Document:

<PAGE>

                                                                    EXHIBIT 10.5

                            REAL PROPERTY AGREEMENT

     THIS AGREEMENT is executed and made effective as of ___________, 2002, by
and between DOVER DOWNS ENTERTAINMENT, INC., a Delaware corporation ("DVD"),
DOVER DOWN GAMING & ENTERTAINMENT, INC., a Delaware corporation ("Gaming &
Entertainment"), DOVER DOWNS, INC. ("Slots") and DOVER DOWNS INTERNATIONAL
SPEEDWAY, INC. ("Speedway").

     WHEREAS, DVD, through its ownership of all of the issued and outstanding
common stock (the "Stock") of Slots, participates in the business of gaming
operations; and

     WHEREAS, the Board of Directors of DVD has determined that it would be
advisable and in the best interests of DVD and its shareholders for DVD to
contribute all of the Stock and any other related assets and liabilities
relating to gaming operations (the "Business") to Gaming & Entertainment in
exchange for Gaming & Entertainment common stock and Class A Common Stock and
thereafter to distribute all of the outstanding shares of Gaming & Entertainment
common stock and Class A Common Stock on a pro rata basis to the holders of
DVD's common stock and Class A Common Stock (the "Distribution") pursuant to an
Agreement Regarding Distribution and Plan of Reorganization, dated as of the
date hereof, between DVD and Gaming & Entertainment (the "Distribution
Agreement"); and

     WHEREAS, the parties intend that the transactions described herein will be
effective at the Effective Time (as defined in the Distribution Agreement); and

     WHEREAS, the parties hereto deem it to be appropriate and in the best
interests of the parties that they enter into certain agreements relative to the
real property at DVD's Dover, Delaware facility on the terms and conditions set
forth herein;

     NOW, THEREFORE, in consideration of the mutual promises contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

     1.  Real Property Transfers.

         At or prior to the Effective Time, or as soon thereafter as is
reasonably practical, the following real property transfers shall take place, in
each case without the payment of any monetary consideration (the "Real Property
Transfers"):

         (a) DVD shall cause the transfer to Slots of a 9.3 plus or minus acre
parcel of land with all improvements thereon owned by Dover Downs Properties,
Inc. ("Properties") and previously acquired by Properties from Lowe's Home
Centers (the "Lowe's Parcel");

         (b) DVD shall cause the subdivision (the "Subdivision") of the lot upon
which the casino, hotel and auto superspeedway facilities are located into two
lots: the first lot shall consist of a 77 plus or minus acre parcel of land with
all improvements thereon, including the casino, hotel, access roads, parking
facilities and the Lowe's Parcel ("Lot 1"); and the second lot shall consist of
a 142 plus or minus acre parcel of land with all improvements thereon, including
the auto superspeedway ("Lot 2"), with the boundary line between Lot 1 and Lot 2
to be as set forth in that certain plan dated October 25, 2001 by Becker Morgan
Group prepared in connection with a variance request relative to the waiver of
all building line restrictions between Lot 1 and Lot 2 (the "Becker Morgan
Plan"); and

                                      -1-
<PAGE>

          (c) DVD shall, subsequent to the Subdivision, cause the transfer to
Speedway, of Lot 2 and all other parcels of land, with any improvements thereon,
owned by Slots or Properties within Kent County, in the State of Delaware, other
than Lot 1.

     2.   Liabilities Associated with Real Property Transfers.

          With respect to the Real Property Transfers:

          (a) All real property shall be conveyed in fee simple by special
warranty deed and the conveyances are made AS IS, WHERE IS, with no
representation or warranty and as further disclaimed in Section 2.01(f) to the
Distribution Agreement, except that the transferor shall discharge any
mortgages, mechanics liens or other liens dischargeable by the payment of money
prior to the transfer;

          (b) All liabilities associated with claims arising after the Effective
Time which relate to the condition of any real property at the time of transfer,
including the environmental condition thereof, shall be borne by the transferee
with indemnification afforded to the transferor by the transferee and the
ultimate corporate parent of the transferee which is a party hereto for all
Indemnifiable Loss as defined in and pursuant to the indemnification provisions
set forth in Articles IV and V to the Distribution Agreement; and

          (c) All liabilities associated with the use and occupancy of any real
property prior to the Effective Time, other than as set forth in Section 2(b)
above, shall constitute DVD Liabilities or Gaming & Entertainment Liabilities,
as the case may be, in accordance with the Distribution Agreement.

