Dover Motorsports (DVD) 10-K 5 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 20, 2020	Jun. 30, 2019
Entity Registrant Name	DOVER MOTORSPORTS INC
Entity Central Index Key	0001017673
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 31,762,193
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Common Stock | Common Stock
Entity Common Stock, Shares Outstanding		17,903,407
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 ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Revenues	$ 45,963,000	$ 47,016,000	$ 46,742,000
Expenses:
Operating and marketing	29,241,000	29,277,000	28,764,000
General and administrative	7,524,000	7,310,000	7,347,000
Depreciation	4,353,000	3,285,000	3,566,000
Costs to remove long-lived assets	1,170,000		286,000
Total expenses	42,288,000	39,872,000	39,963,000
Gain on sale of land	4,325,000	2,413,000
Operating earnings	8,000,000	9,557,000	6,779,000
Interest income (expense), net	22,000	(62,000)	(169,000)
Provision for contingent obligation	(1,005,000)	(424,000)	(158,000)
Other income (expense), net	269,000	(4,000)	85,000
Earnings before income taxes	7,286,000	9,067,000	6,537,000
Income tax (expense) benefit	(1,786,000)	(2,178,000)	1,889,000
Net earnings	5,500,000	6,889,000	8,426,000
Change in pension net actuarial loss and prior service cost, net of income taxes	(333,000)	155,000	(70,000)
Unrealized gain on equity investments, net of income taxes			22,000
Comprehensive income	$ 5,167,000	$ 7,044,000	$ 8,378,000
Net earnings per common share (Note 2):
Basic (in dollars per share)	$ 0.15	$ 0.19	$ 0.23
Diluted (in dollars per share)	$ 0.15	$ 0.19	$ 0.23
Admissions
Revenues:
Revenues	$ 4,968,000	$ 5,694,000	$ 6,657,000
Event-related
Revenues:
Revenues	6,713,000	8,410,000	8,303,000
Broadcasting
Revenues:
Revenues	34,267,000	32,905,000	31,775,000
Other
Revenues:
Revenues	$ 15,000	$ 7,000	$ 7,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash	$ 7,577,000	$ 3,951,000
Accounts receivable	645,000	676,000
Inventories	18,000	21,000
Prepaid expenses and other	1,186,000	1,055,000
Income taxes receivable	283,000
Assets held for sale		531,000
Total current assets	9,709,000	6,234,000
Property and equipment, net	50,075,000	48,137,000
Nashville Superspeedway facility	21,282,000	23,567,000
Right of use asset	188,000
Other assets	1,212,000	1,015,000
Total assets	82,466,000	78,953,000
Current liabilities:
Accounts payable	119,000	187,000
Accrued liabilities	3,710,000	3,083,000
Payable to Dover Downs Gaming & Entertainment, Inc.		9,000
Income taxes payable		118,000
Contract liabilities	976,000	1,140,000
Total current liabilities	4,805,000	4,537,000
Revolving line of credit	0
Liability for pension benefits	1,016,000	773,000
Lease liability	112,000
Non-refundable deposit	500,000
Provision for contingent obligation	3,389,000	2,384,000
Deferred income taxes	8,676,000	8,371,000
Total liabilities	18,498,000	16,065,000
Commitments and contingencies (see Notes to the Consolidated Financial Statements)
Stockholders' equity:
Additional paid-in capital	100,994,000	101,416,000
Accumulated deficit	(36,968,000)	(38,826,000)
Accumulated other comprehensive loss	(3,691,000)	(3,358,000)
Total stockholders' equity	63,968,000	62,888,000
Total liabilities and stockholders' equity	82,466,000	78,953,000
Common Stock
Stockholders' equity:
Total stockholders' equity	1,782,000	1,805,000
Common Stock | Common Stock
Stockholders' equity:
Common stock	1,782,000	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	Dec. 31, 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	17,823,979	18,250,440
Common stock, shares outstanding	17,823,979	18,250,440
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 ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Net earnings	$ 5,500,000	$ 6,889,000	$ 8,426,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	4,353,000	3,285,000	3,566,000
Amortization of credit facility fees	61,000	63,000	65,000
Stock-based compensation	294,000	302,000	364,000
Deferred income taxes	413,000	(966,000)	(4,286,000)
Provision for contingent obligation	1,005,000	424,000	158,000
(Gains) losses on equity investments	(162,000)	90,000
Gain on sale of land	(4,325,000)	(2,413,000)
Changes in assets and liabilities:
Accounts receivable	31,000	(200,000)	(57,000)
Inventories	3,000	(6,000)	2,000
Prepaid expenses and other	(181,000)	37,000	(97,000)
Accounts payable	(8,000)	66,000	(252,000)
Accrued liabilities	407,000	38,000	(3,000)
Payable to/receivable from Dover Downs Gaming & Entertainment, Inc.	(9,000)	2,000
Income taxes payable/receivable	(380,000)	1,284,000	(699,000)
Contract liabilities	(164,000)	(109,000)	(106,000)
Liability for pension benefits	(63,000)	(1,835,000)	(1,248,000)
Net cash provided by operating activities	6,775,000	6,951,000	5,833,000
Investing activities:
Capital expenditures	(6,446,000)	(992,000)	(1,877,000)
Proceeds from sale of land, net	7,224,000	4,945,000
Non-refundable deposit received	500,000
Purchases of equity investments	(51,000)	(124,000)	(176,000)
Proceeds from sale of equity investments	40,000	90,000	145,000
Net cash provided by (used in) investing activities	1,267,000	3,919,000	(1,908,000)
Financing activities:
Borrowings from revolving line of credit	4,180,000	12,260,000	25,680,000
Repayments on revolving line of credit	(4,180,000)	(15,500,000)	(26,280,000)
Dividends paid	(3,642,000)	(2,930,000)	(2,944,000)
Repurchase of common stock	(739,000)	(750,000)	(381,000)
Credit facility fees	(35,000)
Net cash used in financing activities	(4,416,000)	(6,920,000)	(3,925,000)
Net increase in cash	3,626,000	3,950,000
Cash, beginning of year	3,951,000	1,000	1,000
Cash, end of year	7,577,000	3,951,000	1,000
Supplemental information:
Interest (received) paid	(72,000)	72,000	368,000
Income tax payments	1,752,000	1,861,000	3,097,000
Change in accounts payable for capital expenditures	$ (60,000)	$ 60,000	$ (34,000)

