UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 19, 2010
INTERNATIONAL SPEEDWAY CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
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| Florida
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0-2384
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59-0709342 |
| (State or Other Jurisdiction
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(Commission File Number)
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(IRS Employer |
| of Incorporation)
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Identification No.) |
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1801 West International
Speedway Boulevard,
Daytona Beach, Florida
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32114
(Zip Code) |
| (Address of Principal Executive Offices)
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(386) 254-2700
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
TABLE OF CONTENTS
Item 1.01 — Entry into a Material Definitive Agreement.
On February 12, 2010, Kansas Entertainment, LLC (“Kansas Entertainment”), a 50/50 joint venture of
Kansas Speedway Development Corporation, a wholly owned subsidiary of International Speedway
Corporation (the “Company”) (NASDAQ: ICSA; OTC: ICSB) and Penn Hollywood Kansas, Inc., a subsidiary
of Penn National Gaming, Inc. (“Penn”), received the final approval under the Kansas Expanded
Lottery Act, along with its gaming license from the Kansas Racing and Gaming Commission, to proceed
with the development of a Hollywood-themed destination casino overlooking Turn 2 at Kansas Speedway
(the “Facility”).
In 2009, the Unified Government of Wyandotte County/Kansas City, Kansas (the “Unified Government”)
endorsed the project and Kansas Entertainment, which had negotiated a proposed management agreement
with the Kansas Lottery Commission (the “Management Agreement”). The Management Agreement was
subsequently approved by the Lottery Gaming Facility Review Board and the Management Agreement, and
the obligations under the agreement, became effective upon the receipt of the final approval and
the issuance of the license. The Management Agreement, which has a 15-year term commencing upon
public opening, establishes the ownership of Facility assets and provides, among other things, for
Kansas Entertainment’s management obligations, the compensation due to Kansas Entertainment for its
management services and contains certain construction commitments.
In addition to the Management Agreement, Kansas Entertainment is a party to a Development Agreement
with the Unified Government (the “Development Agreement”) that is coterminous with the Management
Agreement. The Development Agreement provides for the development of the Facility, certain
construction commitments, including alternatives for future construction phases, and certain local
charitable commitments. The first phase of the Facility is budgeted at approximately $386 million
for the construction of a 100,000-square-foot casino floor with capacity for 2,300 slot machines
and 86 table games, a high-energy lounge and a variety of dining and entertainment options.
Following completion of the first phase, Kansas Entertainment’s plans also include additional
phases for the development of a hotel, expanded gaming space, a spa, convention center and an
entertainment retail district, subject to market demands. Pursuant to the terms of the joint
venture with ISC, Kansas Speedway Development Corporation contributed 101 acres at Kansas Speedway
for the development of the Facility. The Company and Penn will equally share the full project
development costs and Penn may under certain circumstances provide
financing for the project.
Section 7 — Regulation FD
Item 7.01 Regulation FD Disclosure