Speedway Motorsports details loss

THE ASSOCIATED PRESS

CONCORD, N.C. -- Speedway Motorsports Inc., owner of the Las Vegas Motor Speedway, today reported a third-quarter loss of $4.8 million or 11 cents per share.

The company earned $1.9 million or 5 cents per share in the year-ago quarter.

The loss was expected as the company announced last week its earnings would not meet expectations because of disappointing attendance at Indy Racing League races at Atlanta and Las Vegas Motor Speedways, rain at an NHRA event at Bristol Dragway, marketing expenses for a company oil additive and carrying costs for the Las Vegas Speedway industrial park that the company has been trying to sell.

Speedway Motorsports today said those Las Vegas industrial park carrying costs contributed $1 million to the shortfall.

archive