     3.   Expenses and Prorations Associated with Real Property Transfers.

          With respect to the Real Property Transfers:

          (a) The transferee shall pay for recording the deed and for all
searches, title insurance and other conveyancing and closing expenses;

          (b) The parties anticipate an exemption from transfer taxes but agree
that any transfer taxes or title company settlement charges will be divided
equally among transferor and transferee; and

          (c) Real estate taxes and utility charges previously paid or due and
owing shall not be prorated as of the Effective Time.

     4.   Future Uses of Property.

          (a) The deed or deeds required for the Real Property Transfers to
Speedway shall contain certain use restrictions prohibiting Speedway from using
the property for a casino, hotel, and certain other uses to be agreed upon, but
shall not in any way restrict the continued operation of the auto superspeedway.

          (b) Notwithstanding the approval of the variance request for a waiver
of all building line restrictions referred to in Section 1(b) above, DVD and
Gaming & Entertainment shall ensure that

                                      -2-
<PAGE>

the owner of Lot 1 or the owner of Lot 2, as the case may be, shall not
construct any improvements, other than those depicted on the Becker Morgan Plan,
within fifty (50) feet of the boundary line between Lot 1 and Lot 2 without
obtaining the prior written approval of the other property owner, provided that
either party shall be entitled to construct any improvements within fifty (50)
feet of the boundary line which would not otherwise require regulatory approval
without the prior written approval of the other party.

     5.  Real Property Easements.

         At or prior to the Effective Time, or as soon thereafter as is
reasonably practical, the following real property easements shall be entered
into, in each case without the payment of any monetary consideration (the "Real
Property Easements"):

         (a) Speedway shall enter into one or more easement agreements with
Slots pursuant to which Speedway shall grant to Slots, at no charge to Slots,
certain use and occupancy rights relative to the horse track on Lot 2 for horse
racing purposes. The easement shall remain in effect as long as Slots shall
maintain a license to conduct horse racing at the horse track, but shall be
limited to exclusive use during the period beginning November 1 of each year and
ending April 30 of the following year, together with setup and tear down rights
for the two weeks before and after such period. During each exclusive use
period, Slots shall also be permitted use and occupancy of (1) the western
portion of the Winston Cup garage parking area located on the inside of the
Superspeedway and (2) certain outdoor viewing areas, including the winner's
circle. Slots shall be required to maintain the harness track in at least as
good a condition as exists at the Effective Time and shall be responsible for
maintaining the inside and outside fences, all exterior lighting, the toteboard,
the winner's circle, and the horse racing camera tower and judging stands; and

         (b) Slots shall enter into one or more easement or cross-easement
agreements relative to access, electric lines, phone lines, water lines, and
sewer discharge; and

         (c) Slots and Speedway shall enter into a cross-easement relative to
stormwater management for Lot 1 and Lot 2 substantially consistent with past
practices.

     6.  Real Property Leases.

         At or prior to the Effective Time, or as soon thereafter as is
reasonably practical, the following real estate agreements shall be entered into
(the "Real Property Leases"):

         (a) Slots shall enter into a long-term lease with Speedway under which
will be afforded to Speedway, at no charge to Speedway, certain use and
occupancy rights relative to: (1) the enclosed grandstand on Lot 1, such use to
be for the third floor seating area and dining room of the grandstand, with
access substantially consistent with past practices; and (2) certain parking
facilities on Lot 1, such use to include an area for Speedway to erect temporary
credential facilities and to be substantially consistent with past practices,
but subject to the parking and access needs of the casino, hotel and other
facilities of Slots on Lot 1 and modification due to future development plans of
Slots. The term of the lease shall be for the shorter of 99 years or as long as
Speedway continues to operate the auto superspeedway on Lot 2, but shall be
limited to exclusive use during two (2) extended motorsports event weekends each
calendar year, on dates as are chosen by Speedway during the period from May 1
to October 30, each such extended weekend not to exceed four (4) days of
motorsports and other

                                      -3-
<PAGE>

entertainment events, together with setup and tear down rights for the two weeks
before and after such extended weekend;

         (b) Slots and Speedway shall enter into a short-term lease with respect
to certain office space to be used by Speedway employees.

