Wheeler says SMI tracks need to work harder in '08

By Bob Pockrass

Thursday, November 08, 2007

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Tracks are going to have to work harder if they hope to maintain or increase attendance figures, Speedway Motorsports Inc. President H.A. "Humpy" Wheeler said Wednesday.

Briefing financial analysts about the company's third-quarter results, Wheeler said the October Nextel Cup race in Charlotte did "quite well," the Atlanta race was down and last week's Texas event saw an increase in revenues.

"Admissions are going to stay stable at most of our race tracks," Wheeler said. "But we're going to have to work harder to keep those same dollars in '08. I think a significant part of that is due to the increase in gasoline prices."

While admissions have not risen, corporate spending keeps going up, Wheeler said. SMI - which owns tracks in or near Charlotte, Atlanta, Las Vegas, Bristol (Tenn.), Sonoma (Calif.), Dallas-Fort Worth and soon will own New Hampshire - has signed sponsors for all of its 2008 Nationwide (formerly Busch) Series events, all but one Sprint Cup race next year and two of its truck events.

On the competition side of the sport, Wheeler said NASCAR needs to do some work with the car of tomorrow to produce good racing.

"We've got a very, very good product; it just needs tweaking right now," Wheeler said. "The car of tomorrow ... definitely has had some teeth-cutting problems this year, guys getting used to it because it is new and it is different.

"I know Goodyear is working hard to try to get a tire to make the car handle better. That is an extremely important aspect."

Another important aspect is potentially changing the points system, Wheeler said.

"I do think that we're going to have make some revisions in the Chase [For The Nextel Cup] in how the points system works," Wheeler said. "I think we have to put more emphasis on winning, more points on winning - NASCAR started that this year.

"I would like to see us take more dollars out of the purses and put them up front to win. I'd like first place to pay at least 30 or 40 percent more than second place and also more money on lap money [for leading]."

With the rise in gas prices, fans are purchasing fewer souvenirs and concessions, Wheeler said.

Souvenir company Motorsports Authentics, which SMI owns half of with International Speedway Corp., continues to lose money. The company could lose $20-$25 million this year.

"The results are not as we had hoped, and the turnaround is more difficult than we anticipated, but we are making significant progress," SMI Executive Vice President Marcus Smith said.