SMI's Ticket Revenues Dropped 13 Percent Last Year

Whether it was because of the economy or declining interest, the company that owns tracks which consist of one-third of the Sprint Cup schedule reported a significant decline in revenues on Wednesday.

SceneDaily.com reports that Speedway Motorsports Inc. had a 10 percent drop in overall revenue and a 13 percent drop in its ticket revenue.

That amounts to tens of millions of dollars, the story said:

For 2009, overall revenues dropped from $611 million to $550.5 million. Admissions revenue dropped from $188 million to $163.1 million. Event-related revenues (sponsorships, concessions, merchandise, etc.) dropped 15.5 percent, from $211.6 million to $178.8 million, and broadcast revenue increased 3.3 percent, from $168.2 million to $173.8 million.

The story also cited SMI's prediction that its overall revenues could drop to as low as $500 million this year – which would be down more than $100 million from 2008.

Television ratings were also down last season.