The announcement was made today in Nashville, Tennessee, in conjunction with NASCAR Champion’s Week activities.McGlynn is the 63rd recipient of the Buddy Shuman Award, which was established in 1957 and named for a former NASCAR driver and the sport’s first technical inspector. McGlynn is the 63rd recipient of the Buddy … It is possible the Company's actual results might differ from any predictions we make today. Now that we know we will not be able to have fans attend these events, we'll be honoring our patrons' requests to either refund the payments they've made or apply to credit to next year's Dover event. As further announced on July 27, those races will be run without fans.Additionally, the second quarter of 2019 included the Firefly Music Festival and the pandemic forced that event to be canceled for 2020. The Board of Trustees has ultimate authority for the governance and management of directions and finances.
We had other income of $163,000 this year compared to $57,000 last year, with the increase being primarily driven by higher pension asset gains in the second quarter this year.Our effective income tax rate was a benefit of 75.8%, which is higher than you would expect as a result of reversing a portion of the previously booked valuation allowance on Tennessee deferred tax assets, which we now expect to realize with the reopening of the Speedway next year. Our contract liabilities are higher than last June as we still had deferred revenue for the postponed May events whereas that was realized by June 30 of last year. Our announcement during the quarter regarding our reopening of Nashville Superspeedway next year was exceptionally well received by all sectors of the racing community and by government officials in the Nashville and Middle Tennessee business community as well.
This past spring, Dover Downs Gaming & Entertainment merged with Twin River Worldwide Holdings, Inc., which operates casino and gaming venues in Colorado, Mississippi and Rhode Island.Dover International Speedway is hosting two NASCAR tripleheader weekends in 2020 on May 1-3 and Aug. 21-23, including a NASCAR Cup Series race on Sunday, May 3 and the "Drydene 400" NASCAR Cup Series race on Sunday, Aug. 23.Learn more about Monster Mile events and activities at Facebook.com/DoverInternationalSpeedway, or on Twitter and Instagram at @MonsterMile.This page designed by Jay Adamczyk, All Rights Reserved. "Denis has had a tremendous career at Dover International Speedway and this is a well-deserved honor," said Mike Tatoian, Dover International Speedway’s president and CEO. All six races have title sponsors, and all will be televised live with the exception of Friday's ARCA Menards Series race, which will have a delayed telecast.Unfortunately, due to the resurgence of COVID-19 cases across the region, state officials have recommended that we conduct our races without fans in order to provide for the maximum safety of our fans and workers, and we're planning accordingly.Moving on to Nashville. The American Hospital Association elected Janice E. Nevin, MD, to its Board of Trustees for three-year terms beginning Jan. 1, 2021. Along with various engineers and contractors, we're consolidating our plan to restore the facility to operational status. As you may know, our Spring NASCAR Weekend has been rescheduled and combined into our regularly scheduled August 21 to 23 weekend, during which we'll conduct six NASCAR races over three days. We had no debt at June 30, and our available cash was just under $2.9 million. "The race will always be most important to us, but we realize – as the entire sports world does – that the fan’s experience has to be more than just the race.
At that time, the innovative facility was in its third year of hosting both auto racing and horse racing.
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