Press Release

DOVER MOTORSPORTS, INC. REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2008

Release date: October 30, 2008
Contact: Timothy R. Horne
Sr. Vice President-Finance
(302) 857-3292

Dover Motorsports, Inc. (NYSE - DVD) today reported its results for the third quarter and nine months ended September 30, 2008. 

For the quarter ended September 30, 2008, revenues were $ 39,791,000 compared with $ 40,951,000 in the third quarter of 2007. The Company promoted a total of seven major motorsports events in the third quarter of each year. 

The Company’s NASCAR weekend in Dover saw operating results approximately 8% below last year, primarily as a result of lower attendance resulting from current economic conditions, offset by increases in other revenue categories. Operating results from the Company’s mid-west properties improved compared to last year.

General and administrative expenses of $ 3,131,000 in the third quarter of 2008 were consistent with $ 3,062,000 for the same quarter last year.

Depreciation and amortization expense was $ 1,773,000 in the quarter ended September 30, 2008 compared to $ 1,616,000 for the comparable 2007 period.  The increase is primarily due to the Monster Makeover capital improvement project at Dover International Speedway. 

Earnings before income taxes for the third quarter were $ 9,857,000 compared with $ 10,754,000 last year. 

The effective tax rate for the third quarter of 2008 was 52.3% compared to 51.8% in the prior year. 

Net earnings were $ 4,699,000 or $ .13 per diluted share in the third quarter of 2008 compared with $ 5,187,000 or $ .14 per diluted share last year.

For the nine months ended September 30, 2008, revenues were $ 81,718,000 compared with $ 82,639,000 in the prior year.  The Company promoted fourteen major events in the first nine months of both years. Net earnings were $ 6,398,000 or $ 0.18 per diluted share compared with $ 7,220,000 or $ 0.20 per diluted share in the comparable period of the prior year.

The Company announced yesterday that its Board of Directors declared a regular quarterly dividend of $ .015 per share. The dividend is payable on December 10, 2008 to shareholders of record at the close of business on November 10, 2008.

Dover Motorsports, Inc. (NYSE: DVD) is a leading promoter of motorsports events in the United States. DVD subsidiaries operate three tracks in three states, and present several hundred motorsports events each year. This includes 14 major, national events which include races sanctioned by NASCAR and the NHRA. Dover Motorsports, Inc. owns and operates Dover International Speedway in Dover, Del., Gateway International Raceway near St. Louis, Mo., and Nashville Superspeedway near Nashville, Tenn. For further information log on to www.DoverMotorsports.com. This release may contain forward-looking statements based on management’s beliefs and assumptions. Such statements are subject to various risks and uncertainties that could cause results to vary materially. Please refer to the SEC filings of DVD for a discussion of such factors.