Ticket Decline Leads To Drop In Overall Revenue For SMI In '13
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Decreasing ticket revenue continued to challenge Speedway Motorsports, Inc. in '13. The company, which operates eight motorsports facilities that host NASCAR Sprint Cup races, today reported total revenue declined 2% from $490.2M in '12 to $480.6M last year. Ticket revenue fell from $116M to $106M and event-related revenue, which includes sponsorship sales, fell from $151.5M to $145.7M over the same period. Only money from TV rights fees, which is contractually guaranteed, increased over the period from $192.6M to $199M.
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SMI President & COO Marcus Smith said that “tough economic conditions” continue to challenge the company. He expects SMI's performance to improve next year because of reduced costs. Smith added, “We are optimistic that attendance and other event-related revenue trends are continuing to stabilize.” SMI projects that total revenue for this fiscal year will be flat with the last two years at $475-500M.