Dover Motorsports reports closing Memphis track will decrease value by $7.478 million

By Bob Pockrass - Associate Editor
Monday, November 02, 2009

Without its NASCAR and National Hot Rod Association events, Memphis Motorsports Park, which was going to be sold for $10 million before the potential buyer couldn’t secure financing, has dropped in value by $7.478 million, according to a filing with the U.S. Securities and Exchange Commission.

Dover Motorsports, which announced Friday it was closing the Memphis facility that included a .75-mile oval where NASCAR conducted one Camping World Truck and one Nationwide series race a year, noted the write-down in its third quarter results. Dover had been listing the value of the Memphis track as $10 million, so with the write-down it now lists the facility’s value without its NASCAR and NHRA events as $2.522 million.

Dover also noted that its NASCAR weekend in September saw lower attendance, sponsorships and corporate spending as a result of the weak economy and poor weather. During its conference call to discuss its financial statement, the company reported admissions revenue was down about 17 percent for the Dover weekend.

Dover Motorsports owns Dover International Speedway, which plays host to two NASCAR Sprint Cup events a year, as well as Nationwide/Truck venues Nashville Superspeedway, Gateway International Raceway and Memphis.

For the first nine months of 2009 – which is virtually Dover’s entire racing season with the exception of the Memphis Nationwide race – Dover has recorded a net loss of $1.324 million compared with a net profit in 2008 of $6.398 million. Operating costs from operations (not including interest and income taxes) showed a profit of $857,000 this year, down 47.6 percent from $1.636 million last year.

Admissions revenue has dropped 23.1 percent from $30.101 million to $23.149 million, while event-related revenue dropped 33.4 percent from $24.425 million to $16.260 million. Broadcast revenue was virtually flat, increasing from $27.134 million to $27.284 million.

Dover has the same number of NASCAR events this year but one less Indy Racing League event.
 

Comments

1 response to "Dover Motorsports reports closing Memphis track will decrease value by $7.478 million".
  1. 1
    Fedexman said:
    Nov 4, 2009 at 9:17 PM

    I am saddened by the closing of MMS. I have attended numerous truck and Busch/Nationwide races over the last 10 years. Great short track racing and easy access to and from the track. I will definitely miss it.

    Report Abuse

    This feature is intended to allow you to report comments that are abusive in terms of foul/vulgar language, harassment, racial/religious prejudice and any words/phrases of a related nature. This feature should not be used to report users who simply make a comment about your favorite driver, with which you do not agree. Commenting is a forum in which we can all express our opinions. Reporting abuse of others should be done with this in mind.

    » Confirm Abuse Report

Post a Comment

Disclaimer: All comments are subject to filtering for language, and libelous content. Comments are intended to encourage spirited debate and discussion about the subject matter contained within the articles and ARE NOT intended for personal or demeaning attacks directed at other users. We reserve the right to remove any comments deemed inappropriate. Users who violate this policy may be banned from posting comments on the site.

Comment Preview

Feb 9, 2010 at 12:50 PM
You said:

You must login before you can post comments or rate content.

If you don't have an account you can create a free one here.

NASCAR Schedules

spd

Gatorade Duel 1

Daytona International Speedway
02:00 PM, 02/11/2010

Poll PositionView All

After qualifying and the Budweiser Shootout, who is the favorite to win the Daytona 500?

Promotions

  • Tweet your thoughts about each race and join the conversation with other fans.

  • Drive an authentic NASCAR Sprint Cup car at the NASCAR Racing Experience.

Don't have an account yet?

Insiders Guide to NASCAR

Register with SceneDaily.com and get access to the following features:

  • FREE Insider’s Guide to NASCAR (available as a PDF download)
  • Daily NASCAR news updates delivered directly to your e-mail
  • Pre-race and Post-race emails delivered each race week
  • Ability to comment on blog and news articles
  • Information on new website features and upcoming contests
Create my Account

Login

Forgot Password?
Login or Create an Account