Document:

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                                                                    Exhibit 10.1

                       FIRST AMENDMENT TO CREDIT AGREEMENT

     FIRST AMENDMENT TO CREDIT AGREEMENT ( this "Amendment"), dated as of March
31, 2002, among DOVER DOWNS ENTERTAINMENT, INC. (the "Borrower"), the several
banks and other financial institutions parties to the Credit Agreement (as
hereinafter defined) (individually, a "Bank"; collectively, the "Banks") and PNC
BANK, NATIONAL ASSOCIATION, as administrative agent for the Banks (in such
capacity, the "Agent").

     WHEREAS, the Borrower, the Banks and the Agent are parties to a Credit
Agreement dated as of February 20, 2002 (as so amended, supplemented or
otherwise modified, the "Credit Agreement");

     WHEREAS, pursuant to Section 4.1(l) of the Credit Agreement, the agreement
of each Bank to make the initial Extension of Credit is conditioned upon the
completion by the Borrower of the spin off of its gaming operations in
accordance with the transactions referred to in Section 6.4(c) of the Credit
Agreement (the "Spinoff");

     WHEREAS, simultaneously with and after giving effect to the Spinoff, the
Borrower desires to change its name to Dover Motorsports, Inc (the "Name
Change"); and

     WHEREAS, the Borrower, the Agent, and the Banks have agreed to modify the
Credit Agreement to reflect (i) the change in the Borrower's name to Dover
Motorsports, Inc., and (ii) the termination of the Swing Line Commitment
therefrom, all on the terms and subject to the conditions set forth herein.

     NOW, THEREFORE, in consideration of the foregoing and for other
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as follows:

     1.   Defined Terms. Unless otherwise defined herein, terms defined in the
Credit Agreement are used herein as therein defined.

     2.   Amendment to Credit Agreement. The Credit Agreement is hereby amended
as follows effective as of the effective date of the Name Change:

          (a) Any reference to the Borrower as Dover Downs Entertainment, Inc.
is hereby modified to reflect the change in the Borrower's name to Dover
Motorsports, Inc. The Swing Line Commitment is hereby terminated and any
reference thereto or to the terms the "Swing Line Bank", "Swing Line
Commitment", "Swing Line Loan", the "Swing Line Note", and "Swing Line Repayment
Date" shall not be given any effect. The revised Schedule I attached hereto,
which reflects the termination of the Swing Line Commitment, shall be
substituted for the Schedule I now attached to the Credit Agreement.

          (b) Section 2.3 is hereby amended and restated to read in full as
follows:

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          "2.3 Intentionally Deleted."

     3.   Amended. The Borrower shall execute and deliver to the Agent amended
and restated revolving credit notes (the "Amended Notes") for each Bank
reflecting the Borrower's name change to Dover Motorsports, Inc. The Agent shall
deliver the Amended Notes to each Bank in exchange for the existing Notes of
such Bank which shall thereafter, and together with the Swing Line Note, be
returned by the Agent to the Borrower for cancellation.

     4.   Representations and Warranties. The Borrower hereby represents and
warrants to the Banks and the Agent that:

          (a) There exists no Default or Event of Default under the Credit
Agreement as amended hereby;

          (b) The representations and warranties made in the Credit Agreement
are true and correct in all material respects on and as of the date hereof as if
made on and as of the date hereof after giving effect to the revised Schedules
attached hereto;

          (c) The Spinoff has been completed;

          (d) Other than the Name Change, there have been no changes to either
of the certificate of incorporation or by-laws of the Borrower as in effect
since the most recent date true and correct copies were delivered to the Agent;
and

          (e) The execution and delivery of this Amendment and the Amended Notes
by and on behalf of the Borrower, has been duly authorized by all requisite
action on behalf of the Borrower and this Amendment and the Amended Notes
constitute the legal, valid and binding obligations of the Borrower, enforceable
against it in accordance with their respective terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

