Speedway Motorsports Purchases Las Vegas Speedway
Posted December 9, 1998 6:00 a.m. EST
CONCORD, N.C. (AP) — Speedway Motorsports Inc. has purchased the Las Vegas Motor Speedway and nearby real estate in a cash transaction valued at $215 million, the company said Thursday.
Bruton Smith, chairman and CEO of Speedway Motorsports, said his company will spend $150 million for the speedway and another $65 million for 1.4 million square feet of warehouse space and 300 acres of nearby real estate.
``We intend to sell these real estate holdings in the next 12 months. This acquisition is a huge strategic transaction. It helps Speedway Motorsports achieve a critical mass that will enhance our overall broadcast leverage, sponsorship leverage and our operating leverage,'' Smith said.
Las Vegas Motor Speedway opened in September 1996. The centerpiece of the multi-purpose facility, situated on about 1,300 acres, is a lighted 1.5-mile superspeedway with about 107,000 seats.
The superspeedway hosts a NASCAR Winston Cup event in March. In addition, other major events include an annual Indy Racing League event, NASCAR Busch Series, Craftsman truck Series and Winston West events.
Speedway Motorsports is a leading marketer and promoter of motorsports entertainment in the United States. SMI owns and operates Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Sears Point Raceway and Texas Motor Speedway.