Vince Martin
Long/short equity, value, gambling

Dover Motorsports: Theoretically Valuable, But Practically Still 'Dead Money'

2015 looks like a pretty miserable year for Dover Motorsports (NYSE:DVD). The sale of its Nashville Superspeedway collapsed. Bad weather severely impacted attendance at its namesake Dover International Speedway in Delaware, as well as two relatively new music festivals hosted at that facility. Dover only hosts four events a year; having three of those impacted by rain provides a difficult headwind to overcome.

On the other hand, 2015 wasn't that bad. Adjusted net income actually rose 3.2%, thanks to a increase in media revenue from NASCAR's new 10-year TV deal. The track - long rumored to be at risk of losing one of its two Sprint Cup dates - signed a new five-year sanctioning deal with NASCAR,

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