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Weather-Plagued Bristol Race Weekend Dampens SMI's Total Revenue For Q1

Speedway Motorsports Inc. said cold, wet weather during the NASCAR Sprint Cup Series race weekend at Bristol Motor Speedway dampened total revenue for Q1 this year. The company, which owns nine motorsports facilities, generated $84.5M in total revenue for the quarter, a slight uptick from the $84.2M in revenue during the same period last year. Admissions revenue fell slightly from a year ago to $21.3M and event-related revenue from sponsorships, concessions and other business areas was flat at $24M. Broadcast revenue rose to $31.7M from $30.4M a year ago. SMI managed to show a profit of $1.8M for the quarter by reducing total expenses to $81.5M, a $4.7M decrease from the same period last year. SMI COO Marcus Smith in a statement said, “We are encouraged that many of our event related revenue categories such as sponsorships and camping reflect stabilizing revenues, along with continuing increases in our track rentals, luxury suite and certain other event related revenue categories. We, like most other sports venues, continue to face long-lasting difficult and slowly improving economic conditions. However, the demand and appeal for motorsports entertainment in our markets has remained relatively strong even in these challenging times." At presstime, shares of SMI were trading at $18.32, down 0.94% from the close of business yesterday.

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

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