Dover Motorsports (DVD) 10-Q 5 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Entity Registrant Name	DOVER MOTORSPORTS INC
Entity Central Index Key	0001017673
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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 OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Event-related	$ 204	$ 129
Expenses:
Operating and marketing	988	1,055
General and administrative	1,987	1,916
Depreciation	768	793
Costs to remove long-lived assets	341
Total expenses	4,084	3,764
Gain on sale of land		139
Operating loss	(3,880)	(3,496)
Interest income (expense), net	3	(6)
Provision for contingent obligation	(369)	(111)
Other (expense) income, net	(138)	132
Loss before income taxes	(4,384)	(3,481)
Income tax benefit	1,244	991
Net loss	(3,140)	(2,490)
Change in net actuarial loss and prior service cost, net of income taxes	29	25
Comprehensive loss	$ (3,111)	$ (2,465)
Net loss per common share:
Basic (in dollars per share)	$ (0.09)	$ (0.07)
Diluted (in dollars per share)	$ (0.09)	$ (0.07)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 5,032	$ 7,577
Accounts receivable	777	645
Inventories	18	18
Prepaid expenses and other	1,265	1,186
Income taxes receivable	283	283
Total current assets	7,375	9,709
Property and equipment, net	49,430	50,075
Nashville Superspeedway facility	21,274	21,282
Right of use asset	169	188
Other assets	1,033	1,212
Total assets	79,281	82,466
Current liabilities:
Accounts payable	104	119
Accrued liabilities	2,680	3,710
Contract liabilities	2,909	976
Total current liabilities	5,693	4,805
Liability for pension benefits	939	1,016
Lease liability	93	112
Non-refundable deposit	500	500
Provision for contingent obligation	3,757	3,389
Deferred income taxes	7,444	8,676
Total liabilities	18,426	18,498
Commitments and contingencies (see Notes to the Consolidated Financial Statements)
Stockholders' equity:
Preferred stock, $0.10 par value; 1,000,000 shares authorized; shares issued and outstanding: none
Additional paid-in capital	100,984	100,994
Accumulated deficit	(40,108)	(36,968)
Accumulated other comprehensive loss	(3,662)	(3,691)
Total stockholders' equity	60,855	63,968
Total liabilities and stockholders' equity	79,281	82,466
Common Stock | Common Stock
Stockholders' equity:
Common stock	1,790	1,782
Common Stock | Class A Common Stock
Stockholders' equity:
Common stock	1,851	1,851
Total stockholders' equity	$ 1,851	$ 1,851

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	17,903,407	17,823,979
Common stock, shares outstanding	17,903,407	17,823,979
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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net loss	$ (3,140)	$ (2,490)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	768	793
Amortization of credit facility fees	14	15
Stock-based compensation	92	108
Deferred income taxes	(1,244)	(991)
Provision for contingent obligation	369	111
Losses (gains) on equity investments	176	(87)
Gain on sale of land	0	(139)
Changes in assets and liabilities:
Accounts receivable	(132)	(1,168)
Prepaid expenses and other	(86)	(222)
Accounts payable	(15)	(39)
Accrued liabilities	(1,030)	(845)
Payable to Dover Downs Gaming & Entertainment, Inc.	0	(9)
Contract liabilities	1,933	3,356
Liability for pension benefits	(37)	(18)
Net cash used in operating activities	(2,332)	(1,625)
Investing activities:
Capital expenditures	(115)	(398)
Proceeds from sale of land and equipment, net	0	827
Purchases of equity investments	(196)	(4)
Proceeds from sale of equity investments	192	1
Net cash (used in) provided by investing activities	(119)	426
Financing activities:
Borrowings from revolving line of credit	180
Repayments on revolving line of credit	(180)
Repurchase of common stock	(94)	(200)
Net cash used in financing activities	(94)	(200)
Net decrease in cash	(2,545)	(1,399)
Cash, beginning of period	7,577	3,951
Cash, end of period	5,032	2,552
Supplemental information:
Interest received	(17)	(37)
Change in accounts payable for capital expenditures	$ 0	$ (49)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Basis of Presentation
Basis of Presentation	NOTE 1 – Basis of Presentation References in this document to “we,” “us” and “our” mean Dover Motorsports, Inc. and/or its wholly owned subsidiaries, as appropriate. The accompanying consolidated financial statements have been prepared in compliance with Rule 10-01 of Regulation S-X and U.S. generally accepted accounting principles, and accordingly do not include all of the information and disclosures required for audited financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our latest Annual Report on Form 10-K filed on March 5, 2020. In the opinion of management, these consolidated financial statements include all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of operations, financial position and cash flows for the interim periods presented. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 due to the seasonal nature of our business.