     5.   Conditions Precedent. The effectiveness of the amendments set forth
herein is subject to the fulfillment, to the satisfaction of the Agent and its
counsel, of the following conditions precedent:

          (a) The Borrower shall have delivered to the Agent the following, all
of which shall be in form and substance satisfactory to the Agent and shall be
duly completed and executed:

               (i) This Amendment;

               (ii) The Amended Notes;

               (iii) Evidence of the Borrower's name change filed with the
Delaware Secretary of State; and

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               (iv) Such additional documents, certificates, and information as
the Agent may require pursuant to the terms hereof or otherwise reasonably
request.

          (b) The representations and warranties set forth in the Credit
Agreement shall be true and correct in all material respects on and as of the
date hereof after giving effect to the updated Schedules attached hereto.

     6.   Ratification; References; No Waiver. Except as the provisions thereof
have been expressly amended or waived by this Amendment, the Credit Agreement
shall continue to be, and shall remain, unaltered and in full force and effect
in accordance with its terms. All references in the Credit Agreement and the
other Loan Documents to the Credit Agreement shall be to the Credit Agreement as
amended by this Amendment and all references in the Credit Agreement and the
other Loan Documents to the Notes shall include the Amended Notes. This
Amendment does not and shall not be deemed to constitute a waiver by the Agent
or the Banks of any Default or Event of Default or of any of the Agent's or the
Banks' other rights or remedies.

     7.   Release and Indemnity. Recognizing and in consideration of the Banks'
and the Agent's agreement to the waivers and amendments set forth herein, the
Borrower hereby waives and releases the Banks and the Agent and their respective
officers, attorneys, agents, and employees from any liability, suit, damage,
claim, loss or expense of any kind or nature whatsoever and howsoever arising
that such Borrower ever had or now has against any of them arising out of or
relating to any Bank's or the Agent's acts or omissions with respect to this
Amendment, the Credit Agreement, the other Loan Documents or any other matters
described or referred to herein or therein. The Borrower further hereby agrees
to indemnify and hold the Agent and the Banks and their respective officers,
attorneys, agents and employees harmless from any loss, damage, judgment,
liability or expense (including counsel fees) suffered by or rendered against
the Banks or the Agent or any of them on account of anything arising out of this
Amendment, the Credit Agreement, the other Loan Documents or any other document
delivered pursuant thereto up to and including the date hereof; provided that,
no Borrower shall have any obligation hereunder to any Bank or the Agent with
respect to indemnified liabilities arising from the gross negligence or willful
misconduct of such Bank or the Agent.

     8.   Miscellaneous.

          (a) Governing Law. This Amendment shall be governed by and construed
in accordance with the laws of the Commonwealth of Pennsylvania.

          (b) Successor and Assigns. The terms and provisions of this Amendment
shall be binding upon and shall inure to the benefit of the Borrower, the Agent
and the Banks and their respective successors and assigns.

          (c) Counterparts. This Amendment may be executed in one or more
counterparts, each of which shall be deemed to be an original, and all of which
shall constitute one and the same instrument.

          (d) Headings. The headings of any paragraph of this Amendment are for
convenience only and shall not be used to interpret any provision hereof.

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              (e) Modifications. No modification hereof or any agreement
referred to herein shall be binding or enforceable unless in writing and signed
on behalf of the party against whom enforcement is sought.

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed and delivered by their proper and duly authorized officers as
of the day and year first above written.

                                            DOVER DOWNS ENTERTAINMENT,
                                            INC.

