Published on October 7th, 2011 | by Michael J Smith0
ISC Planning To Widen Seats As Part Of Track Improvements
International Speedway Corporation is planning on widening seats at some of its tracks in 2013, according to SceneDaily.com. This move is part of an effort to battle the economy and other things affecting ticket sales.
ISC plans to widen seats from 18 inches to 22 inches as part of a capital improvement plan that will cost $85 to $100 million in 2013. ISC is also planning on spending close to $75 million on improvements in 2011, including repaving select tracks.
Among other improvements, ISC plans to increase the number of rest rooms, ticket gates, tram service from the parking lots.
ISC laid out this as part of their long term plan in a conference call with financial analysts in which they discussed their third quarter earnings. ISC showed an increase of 9.3 percent in overall profits but a decline of 12.4 percent in admissions revenue and 3.9 percent in overall revenue.
Out of the 20 Sprint Cup events that ISC controls, 14 have been run so far this year. In those events that have already been run, ISC has filled its capacity to 84%, which is up from 76% last year. ISC President John Saunders expects to finish the year at about 84% capacity.
It should be noted that ISC has reduced its total capacity by 9% by widening seats at some tracks and removing seats at others.
A lack of ticket sales is likely to cause ISC to miss its overall revenue target for 2011, which was $635 million. But it still plans to turn a profit from core operations around $1.60 per share, which is in the range it predicted at the beginning of the year.