     7.  Liabilities Associated Real Property Easements and Real Property
Leases.

         With respect to the Real Property Easements and Real Property Leases::

         (a) Gaming & Entertainment shall indemnify, defend and hold harmless
DVD and its affiliates and their respective directors, officers, employees and
agents (the "DVD Indemnitees") from and against any and all damage, loss,
liability and expense (including, without limitation, reasonable expenses of
investigation and reasonable attorneys' fees and expenses in connection with any
and all actions or threatened actions) ("Indemnifiable Losses") incurred or
suffered by any of the DVD Indemnitees arising from, related to or associated
with (i) the condition of, the furnishing of, or the failure to furnish any real
property or other rights to Gaming & Entertainment or its subsidiaries as
provided for in such agreements, other than liabilities arising out of the
willful misconduct or gross negligence of the DVD Indemnitees and (ii) the gross
negligence or willful misconduct of the Gaming & Entertainment Indemnitees (as
defined below) relative to the furnishing of, or the failure to furnish any real
property or other rights to DVD or its subsidiaries as provided for in such
agreements; and

         (b) DVD shall indemnify, defend and hold harmless Gaming &
Entertainment and its affiliates and their respective directors, officers,
employees and agents (the "Gaming & Entertainment Indemnitees") from and against
any and all Indemnifiable Losses incurred or suffered by any of the Gaming &
Entertainment Indemnitees arising from, related to or associated with (i) the
condition of, the furnishing of, or the failure to furnish any real property or
other rights to DVD or its subsidiaries as provided for in such agreements,
other than liabilities arising out of the willful misconduct or gross negligence
of the Gaming & Entertainment Indemnitees, and (ii) the gross negligence or
willful misconduct of the DVD Indemnities relative to the furnishing of, or the
failure to furnish any real property or other rights to Gaming & entertainment
or its subsidiaries as provided for in such agreements.

     8.  Limitation of Liability.

         In no event shall either DVD, Gaming & Entertainment or any of their
respective subsidiaries have any liability, whether based on contract, tort
(including, without limitation, negligence), warranty or any other legal or
equitable grounds, for any punitive, consequential, special, indirect or
incidental loss or damage suffered by the other arising from or related to this
Agreement, the Real Property Transfers, the Real Property Easements, or the Real
Property Leases including without limitation, loss of data, profits, interest or
revenue, or interruption of business, even if the other party is advised of the
possibility of such losses or damages.

     9.  Insurance.

         As long as any Real Property Easement or Real Property Lease is in
effect, each party hereunder shall obtain and maintain the following insurance:

                                      -4-
<PAGE>

         (a) Statutory workers compensation including employers liability
insurance with a limit of liability of not less than Five Hundred Thousand
Dollars ($500,000) and a waiver of subrogation to the other party, its
affiliates, and their respective directors, agents, employees and officers.

         (b) Commercial general liability and umbrella/excess liability
insurance covering claims for injuries to members of the public or damage to
property of others arising out of any negligent act or omission of such party or
any of its employees or agents. The policy shall be an occurrence form and at
least as broad as a standard ISO form with the following minimum limits:

             $100,000,000  Each Occurrence
             $100,000,000  Products and Completed Operations/Aggregate
             $100,000,000  Personal and Advertising Injury
             $100,000,000  General Aggregate

        The policy shall include the following endorsements:

                       Severability of Interest
                       Primary, not Contributing Coverage
                       Blanket Contractual
                       Broad form Proprty Damage
                       Liquor Liability

        (c)  Commercial automobile liability insurance covering claims for
injuries to members of the public and/or damages to property of others arising
from the use of motor vehicles, with a minimum $1,000,000 combined single limit
for bodily injury and property damage liability together with not less than
$50,000,000 in umbrella/excess coverage. Coverage must be at least as broad as a
standard ISO form. Coverage must apply to any auto, including hired and non-
owned autos.

