EXHIBIT 99.1


                                 RISK FACTORS

     You should carefully consider and evaluate all of the risk factors set
forth below in the context of any forward-looking statement, either oral or
written, made, from time to time, by the Company, or its officers or directors.
Any of these risks could cause actual results to differ materially from those
reflected in such forward-looking statements.


BAD WEATHER ADVERSELY AFFECTS THE PROFITABILITY OF OUR MOTORSPORTS EVENTS.

     We sponsor and promote outdoor motorsports events. Weather conditions
affect sales of tickets, concessions and souvenirs, among other things, at
these events. Although we sell tickets well in advance of our events, poor
weather conditions can have an effect on our results of operations.


NONRENEWAL OF A NASCAR EVENT LICENSE OR A DETERIORATION IN OUR RELATIONSHIP
WITH NASCAR COULD ADVERSELY AFFECT OUR PROFITABILITY.

     Our success has been and will remain dependent to a significant extent
upon maintaining a good working relationship with the National Association for
Stock Car Auto Racing, Inc. ("NASCAR"), the sanctioning body for Winston Cup
and Busch Grand National races. We currently hold licenses to sponsor ten
Winston Cup races and seven Busch Grand National races. In 1999, we derived
approximately 73% of our total revenues from events sanctioned by NASCAR. Each
NASCAR event license is awarded on an annual basis. Although we believe that
our relationship with NASCAR is good, NASCAR is under no obligation to continue
to license SMI to sponsor any event. Nonrenewal of a NASCAR event license would
have a material adverse effect on our financial condition and results of
operations. Our strategy has included growth through the addition of
motorsports facilities. We cannot assure you that we will continue to obtain
NASCAR licenses to sponsor races at such facilities.


HIGH COMPETITION IN THE MOTORSPORTS INDUSTRY COULD HINDER OUR ABILITY TO
MAINTAIN OR IMPROVE OUR POSITION IN THE INDUSTRY.

     Motorsports promotion is a competitive industry. We compete in regional and
national markets to sponsor events, especially NASCAR-sanctioned events. Certain
of our competitors have resources that exceed ours. NASCAR is owned by Bill
France, Jr. and the France family, who also control International Speedway
Corporation ("ISC"). ISC presently holds licenses to sponsor sixteen Winston Cup
races. The France family is part owner of another track that hosts two NASCAR
Winston Cup events. We are the leading motorsports promotor in the local and
regional markets served at Atlanta, Bristol, Lowe's, Las Vegas and Texas Motor
Speedways and Sears Point Raceway, and compete regionally and nationally with
other speedway owners to sponsor events, especially NASCAR, IRL and NHRA
sanctioned events. We also must compete for spectator interest with all forms of
professional and amateur spring, summer, and fall sports conducted in and near
Atlanta, Bristol, Charlotte, Las Vegas, Fort Worth, and Sonoma, many of which
have resources that exceed ours. We also compete for attendance with a wide
range of other available entertainment and recreational activities. We cannot
assure you that we will maintain or improve our position in light of such
competition.


GOVERNMENT REGULATION OF CERTAIN MOTORSPORTS SPONSORS COULD NEGATIVELY IMPACT
THE AVAILABILITY OF PROMOTION, SPONSORSHIP AND ADVERTISING REVENUE FOR US.

     The motorsports industry generates significant revenue each year from the
promotion, sponsorship and advertising of various companies and their products.
Government regulation can adversely impact the availability to motorsports of
its promotion, sponsorship and advertising revenue. Advertising of the tobacco
and liquor industries is generally subject to greater governmental regulation
than advertising by other sponsors of our events. In addition, certain of our
sponsorship contracts are terminable upon the implementation of adverse
regulations.
<PAGE>

We cannot assure you that:

     o the tobacco industry will continue to sponsor motorsports events;

     o suitable alternative sponsors could be located; or

     o NASCAR will continue to sanction individual racing events sponsored by
       the tobacco industry at any of our facilities.

     Advertising and sponsorship revenue from the tobacco industry accounted
for approximately 1% of our total revenues in fiscal 1999. In addition, the
tobacco industry provides financial support to the motorsports industry
through, among other things, its purchase of advertising time and its
sponsorship of racing teams and racing series such as NASCAR's Winston Cup
series.


THE LOSS OF KEY PERSONNEL OF SMI COULD ADVERSELY AFFECT OUR OPERATIONS AND
GROWTH.