Business Operations

Business Operations	3 Months Ended
	Mar. 31, 2020
Business Operations
Business Operations	NOTE 2 – Business Operations 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 was scheduled to promote the following six events during 2020, all of which would be 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 August); · 2 NASCAR Xfinity Series events (May and August); · 1 NASCAR Gander RV & Outdoors Truck Series event (May); and · 1 NASCAR ARCA Menards Series East event (August). Due to the impacts of the COVID-19 pandemic, our May NASCAR weekend has been postponed and we do not yet have a date for the rescheduling of any of the events that were postponed. It is possible that our May NASCAR Cup Series event will be moved to August and that we will hold a double header with back to back NASCAR Cup Series events held on Saturday and Sunday. It is also possible that none of these events are held or that they are held without fans present in the stands. There are no reliable estimates of how long the pandemic will last or how many people are likely to be affected by it. For that reason, we are unable to predict the long-term impact of the pandemic on our business at this time. The extent to which COVID-19 impacts our results will depend on future developments, but the outbreak and associated economic impacts could have a material adverse effect on our future financial condition, results of operations and cash flows. We have hosted the Firefly Music Festival (“Firefly”) on our property in Dover, Delaware for eight consecutive years and it was scheduled to return on June 18-21, 2020. Due to the COVID-19 pandemic, this year's event was canceled.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 March 31, 2020 and December 31, 2019, $21,274,000 and $21,282,000 was reported as long term assets in our consolidated balance sheets, respectively. On February 28, 2019, we entered into an agreement to sell 7.63 acres of land at our Nashville facility for proceeds, less closing costs, of $267,000. The sale closed in the first quarter of 2019 and resulted in a gain of $139,000, which we have reported as gain on sale of land in our consolidated statements of operations and comprehensive loss. During September 2018, we entered into negotiations to sell a parcel of land we owned near St. Louis. The sale closed in the first quarter of 2019 with proceeds, less closing costs, of $531,000.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 3 – Summary of Significant Accounting Policies Property and equipment— Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the asset’s estimated useful life. Accumulated depreciation was $68,030,000 and $67,272,000 as of March 31, 2020 and December 31, 2019, respectively. 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 The following table summarizes the liability activity related to contracts with customers for the three months ended March 31, 2020 and 2019 (in thousands): 2020 2019 Balance, beginning of period $ 976 $ 1,140 Reductions from beginning balance — — Additional liabilities recorded during the period 1,974 3,356 Reduction of additional liabilities recorded during the period, not from beginning balance (41) — Balance, end of period $ 2,909 $ 4,496 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 2021 and beyond of approximately $2,825,000 at March 31, 2020. 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 $52,000 and $64,000 for the three months ended March 31, 2020 and 2019, respectively. Certain direct expenses pertaining to specific events, including prize and point fund monies and sanction fees paid to NASCAR, and other expenses associated with our racing events are deferred until the event is held, at which point they are expensed. Net loss per common share— Nonvested share-based payment awards that include rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities, and the two-class method of computing basic and diluted net loss per common share (“EPS”) is applied for all periods presented. The following table sets forth the computation of EPS (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Net loss per common share – basic and diluted: Net loss $ (3,140) $ (2,490) Allocation to nonvested restricted stock awards — — Net loss available to common stockholders $ (3,140) $ (2,490) Weighted-average shares outstanding – basic and diluted 35,834 36,032 Net loss per common share – basic and diluted $ (0.09) $ (0.07) There were no options outstanding and we paid no dividends during the three months ended March 31, 2020 or 2019. Accounting for stock-based compensation— We recorded total stock-based compensation expense for our restricted stock awards of $92,000 and $108,000 as general and administrative expenses for the three months ended March 31, 2020 and 2019, respectively. We recorded income tax benefits of $8,000 and $19,000 for the three months ended March 31, 2020 and 2019, respectively, related to vesting of our restricted stock awards. Recent accounting pronouncements— In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General. This new standard makes changes to the disclosure requirements for sponsors of defined benefit pension and/or other postretirement benefit plans to improve effectiveness of notes to the financial statements. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, and requires retrospective adoption. The adoption of this ASU did not have a material impact on our financial statement disclosures . In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. This new standard makes changes to the disclosure requirements for fair value measurements to improve effectiveness of notes to the financial statements. ASU 2018-14 is effective for fiscal years beginning after December 15, 2019, and generally requires retrospective adoption. The adoption of this ASU did not have a material impact on our financial statement disclosures.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Long-Term Debt
Long-Term Debt	NOTE 4 – Long-Term Debt At March 31, 2020, 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. The credit facility expires on January 1, 2022. Interest is based upon LIBOR plus a margin that varies between 125 and 175 basis points depending on the leverage ratio. At March 31, 2020, 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 March 31, 2020, 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 March 31, 2020. Assuming the 2020 NASCAR race schedule is not canceled due to the COVID-19 pandemic, we expect to be in compliance with the financial covenants, and all other covenants, for all measurement periods during the next twelve months.

