 for the three and six-month periods ended June 30, 2019 and 2018, respectively, related to vesting of our restricted stock awards. Recent accounting pronouncements —In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General . This new standard makes changes to the disclosure requirements for sponsors of defined benefit pension and/or other postretirement benefit plans to improve effectiveness of notes to the financial statements. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, and requires retrospective adoption. Early adoption is permitted. We are currently analyzing the impact of this ASU and we do not expect it to have a significant impact on our financial statement disclosures.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2019
Long-Term Debt
Long-Term Debt	NOTE 4 – Long-Term Debt At June 30, 2019, 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 credit agreement with a bank group. The credit facility expires on July 31, 2020. We will seek to extend the maturity of this obligation prior to its expiration date. Interest is based upon LIBOR plus a margin that varies between 125 and 175 basis points depending on the leverage ratio. At June 30, 2019, there were no borrowings outstanding under the credit facility. 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. The credit facility also provides that if we default under any other loan agreement, that would be a default under this facility. At June 30, 2019, we were in compliance with the terms of the credit facility. The credit facility provides for seasonal funding needs, capital improvements, letter of credit requirements and other general corporate purposes. After consideration of stand-by letters of credit outstanding, the remaining maximum borrowings available pursuant to the credit facility were $20,358,000 at June 30, 2019. 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	6 Months Ended
	Jun. 30, 2019
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. 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 similar actuarial methods and assumptions as those used for our qualified pension plan. The assets for the excess plan aggregate $1,118,000 and $995,000 as of June 30, 2019 and December 31, 2018, 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Interest cost $ 128,000 $ 115,000 $ 257,000 $ 230,000 Expected return on plan assets (182,000) (170,000) (363,000) (340,000) Recognized net actuarial loss 36,000 36,000 71,000 72,000 $ (18,000) $ (19,000) $ (35,000) $ (38,000) The net periodic pension benefit is included in other income in our consolidated statements of earnings. While we have no minimum required pension contributions for 2019, we will consider making contributions during the remainder of the year. We contributed $500,000 and $1,000,000 to our defined benefit pension plans during the three and six-month periods ended June 30, 2018, 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 six- month periods ended June 30, 2019 and 2018, we recorded expenses of $27,000 and $54,000, and $22,000 and $47,000, respectively, related to the SERP. During the three and six-month periods ended June 30, 2019 and 2018, we contributed $0 and $108,000, and $0 and $85,000 to the plan, respectively. The liability for SERP pension benefits was $54,000 and $108,000 as of June 30, 2019 and December 31, 2018, respectively, and is included in accrued liabilities in our consolidated balance sheets. We maintain a defined contribution 401(k) plan that permits participation by substantially all employees. Our matching contributions to the 401(k) plan were $27,000 and $59,000, and $30,000 and $66,000 in the three and six-month periods ended June 30, 2019 and 2018, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity
Stockholders' Equity	NOTE 6 – Stockholders’ Equity Changes in the components of stockholders’ equity for the three and six month periods ending June 30, 2019 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2018 $ 1,805 $ 1,851 $ 101,416 $ (38,826) $ (3,358) Net loss — — — (2,490) — Issuance of restricted stock awards, net of forfeitures 14 — (14) — — Stock-based compensation — — 108 — — Repurchase and retirement of common stock (10) — (190) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 25 Balance at March 31, 2019 1,809 1,851 101,320 (41,316) (3,333) Net earnings — — — 5,501 — Stock-based compensation — — 68 — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 26 Balance at June 30, 2019 $ 1,809 $ 1,851 $ 101,388 $ (35,815) $ (3,307) Changes in the components of stockholders’ equity for the three and six month periods ending