The redevelopment is expected to cost between $375 million to $400 million, excluding capitalized interest.  Total expenditures incurred for the redevelopment through May 31, 2013 were approximately $15 million. The Company expects to fund the redevelopment from cash on hand, cash from its operations and may use borrowings on its credit facility for a limited period of time to even out cash flow. 

The five-year capital expenditure plan (2013-2017) that ISC’s Board of Directors approved is not to exceed $600 million over that period.  This is consistent with the Company’s previous guidance on its average annual capital expenditures range of between $100 million to $120 million for the next several years.  The five-year capital expenditure plan encompasses all the capital expenditures for ISC’s 13 major motorsports facilities, including the Daytona International Speedway redevelopment, as well as any equity commitments to undertake a proposed mixed-use entertainment-oriented destination development across from Daytona International Speedway, which is still in the planning stage and subject to a number of approvals. 

The vision for the redevelopment of the Daytona International Speedway frontstretch places an emphasis on enhancing the complete fan experience, beginning with five expanded and redesigned fan entrances, or injectors, along International Speedway Boulevard.  Each injector would lead directly to a series of escalators and elevators that would transport fans to any of three different concourse levels, each featuring spacious and strategically-placed social "neighborhoods" along the nearly mile-long frontstretch.

A total of 11 neighborhoods, each measuring the size of a football field, will enable fans to meet and socialize during events without ever missing any on-track action, thanks to an open-sightline design throughout each concourse and dozens of added video screens in every neighborhood. The central neighborhood, dubbed the "World Center of Racing," would celebrate the history of Daytona International Speedway and its many unforgettable moments throughout more than 50 years of racing.

Every seat in the Speedway frontstretch will be replaced with wider and more comfortable seating, with more restrooms and concession stands throughout the facility.  At the conclusion of the redevelopment, Daytona International Speedway will be comprised of approximately 101,000 permanent seats with the potential to increase permanent seating to 125,000. 

There will be no capacity changes for the 2014 DAYTONA 500.  The eventual decrease in capacity could occur in stages following the 2014 DAYTONA 500 and will include the complete removal of the backstretch grandstand by the start of the 2016 motorsports season.  By moving all seating to the frontstretch, all attendees will have the opportunity to enjoy a full race day experience including pre-race ceremonies, pit road action and the facility’s new amenities.  “We will take great care of our loyal existing customers throughout this renovation,” said John Saunders, President of ISC.  “They can expect to receive additional direct communication as we proceed with construction.”

The redevelopment will also provide an expansive platform for ISC’s corporate marketing partners.  Hospitality is elevated with a completely revamped design that will exceed partners’ expectations for a more intimate, affordable and effective experience.  The new frontstretch will include 53 suites that will offer superb views of the track.

Daytona International Speedway and ISC’s operations in Daytona Beach generate $1.6 billion in annual economic benefit to the state of Florida.  Following an unsuccessful bid for a public / private partnership with the State of Florida during the most recent legislative session, the Company was forced to reduce the scale of its redevelopment plan. Among the features that were revised and no longer included in the redevelopment plan was a major overhaul of the midway area. “It is unfortunate we are forced to scale back some elements, but the project will be designed for additional enhancements should future economic incentives present themselves,” said Mr. Saunders. In 2014, the Company intends to pursue incentives including those currently available to all other major sports venues in Florida.  ISC will reevaluate additional potential amenities based on the outcome of those efforts.

Construction for the redevelopment project will begin after the 2013 Coke Zero 400 NASCAR weekend.  As a result, the redevelopment will impact certain ancillary events at the Speedway through 2014.  However, major races such as those associated with Budweiser Speedweeks, the Daytona Supercross by Honda, the Daytona 200 and the Coke Zero 400 Powered by Coca-Cola, will be held as scheduled.  Additional information on events beyond 2014 will be provided upon completion of the full construction schedule.

“The redevelopment of Daytona International Speedway reaffirms its status as the ‘World Center of Racing’ for years to come,” said Ms. France Kennedy.  “It is imperative that we build upon my grandfather’s vision to create a world-class facility with premium amenities to provide unparalleled experiences for our guests and partners.  Doing so will ensure that the DAYTONA 500 and all our other events continue to drive our business while serving as a significant economic engine for the region.”

Daytona International Speedway is the home of "The Great American Race" – the DAYTONA 500. Though the season-opening NASCAR Sprint Cup Series event garners most of the attention – as well as the largest audience in motorsports – the approximately 500-acre motorsports complex boasts the most diverse schedule of events on the globe, thus earning it the title of the "World Center of Racing." In addition to eight major weekends of racing activity, rarely a week goes by that the Speedway grounds are not used for events that include civic and social gatherings, car shows, photo and film shoots, car club events, production vehicle testing and more.