Pension Plans

Pension Plans	3 Months Ended
	Mar. 31, 2020
Pension Plans
Pension Plans	NOTE 5 – Pension Plans We maintain a non-contributory tax qualified defined benefit pension plan that has been frozen since July 2011. All of our full time employees were eligible to participate in the qualified plan. Benefits provided by our qualified pension plan were based on years of service and employees' remuneration over their employment period. Compensation earned by employees up to July 31, 2011 is used for purposes of calculating benefits under our pension plan with no future benefit accruals after this date. We also maintain a non-qualified, non-contributory defined benefit pension plan, the excess plan, for certain employees that has been frozen since July 2011. This excess plan provided benefits that would otherwise be provided under the qualified pension plan but for maximum benefit and compensation limits applicable under federal tax law. The cost associated with the excess plan is determined using similar actuarial methods and assumptions as those used for our qualified pension plan. The assets for the excess plan aggregate $1,010,000 and $1,182,000 as of March 31, 2020 and December 31, 2019, respectively, and are recorded in other assets in our consolidated balance sheets (see NOTE 7 – Fair Value Measurements). The components of net periodic pension benefit for our defined benefit pension plans are as follows: Three Months Ended March 31, 2020 2019 Interest cost $ 108,000 $ 129,000 Expected return on plan assets (185,000) (181,000) Recognized net actuarial loss 41,000 35,000 $ (36,000) $ (17,000) The net periodic pension benefit is included in other income, net in our consolidated statements of operations and comprehensive loss. We have no minimum required pension contributions for 2020. We also maintain a non-elective, non-qualified supplemental executive retirement plan (“SERP”) which provides deferred compensation to certain highly compensated employees that approximates the value of benefits lost by the freezing of the pension plan which are not offset by our enhanced matching contributions in our 401(k) plan. The SERP is a discretionary defined contribution plan and contributions made to the SERP in any given year are not guaranteed and will be at the sole discretion of our Compensation and Stock Incentive Committee. In the three months ended March 31, 2020 and 2019, we recorded expenses of $30,000 and $27,000, respectively, related to the SERP. During the three months ended March 31, 2020 and 2019, we contributed $120,000 and $108,000 to the plan, respectively. The liability for SERP pension benefits was $30,000 and $120,000 as of March 31, 2020 and December 31, 2019, 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 $36,000 and $32,000 in the three months ended March 31, 2020 and 2019, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity
Stockholders' Equity	NOTE 6 – Stockholders’ Equity Changes in the components of stockholders’ equity for the first quarter of 2020 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2019 $ 1,782 $ 1,851 $ 100,994 $ (36,968) $ (3,691) Net loss — — — (3,140) — Issuance of restricted stock awards, net of forfeitures 13 — (13) — — Stock-based compensation — — 92 — — Repurchase and retirement of common stock (5) — (89) — — Change in net actuarial loss and prior service cost, net of income tax expense of $11 — — — — 29 Balance at March 31, 2020 $ 1,790 $ 1,851 $ 100,984 $ (40,108) $ (3,662) Changes in the components of stockholders’ equity for the first quarter of 2019 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2018 $ 1,805 $ 1,851 $ 101,416 $ (38,826) $ (3,358) Net loss — — — (2,490) — Issuance of restricted stock awards, net of forfeitures 14 — (14) — — Stock-based compensation — — 108 — — Repurchase and retirement of common stock (10) — (190) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 25 Balance at March 31, 2019 $ 1,809 $ 1,851 $ 101,320 $ (41,316) $ (3,333) As of March 31, 2020 and December 31, 2019, accumulated other comprehensive loss, net of income taxes, consists of the following: March 31, 2020 December 31, 2019 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,474,000 and $2,485,000, respectively $ (3,662,000) $ (3,691,000) As of March 31, 2019 and December 31, 2018, accumulated other comprehensive loss, net of income taxes, consists of the following: March 31, 2019 December 31, 2018 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,340,000 and $2,350,000, respectively $ (3,333,000) $ (3,358,000) On July 28, 2004, our Board of Directors authorized the repurchase of up to 2,000,000 shares of our outstanding common stock. The purchases may be made in the open market or in privately negotiated transactions as conditions warrant. The repurchase authorization has no expiration date, does not obligate us to acquire any specific number of shares and may be suspended at any time. We made no purchases during the first three months of 2020. During the first three months of 2019, we purchased 50,220 and retired 48,920 shares of our outstanding common stock at an average purchase price of $2.02 per share, not including nominal brokerage commissions. At March 31, 2020, we had remaining repurchase authority of 384,809 shares. We have a stock incentive plan, adopted in 2014, which provides for the grant of up to 2,000,000 shares of common stock to our officers and key employees through stock options and/or awards valued in whole or in part by reference to our common stock, such as nonvested restricted stock awards. Under the plan, nonvested restricted stock vests an aggregate of twenty percent each year beginning on the second anniversary date of the grant. The aggregate market value of the nonvested restricted stock at the date of issuance is being amortized on a straight-line basis over the six-year period. We