The second-largest racetrack owner in the U.S., hosting races sanctioned by the National Association of Stock Car Auto Racing (NASCAR) High-margin television broadcasting contracts providing 4% average annual increases in rights payments from 2008 through 2014 Admission revenues sensitive to economic conditions and weather Limited business diversity, as the company operates only nine tracks The same family that controls NASCAR also controls International Speedway Corp., the industry leader and Speedway Motorsports' major competitor Sporadic debt-financed acquisitions of independent tracks A narrower margin of covenant compliance since late 2007 acquisition The 'BB' rating on Speedway Motorsports Inc. reflects its concentrated earnings profile and uncertainty regarding the earnings potential of its Kentucky Speedway acquisition. The company's good market position in the motorsports