Business Operations

Business Operations	12 Months Ended
	Dec. 31, 2019
Business Operations
Business Operations	NOTE 1 — Business Operations References in this document to “we,” “us” and “our” mean Dover Motorsports, Inc. and/or its wholly owned subsidiaries, as appropriate. Dover Motorsports, Inc. is a public holding company that is a 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. Our Dover facility promoted the following six events during 2019, 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 Cup Series events (May and October); · 2 NASCAR Xfinity Series events (May and October); · 1 NASCAR Gander RV & Outdoors Truck Series event (May); and · 1 NASCAR ARCA Menards Series East event (October). In 2020, we are scheduled to once again promote these six events at Dover International Speedway, with the events that were held in October 2019 to be held in August 2020. Total revenues from these events were approximately 96% of total revenues in each of 2019,2018 and 2017. We have hosted the Firefly Music Festival (“Firefly”) on our property in Dover, Delaware for eight consecutive years and it is scheduled to return on June 18-21, 2020. 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 approximately 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 resulting in a gain of $2,512,000. 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 were approximately $5,314,000 resulting in a gain of $4,186,000. 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. Assuming this option is exercised, the remaining Nashville Superspeedway property will consist of approximately 1,000 acres. At December 31, 2019 and 2018, $21,282,000 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 statement of earnings. During September 2018, we entered into negotiations to sell the last remaining parcel of land we owned near St. Louis. The sale resulted in a loss of $99,000, which we reported as loss on sale of land in our consolidated statement of earnings. 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 sheet.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 2 — 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 reported at fair-value in other assets in our consolidated balance sheets. Prior to 2018, changes in fair value were reported in other comprehensive income (loss). Upon adopting Accounting Standards Update (“ASU”) No. 2016-01 on January 1, 2018, changes in fair value are reported in other income. See NOTE 7 — Pension Plans, NOTE 8 — Stockholders’ Equity and NOTE 9 — Fair Value Measurements for further discussion. Accounts receivable— Accounts receivable are stated at their estimated collectible amount and do not bear interest. Inventories— Inventories of items for resale are stated at the lower of cost or net realizable value with cost being determined on the first-in, first-out basis. Prepaid expenses and other - Prepaid expenses and other current assets consist primarily of amounts paid for expenses expected to be recognized within a year, and include the following at December 31: 2019 2018 Insurance $ 692,000 $ 554,000 Property taxes 322,000 296,000 Other 172,000 205,000 $ 1,186,000 $ 1,055,000 Property and equipment— Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the following estimated useful lives: Facilities 10-40 years Furniture, fixtures and equipment 3-10 years 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. 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 December 31, 2019, our consolidated balance sheet included a right of use asset of $188,000, a long-term lease liability of $112,000, and a short-term lease liability, which is included in accrued liabilities, of $76,000. 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 December 31, 2019, our valuation allowance on state net operating loss carry-forwards net of federal income taxes was $2,462,000, which decreased by $4,543,000 in 2019, primarily from the expiration of certain of these net operating loss carry-forwards. These state net operating losses are related to our Nashville facility that has not produced taxable income from operations and no longer hosts events. As such, the valuation allowances fully reserve the state net operating loss carryforwards, net of federal tax benefit. 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 sheet until the event is held. As of December 31, 2019, contract liabilities in our consolidated balance sheet relate to 2020 events. As of December 31, 2018, contract liabilities in our consolidated balances sheets related 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 $538,000, $685,000,and $612,000 of total revenues for the years ended December 31, 2019, 2018 and 2017, respectively. The following table summarizes the liability activity related to contracts with customers for the years ended December 31: 2019 2018 2017 Balance, beginning of year $ 1,140 $ 1,249 $ Reductions from beginning balance (1,140) (1,249) (1,355) Additional liabilities recorded during the year 8,811 9,941 11,650 Reduction of additional liabilities recorded during the year, not from beginning balance (7,835) (8,801) (10,401) Balance, end of year $ 976 $ 1,140 $ 1,249 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 $4,300,000 at December 31, 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. 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 advertising is expensed as incurred. Advertising expenses were $1,000,000, $1,205,000, and $1,195,000 in 2019, 2018 and 2017, 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. As a result of adopting Financial Accounting Standards Board ("FASB") ASU No. 2014-09, Revenue from Contracts with Customers , during the year ended December 31, 2018 certain expenses previously deferred until an event occurred are now expensed as incurred. 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): 2019 2018 2017 Net earnings per common share — basic and diluted: Net earnings $ 5,500 $ 6,889 $ 8,426 Allocation to nonvested restricted stock awards (87) (111) (133) Net earnings available to common stockholders $ 5,413 $ 6,778 $ 8,293 Weighted-average shares outstanding 35,946 36,130 36,275 Net earnings per common share — basic and diluted $ 0.15 $ 0.19 $ 0.23 There were no options outstanding during 2019, 2018 or 2017. Accounting for stock-based compensation— We recorded total stock-based compensation expense for our restricted stock awards of $294,000, $302,000, and $364,000 as general and administrative expenses for the years ended December 31, 2019, 2018 and 2017, respectively. We recorded income tax benefits of $71,000, $83,000, and $167,000 for the years ended December 31, 2019, 2018 and 2017, respectively, related to vesting of 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. Recent accounting pronouncements — In August 2018, the FASB issued 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. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position and also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The update is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. The ASU requires a transition adoption election using either 1) a modified retrospective approach with periods prior to the adoption date being recast or 2) a prospective adoption approach with a cumulative-effect adjustment recognized to the opening balance of retained earnings on the adoption date with prior periods not recast. We adopted the standard in the first quarter of 2019 using the prospective adoption approach and electing the practical expedient to not recognize lease assets and liabilities for leases with terms of twelve months or less. The adoption of this ASU did not have a material impact on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which enhances the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Some of the amendments include the following: 1) Require certain equity investments to be measured at fair value with changes in fair value recognized in net income; 2) Simplify the impairment assessment of equity investment's without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) Require public business entities to use exit price notion when measuring fair value of financial instruments for disclosure purposes; 4) Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting in a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value; among others. The update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We adopted this standard effective January 1, 2018. In accordance with the standard, we reclassified $73,000, net of income taxes, of unrealized gains from accumulated other comprehensive loss to accumulated deficit as of January 1, 2018. See NOTE 8 — Stockholders' Equity. Additionally, changes in fair value of equity investments are now included in other income in our consolidated statements of earnings. See NOTE 9 — Fair Value Measurements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which supersedes nearly all existing revenue recognition guidance under accounting principles generally accepted in the United States of America. The FASB issued several amendments to the standard, including clarification on accounting for and identifying performance obligations. The standard can be applied using the full retrospective method or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We adopted this standard effective January 1, 2018 using the retrospective with cumulative effect method. We reviewed our sponsorship agreements, sanctioning agreements and other contracts, as well as our accounting for certain costs associated with our events. The adoption of the new revenue standard did not have a material impact on our revenues, results of operations or financial position. However, we expanded certain disclosures as required. See Revenue recognition above.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2019
Property and Equipment
Property and Equipment	NOTE 3 — Property and Equipment Property and equipment consists of the following as of December 31: 2019 2018 Land $ 15,286,000 $ 15,286,000 Facilities 92,811,000 86,725,000 Furniture, fixtures and equipment 9,087,000 8,893,000 Construction in progress 163,000 275,000 117,347,000 111,179,000 Less accumulated depreciation (67,272,000) (63,042,000) $ 50,075,000 $ 48,137,000 In the third quarter of 2019, management approved plans to remove certain grandstand seating following the completion of our 2019 race season. As a result, we adjusted the service lives of those assets to properly reflect their shortened estimated useful life. We recorded accelerated depreciation expense of $1,172,000 in 2019 related to these assets. We incurred costs of $1,170,000 in 2019 to remove seating which is included in costs to remove long-lived assets in our consolidated statement of earnings. We expect to incur costs of approximately $300,000 during the first quarter of 2020 to complete the removal of these assets. Approximately $731,000 of the total project cost has been paid as of December 31, 2019. In September 2018, we entered into negotiations to sell a parcel of land we own near St. Louis. The sale closed in January 2019 with proceeds, less closing costs, of $531,000. As a result, we recorded a loss of $99,000 on sale of land in our consolidated statements of earnings for 2018. At December 31, 2018, $531,000 representing the fair value of the land is reported as assets held for sale in our consolidated balance sheet. In the fourth quarter of 2017, we made the decision to not complete certain facility improvements. Costs previously capitalized of $186,000 were charged to depreciation expense in 2017. In the fourth quarter of 2016, we began removing certain grandstand seating that had been taken out of service and written-off in 2015. We incurred costs of $286,000 in the first quarter of 2017 to remove the seating which is included in costs to remove long-lived assets in our consolidated statement of earnings.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2019
Accrued Liabilities
Accrued Liabilities	NOTE 4 — Accrued Liabilities Accrued liabilities consist of the following as of December 31: 2019 2018 Payroll and related items $ 434,000 $ 383,000 Real estate taxes 943,000 962,000 Pension 1,305,000 1,146,000 Grandstand removal cost 439,000 — Other 589,000 592,000 $ 3,710,000 $ 3,083,000

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2019
Long-Term Debt
Long-Term Debt	NOTE 5 — Long-Term Debt At December 31, 2019, Dover Motorsports, Inc. and its wholly owned subsidiaries Dover International Speedway, Inc. and Nashville Speedway, USA, Inc., as co-borrowers had a $30,000,000 credit agreement with a bank group. On September 24, 2019, we modified the credit agreement to: extend the maturity date to January 1, 2022; and reduce the total available borrowings under the facility from $35,000,000 to $30,000,000. Interest is based upon LIBOR plus a margin that varies between 125 and 175 basis points depending on the leverage ratio. At December 31, 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 December 31, 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 $16,375,000 at December 31, 2019. We expect to be in compliance with the financial covenants, and all other covenants, for all measurement periods during the next twelve months.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Taxes
Income Taxes	NOTE 6 — Income Taxes The current and deferred income tax (expense) benefit is as follows: Years ended December 31, 2019 2018 2017 Current: Federal $ (1,251,000) $ (2,461,000) $ (1,835,000) State (122,000) (683,000) (562,000) (1,373,000) (3,144,000) (2,397,000) Deferred: Federal (219,000) 929,000 4,353,000 State (194,000) 37,000 (67,000) (413,000) 966,000 4,286,000 Total income tax (expense) benefit $ (1,786,000) $ (2,178,000) $ 1,889,000 A reconciliation of the effective income tax rate with the applicable statutory federal income tax rate is as follows: Years ended December 31, 2019 2018 2017 Federal tax at statutory rate 21.0 % 21.0 % 35.0 % State taxes, net of federal benefit 65.8 % 19.8 % 8.8 % Valuation allowance (62.4) % (14.2) % (2.5) % Tax Cuts and Jobs Act — — (69.3) % Other 0.1 % (2.6) % (0.9) % Effective income tax rate 24.5 % 24.0 % (28.9) % Deferred income tax assets and liabilities are comprised of the following as of December 31: 2019 2018 Deferred income tax assets: Accruals not currently deductible for income taxes $ 1,905,000 $ 1,524,000 Net operating loss carry-forwards 2,989,000 7,602,000 Total deferred income tax assets 4,894,000 9,126,000 Valuation allowance (2,462,000) (7,005,000) Net deferred income tax assets 2,432,000 2,121,000 Deferred income tax liabilities: Depreciation (11,108,000) (10,492,000) Total deferred income tax liabilities (11,108,000) (10,492,000) Net deferred income tax liability $ (8,676,000) $ (8,371,000) Amounts recognized in the consolidated balance sheets: Noncurrent deferred income tax liabilities $ (8,676,000) $ (8,371,000) Deferred income taxes relate to the temporary differences between financial accounting income and taxable income and are primarily attributable to differences between the book and tax basis of property and equipment and net operating loss carry-forwards (expiring through 2032). At December 31, 2019, we have available state net operating loss carryforwards of $58,204,000. Valuation allowances which fully reserve the state net operating loss carryforwards, net of federal tax benefit, decreased in 2019, 2018, and 2017 by $4,543,000, $1,286,000, and $163,000, respectively. The passage of the Tax Cuts and Jobs Act in December of 2017 lowered our federal income tax rate to 21% beginning in 2018 requiring us to revalue our net deferred federal tax liabilities at December 31, 2017. This resulted in a $4,531,000 decrease in our net deferred income tax liabilities, with a corresponding deferred income tax benefit. We recognize interest expense and penalties on uncertain income tax positions as a component of interest expense. No interest expense or penalties were recorded for uncertain income tax matters in 2019, 2018 or 2017. As of December 31, 2019 and 2018, we had no liabilities for uncertain income tax matters. 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 December 31, 2019, tax years after 2015 remain open to examination for federal and Delaware income tax purposes.