     Our success depends to a great extent upon the availability and
performance of our senior management, particularly O. Bruton Smith, the
Company's Chairman and Chief Executive Officer, and H. A. "Humpy" Wheeler, its
President and Chief Operating Officer, who have managed SMI as a team for over
25 years. Their experience within the industry, especially their working
relationship with NASCAR, will continue to be of considerable importance to us.
The loss of any of our key personnel or our inability to attract and retain key
employees in the future could have a material adverse effect on our operations
and business plans.


SEASONALITY OF OUR MOTORSPORTS OPERATIONS ADVERSELY AFFECTS OUR THIRD QUARTER
REVENUES.

     We have derived a substantial portion of our total revenues from
admissions and event-related revenue attributable to NASCAR-sanctioned races
held in March, April, May, June, August, October and November. As a result, our
business has been, and is expected to remain, highly seasonal. In 1998, our
second and fourth quarters accounted for 74% of our total annual revenues and
97% of our total annual operating income. In 1999, our second and fourth
quarters accounted for 68% of our total annual revenues and 80% of our total
annual operating income. We sometimes produce minimal operating income or
losses during our third quarter, when we sponsor only one Winston Cup race
weekend.

     The concentration of our racing events in the second quarter, the impact
of racing events at Las Vegas Motor Speedway acquired in 1998, and the growth
in our operations with attendant increases in overhead expenses will tend to
minimize operating income or increase operating losses in future first and
third quarters. Also, race dates at our various facilities may from time to
time be changed, lessening the comparability of the financial results of
quarters between years and increasing or decreasing the seasonal nature of our
business.


COSTS ASSOCIATED WITH CAPITAL IMPROVEMENTS COULD ADVERSELY AFFECT OUR
PROFITABILITY.

     Significant growth in SMI's revenues depends, in large part, on consistent
investment in facilities. Therefore, SMI expects to continue to make
substantial capital improvements in its facilities to meet increasing demand
and to increase revenue. We frequently have a number of significant capital
projects underway. Numerous factors, many of which are beyond our control, may
influence the ultimate costs and timing of various capital improvements at our
facilities, including undetected soil or land conditions, additional land
acquisition costs, increases in the cost of construction materials and labor,
unforeseen changes in the design, litigation, accidents or natural disasters
affecting the construction site and national or regional economic changes. In
addition, actual costs could vary materially from our estimates if those
factors and our assumptions about the quality of materials or workmanship
required or the cost of financing such construction were to change.
Construction is also subject to state and local permitting processes, which if
changed, could materially affect the ultimate cost.


CONSUMER SPENDING CAN SIGNIFICANTLY IMPACT OPERATING RESULTS.

     Many factors related to discretionary consumer spending, including
economic conditions affecting disposable consumer income such as employment,
interest and tax rates and inflation, can significantly impact our operating
results. These factors can affect attendance at our events, as well as the
financial results of present and potential sponsors of our facilities and
events and of the industry. There can be no assurance that consumer spending
will not be adversely impacted by economic conditions, and thereby possibly
impacting our operating results and growth.


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<PAGE>

OUR REVENUES DEPEND ON THE PROMOTIONAL SUCCESS OF OUR MARKETING CAMPAIGNS.

     Similar to many companies, we spend significant amounts on advertising,
promotional and other marketing campaigns for our speedways and other business
activities. Such marketing activities include, among others, promotion of
tickets sales, luxury suite rentals, hospitality and other services for our
speedway events and facilities, and advertising associated with our wholesale
and retail distribution of racing and other sports related souvenir merchandise
and apparel, oil additives, and Legends Car activities. There can be no
assurance that such advertising, promotional and other marketing campaigns will
be successful or will generate revenues or profits.


OUR SUBSTANTIAL INDEBTEDNESS COULD ADVERSELY AFFECT OUR FINANCIAL HEALTH.

     As of December 31, 1999, we had total outstanding long-term debt of
approximately $458.6 million. Our indebtedness could have significant
consequences such as:

     o increasing our vulnerability to general adverse economic and industry
       conditions;

     o limiting our ability to fund future working capital, capital expenditures
       costs and other general corporate requirements;

     o requiring us to dedicate a substantial portion of our cash flow from
       operations to payments on or indebtedness, thereby reducing the
       availability of our cash flow to fund working capital, capital
       expenditures and other general corporate purposes;

     o limiting our flexibility in planning for, or reacting to, changes in our
       business and the industry in which we operate;

     o placing us at a competitive disadvantage compared to our competitors that
       have less debt; and

     o limiting, along with the financial and other restrictive covenants in our
       indebtedness, among other things, our ability to borrow additional funds.
       Failure to comply with such covenants with our creditors could result in
       an event of default and the acceleration of our debt maturity dates to
       the default date, which, if such covenant default is not cured or waived,
       could have a material adverse effect on us.