June 30, 2018 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2017 $ 1,825 $ 1,851 $ 101,844 $ (42,858) $ (3,440) Adoption of ASU 2016-01 — — — 73 (73) Net loss — — — (992) — Issuance of restricted stock awards, net of forfeitures 15 — (15) — — Stock-based compensation — — 105 — — Repurchase and retirement of common stock (14) — (275) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 27 Balance at March 31, 2018 1,826 1,851 101,659 (43,777) (3,486) Net earnings — — — 6,508 — Stock-based compensation — — 66 — — Repurchase and retirement of common stock (5) — (112) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 26 Balance at June 30, 2018 $ 1,821 $ 1,851 $ 101,613 $ (37,269) $ (3,460) As of June 30, 2019 and December 31, 2018, accumulated other comprehensive loss, net of income taxes, consists of the following: June 30, 2019 December 31, 2018 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,330,000 and $2,350,000, respectively $ (3,307,000) $ (3,358,000) 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 first six months of 2019 and 2018, we purchased and retired 50,220 and 147,044 shares of our outstanding common stock at an average purchase price of $2.02 and $2.08 per share, respectively, not including nominal brokerage commissions. At June 30, 2019, we had remaining repurchase authority of 650,429 shares. We have a stock incentive plan, adopted in 2014, which 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. 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 143,000 and 151,000 stock awards under this plan during the six months ended June 30, 2019 and 2018. As of June 30, 2019, there were 1,327,473 shares available for granting options or stock awards. During the six months ended June 30, 2019 and 2018, we purchased and retired 48,457 and 47,236 shares of our outstanding common stock at an average purchase price of $1.99 and $2.00 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 transferred to the employee 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	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018: Total Level 1 Level 2 Level 3 June 30, 2019 Equity investments $ 1,118,000 $ 1,118,000 $ — $ — December 31, 2018 Equity investments $ 995,000 $ 995,000 $ — $ — Our equity investments consist of mutual funds. These investments are included in other assets in our consolidated balance sheets. Gains and losses on our equity investments for the three and six-month periods ended June 30, 2019 and 2018, respectively, are as follows: Three Months Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 Net gains (losses) recognized during the period on equity investments $ 26,000 $ 10,000 $ 113,000 $ (6,000) Less: net gains recognized during the period on equity investments sold during the period — (5,000) — (13,000) Unrealized gains (losses) recognized during the period on equity investments still held at period end $ 26,000 $ 5,000 $ 113,000 $ (19,000) 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.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions
Related Party Transactions	NOTE 8 – Related Party Transactions During the six-month period ended June 30, 2019 and the three and six-month periods ended June 30, 2018, Dover Downs Gaming & Entertainment, Inc. (“Gaming”), a company previously related through common ownership, allocated costs of $430,000, and $471,000 and $885,000, respectively, to us for certain administrative and operating services, including leased space. We allocated certain administrative and operating service costs of $110,000, and $34,000 and $140,000, respectively, to Gaming for the six-month period ended June 30, 2019 and the three and six-month periods ended June 30, 2018. The allocations were based on an analysis of each company’s share of the costs. In connection with our 2018 spring NASCAR event weekend at Dover International Speedway, Gaming provided certain services, primarily catering, for which we were invoiced $391,000 during the three and six-month periods ended June 30, 2018. Additionally, we invoiced Gaming $15,000, and $115,000 and $115,000, respectively, during the six-month period ended June 30, 2019 and the three and six-month periods ended June 30, 2018 for tickets, our commission for suite catering and other services to the NASCAR events. As of December 31, 2018, our consolidated balance sheets included $9,000 of payables to Gaming for the aforementioned items. We settled this item in January of 2019. Effective March 28, 2019, Gaming became part of Twin River Worldwide Holdings, Inc. as a result of a merger, and therefore, was no longer related through common ownership. 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. 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 a 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