Pension Plans

Pension Plans	12 Months Ended
	Dec. 31, 2019
Pension Plans
Pension Plans	NOTE 7 — 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 the same actuarial methods and assumptions as those used for our qualified pension plan. The assets for the excess plan aggregate $1,182,000 and $995,000 as of December 31, 2019 and 2018, respectively, and are recorded in other assets in our consolidated balance sheets (see NOTE 9 — Fair Value Measurements). The following table sets forth the defined benefit plans’ funded status and amounts recognized in our consolidated balance sheets as of December 31: 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 13,359,000 $ 14,268,000 Interest cost 516,000 463,000 Actuarial loss (gain) 1,998,000 (976,000) Benefits paid (418,000) (396,000) Benefit obligation at end of year 15,455,000 13,359,000 Change in plan assets: Fair value of plan assets at beginning of year 11,440,000 10,299,000 Actual gain (loss) on plan assets 2,108,000 (216,000) Employer contribution — 1,750,000 Benefits paid (418,000) (396,000) Other 4,000 3,000 Fair value of plan assets at end of year 13,134,000 11,440,000 Unfunded status $ (2,321,000) $ (1,919,000) The following table presents the amounts recognized in our consolidated balance sheets as of December 31: 2019 2018 Accrued liabilities $ (1,305,000) $ (1,146,000) Liability for pension benefits (1,016,000) (773,000) $ (2,321,000) $ (1,919,000) Amounts recognized in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit at December 31 are as follows: 2019 2018 Net actuarial loss, pre-tax $ 6,176,000 $ 5,708,000 The components of net periodic pension benefit for our defined benefit pension plans for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Interest cost $ 516,000 $ 463,000 $ 468,000 Expected return on plan assets (727,000) (699,000) (644,000) Recognized net actuarial loss 149,000 151,000 143,000 $ (62,000) $ (85,000) $ (33,000) The net periodic pension benefit is included in other income in our consolidated statements of earnings and comprehensive income. For the year ending December 31, 2020, we expect to recognize the following amount as a component of net periodic benefit which is included in accumulated other comprehensive loss as of December 31, 2019: Actuarial loss $ 161,000 The principal assumptions used to determine the net periodic pension benefit for the years ended December 31, 2019, 2018 and 2017, and the actuarial value of the benefit obligation at December 31, 2019 and 2018 (the measurement dates) for our pension plans are as follows: Net Periodic Pension Cost Benefit Obligation 2019 2018 2017 2019 2018 Weighted-average discount rate 4.4 % 3.8 % 4.2 % 3.4 % 4.4 % Weighted-average rate of compensation increase n/a n/a n/a n/a n/a Expected long-term rate of return on plan assets 6.5 % 6.5 % 8.0 % n/a n/a We use the spot rate approach to determine the benefit obligation and the subsequent years’ interest cost component of the net periodic pension benefit. This method uses individual spot rates along the yield curve that correspond with the timing of each benefit payment and will provide a more precise measurement of the interest cost by improving the correlation between projected benefit cash flows and the corresponding spot yield curve rates. For 2019, we assumed a long-term rate of return on plan assets of 6.5%. In developing the expected long-term rate of return assumption, we reviewed asset class return expectations and long-term inflation assumptions and considered our historical compounded return, which was consistent with our long-term rate of return assumption. In determining the 2018 pension liability, we used the Society of Actuaries' ("SOA") RP-2014 mortality tables and the MP-2018 mortality improvement tables, which along with a higher discount rate, resulted in a decrease in our benefit obligation and accumulated other comprehensive loss at December 31, 2018. For 2019, we adopted the Society of Actuaries' ("SOA") Pri-2012 mortality tables and the MP-2019 mortality improvement tables, which along with a lower discount rate, resulted in an increase in our benefit obligation and accumulated other comprehensive loss at December 31, 2019. Historically, our investment goals were to achieve a combination of moderate growth of capital and income with moderate risk. Acceptable investment vehicles included mutual funds, exchange-traded funds (ETFs), limited partnerships, and individual securities. Our target allocations for plan assets were 60% equities and 40% fixed income. Of the equity portion, 50% were invested in passively managed securities using ETFs and the other 50% were invested in actively managed investment vehicles. We addressed diversification by investing in mutual funds and ETFs which held large, mid and small capitalization U.S. stocks, international (non-U.S.) equity, REITS, and real assets (consisting of inflation-linked bonds, real estate and natural resources). A sufficient percentage of investments were readily marketable in order to be sold to fund benefit payment obligations as they became payable. Beginning in 2018, our investment strategy changed to a liability driven investment policy. Our asset management decisions are largely determined by the sum of current and future liabilities of our pension plan. Our liability driven investment strategies involve hedging, in whole or in part, the plan’s exposure to changes in interest rates and inflation. Our liability driven investments consist of exchange traded mutual funds that may have underlying investments in hedge funds that are comprised of bonds, swaps and other derivatives that over time seeks to achieve a return that matches or exceeds the growth in projected pension plan liabilities and duration. Our target allocations for plan assets are 20% equities and 80% liability hedges. The fair values of our pension assets as of December 31, 2019 by asset category are as follows (refer to NOTE 9 — Fair Value Measurements for a description of Level 1, Level 2 and Level 3 categories): Asset Category Total Level 1 Level 2 Level 3 Mutual funds/ETFs: Equity-large cap $ 995,000 $ 995,000 $ — $ — Equity-mid cap 502,000 502,000 — — Equity-small cap 560,000 560,000 — — Equity-international 667,000 667,000 — — Fixed income 10,358,000 10,358,000 — — Money market 52,000 52,000 — — Total mutual funds/ETFs $ 13,134,000 $ 13,134,000 $ — $ — The fair values of our pension assets as of December 31, 2018 by asset category are as follows (refer to NOTE 9 — Fair Value Measurements for a description of Level 1, Level 2 and Level 3 categories): Asset Category Total Level 1 Level 2 Level 3 Mutual funds/ETFs: Equity-large cap $ 770,000 $ 770,000 $ — $ — Equity-mid cap 374,000 374,000 — — Equity-small cap 453,000 453,000 — — Equity-international 560,000 560,000 — — Fixed income 8,798,000 8,798,000 — — Money market 485,000 485,000 — — Total mutual funds/ETFs $ 11,440,000 $ 11,440,000 $ — $ — We have no minimum required pension contributions for 2020, but will consider making additional contributions. Estimated future benefit payments are as follows: 2020 $ 1,832,000 2021 $ 587,000 2022 $ 589,000 2023 $ 648,000 2024 $ 652,000 2025-2029 $ 3,520,000 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 2019, 2018 and 2017, we recorded expenses of $120,000, $112,000, and $80,000, respectively, related to the SERP. During 2019, 2018 and 2017, we contributed $108,000, $85,000, and $96,000 to the plan, respectively. The liability for SERP pension benefits was $120,000 and $108,000 as of December 31, 2019 and 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 $118,000, $129,000, and $123,000 in 2019, 2018 and 2017, respectively.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity
Stockholders' Equity	NOTE 8 — Stockholders’ Equity Changes in the components of stockholders’ equity are as follows (in thousands, except per share amounts): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2016 $ 1,828 $ 1,851 $ 101,858 $ (48,340) $ (3,392) Net earnings — — — 8,426 — Dividends paid, $0.08 per share — — — (2,944) — Issuance of restricted stock awards, net of forfeitures 15 — (15) — — Stock-based compensation — — 364 — — Repurchase and retirement of common stock (18) — (363) — — Unrealized gain on available-for-sale securities, net of income tax expense of $15 — — — — 22 Change in net actuarial loss and prior service cost, net of income tax benefit of $48 — — — — (70) Balance at December 31, 2017 1,825 1,851 101,844 (42,858) (3,440) Adoption of ASU 2016-01 (see NOTE 2) — — — 73 (73) Net earnings — — — 6,889 — Dividends paid, $0.08 per share — — — (2,930) — Issuance of restricted stock awards, net of forfeitures 15 — (15) — — Stock-based compensation — — 302 — — Repurchase and retirement of common stock (35) — (715) — — Change in net actuarial loss and prior service cost, net of income tax expense of $60 — — — — 155 Balance at December 31, 2018 1,805 1,851 101,416 (38,826) (3,358) Net earnings — — — 5,500 — Dividends paid, $0.10 per share — — — (3,642) — Issuance of restricted stock awards, net of forfeitures 14 — (14) — — Stock-based compensation — — 294 — — Repurchase and retirement of common stock (37) — (702) — — Change in net actuarial loss and prior service cost, net of income tax benefit of $135 — — — — (333) Balance of December 31, 2019 $ 1,782 $ 1,851 $ 100,994 $ (36,968) $ (3,691) As of December 31, 2019 and 2018, accumulated other comprehensive loss, net of income taxes, consists of the following: 2019 2018 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,485,000, and $2,350,000, respectively $ (3,691,000) $ (3,358,000) Holders of common stock have one vote per share and holders of Class A common stock have ten votes per share. There is no cumulative voting. Shares of Class A common stock are convertible at any time into shares of common stock on a share for share basis at the option of the holder thereof. Dividends on Class A common stock cannot exceed dividends on common stock on a per share basis. Dividends on common stock may be paid at a higher rate than dividends on Class A common stock. The terms and conditions of each issue of preferred stock are determined by our Board of Directors. No preferred shares have been issued. Effective June 14, 2016, we adopted a stockholder rights plan. The rights are attached to and trade in tandem with our common stock. The rights, unless earlier redeemed by our board of directors, will detach and trade separately from our common stock only upon the occurrence of certain events such as the unsolicited acquisition by a third party of beneficial ownership of 10% or more of our outstanding combined common stock and Class A common stock or the announcement by a third party of the intent to commence a tender or exchange offer for 10% or more of our outstanding combined common stock and Class A common stock. After the rights have detached, the holders of such rights would generally have the ability to purchase such number of either shares of our common stock or stock of an acquirer of our company having a market value equal to twice the exercise price of the right being exercised, thereby causing substantial dilution to a person or group of persons attempting to acquire control of our company. The rights may serve as a significant deterrent to unsolicited attempts to acquire control of us, including transactions involving a premium to the market price of our stock. The rights expire on June 13, 2026, unless earlier redeemed. 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 years ended December 31, 2019, 2018 and 2017, we purchased and retired 315,840, 308,928, and 130,741 shares of our outstanding common stock at an average purchase price of $1.99, $2.08 and $2.07 per share, respectively, not including nominal brokerage commissions. At December 31, 2019, we had remaining repurchase authority of 384,809 shares. During the years ended December 31, 2019, 2018 and 2017, we purchased and retired 48,457, 47,236, and 46,179 shares of our outstanding common stock at an average purchase price of $1.99, $2.00 and $2.27 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. 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. As of December 31, 2019, there were 1,265,000 shares available for granting options or stock awards. Nonvested restricted stock activity for the year ended December 31, 2019 was as follows: Weighted Average Number of Grant Date Shares Fair Value Nonvested at December 31, 2018 592,800 $ 2.24 Granted 143,000 $ 1.99 Vested (145,000) $ 2.26 Forfeited (16,000) $ 2.17 Nonvested at December 31, 2019 574,800 $ 2.17 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 service period or the service period remaining until normal retirement age, if shorter. The total fair value of shares vested during the years ended December 31, 2019, 2018 and 2017 based on the weighted average grant date fair value was $328,000, $288,000, and $267,000, respectively. The grant-date fair value per share of nonvested restricted stock awards granted during the years ended December 31, 2019, 2018 and 2017 was $1.99, $2.00, and $2.27, respectively. We recorded compensation expense of $294,000, $302,000, and $364,000 related to restricted stock awards for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, there was $646,000 of total unrecognized compensation cost related to nonvested restricted stock awards granted to employees under our stock incentive plan. That cost is expected to be recognized over a weighted-average period of 3.6 years.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Measurements
Fair Value Measurements	NOTE 9 — 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 December 31, 2019 and 2018: Total Level 1 Level 2 Level 3 2019 Equity investments $ 1,182,000 $ 1,182,000 $ — $ — 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 year ended December 31, 2019 are as follows: Net gains recognized during the period on equity investments $ 162,000 Less: net gains recognized during the period on equity investments sold during the period — Unrealized gains recognized during the period on equity investments still held at period end $ 162,000 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. There were no borrowings outstanding under our credit facility at December 31, 2019 or 2018. Borrowings under our revolving credit agreement bear interest at the variable rate described in NOTE 5 — Long-Term Debt and therefore we believe would approximate fair value. The following table summarizes the valuation of our pricing levels for non-financial assets that are measured at fair value on a non-recurring basis as of December 31, 2018: Total Level 1 Level 2 Level 3 2018 Long-lived assets held for sale $ 531,000 $ — $ — $ 531,000 Fair value of the long-lived assets held for sale was determined using a valuation methodology which gave specific consideration to the value of the owned real estate.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions
Related Party Transactions	NOTE 10 — Related Party Transactions During the years ended December 31, 2019, 2018 and 2017, Dover Downs Gaming & Entertainment, Inc. (“Gaming”), a company previously related through common ownership, allocated costs of $430,000, $1,775,000 and $1,862,000, respectively, to us for certain administrative and operating services, including leased space. We allocated certain administrative and operating service costs of $110,000, $189,000 and $187,000, respectively, to Gaming for the years ended December 31, 2019, 2018 and 2017. The allocations were based on an analysis of each company’s share of the costs. In connection with our NASCAR event weekends at Dover International Speedway, Gaming provided certain services, primarily catering, for which we were invoiced $847,000 and $903,000 during the years ended December 31, 2018 and 2017, respectively. Additionally, we invoiced Gaming $15,000, and $211,000 and $224,000,respectively, during 2019, 2018 and 2017, respectively, for tickets, our commission for suite catering and other services to the NASCAR events. As of December 31, 2018, our consolidated balance sheet included a $9,000 payable to Gaming for the aforementioned items. We settled these items 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. Accordingly, the amounts reflected above for the year ended December 31, 2019 are only through March 28, 2019. 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 were 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	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies
Commitments and Contingencies	NOTE 11 — Commitments and Contingencies We lease equipment with leases expiring at various dates through 2022. Total rental expense charged to operations amounted to $47,000, $67,000, and $67,000 for the years ended December 31, 2019, 2018 and 2017, respectively. 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 $13,400,000 was outstanding at December 31, 2019. Annual principal payments on these bonds 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 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 $13,625,000 irrevocable direct-pay letter of credit issued by our bank group. We are exposed to fluctuations in interest rates for these bonds. As of December 31, 2019 and 2018, $637,000 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 2019, we paid $983,000 into the sales and incremental property tax fund and $1,398,000 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 and future property tax assumptions, a provision to increase the contingent obligation was recorded in the amount of $1,005,000, $424,000, and $158,000 in 2019, 2018 and 2017, respectively, and the contingent obligation is $3,389,000 at December 31, 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 have employment, severance and noncompete agreements with certain of our officers and directors under which certain change of control, severance and noncompete payments and benefits might become payable in the event of a change in our control, defined to include a tender offer or the closing of a merger or similar corporate transactions. In the event of such a change in control and the subsequent termination of employment of all employees covered under these agreements, we estimate that the maximum contingent liability would range from $8,100,000 to $9,900,000 depending on the tax treatment of the payments. To the extent that any of the potential payments or benefits due under the agreements constitute an excess “parachute payment” under the Internal Revenue Code and result in the imposition of an excise tax, each agreement requires that we pay the amount of such excise tax plus any additional amounts necessary to place the officer or director in the same after-tax position as he would have been had no excise tax been imposed. We estimate that the tax gross ups that could be paid under the agreements in the event the agreements were triggered due to a change of control could be between $1,300,000 and $3,100,000 and these amounts have been included in the maximum contingent liability disclosed above. This maximum tax gross up figure assumes that none of the payments made after the hypothetical change in control would be characterized as reasonable compensation for services rendered. Each agreement with an executive officer provides that fifty percent of the monthly amount paid during the term is paid in consideration of the executive officer’s non-compete covenants. The exclusion of these amounts would reduce the calculated amount of excess parachute payments subject to tax. We are unable to conclude whether the Internal Revenue Service would characterize all or some of these non-compete payments as reasonable compensation for services rendered. 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.