        (d)  The insurance required by clauses (b) and (c) above shall be
endorsed to name the other party, its affiliates, and their respective
directors, agents, employees and officers as an additional insured.

        (e)  All risk property insurance, including business interruption
insurance, covering such party's property, including a waiver of subrogation
against the other party, its affiliates, and their respective directors, agents,
employees and officers.

        (f)  All insurance shall be in a form and with insurers reasonably
acceptable to counsel for the other party.  Each party shall be required to give
the other party at least thirty (30) days written notice of any modification,
cancellation or exhaustion of limits.

        (g)  Each party may require that the limits set forth in this Section be
increased if the amount being maintained is reasonably deemed inadequate by the
requesting party or may require that additional coverages be obtained if
reasonably deemed necessary by the requesting party, provided that (1) no such
request may be made until the five (5) year anniversary of the Effective Time,
(2) no subsequent request shall be made within five (5) years of a prior
request, (3) the insurance must be available at commercially reasonable rates,
and (4) disputes under this Section shall be handled in accordance with Section
10 hereto.

        (h)  Notwithstanding the minimum limits set forth above, should a party
carry higher limits, it shall afford the benefits of coverage required under
this Section in all of its policies to the other party, its affiliates, and
their respective directors, agents, employees and officers.

                                      -5-
<PAGE>

     10.  Dispute Resolution.

          Any disputes arising under this Agreement shall be resolved in
accordance with Section 13.10 (Disputes) of the Distribution Agreement.

     11.  General.

          (a)  Force Majeure. Any delays in or failure of performance by DVD or
Gaming & Entertainment under this Agreement or any Real Property Easements or
Real Property Leases (the "Ancillary Agreements") shall not constitute a default
hereunder or thereunder if and to the extent such delay or failure of
performance is caused by occurrences beyond the reasonable control of DVD or
Gaming & Entertainment, as the case may be, including, but not limited to: acts
of God or the public enemy; compliance with any order or request of any
governmental authority; acts of war; riots or strikes or other concerted acts of
personnel; or any other causes beyond the reasonable control of DVD or Gaming &
Entertainment, whether or not of the same class or kind as those specifically
named above.

          (b)  Confidentiality. Each party shall hold and cause its directors,
officers, employees, agents, consultants and advisors to hold, in strict
confidence, unless compelled to disclose by judicial or administrative process
or, in the opinion of its counsel, by other requirements of law, all information
concerning the other party (except to the extent that such information can be
shown to have been (a) in the public domain through no fault of such disclosing
party or (b) lawfully acquired after the Effective Time on a non-confidential
basis from other sources by the disclosing party), and neither party shall
release or disclose such information to any other person, except its auditors,
attorneys, financial advisors, bankers and other consultants and advisors who
shall be advised of the provisions of this Section and be bound by them.

          (c)  Expenses. Except as specifically provided in this Agreement or in
the Distribution Agreement, all costs and expenses incurred prior to the
Effective Time in connection with the preparation, execution, delivery and
implementation of this Agreement and with the consummation of the transactions
contemplated by this Agreement (including, without limitation, all fees for
counsel, accountants and financial and other advisors) shall be paid by DVD and
all such costs incurred thereafter shall be paid by the party incurring such
costs.

          (d)  Notices. All notices and communications under this Agreement
shall be deemed to have been given (a) when received, if such notice or
communication is delivered by facsimile, hand delivery or overnight courier,
and, (b) three (3) business days after mailing if such notice or communication
is sent by United States registered or certified mail, return receipt requested,
first class postage prepaid. All notices and communications, to be effective,
must be properly addressed to the party to whom the same is directed at its
address as set forth in the Distribution Agreement. Either party may, by written
notice delivered to the other party in accordance with this Section, change the
address to which delivery of any notice shall thereafter be made.

          (e)  Amendment and Waiver. This Agreement may not be altered or
amended, nor may any rights hereunder be waived, except by an instrument in
writing executed by the party or parties to be charged with such amendment or
waiver. No waiver of any terms, provision or condition of or failure to exercise
or delay in exercising any rights or remedies under this Agreement, in any one
or more instances, shall be deemed to be, or construed as, a further or
continuing waiver of any such term, provision, condition, right or remedy or as
a waiver of any other term, provision or condition of this Agreement.