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 $14,400,000 was outstanding at June 30, 2019. Annual principal payments range from $1,000,000 in September 2019 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 sheets. 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 $14,642,000 irrevocable direct-pay letter of credit issued by our bank group. We are exposed to fluctuations in interest rates for these bonds. As of June 30, 2019 and December 31, 2018, $1,817,000 and $1,052,000, 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 2018, we paid $984,000 into the sales and incremental property tax fund and $1,411,000 was deducted from the fund for debt service. 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 motorsports events and has not entered into sanction agreements with NASCAR since 2011. We lease the facility on a short term basis to third parties from time to time. 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 by $135,000 and $246,000, and $69,000 and $136,000 in the three and six-month periods ended June 30, 2019 and 2018, respectively, and is $2,630,000 at June 30, 2019. An increase in the bonds' 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 Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies
Property and equipment	Property and equipment— Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the asset’s estimated useful life. Accumulated depreciation was $64,563,000 and $63,042,000 as of June 30, 2019 and December 31, 2018, respectively.
Leases	Leases— Effective January 1, 2019, we account for leases under Accounting Standards Codification 842, Leases. Under this guidance, arrangements meeting the definition of a lease are recorded on the consolidated balance sheet as both a right of use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or our incremental borrowing rate. During the second quarter of 2019, we entered into certain operating leases with 36 month terms. At June 30, 2019, our consolidated balance sheet included a right of use asset of $231,000, a long-term lease liability of $157,000, and a short-term lease liability, which is included in accrued liabilities, of $74,000.
Revenue recognition	Revenue recognition— We classify our revenues as admissions, event-related, broadcasting and other. “Admissions” revenue includes ticket sales for our events. “Event-related” revenue includes amounts received from sponsorship fees; luxury suite rentals; hospitality tent rentals and catering; concessions and vendor commissions for the right to sell concessions and souvenirs at our events; sales of programs; track rentals; broadcasting rights other than domestic television broadcasting revenue, 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. “Broadcasting” revenue includes rights fees obtained for domestic television broadcasts of events held at our speedway. All of our revenues are based on contracts with customers and, with the exception of certain track rentals, relate to two NASCAR event weekends and the Firefly Music Festival held at our Dover facility. Our contracts are typically for specific events or a racing season. We have several multi-year sponsorship contracts for our racing events and our contract with the promoter of the Firefly Music Festival is multi-year. Revenues pertaining to specific events are deferred and recorded as contract liabilities in our consolidated balance sheets until the event is held. As of June 30, 2019, contract liabilities in our consolidated balance sheets of $1,997,000 and $11,000 relate to 2019 and 2020 events, respectively. As of December 31, 2018, contract liabilities in our consolidated balance sheets relate to 2019 events. Concession and souvenir revenues are recorded at the time of sale. Revenues and related expenses from barter transactions in which we provide sponsorship packages in exchange for goods or services are recorded at fair value. Barter transactions accounted for $261,000 and $239,000 of total revenues for the three and six-month periods ended June 30, 2019 and 2018, respectively. The following table summarizes the liability activity related to contracts with customers for the three and six-month periods ended June 30, 2019 and 2018: Three Months Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 Balance, beginning of period $ 4,496 $ 5,298 $ 1,140 $ 1,249 Reductions from beginning balance (3,345) (4,000) (739) (778) Additional