Quarterly Results (unaudited)

Quarterly Results (unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Results (unaudited)
Quarterly Results (unaudited)	NOTE 12 — Quarterly Results ( unaudited) March 31 (a) June 30 September 30 (b) December 31 (c) Year Ended December 31, 2019 Revenues $ 129,000 $ 24,838,000 $ 202,000 $ 20,794,000 Operating (loss) earnings $ (3,496,000) $ 7,634,000 $ (516,000) $ 4,378,000 Net (loss) earnings $ (2,490,000) $ 5,501,000 $ (414,000) $ 2,903,000 Net (loss) earnings per share — basic and diluted $ (0.07) $ 0.15 $ (0.01) $ 0.08 Year Ended December 31, 2018 Revenues $ 226,000 $ 25,812,000 $ 227,000 $ 20,751,000 Operating (loss) earnings $ (1,246,000) $ 8,954,000 $ (4,062,000) $ 5,911,000 Net (loss) earnings $ (992,000) $ 6,508,000 $ (2,699,000) $ 4,072,000 Net (loss) earnings per share — basic and diluted $ (0.03) $ 0.18 $ (0.07) $ 0.11 (a) In the first quarter of 2019, we closed on the sale of land at our Nashville Superspeedway facility resulting in a gain of $139,000 ($110,000 after income taxes). See Note 1 — Business Operations. In the first quarter of 2018, we closed on the sale of land at our Nashville Superspeedway facility resulting in a gain of $2,512,000 ($1,984,000 after income taxes). See NOTE 1 — Business Operations. (b) In the third quarter of 2019, we closed on the sale of land at our Nashville Superspeedway facility resulting in a gain of $4,186,000 ( $3,307,000 after income taxes). See NOTE 1 — Business Operations. During the third quarter of 2019, we made the decision to remove certain grandstand seating at our Dover International Speedway facility at the end of the 2019 race season. As a result, we shortened the service lives of these assets which results in accelerated depreciation of $879,000 ($634,000 after income taxes) in the third quarter. See NOTE 3 – Property and Equipment. In the third quarter of 2018, we entered into negotiations to sell a parcel of land we own near St. Louis. As a result, we recorded a loss of $99,000 ($76,000 after income taxes) on sale of land. See NOTE 1 – Business Operations. (c) During the third quarter of 2019, we made the decision to remove certain grandstand seating at our Dover International Speedway facility at the end of the 2019 race season. As a result, we shortened the service lives of these assets which results in accelerated depreciation of $293,000 ($211,000 after income taxes) in the fourth quarter. See NOTE 3 — Property and Equipment. Related to the decision to remove grandstand seats at Dover International Speedway, we incurred $1,170,000 ($844,000 after income taxes) of costs to remove these assets in the fourth quarter of 2019. See NOTE 3 – Property and Equipment. Per share data amounts for the quarters have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts due to differences in the weighted-average common shares outstanding during each period. Our operations are seasonal in nature. In 2019 and 2018, three NASCAR racing events were held in the second quarter and three in the fourth quarter.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
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 reported at fair-value in other assets in our consolidated balance sheets. Prior to 2018, changes in fair value were reported in other comprehensive income (loss). Upon adopting Accounting Standards Update (“ASU”) No. 2016-01 on January 1, 2018, changes in fair value are reported in other income. See NOTE 7 — Pension Plans, NOTE 8 — Stockholders’ Equity and NOTE 9 — Fair Value Measurements for further discussion.
Accounts receivable	Accounts receivable— Accounts receivable are stated at their estimated collectible amount and do not bear interest.
Inventories	Inventories— Inventories of items for resale are stated at the lower of cost or net realizable value with cost being determined on the first-in, first-out basis.
Prepaid expenses and other	Prepaid expenses and other - Prepaid expenses and other current assets consist primarily of amounts paid for expenses expected to be recognized within a year, and include the following at December 31: 2019 2018 Insurance $ 692,000 $ 554,000 Property taxes 322,000 296,000 Other 172,000 205,000 $ 1,186,000 $ 1,055,000
Property and equipment	Property and equipment— Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the following estimated useful lives: Facilities 10-40 years Furniture, fixtures and equipment 3-10 years
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.
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 December 31, 2019, our consolidated balance sheet included a right of use asset of $188,000, a long-term lease liability of $112,000, and a short-term lease liability, which is included in accrued liabilities, of $76,000.
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 December 31, 2019, our valuation allowance on state net operating loss carry-forwards net of federal income taxes was $2,462,000, which decreased by $4,543,000 in 2019, primarily from the expiration of certain of these net operating loss carry-forwards. These state net operating losses are related to our Nashville facility that has not produced taxable income from operations and no longer hosts events. As such, the valuation allowances fully reserve the state net operating loss carryforwards, net of federal tax benefit.
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 sheet until the event is held. As of December 31, 2019, contract liabilities in our consolidated balance sheet relate to 2020 events. As of December 31, 2018, contract liabilities in our consolidated balances sheets related 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 $538,000, $685,000,and $612,000 of total revenues for the years ended December 31, 2019, 2018 and 2017, respectively. The following table summarizes the liability activity related to contracts with customers for the years ended December 31: 2019 2018 2017 Balance, beginning of year $ 1,140 $ 1,249 $ Reductions from beginning balance (1,140) (1,249) (1,355) Additional liabilities recorded during the year 8,811 9,941 11,650 Reduction of additional liabilities recorded during the year, not from beginning balance (7,835) (8,801) (10,401) Balance, end of year $ 976 $ 1,140 $ 1,249 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 $4,300,000 at December 31, 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. 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 advertising is expensed as incurred. Advertising expenses were $1,000,000, $1,205,000, and $1,195,000 in 2019, 2018 and 2017, 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. As a result of adopting Financial Accounting Standards Board ("FASB") ASU No. 2014-09, Revenue from Contracts with Customers , during the year ended December 31, 2018 certain expenses previously deferred until an event occurred are now expensed as incurred.
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): 2019 2018 2017 Net earnings per common share — basic and diluted: Net earnings $ 5,500 $ 6,889 $ 8,426 Allocation to nonvested restricted stock awards (87) (111) (133) Net earnings available to common stockholders $ 5,413 $ 6,778 $ 8,293 Weighted-average shares outstanding 35,946 36,130 36,275 Net earnings per common share — basic and diluted $ 0.15 $ 0.19 $ 0.23 There were no options outstanding during 2019, 2018 or 2017.
Accounting for stock-based compensation	Accounting for stock-based compensation— We recorded total stock-based compensation expense for our restricted stock awards of $294,000, $302,000, and $364,000 as general and administrative expenses for the years ended December 31, 2019, 2018 and 2017, respectively. We recorded income tax benefits of $71,000, $83,000, and $167,000 for the years ended December 31, 2019, 2018 and 2017, respectively, related to vesting of 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.
Recent accounting pronouncements	Recent accounting pronouncements — In August 2018, the FASB issued 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. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position and also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The update is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within those fiscal years. The ASU requires a transition adoption election using either 1) a modified retrospective approach with periods prior to the adoption date being recast or 2) a prospective adoption approach with a cumulative-effect adjustment recognized to the opening balance of retained earnings on the adoption date with prior periods not recast. We adopted the standard in the first quarter of 2019 using the prospective adoption approach and electing the practical expedient to not recognize lease assets and liabilities for leases with terms of twelve months or less. The adoption of this ASU did not have a material impact on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which enhances the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Some of the amendments include the following: 1) Require certain equity investments to be measured at fair value with changes in fair value recognized in net income; 2) Simplify the impairment assessment of equity investment's without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) Require public business entities to use exit price notion when measuring fair value of financial instruments for disclosure purposes; 4) Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting in a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value; among others. The update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We adopted this standard effective January 1, 2018. In accordance with the standard, we reclassified $73,000, net of income taxes, of unrealized gains from accumulated other comprehensive loss to accumulated deficit as of January 1, 2018. See NOTE 8 — Stockholders' Equity. Additionally, changes in fair value of equity investments are now included in other income in our consolidated statements of earnings. See NOTE 9 — Fair Value Measurements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which supersedes nearly all existing revenue recognition guidance under accounting principles generally accepted in the United States of America. The FASB issued several amendments to the standard, including clarification on accounting for and identifying performance obligations. The standard can be applied using the full retrospective method or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We adopted this standard effective January 1, 2018 using the retrospective with cumulative effect method. We reviewed our sponsorship agreements, sanctioning agreements and other contracts, as well as our accounting for certain costs associated with our events. The adoption of the new revenue standard did not have a material impact on our revenues, results of operations or financial position. However, we expanded certain disclosures as required. See Revenue recognition above.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies
Summary of prepaid expense and other current assets	2019 2018 Insurance $ 692,000 $ 554,000 Property taxes 322,000 296,000 Other 172,000 205,000 $ 1,186,000 $ 1,055,000
Schedule of estimated useful lives of property and equipment	Facilities 10-40 years Furniture, fixtures and equipment 3-10 years
Summarized liability activity related to contracts with customers	2019 2018 2017 Balance, beginning of year $ 1,140 $ 1,249 $ Reductions from beginning balance (1,140) (1,249) (1,355) Additional liabilities recorded during the year 8,811 9,941 11,650 Reduction of additional liabilities recorded during the year, not from beginning balance (7,835) (8,801) (10,401) Balance, end of year $ 976 $ 1,140 $ 1,249
Schedule of the computation of EPS	The following table sets forth the computation of EPS (in thousands, except per share amounts): 2019 2018 2017 Net earnings per common share — basic and diluted: Net earnings $ 5,500 $ 6,889 $ 8,426 Allocation to nonvested restricted stock awards (87) (111) (133) Net earnings available to common stockholders $ 5,413 $ 6,778 $ 8,293 Weighted-average shares outstanding 35,946 36,130 36,275 Net earnings per common share — basic and diluted $ 0.15 $ 0.19 $ 0.23