To learn more about the redevelopment project, fans can visit www.daytonainternationalspeedway.com/redevelopment or www.redevelopdaytona.com. 

International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities.  The Company owns and/or operates 13 of the nation’s major motorsports entertainment facilities, including Daytona International Speedway® in Florida (home of the DAYTONA 500®); Talladega Superspeedway® in Alabama; Michigan International Speedway® located outside Detroit; Richmond International Raceway® in Virginia; Auto Club Speedway of Southern CaliforniaSM near Los Angeles; Kansas Speedway® in Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland Speedway® and Route 66 RacewaySM near Chicago, Illinois;  Homestead-Miami SpeedwaySM in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen International® in New York. 

The Company also owns and operates Motor Racing NetworkSM, the nation’s largest independent sports radio network and Americrown Service CorporationSM, a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise.  In addition, the Company has a 50 percent interest in the Hollywood Casino at Kansas Speedway.  For more information, visit the Company’s Web site at www.internationalspeedwaycorporation.com. 

“This is the key to our future,’’ Daytona International Speedway President Joie Chitwood III told reporters Tuesday, as the track unveiled the project’s new logo and philosophy: “DAYTONA Rising: Reimagining an American Icon.”

“Everything about the race fan’s experience from seating to concessions to merchandise to convenience will be reimagined to create the world’s first true motorsports entertainment complex,’’ Chitwood said, repeatedly promising the work would “harness the power of imagination.’’

“Today is day 1 of 927 days that will get us to January 1, 2016,’’ Chitwood said.

The estimated $400 million renovation focuses primarily on the massive frontstretch of the 2.5-mile superspeedway, enhancing the fan experience at the 54-year-old facility, considered the sport’s flagship property.

It will include bigger, wider seats, additional vertical transportation in the grandstands, five new massive entryways and perhaps the most innovative part of the project, 11 “neighborhoods” — each the size of a football field — where fans can gather and mingle without missing any of the race.

Eventually the back straightaway or  “superstretch” grandstands will be removed, rearranging all seating to the front, where Chitwood says every fan will have the opportunity to enjoy all the amenities. And, he stressed, the track is committed to continuing to provide free parking lots, and allowing fans to bring in their own coolers.

“We understand the commitments to the fan and have to readjust our pricing so there are affordable priced seats on the frontstretch,’’ Chitwood said. “We’re not going to leverage our ticket prices. We know fans need some good entry-level pricing. We are committed to this in our redevelopment. ‘’

International Speedway Corporation, which owns Daytona and 12 other race tracks, will finance the majority of the project after the Florida state legislature failed to approve a public/private partnership in its most recent session.

Chitwood said the primary difference in the plan now versus what was proposed to the legislature is that the track won’t be significantly revamping the “midway” or outside area between the speedway and International Speedway Boulevard.

He did, however, promise to continue his efforts with the state, saying “I do believe we should be treated more fairly, like the other sports properties.’’

Fans won’t notice much difference to the facility next month for the annual Coke Zero 400 summer race as the initial work will be done largely underground and to infrastructure. The seating relocation to the frontstretch will happen in phases.

“For 2014, there will be no changes to any seats we have front or backstretch,’’ Chitwood said. “In 2015, there will be some seat relocation. As we get closer to 2015, we’ll communicate with fans. It will be significant.’’

The speedway has already undergone significant reinforcement of its crossover gates in wake of an accident during the Feb. 23 NASCAR Nationwide Series season opener.

“It’s the iconic race track of NASCAR, and I think it will be good for our sport to showcase what Daytona is,’’ Roush Fenway Racing driver Greg Biffle said. “The race track is world-class I feel like — the surface, infield and the garage area — so it will be a great asset to the sport to see a renovation like that to the grandstand area.

“It certainly shows the health of our sport,’’ he noted. “The economy is starting to turn around, attendance is getting better, TV ratings have increased a bit, there’s a lot of interest in this sport and I see it every day.

“That renovation is going to be a good thing for us.’’

After spending the last year talking and planning and promising, it was obvious that Chitwood is now ready and excited to get to work.

“Make no mistake it will be a challenge,’’ Chitwood said “I don’t expect any of us to get any sleep the next two-and-a-half years, but it’s something we’re all looking forward to.

“I would hope our fans will be thoroughly impressed with the attention to detail.’’

(Left to right): Jim France, International Speedway Corporation chairman and vice chairman and executive vice president of NASCAR; Lesa France Kennedy, International Speedway Corporation CEO and vice chairperson of NASCAR; two-time K&N Pro Series East race winner Ben Kennedy prepare for the DAYTONA Rising announcement on Tuesday. (Daytona International Speedway)

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