The ratings for Speedway Motorsports Inc. reflect the company's good market position in the rapidly growing motor sports industry, improving operating performance, and a moderate capital structure. Speedway Motorsports is one of the two largest companies hosting races sanctioned by the National Association for Stock Car Racing Inc. (NASCAR). High construction costs and a limited supply of NASCAR racing dates have created important barriers to industry entry. About 80% of revenue, and an even greater percentage of EBITDA, come from 17 annual NASCAR events. EBITDA has grown rapidly over the past several years, as expanding seating capacity at company racetracks has fueled rising spectator attendance. Significant growth in spectator attendance, as well as television viewership, has facilitated an increasing number