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2019
Property and Equipment
Schedule of components of property and equipment	2019 2018 Land $ 15,286,000 $ 15,286,000 Facilities 92,811,000 86,725,000 Furniture, fixtures and equipment 9,087,000 8,893,000 Construction in progress 163,000 275,000 117,347,000 111,179,000 Less accumulated depreciation (67,272,000) (63,042,000) $ 50,075,000 $ 48,137,000

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Accrued Liabilities
Schedule of accrued liabilities	2019 2018 Payroll and related items $ 434,000 $ 383,000 Real estate taxes 943,000 962,000 Pension 1,305,000 1,146,000 Grandstand removal cost 439,000 — Other 589,000 592,000 $ 3,710,000 $ 3,083,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Taxes
Schedule of current and deferred income tax (expense) benefit	Years ended December 31, 2019 2018 2017 Current: Federal $ (1,251,000) $ (2,461,000) $ (1,835,000) State (122,000) (683,000) (562,000) (1,373,000) (3,144,000) (2,397,000) Deferred: Federal (219,000) 929,000 4,353,000 State (194,000) 37,000 (67,000) (413,000) 966,000 4,286,000 Total income tax (expense) benefit $ (1,786,000) $ (2,178,000) $ 1,889,000
Schedule of reconciliation of the effective income tax rate with the applicable statutory federal income tax rate	Years ended December 31, 2019 2018 2017 Federal tax at statutory rate 21.0 % 21.0 % 35.0 % State taxes, net of federal benefit 65.8 % 19.8 % 8.8 % Valuation allowance (62.4) % (14.2) % (2.5) % Tax Cuts and Jobs Act — — (69.3) % Other 0.1 % (2.6) % (0.9) % Effective income tax rate 24.5 % 24.0 % (28.9) %
Schedule of deferred income tax assets and liabilities	2019 2018 Deferred income tax assets: Accruals not currently deductible for income taxes $ 1,905,000 $ 1,524,000 Net operating loss carry-forwards 2,989,000 7,602,000 Total deferred income tax assets 4,894,000 9,126,000 Valuation allowance (2,462,000) (7,005,000) Net deferred income tax assets 2,432,000 2,121,000 Deferred income tax liabilities: Depreciation (11,108,000) (10,492,000) Total deferred income tax liabilities (11,108,000) (10,492,000) Net deferred income tax liability $ (8,676,000) $ (8,371,000) Amounts recognized in the consolidated balance sheets: Noncurrent deferred income tax liabilities $ (8,676,000) $ (8,371,000)

Pension Plans (Tables)

Pension Plans (Tables)	12 Months Ended
	Dec. 31, 2019
Pension Plans
Schedule of defined benefit plans' funded status and amounts recognized in the entity's consolidated balance sheets	2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 13,359,000 $ 14,268,000 Interest cost 516,000 463,000 Actuarial loss (gain) 1,998,000 (976,000) Benefits paid (418,000) (396,000) Benefit obligation at end of year 15,455,000 13,359,000 Change in plan assets: Fair value of plan assets at beginning of year 11,440,000 10,299,000 Actual gain (loss) on plan assets 2,108,000 (216,000) Employer contribution — 1,750,000 Benefits paid (418,000) (396,000) Other 4,000 3,000 Fair value of plan assets at end of year 13,134,000 11,440,000 Unfunded status $ (2,321,000) $ (1,919,000)
Schedule of amounts recognized in the entity's consolidated balance sheets	2019 2018 Accrued liabilities $ (1,305,000) $ (1,146,000) Liability for pension benefits (1,016,000) (773,000) $ (2,321,000) $ (1,919,000)
Schedule of amounts expected to recognized as components of net periodic benefit, which are included in accumulated other comprehensive loss	2019 2018 Net actuarial loss, pre-tax $ 6,176,000 $ 5,708,000
Schedule of components of net periodic pension benefit for defined benefit pension plans	2019 2018 2017 Interest cost $ 516,000 $ 463,000 $ 468,000 Expected return on plan assets (727,000) (699,000) (644,000) Recognized net actuarial loss 149,000 151,000 143,000 $ (62,000) $ (85,000) $ (33,000)
Schedule of amounts included in accumulated comprehensive loss which are expected to be recognized as components of net periodic benefit in next fiscal year	Actuarial loss $ 161,000
Schedule of principal assumptions used to determine the net periodic pension benefit and the actuarial value of the benefit obligation	Net Periodic Pension Cost Benefit Obligation 2019 2018 2017 2019 2018 Weighted-average discount rate 4.4 % 3.8 % 4.2 % 3.4 % 4.4 % Weighted-average rate of compensation increase n/a n/a n/a n/a n/a Expected long-term rate of return on plan assets 6.5 % 6.5 % 8.0 % n/a n/a
Schedule of fair values of the entity's pension assets	The fair values of our pension assets as of December 31, 2019 by asset category are as follows (refer to NOTE 9 — Fair Value Measurements for a description of Level 1, Level 2 and Level 3 categories): Asset Category Total Level 1 Level 2 Level 3 Mutual funds/ETFs: Equity-large cap $ 995,000 $ 995,000 $ — $ — Equity-mid cap 502,000 502,000 — — Equity-small cap 560,000 560,000 — — Equity-international 667,000 667,000 — — Fixed income 10,358,000 10,358,000 — — Money market 52,000 52,000 — — Total mutual funds/ETFs $ 13,134,000 $ 13,134,000 $ — $ — The fair values of our pension assets as of December 31, 2018 by asset category are as follows (refer to NOTE 9 — Fair Value Measurements for a description of Level 1, Level 2 and Level 3 categories): Asset Category Total Level 1 Level 2 Level 3 Mutual funds/ETFs: Equity-large cap $ 770,000 $ 770,000 $ — $ — Equity-mid cap 374,000 374,000 — — Equity-small cap 453,000 453,000 — — Equity-international 560,000 560,000 — — Fixed income 8,798,000 8,798,000 — — Money market 485,000 485,000 — — Total mutual funds/ETFs $ 11,440,000 $ 11,440,000 $ — $ —
Schedule of estimated future benefit payments	2020 $ 1,832,000 2021 $ 587,000 2022 $ 589,000 2023 $ 648,000 2024 $ 652,000 2025-2029 $ 3,520,000