                                            By: /s/ Denis McGlynn
                                               ---------------------------------
                                                    Name:    Denis McGlynn
                                                    Title:   President

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                                      PNC BANK, DELAWARE, as Agent and
                                          as a Bank

                                      By: /s/ Theodore Prushinski
                                         -------------------------------------
                                              Name:    Theodore Prushinski
                                              Title:   Vice President

                                      WILMINGTON TRUST COMPANY, as
                                      a Bank

                                      By: /s/ Michael B. Gast
                                         -------------------------------------
                                              Name:    Michael B. Gast
                                              Title:   Vice President

                                      ALLFIRST BANK, as a Bank

                                      By: /s/ William Keehn
                                         -------------------------------------
                                              Name:    William Keehn
                                              Title:   Assistant Vice President

                                      WILMINGTON SAVINGS FUND
                                      SOCIETY, FSB, as a Bank

                                      By: /s/ M. Scott Baylis
                                         -------------------------------------
                                              Name:    M. Scott Baylis
                                              Title:   Vice President

                                      FIRST UNION NATIONAL BANK, as a
                                      Bank

                                      By: /s/ Eileen McCrickard
                                        --------------------------------------
                                              Name:    Eileen McCrickard
                                              Title:   Vice President

                                      NATIONAL CITY BANK, as a Bank

                                      By: /s/ Tara M. Handforth
                                         -------------------------------------
                                              Name:    Tara M. Handforth
                                              Title:   Vice President

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                                   SCHEDULE I

                         BANK AND COMMITMENT INFORMATION

                     Bank and Address                          Commitment
                     ----------------                          ----------
PNC Bank, Delaware                                             $35,000,000
222 Delaware Avenue
18th Floor
Wilmington, DE 19801
Attn:  Theodore Prushinski

Wilmington Trust Company                                       $15,000,000
121 South State Street
Dover, DE 19901
Attn:  Michael B. Gast

Allfirst Bank                                                  $10,000,000
25 S. Charles St.
M/C  101-744
Baltimore, MD  21201
Attn:  William Keehn

Wilmington Savings Fund Society, FSB                           $5,000,000
838 Market Street
Wilmington, De 19801
Attn:  M. Scott Baylis

First Union National Bank                                      $25,000,000
301 S. College Street
Charlotte, NC  28288
Attn:  Eileen McCrickard

National City Bank                                             $15,000,000
1 South Broad St.
Philadelphia, PA 19107
Attn:  Tara M. Handforth
                                                              -------------
                                                              $105,000,000

                                       6<PAGE>

                                                                    Exhibit 10.2

                      SECOND AMENDMENT TO CREDIT AGREEMENT

     SECOND AMENDMENT TO CREDIT AGREEMENT ( this "Amendment"), dated as of July
30, 2002, among DOVER MOTORSPORTS, INC. (the "Borrower"), the several banks and
other financial institutions parties to the Credit Agreement (as hereinafter
defined) (individually, a "Bank"; collectively, the "Banks") and PNC BANK,
DELAWARE, as administrative agent for the Banks (in such capacity, the "Agent").

     WHEREAS, the Borrower, the Banks and the Agent are parties to a Credit
Agreement dated as of February 20, 2002, as amended by a First Amendment to
Credit Agreement dated as of March 31, 2002 (as so amended, supplemented or
otherwise modified, the "Credit Agreement"); and

     WHEREAS, the Borrower, the Agent, and the Banks have agreed to amend the
Credit Agreement by (i) modifying the Applicable Margin for Base Rate Loans and
Eurodollar Loans, (ii) modifying the Commitment Fee Rate, and (iii) resetting
the Leverage Ratio, all on the terms and subject to the conditions set forth
herein.

     NOW, THEREFORE, in consideration of the foregoing and for other
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as follows:

     1.   Defined Terms. Unless otherwise defined herein, terms defined in the
Credit Agreement are used herein as therein defined.

