Music Festivals Boost Dover Motorsports’ Revenue In FY ’15

Dover Motorsports today released its full-year earnings reports for '15, and the company saw total revenue increase by $865,000 largely thanks to its increasing penchant for hosting music festivals. The track, which hosts two NASCAR national-series race weekends during the season, noted that the increase for the FY ending Dec. 31 was “primarily due to higher broadcasting revenue and higher rent and concessions related to hosting the Firefly (music festival) and the inaugural Big Barrel music festivals."

Dover noted that its fall NASCAR race weekend was negatively impacted by heavy rain, which caused a reduction in admission revenue plus concession and merch sales. This was offset by an increase in broadcast revenue and sponsorship sales. Net earnings for the year were $5.29M compared to $3.15M in FY '14. Another bright spot for the company was that its total outstanding borrowings decreased during the year, going from $10.76M to $5.9M. Adam Stern/Sportsbusinessdaily.com