While the track has hosted some new events, it has yet to produce a significant bump in major ones so farGETTY IMAGES
When the ISC in '13 announced plans to give Daytona Int'l Speedway a $400M makeover, the company said that the improvements would "pump millions into the local economy, create thousands of jobs and allow the fabled 'World Center of Racing' to host a wider range of events," but two years after the project’s completion, officials are "still waiting to see those promises fully realized," according to a front-page piece by Clayton Park of the Daytona Beach NEWS-JOURNAL. While the track has "hosted some new events," it has yet to "produce a significant bump in major events." DIS President Chip Wile said that the annual number of events has "increased to approximately 300." That number includes "smaller-scale events, such as proms, wedding receptions and private group meetings." DIS officials in past years "estimated the yearly number of events at around 250." And while the increase in events has "resulted in a greater need for seasonal workers, the number of year-round employees at the Speedway remains the same as before the improvements at roughly 150." Morningstar analyst Jaime Katz said that the Daytona Rising project "did result in boosting annual revenues" for ISC by $20M in '16, an increase that was "matched last year." Katz said it is "still to be determined" whether Daytona Rising was worth the investment. He added that the full effects of the improvements "likely won’t be known until ISC completes" the $107M first phase of its One Daytona project, "adding restaurants, stores, entertainment venues and hotels" (Daytona Beach NEWS-JOURNAL, 2/9).
