LVMS operator reports decreased earnings

Thursday, Feb. 17, 2000 | 11:04 a.m.

Speedway Motorsports Inc., owner of the Las Vegas Motor Speedway, reported a 22.5 percent decline in fourth-quarter earnings Tuesday, results caused by inclement weather and struggles at the Las Vegas property.

The company reported net income of $6.8 million, or 21 cents per share, meeting analyst expectations. Revenues for the quarter rose 45 percent to $75.7 million.

For 1999, Speedway recorded net income of $41.4 million, or $1 per share, down from net income of $42.4 million, or $1.02 per share, in 1998. Revenues increased 38 percent to $317.5 million.

Speedway said the quarterly and annual results from 1999 "are not readily comparable" to 1998 because of the Dec. 1, 1998, acquisition of the Las Vegas Motor Speedway and changing in the company's racing schedule.

Faced with ongoing financial struggles at the nearby Las Vegas Industrial Park, Speedway sold this property to Speedway Chairman Bruton Smith in January. It retained the speedway.

Speedway, an operator of motor sports operations across the United States, is based in Concord, N.C.

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