granted 158,000 and 143,000 stock awards under this plan during the three months ended March 31, 2020 and 2019. As of March 31, 2020, there were 1,135,000 shares available for granting options or stock awards. During the three months ended March 31, 2020 and 2019, we purchased and retired 50,572 and 48,457 shares of our outstanding common stock at an average purchase price of $1.86 and $1.99 per share, respectively. These purchases were made from employees in connection with the vesting of restricted stock awards under our Stock Incentive Plan and were not pursuant to the aforementioned repurchase authorization. Since the vesting of a restricted stock award is a taxable event to our employees for which income tax withholding is required, the plan allows employees to surrender to us some of the shares that would otherwise have transferred to the employee in satisfaction of their tax liability. The surrender of these shares is treated by us as a purchase of the shares.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Measurements
Fair Value Measurements	NOTE 7 – Fair Value Measurements Our financial instruments are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following table summarizes the valuation of our financial instrument pricing levels as of March 31, 2020 and December 31, 2019: Total Level 1 Level 2 Level 3 March 31, 2020 Equity investments $ 1,010,000 $ 1,010,000 $ — $ — December 31, 2019 Equity investments $ 1,182,000 $ 1,182,000 $ — $ — Our equity investments consist of mutual funds. These investments are included in other assets in our consolidated balance sheets. Gains and losses on our equity investments for the three months ended March 31, 2020 and 2019, respectively, are as follows: 2020 2019 Net (losses) gains recognized during the period on equity investments $ (176,000) $ 87,000 Less: net gains recognized during the period on equity investments sold during the period 25,000 — Unrealized (losses) gains recognized during the period on equity investments still held at period end $ (201,000) $ 87,000 The carrying amounts of other financial instruments reported in our consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short maturity of these instruments.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions
Related Party Transactions	NOTE 8 – Related Party Transactions During the three months ended March 31, 2019, Dover Downs Gaming & Entertainment, Inc. (“Gaming”), a company previously related through common ownership, allocated costs of $430,000 to us for certain administrative and operating services, including leased space. We allocated certain administrative and operating service costs of $110,000 to Gaming for the three months ended March 31, 2019. The allocations were based on an analysis of each company’s share of the costs. In connection with our 2019 spring NASCAR event weekend at Dover International Speedway, we invoiced Gaming $15,000 during the three months ended March 31, 2019 for tickets to the NASCAR event. Effective March 28, 2019, Gaming became part of Twin River Worldwide Holdings, Inc. as a result of a merger and therefore was no longer related through common ownership. The net costs incurred by each company for these services are not necessarily indicative of the costs that would have been incurred if the companies had been unrelated entities and/or had otherwise independently managed these functions; however, management believes that these costs are reasonable. Prior to the spin-off of Gaming from our company in 2002, both companies shared certain real property in Dover, Delaware. At the time of the spin-off, some of this real property was transferred to Gaming to ensure that the real property holdings of each company was aligned with its past uses and future business needs. During its harness racing season, Gaming has historically used the 5/8-mile harness racing track that is located on our property and is on the inside of our one-mile motorsports superspeedway. In order to continue this historic use, we granted a perpetual easement to the harness track to Gaming at the time of the spin-off. This perpetual easement allows Gaming to have exclusive use of the harness track during the period beginning November 1 of each year and ending April 30 of the following year, together with set up and tear down rights for the two weeks before and after such period. The easement requires that Gaming maintain the harness track but does not require the payment of any rent. Various easements and agreements relative to access, utilities and parking have also been entered into between us and Gaming relative to our respective Dover, Delaware facilities. We pay rent to Gaming for the lease of our principal executive office space. Henry B. Tippie, Chairman of our Board of Directors, controls in excess of fifty percent of our voting power. Mr. Tippie's voting control emanates from his direct and indirect holdings of common stock and Class A common stock and from his status as a trustee of the RMT Trust, our largest stockholder. This means that Mr. Tippie has the ability to determine the outcome of the election of directors and to determine the outcome of many significant corporate transactions, many of which only require the approval of a majority of our voting power.