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International Speedway Forms Joint Venture with the Cordish Company to Explore Daytona Speedplex Redevelopment Project Review

May 2007
Filed under: RACING Car News | RACING Headlines

Daytona Beach, Fla. Conceptual Rendering of Daytona Live! Source: ISC and The Cordish Company. (PRNewsFoto/International Speedway Corporation)

DAYTONA BEACH, Fla., May 8 /PRNewswire-FirstCall/ -- International Speedway Corporation (NASDAQ:ISCA) (BULLETIN BOARD: ISCB) ("ISC") today announced its wholly owned subsidiary, ISC Properties Inc., has entered into a 50/50 joint venture ("the Joint Venture") with The Cordish Company ("Cordish"), one of the largest and most respected developers in the country, to explore a mixed-use entertainment destination development to be named Daytona Live!, on the 71 acres ISC owns across from the Daytona International Speedway.

Preliminary conceptual designs call for a 200,000 square foot mixed-use retail/dining/entertainment area as well as a 2,500-seat multi-screen movie theater, a residential component and a 160-room hotel. Featuring the country's and region's leading entertainment and retail concepts, Daytona Live! will transform from a thriving lunch and retail destination during the day to a unique and exciting dining and entertainment experience in the evening hours. The potential redevelopment could also include approximately 200,000 square feet of office space to house the headquarters of ISC, NASCAR, Grand-Am and their related businesses, and an additional 22,000 square feet for other tenants.
Cordish is the leading developer of large-scale urban revitalization projects and entertainment districts. Notable developments include Power Plant Live! in Baltimore, Maryland; the Hard Rock Hotel and Casinos, Hollywood and Tampa, FL; Fourth Street Live! in Louisville, Kentucky; and Bayou Place in Houston, Texas. Cordish also recently unveiled its new NASCAR Sports Grille concept in Orlando, Florida.

"We're thrilled to partner with such an experienced and renowned developer to explore this important opportunity," said ISC President Lesa France Kennedy. "Cordish has seen tremendous success in other similarly styled developments across the country, and they bring a wealth of knowledge to our proposed project. It is our hope that Daytona Live! will serve as a new gateway to our community, creating an exciting entertainment center that will become an attractive year-round destination for tourists and area residents."

"We are extremely excited and honored to be selected as the developer to explore such a ground-breaking and important project," stated David S. Cordish, Chairman, The Cordish Company. "Given our relationship with NASCAR for the development of the NASCAR Sports Grille and other similarly-themed dining establishments, this partnership with ISC was a natural fit. We expect to leverage this experience with the popularity of Daytona Beach and the renowned Daytona International Speedway to create a unique environment and unparalleled entertainment experience for racing fans, visitors and Volusia County residents, which will serve as a catalyst for further quality growth in the Daytona Beach area."

Final design plans will be completed over the next several months and will incorporate the results of local market studies and further project analysis. If results of these analyses are favorable, ISC and Cordish expect to begin the permitting process over the next several weeks and are hopeful to receive all necessary approvals in the next twelve months.

Ms. France Kennedy concluded, "ISC is committed to having Daytona International Speedway remain the leader in cutting-edge motorsports entertainment. We believe this project will further enhance that reputation, while continuing to raise the profile of Daytona Beach and its various attractions. We look forward to working closely with our community and its leaders to make the project something of which we can all be proud."

Financial Implications

The current estimated cost for the redevelopment is approximately $250 million. Both ISC and Cordish will contribute an equal amount of equity to the Joint Venture. ISC expects its contribution to range between $15 million and $20 million in cash, as well as land currently owned, for the proposed redevelopment. The remainder of the project will primarily be privately financed by the Joint Venture. However, specific financing considerations for the Joint Venture are dependent on several factors including lease arrangements and availability of public incentives.

As previously announced, if ISC proceeds with the project, it is expected that several of its existing corporate headquarter offices and other buildings, which are not fully depreciated, will be razed during the next six to 24 months. This will result in a non-cash charge relating to additional depreciation of approximately $12 million in total, or $0.14 per diluted share after tax, over the remaining three quarters of fiscal 2007.

About ISC

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 in Florida (home of the Daytona 500); Talladega Superspeedway in Alabama; Michigan International Speedway located outside Detroit; Richmond International Raceway in Virginia; California Speedway near Los Angeles; Kansas Speedway in Kansas City, Kansas; Phoenix International Raceway in Arizona; Chicagoland Speedway and Route 66 Raceway near Chicago, Illinois; Homestead-Miami Speedway in Florida; Martinsville Speedway in Virginia; Darlington Raceway in South Carolina; and Watkins Glen International 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 Radio, the nation's largest independent sports radio network; DAYTONA USA, the "Ultimate Motorsports Attraction" in Daytona Beach, Florida, the official attraction of NASCAR; and subsidiaries which provide catering services, food and beverage concessions, and produce and market motorsports-related merchandise under the trade name "Americrown." In addition, ISC has an indirect 50 percent interest in a business called Motorsports Authentics, 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

About 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.

Source: International Speedway Corporation

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