New Law Will Benefit Nevada and Motorsports Organizations

    LAS VEGAS--June 11, 2001--A new law granting motorsports teams and sanctioning bodies an exemption from Nevada's sales and use taxes should make Nevada a motorsports mecca, according to Las Vegas Motor Speedway Executive Vice President and General Manager Chris Powell.
    "This is a historic moment for the state of Nevada," Powell said. "This new law likely will lead to an influx of motorsports businesses to our state. We have heard already from several teams who have indicated that they're very interested in moving to Las Vegas."
    The new statute, signed into law by Gov. Kenny Guinn, goes into effect on Oct. 1 of this year.
    "The lure of new businesses to Nevada is a key mission of this administration," Guinn said. "Motorsports has certainly brought a great deal of national attention to our state since the first NASCAR race in 1998. With the potential for new teams and sanctioning bodies to call Nevada home, this will further position Nevada as a key player in the fastest growing form of sports entertainment in the United States.
    "In addition, this influx of more motorsports teams and events should be another major boost for many aspects of our state's economy."
    Championship Auto Racing Teams (CART) and one of its marquee owners, Gerald Forsythe, are two of the most visible groups who have expressed an interest in moving their organizations to Las Vegas.
    "I have never been to an area that was so enthusiastic about bringing business to its community and state," said Forsythe, who owns Players-Forsythe Racing, fielder of cars for Las Vegans Alex Tagliani and Patrick Carpentier. "With the developments that surrounded our meetings out there, our interest in moving to Las Vegas was renewed."
    Not only will this new law drastically increase the visibility of Nevada in the motorsports world, but it also will benefit the state's business community.
    "Many of these teams and sanctioning bodies employ 80-100 people," Powell said. "These are people whose incomes are well above the national average. And they'll be buying homes, shopping in stores, eating in restaurants and making significant contributions to the state's economy."
    Las Vegas Motor Speedway is owned and operated by Speedway Motorsports Inc. , a leading marketer and promoter of motorsports entertainment in the United States. In addition to Las Vegas Motor Speedway, SMI owns and operates the following premiere facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Lowe's Motor Speedway at Charlotte, Sears Point Raceway and Texas Motor Speedway.
    SMI also provides event food, beverage and souvenir merchandising services through its Finish Line Events subsidiary, and manufactures and distributes smaller-scale, modified racing cars through its 600 Racing subsidiary.