liabilities recorded during the period 1,841 1,648 5,197 5,697 Reduction of additional liabilities recorded during the period, not from beginning balance (984) (1,246) (3,590) (4,468) Balance, end of period $ 2,008 $ 1,700 $ 2,008 $ 1,700 We have contracted future revenues representing unsatisfied performance obligations. These contracts contain initial terms typically ranging from one to three years, with some for longer periods, excluding renewal options. We have excluded unsatisfied performance obligations for future NASCAR broadcasting revenue with contract terms through 2024. We anticipate recognizing unsatisfied performance obligations for the calendar year ending 2020 and beyond of approximately $3,272,000 at June 30, 2019. Under the terms of our sanction agreements with NASCAR, we receive a portion of the broadcast revenue NASCAR negotiates with various television networks. NASCAR typically remits payment to us for the broadcast revenue within 30 days of the event being held. 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. We are required to pay 25% of the gross broadcast rights fees to the event as part of the awards to the competitors, which are recorded as operating expenses.
Expense recognition	Expense recognition— The cost of advertising is expensed as incurred. Advertising expenses were $482,000 and $546,000, and $469,000 and $605,000 for the three and six-month periods ended June 30, 2019 and 2018, respectively. Certain direct expenses pertaining to specific events, including prize and point fund monies and sanction fees paid to NASCAR, and other expenses associated with our racing events are deferred until the event is held, at which point they are expensed.
Net earnings per common share	Net 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 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net earnings per common share – basic and diluted: Net earnings $ 5,501 $ 6,508 $ 3,011 $ 5,516 Allocation to nonvested restricted stock awards 89 104 49 89 Net earnings available to common stockholders $ 5,412 $ 6,404 $ 2,962 $ 5,427 Weighted-average shares outstanding – basic and diluted 36,010 36,160 36,021 36,196 Net earnings per common share – basic and diluted $ 0.15 $ 0.18 $ 0.08 $ 0.15 There were no options outstanding and we paid no dividends during the six months ended June 30, 2019 or 2018.
Accounting for stock-based compensation	Accounting for stock-based compensation— We recorded total stock-based compensation expense for our restricted stock awards of $68,000 and $176,000, and $66,000 and $171,000 as general and administrative expenses for the three and six-month periods ended June 30, 2019 and 2018, respectively. We recorded income tax benefits of $19,000 and $38,000, and $18,000 and $46,000 for the three and six-month periods ended June 30, 2019 and 2018, respectively, related to vesting of our restricted stock awards.
Recent accounting pronouncements	Recent accounting pronouncements —In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General . This new standard makes changes to the disclosure requirements for sponsors of defined benefit pension and/or other postretirement benefit plans to improve effectiveness of notes to the financial statements. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, and requires retrospective adoption. Early adoption is permitted. We are currently analyzing the impact of this ASU and we do not expect it to have a significant impact on our financial statement disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies
Summarized liability activity related to contracts with customers	Three Months Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 Balance, beginning of period $ 4,496 $ 5,298 $ 1,140 $ 1,249 Reductions from beginning balance (3,345) (4,000) (739) (778) Additional liabilities recorded during the period 1,841 1,648 5,197 5,697 Reduction of additional liabilities recorded during the period, not from beginning balance (984) (1,246) (3,590) (4,468) Balance, end of period $ 2,008 $ 1,700 $ 2,008 $ 1,700
Schedule of the computation of EPS	The following table sets forth the computation of EPS (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net earnings per common share – basic and diluted: Net earnings $ 5,501 $ 6,508 $ 3,011 $ 5,516 Allocation to nonvested restricted stock awards 89 104 49 89 Net earnings available to common stockholders $ 5,412 $ 6,404 $ 2,962 $ 5,427 Weighted-average shares outstanding – basic and diluted 36,010 36,160 36,021 36,196 Net earnings per common share – basic and diluted $ 0.15 $ 0.18 $ 0.08 $ 0.15