                                      -6-
<PAGE>

          (f)  Entire Agreement. This Agreement together with the Ancillary
Agreements shall constitute the entire understanding of the parties hereto with
respect to the subject matter hereof, superseding all negotiations, prior
discussions and prior agreements and understandings relating to such subject
matter. To the extent that the provisions of this Agreement are inconsistent
with the provisions of the Distribution Agreement or any Ancillary Agreement,
the provisions of the more specific agreement shall prevail in the following
order:  Distribution Agreement, this Agreement, Ancillary Agreement.

          (g)  Parties in Interest. Neither of the parties hereto may assign its
rights or delegate any of its duties under this Agreement without the prior
written consent of the other party. This Agreement shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective
successors and permitted assigns.  Should a party which owns any real property
governed by this Agreement sell or otherwise transfer the real property to a
third party, it shall be obligated to require that such party agree to be bound
by the provisions of this Agreement.  Nothing contained in this Agreement or any
Ancillary Agreement, express or implied, is intended to confer any benefits,
rights or remedies upon any person or entity other than the DVD Indemnitees and
Gaming & Entertainment Indemnitees.

          (h)  Further Assurances and Consents. In addition to the actions
specifically provided for elsewhere in this Agreement, each of the parties
hereto will use its reasonable efforts to (a) execute and deliver such further
instruments and documents and take such other actions as any other party may
reasonably request in order to effectuate the purposes of this Agreement and to
carry out the terms hereof and (b) take, or cause to be taken, all actions, and
do, or cause to be done, all things, reasonably necessary, proper or advisable
under applicable laws, regulations and agreements or otherwise to consummate and
make effective the transactions contemplated by this Agreement, including,
without limitation, using its reasonable efforts to obtain any consents and
approvals, make any filings and applications and remove any liens, claims,
equity or other encumbrances on any asset of the other party necessary or
desirable in order to consummate the transactions  contemplated by this
Agreement; provided that no party hereto shall be obligated to pay any
consideration therefor (except for filing fees and other similar charges) to any
third party from whom such consents, approvals and amendments are requested or
to take any action or omit to take any action if the taking of or the omission
to take such action would be unreasonably burdensome to the party or its
business.

          (i)  Severability. The provisions of this Agreement are severable and
should any provision hereof be void, voidable or unenforceable under any
applicable law, such provision shall not affect or invalidate any other
provision of this Agreement, which shall continue to govern the relative rights
and duties of the parties as though such void, voidable or unenforceable
provision were not a part hereof.

          (j)  Survival. The indemnification and insurance provisions of this
Agreement shall survive until five (5) years after the expiration of all
Ancillary Agreements.

          (k)  Governing Law. This Agreement shall be construed in accordance
with, and governed by, the laws of the State of Delaware, without regard to the
conflicts of law rules of such state.

          (l)  Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original instrument, but all of
which together shall constitute but one and the same Agreement.

                                      -7-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  Dover Downs Entertainment, Inc.

                                  By:    ________________________________
                                  Name:  ________________________________
                                  Its:   ________________________________

                                  Dover Downs Gaming & Entertainment, Inc.

                                  By:    ________________________________
                                  Name:  ________________________________
                                  Its:   ________________________________

                                  Dover Downs, Inc.

                                  By:    ________________________________
                                  Name:  ________________________________
                                  Its:   ________________________________

                                  Dover Downs International Speedway, Inc.

                                  By:    ________________________________
                                  Name:  ________________________________
                                  Its:   ________________________________

                                      -8-<PAGE>

                                                                    EXHIBIT 10.9

                                   AGREEMENT
                                   ---------

     This Agreement is made and entered into this 24th day of August, 2000,
superseding the agreement entered into on the 1st day of August, 1997 by and
between Dover Downs, Inc., a Corporation of the State of Delaware (hereinafter
called Dover Downs), and Delaware Standardbred Owners Association, Inc., a
Delaware Corporation (hereinafter called DSOA) and is executed in duplicate
original copies.

