Speedway Motorsports (SMI) Chair Bruton Smith formally
announced the $215M purchase of Las Vegas Motor Speedway
(LVMS) yesterday at the city's Convention Center (SMI).
Smith's $215M payment included $150M for LVMS and $65M for
the 1.4 million square feet of warehouse space and 300 acres
of "nearby real estate." Smith wants to sell non-speedway-
related holdings within a year. The acquisition means that
SMI now owns and operates six tracks with nine dates in the
34-event NASCAR Winston Cup series for '99. Smith said that
he would "try to bring another Winston Cup race to Las
Vegas, though he was noncommittal about moving a race from
one of his other tracks." Smith wants to make the facility
more "fan-friendly" and plans to add 20,000 temporary seats
to the LVMS's 107,000 seats for the Las Vegas 400 in March
(Paul Gutierrez, LAS VEGAS REVIEW-JOURNAL, 12/15).
A TIDY PROFIT: Smith wants to sell the warehouse and
real estate for $85M. In Las Vegas, Hubble Smith writes
that the LVMS fits into SMI's "growth strategy of acquiring
racing properties that the company believes are
underdeveloped or underused" (L.V. REVIEW-JOURNAL, 12/15).
SMITH TO CHOOSE BETWEEN FAVORITES: Smith is also hoping
to land a second Winston Cup date at his Texas Motor
Speedway. Yesterday, when asked to name his priority
between TMS and LVMS, Smith said, "The fairness would be to
Texas, but we'd like to have both." Smith also wants to add
a second NASCAR Busch Grand National Series and a NHRA event
to LVMS (FT. WORTH STAR-TELEGRAM, 12/15). Smith, on Las
Vegas: "We needed to be here, we're an entertainment
company" (AP/N.Y. TIMES, 12/15). LVMS, which opened in '96,
was built for $230M. Smith: "We are especially pleased with
this purchase because we can't duplicate it for what we
bought it for" (David Poole, CHARLOTTE OBSERVER, 12/15).