OUR ABILITY TO SECURE ADDITIONAL INDEBTEDNESS COULD FURTHER EXACERBATE THE
RISKS ASSOCIATED WITH OUR SUBSTANTIAL LEVERAGE.

     We and our subsidiaries may be able to incur substantial additional
indebtedness in the future. The terms of our 1999 Credit Facility and Senior
Subordinated Notes indenture do not fully prohibit us or our subsidiaries from
doing so. Our 1999 Credit Facility permits borrowings of up to $250.0 million,
of which $130.0 million was outstanding as of December 31, 1999. In addition,
those borrowings are secured by a pledge of all the capital stock, limited
partnership interests and limited liability company interests of our operating
subsidiaries. If new debt is added to our and our subsidiaries' current debt
levels, the related risks that we and they now face could intensify.


OUR ABILITY TO GENERATE CASH TO SERVICE OUR INDEBTEDNESS OR FUND OTHER
LIQUIDITY NEEDS DEPENDS ON MANY FACTORS BEYOND OUR CONTROL.

     Our ability to make payments on and to refinance our indebtedness and to
fund planned capital expenditures and research and development efforts will
depend on our ability to generate sufficient cash flow from operations in the
future. This, to a certain extent, is subject to general economic, financial,
competitive, legislative, regulatory and other factors that are beyond our
control.

     We cannot assure you that our business will generate sufficient cash flow
from operations, that currently anticipated cost savings and operating
improvements will be realized on schedule or that future borrowings will be
available to us under our 1999 Credit Facility in an amount sufficient to
enable us to pay our indebtedness or to fund our other liquidity needs. We may
need to refinance all or a portion of our indebtedness on or before maturity.
We cannot assure you that we will be able to refinance any of our indebtedness
on commercially reasonable terms or at all.


OUR CHAIRMAN OWNS A MAJORITY OF SMI'S COMMON STOCK, WHICH WILL AFFECT ANY
POTENTIAL CHANGE OF CONTROL.

     As of December 31, 1999, Mr. Smith, our Chairman and Chief Executive
Officer, owned, directly and indirectly, approximately 66.3% of the outstanding
shares of common stock. As a result, Mr. Smith will continue to control the
outcome of substantially all issues submitted to our stockholders, including
the election of all of our directors.

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<PAGE>

LIABILITY FOR PERSONAL INJURIES AND PRODUCT LIABILITY CLAIMS COULD
SIGNIFICANTLY AFFECT OUR FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

     Motorsports can be dangerous to participants and to spectators. We
maintain insurance policies that provide coverage within limits that are
sufficient, in management's judgment, to protect us from material financial
loss due to liability for personal injuries sustained by persons on our
premises in the ordinary course of business. Nevertheless, there can be no
assurance that such insurance will be adequate at all times and in all
circumstances.

     On May 1, 1999, during the running of an IRL event at LMSC, an on-track
accident occurred that caused race car debris to enter the spectator seating
area. Three deaths resulted, and all three decedents' estates filed separate
wrongful death lawsuits against SMI, IRL and others in the Superior Court of
Mecklenburg County, North Carolina. The Estate of Dexter Mobley lawsuit was
filed on May 28, 1999, and the Estates of Randy Pyatte and Jeffrey Patton
lawsuits were filed on August 26, 1999. These suits seek unspecified
compensatory and punitive damages. SMI has filed answers in all three pending
actions, and preliminary discovery has occurred. SMI intends to defend itself
and denies the allegations of negligence as well as related claims for punitive
damages.

     We also may be subject to product liability claims, for which we are
self-insured, with respect to the manufacture and sale of Legends Cars and
Oil-Chem products. Our financial condition and results of operations would be
adversely affected to the extent claims and associated expenses exceed
insurance recoveries.


ENVIRONMENTAL REGULATION COMPLIANCE COSTS MAY NEGATIVELY IMPACT OUR
PROFITABILITY.

     Solid waste land filling has occurred on and around the property at LMSC
for many years. Landfilling of general categories of municipal solid waste on
the LMSC property ceased in 1992. However, there is one landfill currently
operating at LMSC that is permitted to receive inert debris and waste from land
clearing activities ("LCID landfill"), and one LCID landfill that was closed in
1999. Two other LCID landfills on the LMSC property were closed in 1994. LMSC
intends to allow similar LCID landfills to be operated on the LMSC property in
the future. Prior to 1999, LMSC leased certain property to Allied Waste
Industries, Inc. ("Allied") for use as a construction and demolition debris
landfill (a "C&D landfill"), which can receive solid waste resulting solely
from construction, remodeling, repair or demolition operations on pavement,
buildings or other structures, but which cannot receive inert debris,
land-clearing debris or yard debris. In addition, Allied owns and operates an
active solid waste landfill adjacent to LMSC. We believe that the active solid
waste landfill was constructed in such a manner as to minimize the risk of
contamination to surrounding property.