                                  WITNESSETH:
                                  ----------

     WHEREAS, Dover Downs is licensed to conduct and is engaged in the business
of conducting harness racing meetings at a harness racing track known as Dover
Downs, located in Dover, Delaware; and

     WHEREAS, DSOA's membership consists of owners, trainers, and drivers of
harness horses participating in harness race meetings at Dover Downs and
elsewhere in the United States and Canada, and DSOA has been organized and
exists for the purpose of promoting the sport of harness racing; improving the
lot of owners, drivers, and trainers of harness racing horses participating in
race meetings; establishing health, welfare and insurance programs for owners,
drivers, and trainers of harness racing horses; negotiating with harness racing
tracks on behalf of owners, trainers, drivers, and grooms of harness racing
horses; and generally rendering assistance to them whenever and wherever
possible; and

     WHEREAS, the parties hereto desire to cooperate in promoting the popularity
of the sport of harness racing, and in insuring the continuity of harness racing
at Dover Downs for the best interests of the parties hereto and the public; and

     IN CONSIDERATION OF the promises, the covenants set forth herein, and other
considerations, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:
<PAGE>

                                       2

     1.   Term of Agreement
          -----------------

          The provisions of this Agreement shall apply to and govern every
harness racing meeting conducted by or at Dover Downs effective August 1, 2000,
and continuing through August 1, 2003.

          During the term of this agreement Dover Downs will schedule not less
than 143 days of live racing each year where a live day of racing shall consist
of a minimum of 13 programmed races per program, subject to the availability of
horses, unless otherwise mutually agreed by the parties, provided however, that
any days lost to weather, acts of God, technical problems, or human error, shall
not be required to be rescheduled.

     2.   Basic Purse Distribution
          ------------------------

          A.  Dover Downs will distribute as racing purses at all meetings
conducted at Dover Downs during the term of this agreement 10% of the live
handle wagered at Dover Downs on Dover Downs.

          In the event of any legislation which changes Dover Downs' share of
the pari-mutuel commission, the amount calculated above shall be adjusted so
that 50% of any increase shall be added to purses and 50% of any decrease shall
be subtracted from the purses.

          B.  Dover Downs agrees to distribute to DSOA via the purse pool and
subject to the provisions of paragraph 5, twenty five percent (25%) of any
monies received from Dover Downs' export signal of the live race meets conducted
during the term of this agreement.

          C.  Over and above the purses payable under paragraphs 2 A) and 2 (B),
Dover Downs shall pay additional purses in an amount calculated pursuant to 29
Del.C.4815 (b)(3)b.

          D.  An average of 5 races per program shall be written and if possible
filled for Delaware owned or bred horses.  The race secretary shall make every
effort to write Delaware owned horses in all classes permitted to race at Dover
Downs.  The purses for these races shall be
<PAGE>

                                       3

twenty (20%) percent greater than purses for the same class not restricted to
Delaware owned or bred horses. Should these races not fill with all Delaware
owned or bred horses the racing secretary shall open the class to non-Delaware
owned or bred horse, with the Delaware owned or bred horses having first
preference in accordance with D.H.R.C. rules.

          E.  During the term of this Agreement, Dover Downs, on a weekly basis
during any race meeting conducted by Dover Downs, shall pay directly to the
drivers and trainers of the horses whose owners are entitled to receive a
portion of the purse money, an amount equal to five (5%) percent of the owners'
purse money, which amount shall be credited against the purses required to be
paid to the owners of such horses.  In no event shall the aggregate payment made
by Dover Downs on account of purses and other items specified in Paragraph 5 be
increased beyond the applicable amount for purses.

     3.   Projection of Purses and Carry-Over of Purse Money
          --------------------------------------------------

          A.  The specifications of the applicable purses for the race meet, in
accordance with Paragraph 2, shall be projected on the basis of the total
estimated purse funds to be accrued during the live race meeting, with
consideration given to seasonal fluctuation of purse accruals, so as to maintain
a reasonably uniform purse distribution schedule throughout the Dover Downs
meetings each year.

          B.  (i)  If any purse money due under Paragraph 2 has not been fully
distributed at any meeting covered by this Agreement, the amount due shall be
carried over and distributed in purses at the next meeting covered by this
Agreement. Any underpayment of purse money under the preceding Agreements
between Dover Downs and DSOA shall likewise be added to the purse money payable
under Paragraph 2.

