ISC Q3 Revenue Down
|While IndyCar races lose money by the boatload, NASCAR races continue to reap many millions in profits for track owners. IndyCar MUST be sold to someone who can turn the business around. Right now under current leadership, it's sucking wind.|
ISC on Thursday reported a year-over-year decrease in net revenues and a $4M net loss for Q3 '15, but company execs said that results "beat their own forecasts," according to Clayton Park of the Daytona Beach NEWS-JOURNAL.
ISC President John Saunders said that declines "were anticipated" because of the $400M Daytona Rising renovation project at Daytona Int'l Speedway, "which sharply reduced available seats for the races over the July 4th weekend, and the one-time decision to hold the Coke Zero 400 on Sunday night as opposed to Saturday, to 'herald the return of (television broadcaster) NBC to NASCAR.'"
Costs related to Daytona Rising accounted for $3.5M. Saunders said that ISC "reported stronger-than-expected revenues thanks in part to music festivals at two of its tracks, which align with the company's strategy calling for utilizing its facilities to host non-motorsports events as well as races."
ISC CEO Lesa France Kennedy "told analysts Daytona Rising is on track to be completed" in time for the IMSA Rolex 24 in January, and added that advance ticket sales for next year's Daytona 500 "are up by 'double digits' compared with advance sales for this year's race" Daytona Beach NEWS-JOURNAL