NASCAR has struck a significant new business deal with real estate developer Hillwood, as the sanctioning body reveals that it is looking to re-develop surplus land across its 13,000 owned acres throughout its portfolio of 13 sprawling tracks. News of the deal comes amid industry rumblings in recent months that track operators in the sport, including NASCAR, have been considering selling some venues. However, NASCAR is insisting that this deal is not about selling the tracks themselves. NASCAR tracks for years have been looking for ways to better utilize their massive venues, and this deal is a major new step in that process. NASCAR says that it will use Hillwood’s services across its 13 markets to “offer perspective across asset classes for every facility site, considering land not currently being used,” with the goal to “create jobs and increase wealth in the communities where NASCAR operates.” THE DAILY is first reporting the deal
Mixed-use projects could be part of what Hillwood will bring to tracks, with one example of an already-established project at a NASCAR track being the Hollywood Casino on the grounds of Kansas Speedway. That deal features a 50-50 revenue split between NASCAR and Penn National Gaming and consistently delivers millions of dollars in profit to NASCAR’s bottom line annually.
— Sports Business Daily —