Credit Facility	6 Months Ended
Jun. 30, 2016
Credit Facility
Credit Facility	NOTE 4 — Credit Facility At June 30, 2016, we had a $40,000,000 secured credit agreement with a bank group. The credit facility expires on September 30, 2016. Interest is based upon LIBOR plus a margin that varies between 150 and 350 basis points (200 basis points at June 30, 2016) depending on the leverage ratio. The credit facility is secured by a mortgage on and security interest in all real and personal property owned by Dover Downs, Inc. In addition, the credit agreement includes a material adverse change clause and prohibits the payment of dividends. The credit facility contains certain covenants including maximum ratio of funded debt to earnings before interest, taxes, depreciation and amortization (the “leverage ratio”), minimum consolidated tangible net worth requirement, minimum consolidated earnings before interest, taxes, depreciation and amortization requirement and a minimum fixed charge coverage ratio. Material adverse changes in our results of operations could impact our ability to satisfy these requirements. The credit facility provides for seasonal funding needs, capital improvements and other general corporate purposes. At June 30, 2016, there was $28,000,000 outstanding at a weighted average interest rate of 2.47% and $12,000,000 was available pursuant to the facility. Additionally, we were in compliance with all terms of the facility at June 30, 2016. The credit facility is classified as a current liability as of June 30, 2016 in our consolidated balance sheets as the facility expires on September 30, 2016. We are currently seeking to refinance or extend the maturity of this obligation prior to its expiration date; however, there is no assurance that we will be able to execute this refinancing or extension or, if we are able to refinance or extend this obligation, that the terms of such refinancing or extension would be as favorable as the terms of our existing credit facility. These factors raise substantial doubt about our ability to continue as a going concern. The accompanying financial statements have been prepared assuming that we will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 4 — Credit Facility

At June 30, 2016, we had a $40,000,000 secured credit agreement with a bank group. The credit facility expires on September 30, 2016. Interest is based upon LIBOR plus a margin that varies between 150 and 350 basis points (200 basis points at June 30, 2016) depending on the leverage ratio. The credit facility is secured by a mortgage on and security interest in all real and personal property owned by Dover Downs, Inc. In addition, the credit agreement includes a material adverse change clause and prohibits the payment of dividends. The credit facility contains certain covenants including maximum ratio of funded debt to earnings before interest, taxes, depreciation and amortization (the “leverage ratio”), minimum consolidated tangible net worth requirement, minimum consolidated earnings before interest, taxes, depreciation and amortization requirement and a minimum fixed charge coverage ratio. Material adverse changes in our results of operations could impact our ability to satisfy these requirements. The credit facility provides for seasonal funding needs, capital improvements and other general corporate purposes. At June 30, 2016, there was $28,000,000 outstanding at a weighted average interest rate of 2.47% and $12,000,000 was available pursuant to the facility. Additionally, we were in compliance with all terms of the facility at June 30, 2016.

The credit facility is classified as a current liability as of June 30, 2016 in our consolidated balance sheets as the facility expires on September 30, 2016. We are currently seeking to refinance or extend the maturity of this obligation prior to its expiration date; however, there is no assurance that we will be able to execute this refinancing or extension or, if we are able to refinance or extend this obligation, that the terms of such refinancing or extension would be as favorable as the terms of our existing credit facility. These factors raise substantial doubt about our ability to continue as a going concern. The accompanying financial statements have been prepared assuming that we will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.