Speedway Motorsports Inc. reported a $5.3M decrease in admission revenue across its eight tracks in '14, trending with lower attendance overall for NASCAR events last year, according to SMI officials. Some events were affected by weather at events held at Bristol Motor Speedway and Texas Motor Speedway. For SMI, the 5% drop in admission income was consistent with the past two years, said SMI Vice Chair Bill Brooks. Prior to '12, the declines were much higher. “We are hopeful that we are getting to the bottom in declines of admissions,” he said (Don Muret, Staff Writer). In Charlotte, Rick Rothacker reports SMI's total revenue in '14 rose 1% to $484.3M from the previous year, "helped by increased television money," but admissions revenue fell 5% to $100.8M. The company’s results "included a depreciation expense related to previously disclosed plans to remove seats and suites at tracks in Atlanta, Charlotte and New Hampshire." SMI said that the move "aims to improve demand, pricing power and grandstand appearance on TV." The company estimated '15 revenues would be between $450-500M, with the range "reflecting 'continuing negative impact of uncertain economic conditions.'" But SMI CEO Marcus Smith said that the economy "appears to be improving, boosted by lower unemployment and gas prices." SMI reported a $31.1M profit in '14, compared to a $6.5M loss in '13. The company had "reduced interest expenses" in '14 and "recorded a goodwill accounting charge" in '13 (CHARLOTTE OBSERVER, 3/5). At presstime, shares of SMI were trading at $22.81, down 0.4% from the close of business yesterday (THE DAILY).