     Portions of the inactive solid waste landfill areas on the LMSC property
are subject to a groundwater monitoring program and data is submitted to the
North Carolina Department of Environment and Natural Resources ("DENR"). DENR
has noted that data from certain groundwater sampling events have indicated
levels of certain regulated compounds that exceed acceptable trigger levels and
organic compounds that exceed regulatory groundwater standards. DENR has not
acted to require any remedial action by us at this time with respect to this
situation. In the future, DENR could possibly require us to take certain
actions with respect to this situation that could result in material costs
being incurred by us.

     We believe that our operations, including the landfills on our property,
are in substantial compliance with all applicable federal, state and local
environmental laws and regulations. Nonetheless, if damage to persons or
property or contamination of the environment is determined to have been caused
by the conduct of our business or by pollutants used, generated or disposed of
by us, or which may be found on our property, we may be held liable for such
damage and may be required to pay the cost of investigation or remediation, or
both, of such contamination or damage. The amount of such liability, as to
which we are self-insured, could be material. Changes in federal, state or
local laws, regulations or requirements, or the discovery of previously unknown
conditions, could require additional expenditures by us.


RESTRICTIONS IMPOSED BY TERMS OF OUR INDEBTEDNESS COULD LIMIT OUR ABILITY TO
RESPOND TO CHANGING BUSINESS AND ECONOMIC CONDITIONS AND TO SECURE ADDITIONAL
FINANCING.

     Our 1999 Credit Facility and our Senior Subordinated Notes indenture
restrict, among other things, our and our subsidiaries' ability to do any of
the following:

     o incur additional indebtedness;

     o pay dividends or make certain other restricted payments;

     o incur liens to secure PARI PASSU or subordinated indebtedness;

     o sell stock of subsidiaries;

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<PAGE>

     o apply net proceeds from certain asset sales;

     o merge or consolidate with any other person;

     o sell, assign, transfer, lease, convey or otherwise dispose of
       substantially all of our assets;

     o enter into certain transactions with affiliates; or

     o incur indebtedness that is subordinate in right of payment to any senior
       indebtedness and senior in right of payment to the Senior Subordinated
       Notes.

     As a result of these covenants, our ability to respond to changing
business and economic conditions and to secure additional financing, if needed,
may be significantly restricted. We may be prevented from engaging in
transactions that might otherwise be considered beneficial to us.

     The 1999 Credit Facility contains more extensive and restrictive covenants
and restrictions than the Senior Subordinate Notes indenture. It requires us to
maintain specified financial ratios and satisfy certain financial condition
tests. Our ability to meet those financial ratios and tests can be affected by
events beyond our control, and there can be no assurance that we will meet
those tests. A breach of any of these covenants could result in a default under
the 1999 Credit Facility. If there is an event of default under the 1999 Credit
Facility, the lenders could elect to declare all amounts outstanding, including
accrued interest or other obligations, to be immediately due and payable. If we
were unable to repay those amounts, such lenders could proceed against the
collateral, if any, granted to them to secure that indebtedness, which includes
a pledge of our operating subsidiaries' equity ownership interests.


POTENTIAL ADVERSE MARKET PRICE EFFECT OF ADDITIONAL SHARES ELIGIBLE FOR FUTURE
SALE.

     The market price for our common stock could be adversely affected by the
availability for public sale of up to 4,200,000 shares held or issuable on
December 31, 1999, including:



<TABLE>
<CAPTION>
 NUMBER OF SHARES OF
    COMMON STOCK                     MANNER OF HOLDING AND/OR ISSUANCE
-------------------- ----------------------------------------------------------------
<S>                  <C>
      3,000,000      Shares which are "restricted securities" as defined in Rule 144
                     under the Securities Act and may be resold in compliance with
                     Rule 144.
                     Issuable on exercise of options granted under the Speedway
                     Motorsports, Inc. 1994 Stock Option Plan. All such shares are
                     registered for resale under the Securities Act.
       400,000       Issuable on exercise of options granted under the Speedway
                     Motorsports, Inc. Employee Stock Purchase Plan. All such
                     shares are registered for resale under the Securities Act.
       800,000       Issuable on exercise of options granted under the Speedway
                     Motorsports, Inc. Formula Stock Option Plan. All such shares
                     are registered for resale under the Securities Act.
</TABLE>

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