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	NOTE 9 – Commitments and Contingencies In September 1999, the Sports Authority of the County of Wilson (Tennessee) issued $25,900,000 in Variable Rate Tax Exempt Infrastructure Revenue Bonds, Series 1999, to acquire, construct and develop certain public infrastructure improvements which benefit Nashville Superspeedway, of which $13,400,000 was outstanding at March 31, 2020. Annual principal payments range from $1,100,000 in September 2020 to $1,600,000 in 2029 and are payable solely from sales taxes and incremental property taxes generated from the facility. These bonds are direct obligations of the Sports Authority and therefore have historically not been required to be recorded on our consolidated balance sheets. If the sales taxes and incremental property taxes (“applicable taxes”) are insufficient for the payment of principal and interest on the bonds, we would become responsible for the difference. In the event we were unable to make the payments, they would be made pursuant to a $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 March 31, 2020 and December 31, 2019, $558,000 and $637,000, 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, a provision to increase the contingent obligation was recorded in the amount of $369,000 and $111,000 in the three months ended March 31, 2020 and 2019, respectively, and the contingent obligation is $3,757,000 at March 31, 2020. An increase in the bonds’ interest rates would result in an increase in the portion of debt service not covered by applicable taxes and therefore an increase in our liability. We are also a party to ordinary routine litigation incidental to our business. Management does not believe that the resolution of any of these matters is likely to have a material adverse effect on our results of operations, financial position or cash flows.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Property and equipment	Property and equipment— Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the asset’s estimated useful life. Accumulated depreciation was $68,030,000 and $67,272,000 as of March 31, 2020 and December 31, 2019, respectively.
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 The following table summarizes the liability activity related to contracts with customers for the three months ended March 31, 2020 and 2019 (in thousands): 2020 2019 Balance, beginning of period $ 976 $ 1,140 Reductions from beginning balance — — Additional liabilities recorded during the period 1,974 3,356 Reduction of additional liabilities recorded during the period, not from beginning balance (41) — Balance, end of period $ 2,909 $ 4,496 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 2021 and beyond of approximately $2,825,000 at March 31, 2020. 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 $52,000 and $64,000 for the three months ended March 31, 2020 and 2019, respectively. Certain direct expenses pertaining to specific events, including prize and point fund monies and sanction fees paid to NASCAR, and other expenses associated with our racing events are deferred until the event is held, at which point they are expensed.
Net loss per common share	Net loss per common share— Nonvested share-based payment awards that include rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities, and the two-class method of computing basic and diluted net loss per common share (“EPS”) is applied for all periods presented. The following table sets forth the computation of EPS (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Net loss per common share – basic and diluted: Net loss $ (3,140) $ (2,490) Allocation to nonvested restricted stock awards — — Net loss available to common stockholders $ (3,140) $ (2,490) Weighted-average shares outstanding – basic and diluted 35,834 36,032 Net loss per common share – basic and diluted $ (0.09) $ (0.07) There were no options outstanding and we paid no dividends during the three months ended March 31, 2020 or 2019.
Accounting for stock-based compensation	Accounting for stock-based compensation— We recorded total stock-based compensation expense for our restricted stock awards of $92,000 and $108,000 as general and administrative expenses for the three months ended March 31, 2020 and 2019, respectively. We recorded income tax benefits of $8,000 and $19,000 for the three months ended March 31, 2020 and 2019, respectively, related to vesting of our restricted stock awards.
Recent accounting pronouncements	Recent accounting pronouncements— In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General. This new standard makes changes to the disclosure requirements for sponsors of defined benefit pension and/or other postretirement benefit plans to improve effectiveness of notes to the financial statements. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, and requires retrospective adoption. The adoption of this ASU did not have a material impact on our financial statement disclosures . In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement. This new standard makes changes to the disclosure requirements for fair value measurements to improve effectiveness of notes to the financial statements. ASU 2018-14 is effective for fiscal years beginning after December 15, 2019, and generally requires retrospective adoption. The adoption of this ASU did not have a material impact on our financial statement disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Summarized liability activity related to contracts with customers	The following table summarizes the liability activity related to contracts with customers for the three months ended March 31, 2020 and 2019 (in thousands): 2020 2019 Balance, beginning of period $ 976 $ 1,140 Reductions from beginning balance — — Additional liabilities recorded during the period 1,974 3,356 Reduction of additional liabilities recorded during the period, not from beginning balance (41) — Balance, end of period $ 2,909 $ 4,496
Schedule of the computation of EPS	The following table sets forth the computation of EPS (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Net loss per common share – basic and diluted: Net loss $ (3,140) $ (2,490) Allocation to nonvested restricted stock awards — — Net loss available to common stockholders $ (3,140) $ (2,490) Weighted-average shares outstanding – basic and diluted 35,834 36,032 Net loss per common share – basic and diluted $ (0.09) $ (0.07)