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity
Schedule of the changes in the components of stockholders' equity	Changes in the components of stockholders’ equity are as follows (in thousands, except per share amounts): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2016 $ 1,828 $ 1,851 $ 101,858 $ (48,340) $ (3,392) Net earnings — — — 8,426 — Dividends paid, $0.08 per share — — — (2,944) — Issuance of restricted stock awards, net of forfeitures 15 — (15) — — Stock-based compensation — — 364 — — Repurchase and retirement of common stock (18) — (363) — — Unrealized gain on available-for-sale securities, net of income tax expense of $15 — — — — 22 Change in net actuarial loss and prior service cost, net of income tax benefit of $48 — — — — (70) Balance at December 31, 2017 1,825 1,851 101,844 (42,858) (3,440) Adoption of ASU 2016-01 (see NOTE 2) — — — 73 (73) Net earnings — — — 6,889 — Dividends paid, $0.08 per share — — — (2,930) — Issuance of restricted stock awards, net of forfeitures 15 — (15) — — Stock-based compensation — — 302 — — Repurchase and retirement of common stock (35) — (715) — — Change in net actuarial loss and prior service cost, net of income tax expense of $60 — — — — 155 Balance at December 31, 2018 1,805 1,851 101,416 (38,826) (3,358) Net earnings — — — 5,500 — Dividends paid, $0.10 per share — — — (3,642) — Issuance of restricted stock awards, net of forfeitures 14 — (14) — — Stock-based compensation — — 294 — — Repurchase and retirement of common stock (37) — (702) — — Change in net actuarial loss and prior service cost, net of income tax benefit of $135 — — — — (333) Balance of December 31, 2019 $ 1,782 $ 1,851 $ 100,994 $ (36,968) $ (3,691)
Schedule of accumulated other comprehensive loss, net of income taxes	2019 2018 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,485,000, and $2,350,000, respectively $ (3,691,000) $ (3,358,000)
Schedule of nonvested restricted stock activity	Weighted Average Number of Grant Date Shares Fair Value Nonvested at December 31, 2018 592,800 $ 2.24 Granted 143,000 $ 1.99 Vested (145,000) $ 2.26 Forfeited (16,000) $ 2.17 Nonvested at December 31, 2019 574,800 $ 2.17

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Measurements
Summary of the valuation of financial instrument pricing levels	Total Level 1 Level 2 Level 3 2019 Equity investments $ 1,182,000 $ 1,182,000 $ — $ — 2018 Equity investments $ 995,000 $ 995,000 $ — $ —
Schedule of gains and losses on equity investments	Net gains recognized during the period on equity investments $ 162,000 Less: net gains recognized during the period on equity investments sold during the period — Unrealized gains recognized during the period on equity investments still held at period end $ 162,000
Summary of the valuation of pricing levels for non-financial assets that are measured at fair value on a non-recurring basis	Total Level 1 Level 2 Level 3 2018 Long-lived assets held for sale $ 531,000 $ — $ — $ 531,000

Quarterly Results (unaudited) (

Quarterly Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Results (unaudited)
Schedule of quarterly results	March 31 (a) June 30 September 30 (b) December 31 (c) Year Ended December 31, 2019 Revenues $ 129,000 $ 24,838,000 $ 202,000 $ 20,794,000 Operating (loss) earnings $ (3,496,000) $ 7,634,000 $ (516,000) $ 4,378,000 Net (loss) earnings $ (2,490,000) $ 5,501,000 $ (414,000) $ 2,903,000 Net (loss) earnings per share — basic and diluted $ (0.07) $ 0.15 $ (0.01) $ 0.08 Year Ended December 31, 2018 Revenues $ 226,000 $ 25,812,000 $ 227,000 $ 20,751,000 Operating (loss) earnings $ (1,246,000) $ 8,954,000 $ (4,062,000) $ 5,911,000 Net (loss) earnings $ (992,000) $ 6,508,000 $ (2,699,000) $ 4,072,000 Net (loss) earnings per share — basic and diluted $ (0.03) $ 0.18 $ (0.07) $ 0.11 (a) In the first quarter of 2019, we closed on the sale of land at our Nashville Superspeedway facility resulting in a gain of $139,000 ($110,000 after income taxes). See Note 1 — Business Operations. In the first quarter of 2018, we closed on the sale of land at our Nashville Superspeedway facility resulting in a gain of $2,512,000 ($1,984,000 after income taxes). See NOTE 1 — Business Operations. (b) In the third quarter of 2019, we closed on the sale of land at our Nashville Superspeedway facility resulting in a gain of $4,186,000 ( $3,307,000 after income taxes). See NOTE 1 — Business Operations. During the third quarter of 2019, we made the decision to remove certain grandstand seating at our Dover International Speedway facility at the end of the 2019 race season. As a result, we shortened the service lives of these assets which results in accelerated depreciation of $879,000 ($634,000 after income taxes) in the third quarter. See NOTE 3 – Property and Equipment. In the third quarter of 2018, we entered into negotiations to sell a parcel of land we own near St. Louis. As a result, we recorded a loss of $99,000 ($76,000 after income taxes) on sale of land. See NOTE 1 – Business Operations. (c) During the third quarter of 2019, we made the decision to remove certain grandstand seating at our Dover International Speedway facility at the end of the 2019 race season. As a result, we shortened the service lives of these assets which results in accelerated depreciation of $293,000 ($211,000 after income taxes) in the fourth quarter. See NOTE 3 — Property and Equipment. Related to the decision to remove grandstand seats at Dover International Speedway, we incurred $1,170,000 ($844,000 after income taxes) of costs to remove these assets in the fourth quarter of 2019. See NOTE 3 – Property and Equipment.

Business Operations - Dover Int

Business Operations - Dover International Speedway (Details) - item	Jun. 23, 2019	Jul. 31, 2012	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Operations
Number of events promoted			3	3	3	3		6
Total revenues (in percent)								96.00%	96.00%	96.00%
RFGV Festivals
Business Operations
Number of years Firefly Music Festival hosted								5 years
Number of options granted to extend rent agreement								2
NASCAR Cup Series events
Business Operations
Number of events promoted								2
NASCAR Xfinity Series events
Business Operations
Number of events promoted								2
NASCAR Gander RV & Outdoors Truck Series event
Business Operations
Number of events promoted								1
Nascar ARCA Menards 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
Forecast
Business Operations
Number of events promoted							6

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	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)a	Dec. 31, 2018USD ($)	Aug. 17, 2017USD ($)a
Business Operations
Fair value of land										$ 531,000
Non-refundable deposit									$ 500,000
Long term assets held for sale									21,282,000	23,567,000
Gain (loss) on sale of land									4,325,000	2,413,000
Nashville Superspeedway | Assets held for sale
Business Operations
Acres | a		7.63
Long term assets held for sale									$ 21,282,000	$ 23,567,000
Proceeds, less closing costs		$ 267,000
Gain (loss) on sale of land						$ (4,186,000)	$ 139,000	$ 2,512,000
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
Proceeds, less closing costs	$ 6,397,000		$ 4,945,000
Net proceeds after taxes	5,314,000		4,150,000
Gain (loss) on sale of land	$ 4,186,000		$ 2,512,000
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
Gain (loss) on sale of land					$ (99,000)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Prepaid expenses and other (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Prepaid expense and other current assets
Insurance	$ 692,000	$ 554,000
Property taxes	322,000	296,000
Other	172,000	205,000
Prepaid expenses and other	$ 1,186,000	$ 1,055,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property and equipment (Details)	12 Months Ended
	Dec. 31, 2019
Facilities | Minimum
Property and equipment
Estimated useful lives	10 years
Facilities | Maximum
Property and equipment
Estimated useful lives	40 years
Furniture, fixtures and equipment | Minimum
Property and equipment
Estimated useful lives	3 years
Furniture, fixtures and equipment | Maximum
Property and equipment
Estimated useful lives	10 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Leases (Details) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Leases
Operating leases terms		36 months
Right of use asset	$ 188,000
Long term lease liability	112,000
Short term lease liability	$ 76,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating loss carryforwards
Valuation allowance for deferred tax assets	$ 2,462,000	$ 7,005,000
State net operating loss carryforward
Operating loss carryforwards
Valuation allowance for deferred tax assets	2,462,000
Decrease in valuation allowances	$ 4,543,000	$ 1,286,000	$ 163,000

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Revenue recognition (Details)	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Revenue recognition
Revenues from barter transaction	$ 538,000	$ 685,000	$ 612,000
Contract with customer liability rollforward
Balance, beginning of year	1,140,000	1,249,000	1,355,000
Reductions from beginning balance	(1,140,000)	(1,249,000)	(1,355,000)
Additional liabilities recorded during the year	8,811,000	9,941,000	11,650,000
Reduction of additional liabilities recorded during the year, not from beginning balance	(7,835,000)	(8,801,000)	(10,401,000)
Balance, end of year	976,000	$ 1,140,000	$ 1,249,000
Unsatisfied performance obligations amount	$ 4,300,000
Remittance period (in days)	30 days
Gross broadcast rights fees retained by NASCAR (in percent)	10.00%
Gross broadcast rights fees recorded as revenue (in percent)	90.00%
Gross broadcast rights fees payable to the event (in percent)	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

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Expense recognition (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of Significant Accounting Policies
Advertising Expense	$ 1,000,000	$ 1,205,000	$ 1,195,000

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Net earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of Significant Accounting Policies
Net earnings									$ 5,500	$ 6,889	$ 8,426
Allocation to nonvested restricted stock awards									(87)	(111)	(133)
Net earnings available to common stockholders									$ 5,413	$ 6,778	$ 8,293
Weighted-average shares outstanding -- basic and diluted									35,946,000	36,130,000	36,275,000
Net earnings per common share - basic and diluted	$ 0.08	$ (0.01)	$ 0.15	$ (0.07)	$ 0.11	$ (0.07)	$ 0.18	$ (0.03)	$ 0.15	$ 0.19	$ 0.23
Options outstanding (in shares)	0				0				0	0	0