Pension Plans (Tables)

Pension Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Pension Plans
Schedule of components of net periodic pension benefit for defined benefit pension plans	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Interest cost $ 128,000 $ 115,000 $ 257,000 $ 230,000 Expected return on plan assets (182,000) (170,000) (363,000) (340,000) Recognized net actuarial loss 36,000 36,000 71,000 72,000 $ (18,000) $ (19,000) $ (35,000) $ (38,000)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity
Schedule of the changes in the components of stockholders' equity	Changes in the components of stockholders’ equity for the three and six month periods ending June 30, 2019 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2018 $ 1,805 $ 1,851 $ 101,416 $ (38,826) $ (3,358) Net loss — — — (2,490) — Issuance of restricted stock awards, net of forfeitures 14 — (14) — — Stock-based compensation — — 108 — — Repurchase and retirement of common stock (10) — (190) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 25 Balance at March 31, 2019 1,809 1,851 101,320 (41,316) (3,333) Net earnings — — — 5,501 — Stock-based compensation — — 68 — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 26 Balance at June 30, 2019 $ 1,809 $ 1,851 $ 101,388 $ (35,815) $ (3,307) Changes in the components of stockholders’ equity for the three and six month periods ending June 30, 2018 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2017 $ 1,825 $ 1,851 $ 101,844 $ (42,858) $ (3,440) Adoption of ASU 2016-01 — — — 73 (73) Net loss — — — (992) — Issuance of restricted stock awards, net of forfeitures 15 — (15) — — Stock-based compensation — — 105 — — Repurchase and retirement of common stock (14) — (275) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 27 Balance at March 31, 2018 1,826 1,851 101,659 (43,777) (3,486) Net earnings — — — 6,508 — Stock-based compensation — — 66 — — Repurchase and retirement of common stock (5) — (112) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 26 Balance at June 30, 2018 $ 1,821 $ 1,851 $ 101,613 $ (37,269) $ (3,460)
Schedule of accumulated other comprehensive loss, net of income taxes	June 30, 2019 December 31, 2018 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,330,000 and $2,350,000, respectively $ (3,307,000) $ (3,358,000)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Measurements
Summary of the valuation of financial instrument pricing levels	Total Level 1 Level 2 Level 3 June 30, 2019 Equity investments $ 1,118,000 $ 1,118,000 $ — $ — December 31, 2018 Equity investments $ 995,000 $ 995,000 $ — $ —
Schedule of gains and losses on equity investments	Three Months Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 Net gains (losses) recognized during the period on equity investments $ 26,000 $ 10,000 $ 113,000 $ (6,000) Less: net gains recognized during the period on equity investments sold during the period — (5,000) — (13,000) Unrealized gains (losses) recognized during the period on equity investments still held at period end $ 26,000 $ 5,000 $ 113,000 $ (19,000)