              (ii) If the purses actually paid at any meeting covered by this
Agreement exceed the amount due under Paragraph 2, the amount of the excess
payment shall be deducted from the purses otherwise payable at the next meeting
covered by this Agreement.  Any overpayment of purses during the last meeting
conducted under the previous agreement between Dover Downs and
<PAGE>

                                       4

DSOA shall likewise be deducted from the purse money payable under Paragraph 2
of this Agreement.

     4.   Minimum and Maximum Purses
          --------------------------

          At all meetings conducted at Dover Downs, the minimum and maximum
purse payable by Dover Downs for any pari-mutuel betting race shall be agreed
upon by DSOA representatives and Dover Downs prior to the beginning of each race
meet. In the event the parties are unable to reach an agreement, the minimum and
maximum purse payable will be the same as the start of the previous race meet
conducted at Dover Downs.

     5.   Arrangements with DSOA
          ----------------------

          A.  Dover Downs will pay to DSOA, in diminution of and as a credit
against the percentages specified in Paragraph 2, requested funds to compensate
DSOA for its expenses, provided that DSOA's representation of the horsemen
racing at meetings conducted by Dover Downs has been demonstrated by the
horsemen's adherence to and recognition of this Agreement.  Such sum shall be
paid in monthly installments no later than seven (7) days after the conclusion
of each month of each racing meeting covered by this Agreement.

          B.  When this Agreement and any succeeding Agreement between DSOA and
Dover Downs has expired and there is no agreement in effect between them
providing otherwise, any underpayment of purses due under this Agreement shall
be payable to horsemen who participated in the last Dover Downs' meet covered by
this Agreement and both parties shall take whatever action is required to
accomplish such payment.

          In order to minimize any underpayment or overpayment of purses at the
conclusion of the live race meet under this Agreement, DSOA and Dover Downs will
meet regularly to make adjustments to the purse account if necessary.  These
adjustments to the purses will be in a fair and reasonable manner and will
include lowering the minimum purse if such action is warranted.  The base purse
for any claiming race will not exceed 80% of the claiming price.
<PAGE>

                                       5

          C.  Dover Downs shall provide an office for the use of a DSOA
representative on its racing grounds.

          D.  Representatives of Dover Downs will be available at reasonable
times to consult with DSOA representatives upon request of either party
concerning any matters pertaining to the provisions of this Agreement and/or the
conduct of races, maintenance of the receiving stable area, the race track,
paddock and training areas.

          E.  Dover Downs shall pay to DSOA as part of its expenses in paragraph
5(A.), the incurred premiums of insurance administered by DSOA for grooms,
second trainers, trainers, and drivers.  Insurance premiums shall be paid
monthly upon presentation of a bill from DSOA.  The premiums shall be in
diminution of and as a credit against purse money payable under this Agreement
as specified in Paragraph 2.

          F.  Dover Downs agrees to cooperate with DSOA in its effort to provide
education, promotional material and public relations regarding harness racing,
pari-mutuel betting, and horse ownership.

          G.  DSOA acknowledges that from time to time certain legislative
effort will be required in Delaware pertaining to pari-mutuel wagering, horse
racing, the video lottery as well as other matters that will effect Dover Downs.
DSOA's membership will fully support and help lobby for all reasonable
legislation and oppose all harmful legislation insofar as it does not negatively
impact horsemen's issues.

          H.  During the term of this contract the minimum claiming price for
Delaware Owned and Bred races shall be ($5,000) five thousand dollars. The
minimum open claiming price shall be ($10,000) ten thousand dollars unless
changed by mutual agreement.

          I.  The qualifying times during the term of this agreement shall be
2:00 for pacers and 2:02 for trotters, plus applicable allowances for weather,
and track conditions. Two year olds will receive a two second allowance. Three
year olds will receive a two second allowance from January 1 through April 30
and a one second allowance after April 30.
<PAGE>

                                       6

          J.  During this Agreement, horses at Dover Downs will have the
opportunity to qualify two times per calendar month. Horses that are two year
                                                     -
olds and three year olds, and are nominated to the DSOA DE Owned/Bred Stakes
Program or the subsequent Delaware Breeders program, will have unlimited
opportunity to qualify during each of the three (3) months leading up to the
first event of the program to which it is nominated.