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Accounting for stock-based compensation (Details) - Restricted Stock - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting for stock-based compensation
Stock-based compensation expense	$ 294,000	$ 302,000	$ 364,000
Income tax benefits related to vesting of restricted stock awards	$ 71,000	$ 83,000	$ 167,000

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Recent accounting pronouncements (Details) - ASU 2016-01 - USD ($)	Dec. 31, 2018	Jan. 01, 2018
Accumulated Other Comprehensive Loss
Recent accounting pronouncements
Reclassification on adoption of ASU 2016-01	$ (73,000)
Accumulated Deficit
Recent accounting pronouncements
Reclassification on adoption of ASU 2016-01	$ 73,000
Adjustment | Accumulated Other Comprehensive Loss
Recent accounting pronouncements
Reclassification on adoption of ASU 2016-01		$ (73,000)
Adjustment | Accumulated Deficit
Recent accounting pronouncements
Reclassification on adoption of ASU 2016-01		$ 73,000

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	1 Months Ended	3 Months Ended				12 Months Ended
	Jan. 31, 2019	Mar. 31, 2020	Sep. 30, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property and equipment
Gross						$ 117,347,000	$ 111,179,000
Less accumulated depreciation						(67,272,000)	(63,042,000)
Net						50,075,000	48,137,000
Proceeds from sale of land						7,224,000	4,945,000
Gain (loss) on sale of land						4,325,000	2,413,000
Fair value of land							531,000
Capitalized costs charged to depreciation				$ 186,000
Depreciation						4,353,000	3,285,000	$ 3,566,000
Accelerated depreciation expense						1,172,000
Costs to remove long-lived assets					$ 286,000	1,170,000		$ 286,000
Total project cost paid						731,000
Parcel of land near St. Louis | Assets held for sale
Property and equipment
Proceeds from sale of land	$ 531,000
Gain (loss) on sale of land			$ (99,000)				(99,000)
Fair value of land							531,000
Forecast
Property and equipment
Costs to remove long-lived assets		$ 300,000
Land
Property and equipment
Gross						15,286,000	15,286,000
Facilities
Property and equipment
Gross						92,811,000	86,725,000
Furniture, fixtures and equipment
Property and equipment
Gross						9,087,000	8,893,000
Construction in progress
Property and equipment
Gross						$ 163,000	$ 275,000

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Accrued Liabilities
Payroll and related items	$ 434,000	$ 383,000
Real estate taxes	943,000	962,000
Pension	1,305,000	1,146,000
Grandstand removal cost	439,000
Other	589,000	592,000
Total	$ 3,710,000	$ 3,083,000

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Sep. 24, 2019	Sep. 23, 2019
Long-Term Debt
Maximum borrowing capacity	$ 30,000,000	$ 30,000,000	$ 35,000,000
Amount outstanding under the credit facility	0
Remaining maximum borrowing capacity	$ 16,375,000
LIBOR | Minimum
Long-Term Debt
Basis points (in percent)	1.25%
LIBOR | Maximum
Long-Term Debt
Basis points (in percent)	1.75%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Jan. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal		$ (1,251,000)	$ (2,461,000)	$ (1,835,000)
State		(122,000)	(683,000)	(562,000)
Total		(1,373,000)	(3,144,000)	(2,397,000)
Deferred:
Federal		(219,000)	929,000	4,353,000
State		(194,000)	37,000	(67,000)
Total		(413,000)	966,000	4,286,000
Total income tax (expense) benefit		$ (1,786,000)	$ (2,178,000)	$ 1,889,000
Reconciliation of the effective income tax rate with the applicable statutory federal income tax rate
Federal tax at statutory rate (as a percent)	21.00%	21.00%	21.00%	35.00%
State taxes, net of federal benefit (as a percent)		65.80%	19.80%	8.80%
Valuation allowance (as a percent)		(62.40%)	(14.20%)	(2.50%)
Tax Cuts and Jobs Act (as a percent)				(69.30%)
Other (as a percent)		0.10%	(2.60%)	(0.90%)
Effective income tax rate (as a percent)		24.50%	24.00%	(28.90%)
Deferred income tax assets:
Accruals not currently deductible for income taxes		$ 1,905,000	$ 1,524,000
Net operating loss carry-forwards		2,989,000	7,602,000
Total deferred income tax assets		4,894,000	9,126,000
Valuation allowance		(2,462,000)	(7,005,000)
Net deferred income tax assets		2,432,000	2,121,000
Deferred income tax liabilities:
Depreciation		(11,108,000)	(10,492,000)
Total deferred income tax liabilities		(11,108,000)	(10,492,000)
Net deferred income tax liability		(8,676,000)	(8,371,000)
Amounts recognized in the consolidated balance sheets:
Noncurrent deferred income tax liabilities		$ (8,676,000)	$ (8,371,000)

Income Taxes - Carryforward and

Income Taxes - Carryforward and Valuation allowances (Details) - USD ($)	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Tax Cuts and Jobs Act, 2017
Federal income tax rate (as a percent)	21.00%		21.00%	21.00%	35.00%
Deferred income tax liabilities due to revalue of net deferred federal tax liabilities		$ 4,531,000
Deferred income tax benefit due to decrease in net deferred income tax liabilities					$ 4,531,000
Uncertain income tax positions
Interest expense recorded			$ 0	$ 0	0
Liability for uncertain income tax matters			0	0
State net operating loss carryforward
Operating loss carryforwards
Net operating loss carryforwards			58,204,000
Decrease in valuation allowances			$ 4,543,000	$ 1,286,000	$ 163,000

Pension Plans (Details)

Pension Plans (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension plans
Fair values of pension assets	$ 13,134,000	$ 11,440,000	$ 10,299,000
The excess plan
Pension plans
Fair values of pension assets	$ 1,182,000	$ 995,000

Pension Plans - Defined benefit

Pension Plans - Defined benefit plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in benefit obligation:
Benefit obligation at beginning of year	$ 13,359,000	$ 14,268,000
Interest cost	516,000	463,000	$ 468,000
Actuarial loss (gain)	1,998,000	(976,000)
Benefits paid	(418,000)	(396,000)
Benefit obligation at end of year	15,455,000	13,359,000	14,268,000
Change in plan assets:
Fair value of plan assets at beginning of year	11,440,000	10,299,000
Actual gain (loss) on plan assets	2,108,000	(216,000)
Employer contribution		1,750,000
Benefits paid	(418,000)	(396,000)
Other	4,000	3,000
Unfunded status	(2,321,000)	(1,919,000)
Fair value of plan assets at end of year	13,134,000	11,440,000	10,299,000
Amounts recognized in consolidated balance sheets
Accrued liabilities	(1,305,000)	(1,146,000)
Liability for pension benefits	(1,016,000)	(773,000)
Total	(2,321,000)	(1,919,000)
Amounts recognized in accumulated other comprehensive loss that have not been recognized as components of net periodic benefit (expense)
Net actuarial loss, pre-tax	6,176,000	5,708,000
Components of net periodic pension benefit
Interest cost	516,000	463,000	468,000
Expected return on plan assets	(727,000)	(699,000)	(644,000)
Recognized net actuarial loss	149,000	151,000	143,000
Total net periodic pension benefit	(62,000)	$ (85,000)	$ (33,000)
Amounts expected to recognized as components of net periodic benefit (expense), which are included in accumulated other comprehensive loss
Actuarial loss	$ 161,000
Net Periodic Pension Cost
Weighted-average discount rate (as a percent)	4.40%	3.80%	4.20%
Expected long-term rate of return on plan assets (as a percent)	6.50%	6.50%	8.00%
Benefit Obligation
Weighted-average discount rate (as a percent)	3.40%	4.40%

Pension Plans - Fair Value of P

Pension Plans - Fair Value of Pension and Estimated future benefit (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension plans
Fair values of pension assets	$ 13,134,000	$ 11,440,000	$ 10,299,000
Minimum required pension contributions for 2020	0
Estimated future benefit payments
2020	1,832,000
2021	587,000
2022	589,000
2023	648,000
2024	652,000
2025-2029	$ 3,520,000
Equity Funds
Pension plans
Target allocations for plan assets (as a percent)	20.00%		60.00%
Passively Managed Exchange Traded Funds
Pension plans
Target allocations for plan assets (as a percent)			50.00%
Actively Managed Exchange Traded Funds
Pension plans
Target allocations for plan assets (as a percent)			50.00%
Total mutual funds/ETFs | Total
Pension plans
Fair values of pension assets	$ 13,134,000	11,440,000
Total mutual funds/ETFs | Level 1
Pension plans
Fair values of pension assets	13,134,000	11,440,000
Equity-large cap | Total
Pension plans
Fair values of pension assets	995,000	770,000
Equity-large cap | Level 1
Pension plans
Fair values of pension assets	995,000	770,000
Equity-mid cap | Total
Pension plans
Fair values of pension assets	502,000	374,000
Equity-mid cap | Level 1
Pension plans
Fair values of pension assets	502,000	374,000
Equity-small cap | Total
Pension plans
Fair values of pension assets	560,000	453,000
Equity-small cap | Level 1
Pension plans
Fair values of pension assets	560,000	453,000
Equity-international | Total
Pension plans
Fair values of pension assets	667,000	560,000
Equity-international | Level 1
Pension plans
Fair values of pension assets	667,000	560,000
Fixed income
Pension plans
Target allocations for plan assets (as a percent)			40.00%
Fixed income | Total
Pension plans
Fair values of pension assets	10,358,000	8,798,000
Fixed income | Level 1
Pension plans
Fair values of pension assets	10,358,000	8,798,000
Money market | Total
Pension plans
Fair values of pension assets	52,000	485,000
Money market | Level 1
Pension plans
Fair values of pension assets	$ 52,000	$ 485,000
Liability hedges
Pension plans
Target allocations for plan assets (as a percent)	80.00%

Pension Plans - SERP (Details)

Pension Plans - SERP (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SERP
Defined contribution plan
Expenses recorded	$ 120,000	$ 112,000	$ 80,000
Employer contributions	108,000	85,000	96,000
Liability for pension benefits	120,000	108,000
401(k) plan
Defined contribution plan
Expenses recorded	$ 118,000	$ 129,000	$ 123,000

