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International Speedway Corp Announces Increase in Capital Spending

6 November 1998

International Speedway Corporation Announces Increase in Capital Spending Plans


    DAYTONA BEACH, Fla.--Nov. 5, 1998--International Speedway Corporation , a leading promoter of motorsports activities, today announced that its Board of Directors has approved an additional $11 million for capital projects.
    The $11 million has been allocated for projects including the addition of grandstand seats, the acquisition of land adjacent to an existing facility, and other projects designed to enhance the overall fan experience. In sum, the Company has approved approximately $50 million for capital expenditures at its existing facilities for the period from October 1, 1998 through August 31, 2000.
    William C. France, Chairman and Chief Executive Officer of International Speedway, commented, "This latest increase further emphasizes our commitment to providing fans with the ultimate entertainment experience and reflects the sustained growth of the motorsports market."
    International Speedway Corporation is a leading promoter of motorsports activities in the United States, currently promoting more than 80 events annually. The Company owns and/or operates five premier motorsports facilities, including Daytona International Speedway in Florida (home of the Daytona 500), Talladega Superspeedway in Alabama, Phoenix International Raceway in Arizona, Darlington Raceway in South Carolina and Watkins Glen International in New York. Other track interests include the operation of Tucson (AZ) Raceway Park, a 45% stake in Miami-Dade Homestead Motorsports Complex, and an approximate 11% holding in Penske Motorsports, Inc. . The Company also owns and operates MRN Radio, the nation's largest independent sports radio network, and DAYTONA USA, the award-winning "Ultimate Motorsports Attraction" in Daytona Beach, FL.
    Statements made in this release that state the Company's or management's beliefs or expectations and which are not historical facts or which apply prospectively are forward-looking statements. It is important to note that the Company's actual results could differ materially from those contained or implied by such forward looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained from time to time in the Company's SEC filings including but not limited to the 10-K and subsequent 10-Q's. Copies of those filings are available from the Company and the SEC.