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 Concord, N.C.-based company is one of the two largest companies hosting races sanctioned by the National Association for Stock Car Auto 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, although awarded on an annual basis by NASCAR, has remained stable from 1999 to 2004. International