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Jun. 14, 2016	Dec. 31, 2019USD ($)Vote$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / shares	Jan. 01, 2018USD ($)
Changes in the components of stockholders' equity
Balance at the beginning of the period		$ 62,888,000
Net earnings		5,500,000	$ 6,889,000	$ 8,426,000
Dividends paid		3,642,000	2,930,000	2,944,000
Unrealized gain on equity investments, net of income taxes				22,000
Change in net actuarial loss and prior service cost, net of income tax expense		(333,000)	155,000	(70,000)
Balance at the end of the period		$ 63,968,000	$ 62,888,000
Preferred stock, shares issued | shares		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 $2,485,000, and $2,350,000, respectively		$ (3,691,000)	$ (3,358,000)
Income tax benefit on net actuarial loss and prior service cost not yet recognized in net periodic benefit cost		$ 2,485,000	2,350,000
Minimum percentage of common stock to be acquired for rights to detach and be traded separately from common stock	10.00%
Minimum percentage of common stock to be announced for tender or exchange for rights to detach and be traded separately from common stock	10.00%
Class A Common Stock
Changes in the components of stockholders' equity
Number of votes per share | Vote		10
Common Stock
Changes in the components of stockholders' equity
Balance at the beginning of the period		$ 1,805,000	1,825,000	1,828,000
Issuance of restricted stock awards, net of forfeitures		14,000	15,000	15,000
Repurchase and retirement of common stock		(37,000)	(35,000)	(18,000)
Balance at the end of the period		$ 1,782,000	1,805,000	1,825,000
Number of votes per share | Vote		1
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
Balance at the end of the period		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		101,416,000	101,844,000	101,858,000
Issuance of restricted stock awards, net of forfeitures		(14,000)	(15,000)	(15,000)
Stock-based compensation		(294,000)	302,000	364,000
Repurchase and retirement of common stock		(702,000)	(715,000)	(363,000)
Balance at the end of the period		100,994,000	101,416,000	101,844,000
Accumulated Deficit
Changes in the components of stockholders' equity
Balance at the beginning of the period		(38,826,000)	(42,858,000)	(48,340,000)
Net earnings		5,500,000	6,889,000	8,426,000
Dividends paid		$ (3,642,000)	$ (2,930,000)	$ (2,944,000)
Dividends paid (in dollars per share) | $ / shares		$ 0.10	$ 0.08	$ 0.08
Balance at the end of the period		$ (36,968,000)	$ (38,826,000)	$ (42,858,000)
Accumulated Deficit | ASU 2016-01
Changes in the components of stockholders' equity
Adoption of ASU 2016-01			73,000
Accumulated Deficit | ASU 2016-01 | Adjustment
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		(3,358,000)	(3,440,000)	(3,392,000)
Unrealized gain on equity investments, net of income taxes				22,000
Change in net actuarial loss and prior service cost, net of income tax expense		(333,000)	155,000	(70,000)
Balance at the end of the period		(3,691,000)	(3,358,000)	(3,440,000)
Income tax expense (benefit) on unrealized gain (loss) on available-for-sale securities				15,000
Income tax benefit (expense) on change in net actuarial loss and prior service cost		$ 135,000	(60,000)	$ 48,000
Accumulated Other Comprehensive Loss | ASU 2016-01
Changes in the components of stockholders' equity
Adoption of ASU 2016-01			$ (73,000)
Accumulated Other Comprehensive Loss | ASU 2016-01 | Adjustment
Changes in the components of stockholders' equity
Adoption of ASU 2016-01					$ (73,000)

Stockholders' Equity - Stock in

Stockholders' Equity - Stock incentive plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2014	Jul. 28, 2004
Stockholders Equity
Maximum number of shares authorized for grant				2,000,000
Number of shares available for granting options or stock awards	1,265,000
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	315,840	308,928	130,741
Average purchase price of shares purchased and retired (in dollars per share)	$ 1.99	$ 2.08	$ 2.07
Remaining number of shares authorized to be repurchased	384,809
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			6 years
Number of shares purchased and retired	48,457	47,236	46,179
Average purchase price of shares purchased and retired (in dollars per share)	$ 1.99	$ 2	$ 2.27
Number of Shares
Nonvested at the beginning of the period (in shares)	592,800
Granted (in shares)	143,000
Vested (in shares)	(145,000)
Forfeited (in shares)	(16,000)
Nonvested at the end of the period (in shares)	574,800	592,800
Weighted Average Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share)	$ 2.24
Granted (in dollars per share)	1.99	$ 2	$ 2.27
Vested (in dollars per share)	2.26
Forfeited (in dollars per share)	2.17
Nonvested at the end of the period (in dollars per share)	$ 2.17	$ 2.24
Additional disclosure
Total fair value of shares vested during the period (in dollars)	$ 328,000	$ 288,000	$ 267,000
Stock-based compensation expense	294,000	$ 302,000	$ 364,000
Total unrecognized compensation cost (in dollars)	$ 646,000
Weighted-average period for recognition of total unrecognized compensation cost	3 years 7 months 6 days

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value Measurements
Amount outstanding under revolving credit agreement	$ 0	$ 0
Gains and losses on equity instruments
Net gains recognized during the period on equity investments	162,000
Unrealized gains recognized during the period on equity investments still held at period end	162,000
Total
Fair Value Measurements
Equity investments	1,182,000	995,000
Total | Fair Value, Measurements, Nonrecurring
Fair Value Measurements
Long-lived assets held for sale		531,000
Level 1
Fair Value Measurements
Equity investments	$ 1,182,000	995,000
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Measurements
Long-lived assets held for sale		$ 531,000

Related Party Transactions (Det

Related Party Transactions (Details)	12 Months Ended
	Dec. 31, 2019USD ($)mi	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Dover Downs Gaming & Entertainment, Inc.
Related Party Transactions
Payable to related party	$ 430,000	$ 1,775,000	$ 1,862,000
Receivable from related party	$ 110,000	189,000	187,000
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		847,000	903,000
Receivable from related party	$ 15,000	$ 211,000	$ 224,000
Chairman of the Board
Related Party Transactions
Voting rights (in percent)	50.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2011	Sep. 30, 1999
Commitments and Contingencies
Equipment rental expense	$ 47,000	$ 67,000	$ 67,000
Contingent obligation
Contingent obligation beginning balance	2,384,000
Provision for contingent obligation	1,005,000	424,000	$ 158,000	$ 2,250,000
Provision for contingent obligation at period end	$ 3,389,000	2,384,000
Tax gross up for parachute payment
Commitments and Contingencies
Percentage of monthly amount paid in consideration of non-compete covenants	50.00%
Minimum | Employment, severance and noncompete
Commitments and Contingencies
Maximum contingent liability	$ 8,100,000
Minimum | Tax gross up for parachute payment
Commitments and Contingencies
Maximum contingent liability	1,300,000
Maximum | Employment, severance and noncompete
Commitments and Contingencies
Maximum contingent liability	9,900,000
Maximum | Tax gross up for parachute payment
Commitments and Contingencies
Maximum contingent liability	3,100,000
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Indirect Guarantee of Indebtedness
Commitments and Contingencies
Outstanding amount	13,400,000
Balance available in the sales and incremental property tax fund	637,000	$ 1,052,000
Amount paid into the sales and incremental property tax fund	983,000
Debt service fee	1,398,000
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Irrevocable direct-pay letter of credit
Commitments and Contingencies
Irrevocable direct-pay letter of credit issued	13,625,000
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
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Sports Authority of the County of Wilson (Tennessee) | Indirect Guarantee of Indebtedness
Commitments and Contingencies
Debt issued					$ 25,900,000

Quarterly Results (unaudited)_2

Quarterly Results (unaudited) (Details)	Jan. 01, 2018	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)item$ / shares	Sep. 30, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)item$ / shares	Mar. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)item$ / shares	Sep. 30, 2018USD ($)$ / shares	Jun. 30, 2018USD ($)item$ / shares	Mar. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2020item	Dec. 31, 2019USD ($)item$ / shares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares
Quarterly Results (unaudited)
Revenues			$ 20,794,000	$ 202,000	$ 24,838,000	$ 129,000	$ 20,751,000	$ 227,000	$ 25,812,000	$ 226,000
Operating (loss) earnings			4,378,000	(516,000)	7,634,000	(3,496,000)	5,911,000	(4,062,000)	8,954,000	(1,246,000)				$ 8,000,000	$ 9,557,000	$ 6,779,000
Net (loss) earnings			$ 2,903,000	$ (414,000)	$ 5,501,000	$ (2,490,000)	$ 4,072,000	$ (2,699,000)	$ 6,508,000	$ (992,000)
Net (loss) earnings per share - basic and diluted | $ / shares			$ 0.08	$ (0.01)	$ 0.15	$ (0.07)	$ 0.11	$ (0.07)	$ 0.18	$ (0.03)				$ 0.15	$ 0.19	$ 0.23
Cost to remove long-lived assets before income taxes												$ 286,000		$ 1,170,000		$ 286,000
Capitalized costs charged to depreciation											$ 186,000
Federal income tax rate (as a percent)	21.00%													21.00%	21.00%	35.00%
Accelerated depreciation before income taxes														$ 1,172,000
Gain on sale of land														$ 4,325,000	$ 2,413,000
Number of events promoted | item			3		3		3		3					6
Forecast
Quarterly Results (unaudited)
Cost to remove long-lived assets before income taxes		$ 300,000
Number of events promoted | item													6
Dover International Speedway
Quarterly Results (unaudited)
Cost to remove long-lived assets before income taxes			$ 1,170,000
Costs to remove long-lived assets, after income taxes			844,000
Accelerated depreciation before income taxes			293,000	$ 879,000
Accelerated depreciation after income taxes			$ 211,000	634,000
Assets held for sale | Nashville Superspeedway
Quarterly Results (unaudited)
Gain on sale of land				(4,186,000)		$ 139,000				$ 2,512,000
Gain (loss) on sale of land after income taxes				$ (3,307,000)		$ 110,000				$ 1,984,000
Assets held for sale | Parcel of land near St. Louis
Quarterly Results (unaudited)
Gain on sale of land								$ (99,000)							$ (99,000)
Gain (loss) on sale of land after income taxes								$ (76,000)