Pension Plans (Tables)

Pension Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Pension Plans
Schedule of components of net periodic pension benefit for defined benefit pension plans	Three Months Ended March 31, 2020 2019 Interest cost $ 108,000 $ 129,000 Expected return on plan assets (185,000) (181,000) Recognized net actuarial loss 41,000 35,000 $ (36,000) $ (17,000)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity
Schedule of the changes in the components of stockholders' equity	Changes in the components of stockholders’ equity for the first quarter of 2020 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2019 $ 1,782 $ 1,851 $ 100,994 $ (36,968) $ (3,691) Net loss — — — (3,140) — Issuance of restricted stock awards, net of forfeitures 13 — (13) — — Stock-based compensation — — 92 — — Repurchase and retirement of common stock (5) — (89) — — Change in net actuarial loss and prior service cost, net of income tax expense of $11 — — — — 29 Balance at March 31, 2020 $ 1,790 $ 1,851 $ 100,984 $ (40,108) $ (3,662) Changes in the components of stockholders’ equity for the first quarter of 2019 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2018 $ 1,805 $ 1,851 $ 101,416 $ (38,826) $ (3,358) Net loss — — — (2,490) — Issuance of restricted stock awards, net of forfeitures 14 — (14) — — Stock-based compensation — — 108 — — Repurchase and retirement of common stock (10) — (190) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 25 Balance at March 31, 2019 $ 1,809 $ 1,851 $ 101,320 $ (41,316) $ (3,333)
Schedule of accumulated other comprehensive loss, net of income taxes	As of March 31, 2020 and December 31, 2019, accumulated other comprehensive loss, net of income taxes, consists of the following: March 31, 2020 December 31, 2019 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,474,000 and $2,485,000, respectively $ (3,662,000) $ (3,691,000) As of March 31, 2019 and December 31, 2018, accumulated other comprehensive loss, net of income taxes, consists of the following: March 31, 2019 December 31, 2018 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,340,000 and $2,350,000, respectively $ (3,333,000) $ (3,358,000)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Measurements
Summary of the valuation of financial instrument pricing levels	Total Level 1 Level 2 Level 3 March 31, 2020 Equity investments $ 1,010,000 $ 1,010,000 $ — $ — December 31, 2019 Equity investments $ 1,182,000 $ 1,182,000 $ — $ —
Schedule of gains and losses on equity investments	2020 2019 Net (losses) gains recognized during the period on equity investments $ (176,000) $ 87,000 Less: net gains recognized during the period on equity investments sold during the period 25,000 — Unrealized (losses) gains recognized during the period on equity investments still held at period end $ (201,000) $ 87,000

Business Operations - Dover Int

Business Operations - Dover International Speedway (Details) - item	Jun. 23, 2019	Jul. 31, 2012	Mar. 31, 2020
Business Operations
Number of events promoted			6
RFGV Festivals
Business Operations
Number of years Firefly Music Festival hosted			5 years
Number of options granted to extend rent agreement			2
NASCAR 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

