Dover Motorsports Writes Down Value Of Three Of Its Tracks
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Memphis Among Tracks Whose Value
Is Being Downgrading By Dover Motorsports |
Dover Motorsports "has written down the value of its Midwest facilities that play host" to NASCAR Nationwide and Camping World Truck Series events, according to Bob Pockrass of NASCAR SCENE. The company in a release said that it is "writing down the value of Memphis Motorsports Park by $2.15[M], Nashville Superspeedway by $3.14[M] and Gateway International Raceway" by $7.505M. Dover Motorsports Senior VP/Finance Timothy Horne on a conference call said Nashville's new value is approximately $51.5M while Gateway and Memphis are now valued at about $10M. Dover cited "projected cash flows and the fact that no anticipated material increase in revenues from Nationwide Series races from the television contract is anticipated." Also, with Dover Motorsports tracks hosting only two Sprint Cup races, both at Dover Int'l Speedway, the company said that admission revenues "dropped from $33.92[M] in 2007 to $31.03[M] in 2008." But event-related revenues "were up -- from $24.77[M] to $25.65[M] -- as well as broadcasting revenues from $27.27[M] to $27.53[M]" (SCENEDAILY.com, 2/2).
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