The North Carolina company that owns Las Vegas Motor Speedway, which is hosting this week’s NASCAR race events, reported in its federal filing Wednesday that its net income for 2014 was $31.1 million — a big jump from a nearly $6.5 million loss for 2013.
But Speedway Motorsports Inc. also reported a $12.9 million net income loss for the fourth quarter of 2014, compared to net income of $50.4 million for the same three-month period in 2013, according to the SEC filing.
Admission revenues also dropped in 2014. Speedway Motorsports reported $100.8 million in admission revenues for 2014, compared to 106 million for 2013.
Overall revenues did increase to $484.3 million in 2014 from $480.6 million in 2013. But that was because of increasing NASCAR broadcast revenues, which increased to $207.4 million in 2014 from $199 million in 2013.
“Many of our 2014 revenues reflect stabilizing or improving trends on a year-over-year comparable basis, with strong profitability from certain non-motorsports events and activities. We believe individual fan and corporate spending trends, including interest in our promotional activities and facilities, continue to improve going into 2015,” Speedway Motorsports CEO Marcus G. Smith said in a statement.
“The economy appears to be improving with lower unemployment and gas prices. However, our core fans have been particularly hard hit and certain markets are recovering slower than expected, with underemployment remaining a substantial ‘headwind,’ ” Smith said.
The Kobalt 400 is set for 12:30 p.m. Sunday at Las Vegas Motor Speedway, one of eight major race track facilities owned by Speedway Motorsports.
Shares of Speedway Motorsports Inc. lost 1 cent, or 0.04 percent, on Wednesday to close at $22.90 on higher-than-average volume.