     2.   Amendment to Credit Agreement. The Credit Agreement is hereby amended
as follows effective as of June 29, 2002:

          (a) The table set forth in the definition of "Applicable Margin" in
Section 1.1 is hereby amended and restated in full to read as follows:

 "Level           Leverage Ratio             Base Rate Loan     Eurodollar Loan
 ------           --------------             --------------     ---------------
    I       Less than or equal to 2.50             0%                1.75%
            to 1.0

   II       Greater than 2.50 to 1.0               0%                2.00%
            but less than or equal to
            3.00 to 1.0

  III       Greater than 3.00 to 1.0              0.25%              2.75%
            but less than or equal to
            3.50 to 1.0

   IV       Greater than 3.50 to 1.0              0.50%             3.00%"

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          (b) The table set forth in the definition of "Commitment Fee Rate" in
Section 1.1 is hereby amended and restated in full to read as follows:

   "Level                   Leverage Ratio              Commitment Fee Rate
   ------                   --------------              -------------------
       I         Less than or equal to 2.50 to 1.0             0.25%

      II         Greater than 2.50 to 1.0 but less            0.375%
                 than or equal to 3.00 to 1.0

     III         Greater than 3.00 to 1.0 but less            0.375%
                 than or equal to 3.50 to 1.0

      IV         Greater than 3.50 to 1.0                     0.50%"

          (c) Section 6.1(a) entitled "Leverage Ratio" is hereby amended and
restated in full to read as follows:

               "(a) Leverage Ratio. Permit, as of the end of any fiscal quarter
ending during the periods specified below, the Leverage Ratio to exceed that set
forth opposite such periods:

                 "Period                                       Ratio
                  ------                                       -----
June 30, 2002 through December 30, 2002                      4.25 to 1

December 31, 2002 through March 30, 2003                     4.00 to 1

March 31, 2003 through June 29, 2003                         3.25 to 1

June 30, 2003 and thereafter                                 2.75 to 1"

     3.   Representations and Warranties. The Borrower hereby represents and
warrants to the Banks and the Agent that:

          (a) There exists no Default or Event of Default under the Credit
Agreement as amended hereby;

          (b) The representations and warranties made in the Credit Agreement
are true and correct in all material respects on and as of the date hereof as if
made on and as of the date hereof; and

          (c) The execution and delivery of this Amendment by and on behalf of
the Borrower, has been duly authorized by all requisite action on behalf of the
Borrower and this Amendment constitute the legal, valid and binding obligations
of the Borrower, enforceable

                                       2

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against it in accordance with their respective terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law).

     4.   Conditions Precedent. The effectiveness of the amendments set forth
herein is subject to the fulfillment, to the satisfaction of the Agent and its
counsel, of the following conditions precedent:

          (a) The Borrower shall have delivered to the Agent the following, all
of which shall be in form and substance satisfactory to the Agent and shall be
duly completed and executed:

               (i) This Amendment;

               (ii) Copies, certified by the Secretary or an Assistant Secretary
of the Borrower, of resolutions of the Board of Directors of the Borrower in
effect on the date hereof authorizing the execution, delivery and performance of
this Amendment and the other documents and transactions contemplated hereby;

               (iii) Copies, certified by one of the officers of the Borrower,
the certificate of incorporation, By-laws and fictitious name filing, if any, of
the Borrower as in effect, or a certificate stating that there have been no
changes to any such documents since the most recent date, true and correct
copies thereof were delivered to the Agent; and

               (iv) Such additional documents, certificates, and information as
the Agent may require pursuant to the terms hereof or otherwise reasonably
request.

          (b) The representations and warranties set forth in the Credit
Agreement shall be true and correct in all material respects on and as of the
date hereof.

          (c) The Borrower shall pay to the Agent for the benefit of the Banks
an amendment and modification fee of 20 basis points (0.20%) on the amount of
each Bank's Commitment.

     5.   Ratification; References; No Waiver. Except as the provisions thereof
have been expressly amended or waived by this Amendment, the Credit Agreement
shall continue to be, and shall remain, unaltered and in full force and effect
in accordance with its terms. All references in the Credit Agreement and the
other Loan Documents to the Credit Agreement shall be to the Credit Agreement as
amended by this Amendment. This Amendment does not and shall not be deemed to
constitute a waiver by the Agent or the Banks of any Default or Event of Default
or of any of the Agent's or the Banks' other rights or remedies.