Business Operations - Dover Int

Business Operations - Dover International Speedway (Details) - item	Jun. 23, 2019	Jul. 31, 2012	Jun. 30, 2019
Business Operations
Number of events promoted			6
RFGV Festivals
Business Operations
Number of years Firefly Music Festival hosted			5 years
Number of options granted to extend rent agreement			2
NASCAR Monster Energy Cup Series events
Business Operations
Number of events promoted			2
NASCAR XFINITY Series events
Business Operations
Number of events promoted			2
NASCAR Gander Outdoors Truck Series event
Business Operations
Number of events promoted			1
NASCAR K&N Pro Series East event
Business Operations
Number of events promoted			1
Firefly Music Festival ("Firefly")
Business Operations
Number of years Firefly Music Festival hosted			8 years
Number of days the event is held		3 days
Number of music acts featured in the event	120	40

Business Operations - Assets he

Business Operations - Assets held for sale (Details)	Jul. 26, 2019USD ($)a	Feb. 28, 2019USD ($)a	Mar. 02, 2018USD ($)	Sep. 01, 2017USD ($)a	Mar. 31, 2019USD ($)a	Jun. 30, 2019USD ($)a	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Aug. 17, 2017USD ($)a
Business Operations
Fair value of land						$ 2,203,000		$ 531,000
Non-refundable deposit						500,000
Long term assets held for sale						21,322,000		23,567,000
Gain on sale of land						139,000	$ 2,512,000
Nashville Superspeedway | Assets held for sale
Business Operations
Acres | a		7.63
Long term assets held for sale						$ 21,322,000		23,567,000
Proceeds, less closing costs		$ 267,000
Gain on sale of land					$ 139,000
Nashville Superspeedway | Land
Business Operations
Acres | a	133			88.03		97.17			147
Purchase price (per acre)									$ 35,000
Option purchase price (per acre)				$ 55,000		$ 66,685
Non-refundable deposit						500,000
Period of option to execute the agreement				3 years
Long term assets held for sale								$ 23,567,000
Proceeds, less closing costs	$ 6,397,000		$ 4,945,000
Net proceeds after taxes	$ 5,314,000		$ 4,150,000
Nashville Superspeedway | Land | Assets held for sale
Business Operations
Fair value of land						$ 2,203,000
Nashville Superspeedway | Land | Minimum | Assets held for sale
Business Operations
Acres | a					1,000
Parcel of land near St. Louis | Assets held for sale
Business Operations
Proceeds, less closing costs					$ 531,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Property and equipment (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Summary of Significant Accounting Policies
Accumulated depreciation	$ 64,563,000	$ 63,042,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Leases (Details)	Jun. 30, 2019USD ($)
Leases
Right of use asset	$ 231,000
Long term lease liability	157,000
Short term lease liability	$ 74,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Revenue (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)
Revenue recognition
Revenues from barter transaction	$ 261,000	$ 239,000	$ 261,000	$ 239,000
Contract with customer liability rollforward
Balance, beginning of period	4,496,000	5,298,000	1,140,000	1,249,000
Reductions from beginning balance	3,345,000	4,000,000	739,000	778,000
Additional liabilities recorded during the period	1,841,000	1,648,000	5,197,000	5,697,000
Reduction of additional liabilities recorded during the period, not from beginning balance	984,000	1,246,000	3,590,000	4,468,000
Balance, end of period	2,008,000	$ 1,700,000	2,008,000	$ 1,700,000
Unsatisfied performance obligations amount	$ 3,272,000		$ 3,272,000
Remittance period (in days)			30 days
Gross broadcast rights fees retained by NASCAR (in percent)	10.00%		10.00%
Gross broadcast rights fees recorded as revenue (in percent)	90.00%		90.00%
Gross broadcast rights fees payable to the event (in percent)	25.00%		25.00%
Minimum
Contract with customer liability rollforward
Contract term (in years)			1 year
Maximum
Contract with customer liability rollforward
Contract term (in years)			3 years
NASCAR
Revenue recognition
Events excluded from revenue based on contract with customers (number) | item			2
Firefly Music Festival ("Firefly")
Revenue recognition
Events excluded from revenue based on contract with customers (number)			1
Events 2019
Revenue recognition
Contract liabilities	$ 1,997,000		$ 1,997,000
Events 2020
Revenue recognition
Contract liabilities	$ 11,000		$ 11,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Expense recognition (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Summary of Significant Accounting Policies
Advertising Expense	$ 482,000	$ 469,000	$ 546,000	$ 605,000

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Net loss per common share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Summary of Significant Accounting Policies
Net earnings	$ 5,501,000	$ 6,508,000	$ 3,011,000	$ 5,516,000
Allocation to nonvested restricted stock awards	(89,000)	(104,000)	(49,000)	(89,000)
Net loss available to common stockholders	$ 5,412,000	$ 6,404,000	$ 2,962,000	$ 5,427,000
Weighted-average shares outstanding -- basic and diluted	36,010,000	36,160,000	36,021,000	36,196,000
Net loss per common share -- basic and diluted	$ 0.15	$ 0.18	$ 0.08	$ 0.15
Options outstanding (in shares)	0	0	0	0
Dividends paid			$ 0	$ 0

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Accounting for stock-based compensation (Details) - Restricted Stock - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accounting for stock-based compensation
Stock-based compensation expense	$ 68,000	$ 66,000	$ 176,000	$ 171,000
Income tax benefits related to vesting of restricted stock awards	$ 19,000	$ 18,000	$ 38,000	$ 46,000

Long-Term Debt (Details)

Long-Term Debt (Details) - Credit Facility	6 Months Ended
	Jun. 30, 2019USD ($)
Long-Term Debt
Maximum borrowing capacity	$ 35,000,000
Amount outstanding under the credit facility	0
Remaining maximum borrowing capacity	$ 20,358,000
Minimum | LIBOR
Long-Term Debt
Basis points (in percent)	1.25%
Maximum | LIBOR
Long-Term Debt
Basis points (in percent)	1.75%

Pension Plans (Details)

Pension Plans (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
The excess plan
Pension plans
Fair values of pension assets	$ 1,118,000	$ 995,000

