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Speedway Motorsports Confirms Purchase Of Las Vegas Motor Speedway

10 December 1998

Speedway Motorsports Confirms Purchase Of Las Vegas Motor Speedway

    CONCORD, N.C., Dec. 10 -- Speedway Motorsports, Inc.
officials today confirmed its purchase of Las Vegas Motor
Speedway.
    Speedway Motorsports chairman and chief executive officer Bruton Smith
stated, "This is a unique cash transaction with approximately $150 million
allocated to the speedway and an additional $65 million allocated to 1.4
million square feet of warehouse space and approximately 300 acres of nearby
real estate. We intend to sell these real estate holdings in the next 12
months. This acquisition is a huge strategic transaction. It helps Speedway
Motorsports achieve a critical mass that will enhance our overall broadcast
leverage, sponsorship leverage and our operating leverage."
    A formal announcement will be made in Las Vegas on Monday, Dec. 14, at 3
p.m. EST. Speedway Motorsports officials are not at liberty to discuss any
further transaction details until the announcement on Monday.
    Las Vegas Motor Speedway opened in September, 1996. The centerpiece of
this multi-purpose facility, situated on approximately 1,300 acres, is a
lighted 1.5-mile superspeedway with approximately 107,000 seats. The
superspeedway hosts a NASCAR Winston Cup event in March. In addition, other
major events include an annual Indy Racing League event, NASCAR Busch Series,
Craftsman truck Series and Winston West events.
    Speedway Motorsports is a leading marketer and promoter of motorsports
entertainment in the United States. SMI owns and operates the following
premiere facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte
Motor Speedway, Las Vegas Motor Speedway, Sears Point Raceway and Texas Motor
Speedway. SMI also provides event food, beverage, and souvenir merchandising
services through its Finish Line Event subsidiary, and manufactures and
distributes smaller-scale, modified racing cars through its 600 Racing
subsidiary.
    Details concerning the press conference will be available on Friday,
December 11. There will be an open conference call immediately following the
announcement on Monday.