     6.   Release and Indemnity. Recognizing and in consideration of the Banks'
and the Agent's agreement to the waivers and amendments set forth herein, the
Borrower hereby waives and releases the Banks and the Agent and their respective
officers, attorneys, agents, and employees from any liability, suit, damage,
claim, loss or expense of any kind or nature whatsoever and howsoever arising
that such Borrower ever had or now has against any of them

                                        3

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arising out of or relating to any Bank's or the Agent's acts or omissions with
respect to this Amendment, the Credit Agreement, the other Loan Documents or any
other matters described or referred to herein or therein. The Borrower further
hereby agrees to indemnify and hold the Agent and the Banks and their respective
officers, attorneys, agents and employees harmless from any loss, damage,
judgment, liability or expense (including counsel fees) suffered by or rendered
against the Banks or the Agent or any of them on account of anything arising out
of this Amendment, the Credit Agreement, the other Loan Documents or any other
document delivered pursuant thereto up to and including the date hereof;
provided that, no Borrower shall have any obligation hereunder to any Bank or
the Agent with respect to indemnified liabilities arising from the gross
negligence or willful misconduct of such Bank or the Agent.

     7.   Miscellaneous.

          (a) Expenses. The Borrower agrees to pay all of the Agent's reasonable
out-of-pocket expenses incurred in connection with the preparation, negotiation
and execution of this Amendment including, without limitation, the reasonable
fees and expenses of Ballard Spahr Andrews & Ingersoll, LLP.

          (b) Governing Law. This Amendment shall be governed by and construed
in accordance with the laws of the State of Delaware.

          (c) Successor and Assigns. The terms and provisions of this Amendment
shall be binding upon and shall inure to the benefit of the Borrower, the Agent
and the Banks and their respective successors and assigns.

          (d) Counterparts. This Amendment may be executed in one or more
counterparts, each of which shall be deemed to be an original, and all of which
shall constitute one and the same instrument.

          (e) Headings. The headings of any paragraph of this Amendment are for
convenience only and shall not be used to interpret any provision hereof.

          (f) Modifications. No modification hereof or any agreement referred to
herein shall be binding or enforceable unless in writing and signed on behalf of
the party against whom enforcement is sought.

                                        4

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the day and year first above written.

                                 DOVER MOTORSPORTS, INC.

                                 By: /s/ Patrick J. Bagley
                                     -----------------------------------------
                                         Name:    Patrick J. Bagley
                                         Title:   Vice President - Finance

                                 PNC BANK, DELAWARE, as Agent and as a Bank

                                 By: /s/ Theodore Prushinski
                                    -------------------------------------------
                                         Name:    Theodore Prushinski
                                         Title:   Vice President

                                 WILMINGTON TRUST COMPANY, as a Bank

                                 By: /s/ Michael B. Gast
                                    ------------------------------------------
                                         Name:    Michael B. Gast
                                         Title:   Vice President

                                 ALLFIRST BANK, as a Bank

                                 By: /s/ William Keehn
                                    ------------------------------------------
                                         Name:    William Keehn
                                         Title:   Assistant Vice President

                                 WILMINGTON SAVINGS FUND SOCIETY, FSB, as a Bank

                                 By: /s/ M. Scott Baylis
                                    ------------------------------------------
                                         Name:    M. Scott Baylis
                                         Title:   Vice President

                                 WACHOVIA BANK, NATIONAL ASSOCIATION (formerly
                                 known as First Union National Bank), as a Bank

                                 By: /s/ Grainne M. Pergolini
                                    -------------------------------------------
                                         Name:    Grainne M. Pergolini
                                         Title:   Vice President

                                       5

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                                 NATIONAL CITY BANK, as a Bank

                                 By: /s/ Tara M. Handforth
                                    -------------------------------------------
                                         Name:    Tara M. Handforth
                                         Title:   Vice President

                                        6

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