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The Company is a leading promoter of motorsports activities in the United States. The Company owns and operates three of the nation's premier superspeedways--Daytona International Speedway in Florida, home of the Daytona 500, widely recognized as the most prestigious stock car race in the world; Talladega Superspeedway in Alabama, the fastest stock car track; and Darlington Raceway in South Carolina, the first stock car superspeedway. The Company also operates Tucson Raceway Park in Arizona, owns a 50% interest in the Watkins Glen International road course in New York, and holds a 12% interest in Penske Motorsports, Inc., which owns and operates Michigan International Speedway and Pennsylvania's Nazareth Speedway and is constructing The California Speedway near Los Angeles. In July 1996, the Company opened DAYTONA USA--The Ultimate Motorsports Attraction, a motorsports themed-entertainment complex that includes interactive media, theaters, historical memorabilia and exhibits. The Company, including Watkins Glen, currently promotes over 70 stock car, sports car, truck, motorcycle and other racing events annually, including seven Winston Cup races, five Busch Grand National races, the premier sports car endurance event in the United States (the Rolex 24 at Daytona) and a number of prestigious motorcycle races. In fiscal 1996, NASCAR-sanctioned races at the Company's facilities accounted for approximately 78.3% of the Company's total revenues. Based on statistics developed by Goodyear, spectator attendance at NASCAR's Winston Cup and Busch Grand National events increased at compound annual growth rates of 15.1% and 17.3%, respectively, from 1993 to 1995. Moreover, each of CBS, ABC, ESPN, TBS and TNN has recently experienced increased ratings for its televised NASCAR Winston Cup events. Attracted by these increases in spectators and ratings, leading consumer product and manufacturing companies have expanded their participation in the motorsports industry. The Company's major sponsors include Pepsi, Anheuser Busch, Sears, Winston, Gatorade, Pontiac, Ford, Chevrolet, Goodyear, DuPont and Rolex. | ||||||||||||||
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