International Speedway approves major redevelopment project at Phoenix Raceway
International Speedway announced that its Board of Directors has approved a multi-year redevelopment project to elevate the fan and spectator experience at Phoenix Raceway, the company's 52-year-old motorsports venue. The redevelopment is expected to focus on new and upgraded seating areas, vertical transportation options, new concourses, enhanced hospitality offerings and an intimate infield experience with greater accessibility to pre-race activities.The redevelopment of PIR was previously discussed as part of ISC's capital allocation plan during its third quarter fiscal 2016 earnings conference call. The capital allocation plan, which covers fiscal years 2017 through 2021, includes $500 million of capital reinvestment in the Company's 13 existing facilities, including PIR. The redevelopment project at PIR is expected to cost approximately $178 million, including maintenance capital and before capitalized interest. The project will contribute between approximately $8.5 million and $9.0 million in incremental EBITDA to ISC's profitability in its first full year of opening. The project is expected to commence in early 2017 and be complete in late 2018. Specifics concerning the PIR redevelopment project scope, capital investment and returns will be released at a later date, as details are finalized, and further discussed on ISC's fourth quarter fiscal 2016 earnings call in January 2017.