Business Operations - Assets he

Business Operations - Assets held for sale (Details)	Jul. 26, 2019USD ($)a	Feb. 28, 2019USD ($)a	Mar. 02, 2018USD ($)	Sep. 01, 2017USD ($)a	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)a	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Aug. 17, 2017USD ($)a
Business Operations
Non-refundable deposit						$ 500,000	$ 500,000
Long term assets held for sale						21,274,000	21,282,000
Gain (loss) on sale of land					$ 139,000
Nashville Superspeedway | Assets held for sale
Business Operations
Acres | a		7.63
Long term assets held for sale						$ 21,274,000	$ 21,282,000
Proceeds, less closing costs		$ 267,000
Gain (loss) on sale of land					139,000
Nashville Superspeedway | Land
Business Operations
Acres | a	133			88.03		97.17			147
Purchase price (per acre)									$ 35,000
Option purchase price (per acre)				$ 55,000		$ 66,685
Non-refundable deposit						$ 500,000
Period of option to execute the agreement				3 years
Long term assets held for sale								$ 21,282,000
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

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Property and equipment (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies
Accumulated depreciation	$ 68,030,000	$ 67,272,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Revenue recognition (Details)	3 Months Ended
	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)
Revenue recognition
Ticket sales proceeds received to date might refund to patrons	$ 1,800,000
Revenues from barter transaction	0	$ 0
Contract with customer liability rollforward
Balance, beginning of period	976,000	1,140,000
Additional liabilities recorded during the period	1,974,000	3,356,000
Reduction of additional liabilities recorded during the period, not from beginning balance	41,000
Balance, end of period	2,909,000	$ 4,496,000
Unsatisfied performance obligations amount	$ 2,825,000
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_6

Summary of Significant Accounting Policies - Expense recognition (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Summary of Significant Accounting Policies
Advertising Expense	$ 52,000	$ 64,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Net loss per common share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Summary of Significant Accounting Policies
Net loss	$ (3,140,000)	$ (2,490,000)
Net loss available to common stockholders	$ (3,140,000)	$ (2,490,000)
Weighted-average shares outstanding - basic and diluted	35,834,000	36,032,000
Net loss per common share - basic and diluted	$ (0.09)	$ (0.07)
Options outstanding (in shares)	0	0
Dividends paid	$ 0	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Accounting for stock-based compensation (Details) - Restricted Stock - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounting for stock-based compensation
Stock-based compensation expense	$ 92,000	$ 108,000
Income tax benefits related to vesting of restricted stock awards	$ 8,000	$ 19,000

Long-Term Debt (Details)

Long-Term Debt (Details) - Credit Facility	3 Months Ended
	Mar. 31, 2020USD ($)
Long-Term Debt
Maximum borrowing capacity	$ 30,000,000
Amount outstanding under the credit facility	0
Remaining maximum borrowing capacity	$ 16,375,000
Minimum | LIBOR
Long-Term Debt
Basis points (in percent)	1.25%
Maximum | LIBOR
Long-Term Debt
Basis points (in percent)	1.75%

Pension Plans (Details)

Pension Plans (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
The excess plan
Pension plans
Fair values of pension assets	$ 1,010,000	$ 1,182,000

Pension Plans - Defined benefit

Pension Plans - Defined benefit plan (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Change in benefit obligation:
Interest cost	$ 108,000,000	$ 129,000,000
Components of net periodic pension benefit
Interest cost	108,000,000	129,000,000
Expected return on plan assets	(185,000,000)	(181,000,000)
Recognized net actuarial loss	41,000,000	35,000,000
Total net periodic pension benefit	(36,000,000)	$ (17,000,000)
Minimum required pension contributions for 2020	$ 0

Pension Plans - SERP (Details)