Pension Plans - Defined benefit

Pension Plans - Defined benefit plan (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Components of net periodic pension benefit
Interest cost	$ 128,000,000	$ 115,000,000	$ 257,000,000	$ 230,000,000
Expected return on plan assets	(182,000,000)	(170,000,000)	(363,000,000)	(340,000,000)
Recognized net actuarial loss	36,000,000	36,000,000	71,000,000	72,000,000
Total net periodic pension benefit	(18,000,000)	(19,000,000)	(35,000,000)	(38,000,000)
Minimum required pension contributions for 2019	0		0
Employer contribution	$ 500,000	$ 1,000,000	$ 500,000	$ 1,000,000

Pension Plans - SERP (Details)

Pension Plans - SERP (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
SERP
Defined contribution plan
Expenses recorded	$ 27,000	$ 22,000	$ 54,000	$ 47,000
Employer contributions	0	0	108,000	85,000
Liability for pension benefits	54,000		54,000		$ 108,000
401(k) plan
Defined contribution plan
Expenses recorded	$ 27,000	$ 30,000	$ 59,000	$ 66,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Changes in the components of stockholders' equity
Balance at the beginning of the period		$ 62,888,000			$ 62,888,000
Net earnings (loss)	$ 5,501,000		$ 6,508,000		3,011,000	$ 5,516,000
Change in net actuarial loss and prior service cost, net of income tax expense of $10	26,000		26,000		51,000	53,000
Balance at the end of the period	65,926,000				$ 65,926,000		$ 62,888,000
Income tax benefit (expense) on change in net actuarial loss and prior service cost	$ 10,000	10,000	10,000	$ 10,000
Preferred stock, shares issued	0				0		0
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 $2,330,000 and $2,350,000, respectively	$ (3,307,000)				$ (3,307,000)		$ (3,358,000)
Accumulated other comprehensive loss	(3,307,000)				(3,307,000)		(3,358,000)
Income tax benefit on net actuarial loss and prior service cost not yet recognized in net periodic benefit cost					(2,330,000)		2,350,000
Common Stock | Common Stock
Changes in the components of stockholders' equity
Balance at the beginning of the period	1,809,000	1,805,000	1,826,000	1,825,000	1,805,000	1,825,000	1,825,000
Issuance of restricted stock awards, net of forfeitures		14,000		15,000
Repurchase and retirement of common stock		(10,000)	(5,000)	(14,000)
Balance at the end of the period	1,809,000	1,809,000	1,821,000	1,826,000	1,809,000	1,821,000	1,805,000
Common Stock | Class A Common Stock
Changes in the components of stockholders' equity
Balance at the beginning of the period	1,851,000	1,851,000	1,851,000	1,851,000	1,851,000	1,851,000	1,851,000
Balance at the end of the period	1,851,000	1,851,000	1,851,000	1,851,000	1,851,000	1,851,000	1,851,000
Additional Paid-in Capital
Changes in the components of stockholders' equity
Balance at the beginning of the period	101,320,000	101,416,000	101,659,000	101,844,000	101,416,000	101,844,000	101,844,000
Issuance of restricted stock awards, net of forfeitures		(14,000)		(15,000)
Stock-based compensation	68,000	108,000	66,000	105,000
Repurchase and retirement of common stock		(190,000)	(112,000)	(275,000)
Balance at the end of the period	101,388,000	101,320,000	101,613,000	101,659,000	101,388,000	101,613,000	101,416,000
Accumulated Deficit
Changes in the components of stockholders' equity
Balance at the beginning of the period	(41,316,000)	(38,826,000)	(43,777,000)	(42,858,000)	(38,826,000)	(42,858,000)	(42,858,000)
Net earnings (loss)	5,501,000	(2,490,000)	6,508,000	(992,000)
Balance at the end of the period	(35,815,000)	(41,316,000)	(37,269,000)	(43,777,000)	(35,815,000)	(37,269,000)	(38,826,000)
Accumulated Deficit | ASU 2016-01
Changes in the components of stockholders' equity
Adoption of ASU 2016-01				73,000
Accumulated Other Comprehensive Loss
Changes in the components of stockholders' equity
Balance at the beginning of the period	(3,333,000)	(3,358,000)	(3,486,000)	(3,440,000)	(3,358,000)	(3,440,000)	(3,440,000)
Change in net actuarial loss and prior service cost, net of income tax expense of $10	26,000	(25,000)	26,000	27,000
Balance at the end of the period	$ (3,307,000)	$ (3,333,000)	$ (3,460,000)	(3,486,000)	$ (3,307,000)	$ (3,460,000)	$ (3,358,000)
Accumulated Other Comprehensive Loss | ASU 2016-01
Changes in the components of stockholders' equity
Adoption of ASU 2016-01				$ (73,000)

