Speedway Buys Las Vegas Track

Speedway Motorsports Inc., an automobile racetrack operator, said it bought the Las Vegas Motor Speedway and nearby real estate for about $215 million in cash to expand its share of the market.

The Concord, N.C.-based company didn’t identify the parties selling the 1,300-acre racing facility or the 1.4 million square feet of warehouse space and 300 acres of nearby land. Speedway Motorsports said it intends to sell the additional real estate within 12 months.

Speedway Motorsports, which had 1997 sales of $192.1 million, said it hopes that adding the Las Vegas track to its five other raceways will increase its ability to attract major races, media attention and sponsorship to its venues.

The company said it would make “a formal announcement” on the acquisition Monday.