Speedway confident in finding new backers for races

Tuesday, May 25, 1999 | 10:19 a.m.

The Las Vegas Convention and Visitors Authority's decision to end its $1.7 million sponsorship of the Las Vegas Motor Speedway's NASCAR Winston Cup and Indy Racing League events should have little or no impact on the Speedway.

LVMS general manager Chris Powell said he anticipated having little trouble finding title sponsorships for the Speedway's four major races.

"I'm very disappointed that things unfolded the way they did but I understand why it has happened," Powell said of the LVCVA cuts, which should help the organization offset a $12 million shortfall that resulted when a hotel room tax was transferred to the Clark County School District.

"I'm optimistic that we'll find a replacement sponsor for our Winston Cup and for our Indy Racing League and our Craftsman Truck (and Busch) races as well."

The Speedway has received $1.7 million from the LVCVA over the past two years to sponsor the Winston Cup and IRL events. Last year's NASCAR Craftsman Truck Series race at LVMS was sponsored by Sam's Town Hotel and Gambling Hall.

Naming rights for Winston Cup races generally sell for between $1 million and $1.5 million per year, depending on the venue, according to industry sources. IRL events bring in far less, in the neighborhood of $200,000.

This year's Winston Cup race at LVMS drew an impressive 6.0 rating on ABC television and was the second-highest rated Winston Cup event in NASCAR history other than a Daytona 500. With that kind of television rating, LVMS should have little trouble attracting a title sponsor for the 2000 race.

The IRL race, on the other hand, could be a tougher sell with its relatively low TV ratings and poor attendance. But Powell said the Speedway already has received an inquiry from a major corporation, which he declined to name, about purchasing the naming rights to the IRL race in September.

"I'd say, historically, as an observer of motor sports facilities, that seems to be the case," Powell said, referring to the IRL race being a tougher sell than Winston Cup. "I'd say any time you're out looking for somebody to give you money, that's a challenge.

"But I'm optimistic because I know we've already got some interest on the Craftsman Truck front and I think we already have some interest on the Indy Racing League front."

Powell said the fact that the Speedway is in a resort destination such as Las Vegas will make it that much easier to land title sponsors.

"I think we're very fortunate in that we live in Las Vegas ... because we have a lot to sell," Powell said. "We have more to sell than the next speedway down the road, just because of where we are -- and we're going to try to use that to our advantage."

Powell said he was sorry to see the Speedway's relationship with the LVCVA end for several reasons.

"I have thoroughly enjoyed the dealings I've had with (LVCVA president) Manny Cortez and (vice president of marketing) Rossi Ralenkotter and it is my sincere hope that this is just a temporary situation during which the LVCVA is not involved with our events," Powell said.

"Having the name 'Las Vegas' on the name of those two races was just very neat and clean. But at the same time, sponsorship is the lifeblood of what we're doing out here so we're looking forward to doing business with some new companies."