The ratings on Speedway Motorsports Inc. reflect the company's good market position in the motor sports industry, its relatively stable operating performance, and its moderate capital structure. The company is one of the two largest companies hosting races sanctioned by the National Association for Stock Car Automobile Racing (NASCAR). High construction costs and a limited number of racing dates have created important barriers to entry. However, the company has little revenue diversity. About 80% of revenues and an even greater percentage of EBITDA come from 19 annual NASCAR events held at the company's six tracks. The number of Speedway Motorsports' NASCAR-sanctioned events has remained stable from 1999 to 2004, although each event is awarded on an annual basis by NASCAR.