          K.  There shall not be any general age restrictions in condition races
that are written as NW of ($x) in last (x) starts except in the lowest NW of
($x) in last (x) starts that is written at the time by Dover Downs.  This does
not apply to NW of (x) races lifetime, NW of ($x) lifetime, or any other type of
condition race written according to the available horse population in an effort
to enhance the quality and competitiveness of the racing at Dover Downs.  All
races written for NW of (x) races lifetime shall exclude as a win only, any win
in which the first place money was less than or equal to $500.

          L.  During the term of this agreement, if Dover Downs has races with
nine horse fields, a bonus will be added to the base purse as follows:

          Base purse is:                                       Bonus is:

          less than $10,000                                        $ 300
          $10,000 but less than $20,000                            $ 500
          $20,000 or more                                          $1000

          M. Dover Downs, upon request, shall furnish to DSOA a summary of the
handle.

     6.   Simulcast Wagering
          ------------------

          A.  As consideration for the distribution to the purse pool in
accordance with paragraph 2(B.) DSOA agrees, as is standard in the industry, to
share the daily cost incurred by Dover Downs for the daily export of the live
signal throughout each season.  These incremental costs incurred by Dover Downs
for the exporting of live races will be calculated and shared 25% by DSOA and
75% by Dover Downs.  These daily costs will be detailed on the purse
reconciliation report submitted to DSOA at the end of each month.
<PAGE>

                                       7

          B.  All simulcasting agreements need the approval of DSOA prior to
Dover Downs accepting wagering on those races. DSOA agrees not to unreasonably
withhold their approval.

               Should either DSOA or Dover Downs deny an approval or elect to
terminate an agreement, they must provide the other party written notice at
least 15 days prior to termination or disapproval with reasonable explanation
for their action.

     7.   Stake and Early Closing Events
          ------------------------------

          Not more than 8% of the total purse money payable to the horsemen
during each race meet shall be paid for Stake and Early Closing events. Purse
money payable to the DSOA Delaware owned/bred Stakes Program, the subsequent
Delaware Breeders Program, or any other Delaware owned/bred Stakes or early
closing events shall not be part of the 8% limitation.

     8.   On-Track Driver Insurance
          -------------------------

          Dover Downs shall provide On-track driver accident and disability
insurance with $50,000 death benefit, $100,000 medical expenses and $350 a week
disability income extending for 104 weeks subject to no more than a seven-day
waiting period.  This coverage shall have no deductible to the horsemen and will
be provided on race days, non-race days during the race meet when the track is
available for training and for three (3) days prior to each race meeting covered
under this Agreement.

     9.   Stall Assignments and Racing Privileges
          ---------------------------------------

          Nothing in this Agreement shall be deemed to limit or restrict in any
manner the absolute discretion of Dover Downs to assign stalls and/or grant
racing privileges to owners and trainers whether or not members of DSOA, except
that stall space and/or racing privileges shall not be denied by reason of
membership in, or activity on behalf of, DSOA or a duly constituted horsemen's
committee.  Notwithstanding this paragraph, it is understood that Dover Downs
does not contemplate opening its barn area and providing stabling facilities
during the term of this
<PAGE>

                                       8

Agreement. Dover Downs does, however, agree to make reasonable attempts to
restrict the horse population to a manageable level with preference being given
to Delaware owned horses.

     10.  Controlling Law and Regulation
          ------------------------------

          The interpretation of the provisions of this Agreement shall be
governed by the law of Delaware.  If and to the extent that any provision(s)of
this Agreement is and/or becomes inconsistent with any Delaware Statute, law or
any regulation of the Delaware State Harness Racing Commission not in effect or
hereinafter enacted, such provision or provisions shall be deemed to be
superseded by such law or regulation as the case may be.

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be signed on their behalf by their respective Officers as of the date first
above written.

                              DOVER DOWNS, INC.

                              /s/ Denis McGlynn
                              -----------------------------------
                                  Denis McGlynn
                                  President

                              DELAWARE STANDARDBRED OWNERS
                              ASSOCIATION, INC.

                              /s/ James T. Case
                              -----------------------------------
                                  James T. Case
                                  President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00032-of-00352.parquet"}]]