Stockholders' Equity - Stock in

Stockholders' Equity - Stock incentive plan (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jul. 28, 2004
Stockholders Equity
Maximum number of shares authorized for grant	2,000,000
Options granted (in shares)	143,000	151,000
Number of shares available for granting options or stock awards	1,327,473
Share Repurchase Authorization 2004
Stockholders Equity
Number of shares of common stock authorized to be repurchased			2,000,000
Number of shares purchased and retired	50,220	147,044
Average purchase price of shares purchased and retired (in dollars per share)	$ 2.02	$ 2.08
Remaining number of shares authorized to be repurchased	650,429
Restricted Stock
Stockholders Equity
Vesting rights percentage each year beginning on the second anniversary date of the grant	20.00%
Service period over which the aggregate market value of stock is being amortized	6 years
Number of shares purchased and retired	48,457	47,236
Average purchase price of shares purchased and retired (in dollars per share)	$ 1.99	$ 2

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Gains and losses on equity instruments
Net gains (losses) recognized during the period on equity investments	$ 26,000	$ 10,000	$ 113,000	$ (6,000)
Less: net gains recognized during the period on equity investments sold during the period		(5,000)		(13,000)
Unrealized gains (losses) recognized during the period on equity investments still held at period end	26,000	$ 5,000	113,000	$ (19,000)
Total
Fair Value Measurements
Equity investments	1,118,000		1,118,000		$ 995,000
Level 1
Fair Value Measurements
Equity investments	$ 1,118,000		$ 1,118,000		$ 995,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)mi	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Dover Downs Gaming & Entertainment, Inc.
Related Party Transactions
Payable to related party	$ 471,000	$ 430,000	$ 885,000
Receivable from related party	34,000	$ 110,000	140,000
Current payable due to related party				$ 9,000
Harness racing track length (in miles) | mi		0.625
Motorsports superspeedway length (in miles) | mi		1
Period for set up and tear down rights		14 days
Dover Downs Gaming & Entertainment, Inc. | NASCAR
Related Party Transactions
Payable to related party	391,000		391,000
Receivable from related party	$ 115,000	$ 15,000	$ 115,000
Chairman of the Board
Related Party Transactions
Voting rights (in percent)		50.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2011	Mar. 31, 2019	Sep. 30, 1999
Contingent obligation
Contingent obligation beginning balance			$ 2,384,000
Provision for contingent obligation	$ 135,000	$ 69,000	246,000	$ 136,000		$ 2,250,000
Provision for contingent obligation at period end	2,630,000		2,630,000		$ 2,384,000
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Indirect Guarantee of Indebtedness
Commitments and Contingencies
Debt issued								$ 25,900,000
Outstanding amount	14,400,000		14,400,000
Balance available in the sales and incremental property tax fund	1,817,000		1,817,000		1,052,000
Amount paid into the sales and incremental property tax fund					984,000
Debt service fee					$ 1,411,000
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Irrevocable direct-pay letter of credit
Commitments and Contingencies
Irrevocable direct-pay letter of credit issued	14,642,000		14,642,000
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Minimum | Indirect Guarantee of Indebtedness
Commitments and Contingencies
Annual payment range							$ 1,000,000
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Maximum | Indirect Guarantee of Indebtedness
Commitments and Contingencies
Annual payment range	$ 1,600,000		$ 1,600,000