Pension Plans - SERP (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
SERP
Defined contribution plan
Expenses recorded	$ 30,000	$ 27,000
Employer contributions	120,000	108,000
Liability for pension benefits	30,000		$ 120,000
401(k) plan
Defined contribution plan
Employer contributions	$ 36,000	$ 32,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Changes in the components of stockholders' equity
Balance at the beginning of the period	$ 63,968,000
Net loss	(3,140,000)	$ (2,490,000)
Change in net actuarial loss and prior service cost, net of income tax expense	29,000	25,000
Balance at the end of the period	60,855,000		$ 63,968,000
Income tax expense on change in net actuarial loss and prior service cost	11,000	10,000
Accumulated other comprehensive loss, net of income taxes
Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,474,000 and $2,485,000, respectively	(3,662,000)	(3,333,000)	(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	2,474,000	2,340,000	2,485,000	2,350,000
Common Stock | Common Stock
Changes in the components of stockholders' equity
Balance at the beginning of the period	1,782,000	1,805,000	1,805,000
Issuance of restricted stock awards, net of forfeitures	13,000	14,000
Repurchase and retirement of common stock	(5,000)	(10,000)
Balance at the end of the period	1,790,000	1,809,000	1,782,000	1,805,000
Common Stock | Class A Common Stock
Changes in the components of stockholders' equity
Balance at the beginning of the period	1,851,000	1,851,000	1,851,000
Balance at the end of the period	1,851,000	1,851,000	1,851,000	1,851,000
Additional Paid-in Capital
Changes in the components of stockholders' equity
Balance at the beginning of the period	100,994,000	101,416,000	101,416,000
Issuance of restricted stock awards, net of forfeitures	(13,000)	(14,000)
Stock-based compensation	92,000	108,000
Repurchase and retirement of common stock	(89,000)	(190,000)
Balance at the end of the period	100,984,000	101,320,000	100,994,000	101,416,000
Accumulated Deficit
Changes in the components of stockholders' equity
Balance at the beginning of the period	(36,968,000)	(38,826,000)	(38,826,000)
Net loss	(3,140,000)	(2,490,000)
Balance at the end of the period	(40,108,000)	(41,316,000)	(36,968,000)	(38,826,000)
Accumulated Other Comprehensive Loss
Changes in the components of stockholders' equity
Balance at the beginning of the period	(3,691,000)	(3,358,000)	(3,358,000)
Change in net actuarial loss and prior service cost, net of income tax expense	29,000	(25,000)
Balance at the end of the period	$ (3,662,000)	$ (3,333,000)	$ (3,691,000)	$ (3,358,000)

Stockholders' Equity - Stock in

Stockholders' Equity - Stock incentive plan (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2014	Jul. 28, 2004
Stockholders Equity
Maximum number of shares authorized for grant			2,000,000
Options granted (in shares)	158,000	143,000
Number of shares available for granting options or stock awards	1,135,000
Share Repurchase Authorization 2004
Stockholders Equity
Number of shares of common stock authorized to be repurchased				2,000,000
Number of shares purchased	0	50,220
Number of shares retired		48,920
Average purchase price of shares purchased and retired (in dollars per share)		$ 2.02
Remaining number of shares authorized to be repurchased	384,809
Restricted Stock
Stockholders Equity
Average purchase price of shares purchased and retired (in dollars per share)	$ 1.86	$ 1.99
Vesting rights percentage each year beginning on the second anniversary date of the grant			20.00%
Service period over which the aggregate market value of stock is being amortized			6 years
Number of shares purchased and retired	50,572	48,457

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Gains and losses on equity instruments
Net (losses) gains recognized during the period on equity investments	$ (176,000)	$ 87,000
Less: net gains recognized during the period on equity investments sold during the period	25,000
Unrealized (losses) gains recognized during the period on equity investments still held at period end	(201,000)	$ 87,000
Total
Fair Value Measurements
Equity investments	1,010,000		$ 1,182,000
Level 1
Fair Value Measurements
Equity investments	$ 1,010,000		$ 1,182,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended
	Mar. 31, 2020mi	Mar. 31, 2019USD ($)
Dover Downs Gaming & Entertainment, Inc.
Related Party Transactions
Payable to related party		$ 430,000
Receivable from related party		110,000
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
Receivable from related party		$ 15,000
Chairman of the Board
Related Party Transactions
Voting rights (in percent)	50.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2011	Sep. 30, 1999
Contingent obligation
Provision for contingent obligation	$ 369,000	$ 111,000		$ 2,250,000
Provision for contingent obligation	3,757,000		$ 3,389,000
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Indirect Guarantee of Indebtedness
Commitments and Contingencies
Debt issued					$ 25,900,000
Outstanding amount	13,400,000
Balance available in the sales and incremental property tax fund	558,000		637,000
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	1,100,000
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Maximum | Indirect Guarantee of Indebtedness
Commitments and Contingencies
Annual payment range	$ 1,600,000