KANSAS CITY, Kan., Dec. 5 /PRNewswire-FirstCall/ — International Speedway
Corporation (Nasdaq: ISCA; OTC Bulletin Board: ISCB) (“ISC” or “the Company”)
and The Cordish Company (“Cordish”) announced today that Kansas Entertainment,
LLC (“KE”), a 50/50 joint venture between Kansas Speedway Development
Corporation, a wholly owned ISC subsidiary, and partners of Cordish, has
withdrawn its application for Lottery Gaming Facility Manager for the
Northeast Kansas gaming zone, with the intent to re-apply upon the re-opening
of bidding for the zone.
“In the three months since the decision of the Lottery Gaming Facility
Review Board (“Review Board”) to award our Hard Rock Hotel & Casino the
management contract (“Contract”) for Wyandotte County, Kansas, there has been
an unprecedented crisis and disruption in the global financial and economic
markets,” stated ISC President, Lesa France Kennedy. “We are prepared to
immediately move forward with the development of a $400 million, Hard Rock-
branded casino as presented to the Review Board, which will include a state-
of-the-art casino and multiple dining and entertainment venues. However, in
the current financing environment we require the flexibility, if needed, to
phase in the hotel, convention facilities, and additional entertainment
components. As this was technically not permitted within our existing
agreement, and this agreement could not be modified, we were forced
reluctantly to withdraw our application. Upon the State re-opening bidding,
we absolutely plan to re-apply with our phased development plan, as well as
seek the realignment of a second NASCAR Sprint Cup date and building a road
course at Kansas Speedway as part of the re-submitted application.”
Mr. Joseph Weinberg, a Managing Partner at Cordish, added: “We remain
fully committed to bringing a first-class casino and entertainment destination
to Kansas Speedway which will benefit Wyandotte County and the entire State of
Kansas. We greatly appreciate the professionalism of all the State and Unified
Government employees and representatives throughout the review process. Their
conduct has been exemplary. We are eager to re-apply.”
International Speedway Corporation
International Speedway Corporation (the “Company”) 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(R) in
Florida (home of the Daytona 500(R)); Talladega Superspeedway(R) in Alabama;
Michigan International Speedway(R) located outside Detroit; Richmond
International Raceway(R) in Virginia; Auto Club Speedway of Southern
California(SM) near Los Angeles; Kansas Speedway(R) in Kansas City, Kansas;
Phoenix International Raceway(R) in Arizona; Chicagoland Speedway(R) and Route
66 Raceway(SM) near Chicago, Illinois; Homestead-Miami Speedway(SM) in
Florida; Martinsville Speedway(R) in Virginia; Darlington Raceway(R) in South
Carolina; and Watkins Glen International(R) in New York. In addition, ISC is
a limited partner with Group Motorise International in the organization and
promotion of certain events at Circuit Gilles Villeneuve in Montreal, Canada.
The Company also owns and operates MRN(R) Radio, the nation’s largest
independent sport radio network; the Daytona 500 Experience(SM), the “Ultimate
Motorsports Attraction” in Daytona Beach, Florida, the official attraction of
NASCAR(R); and Americrown Service Corporation, a subsidiary that provides
catering services, food and beverage concessions, and produces and markets
motorsports-related merchandise. In addition, ISC has an indirect 50 percent
interest in a business called Motorsports Authentics(R), which markets and
distributes motorsports-related merchandise licensed by certain competitors in
NASCAR racing. For more information, visit the Company’s Web site at
www.iscmotorsports.com.
The Cordish Company
The Cordish Company (www.cordish.com), now in its fourth generation of
family ownership, is a multi-billion dollar conglomerate including one of the
leading real estate development companies in the United States. The company
has diverse development expertise with divisions focused on Entertainment &
Mixed-Use, Gaming & Lodging, Sports Anchored Districts, Shopping & Lifestyle
Retail, Office and Residential. The Cordish Company also owns and manages a
diverse group of operating businesses, ranging from restaurants/clubs to live
music promotion to film/media distribution. The company values itself on the
quality of its operations, its long-term relationships, and high level of
integrity in all of its endeavors.
The Cordish Company is the largest and most successful developer of
entertainment districts and concepts in the United States. In particular, the
company has unparalleled experience in creating and revitalizing high-profile
destinations in urban core locations. Many of the Cordish Company’s projects
involve public/private partnerships and are of unique significance to the
cities in which they are located. Prime examples are the company’s prominent
role in the redevelopment of four highly successful projects in Baltimore’s
world-famous Inner Harbor; Atlantic City, NJ; Hollywood, FL; Charleston, SC;
Houston, TX; Louisville, KY; and Tampa, FL. The company currently has over
one billion dollars in construction focusing primarily on Sports Anchored
Districts.
The Cordish Company has received the highest possible national awards in
its various areas of expertise. In real estate, the Cordish Company has
received an unprecedented six Urban Land Institute Awards of Excellence.
Statements made in this release that express the Company’s or management’s
beliefs or expectations and which are not historical facts or which are
applied prospectively are forward-looking statements. It is important to note
that the Company’s actual results could differ materially from those contained
in or implied by such forward-looking statements. The Company’s results could
be impacted by risk factors, including, but not limited to, weather
surrounding racing events, government regulations, economic conditions,
consumer and corporate spending, military actions, air travel and national or
local catastrophic events. Additional information concerning factors that
could cause actual results to differ materially from those in the forward-
looking statements is contained from time to time in the Company’s SEC filings
including, but not limited to, the 10-K and subsequent 10-Qs. Copies of those
filings are available from the Company and the SEC. The Company undertakes no
obligation to release publicly any revisions to these forward-looking
statements that may be needed to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events. The
inclusion of any statement in this release does not constitute an admission by
International Speedway or any other person that the events or circumstances
described in such statement are material.