Gabelli Attends Intl. Speedway's Hollywood Casino Project Tour

In a research report published today, Gabelli visited International Speedway Corp.'s (NASDAQ: ISCA) Hollywood Casino project, and estimated that the casino will generate $25-30 million of EBITDA for each partner in 2013.

Gabelli further commented, “While there have been no “synergy” discussions, the casino could lift awareness and help bring in new fans. We estimate that a 5% increase in attendance stemming from the Casino could add ~$1 million in EBITDA from the turnstile alone. Additional revenues and EBITDA would follow with food, beverage and merchandise sales. Importantly, greater attendance would also put upward pressure on ticket prices and advanced sales.”

Gabelli maintains its Buy rating and $47 PMV on International Speedway, which closed yesterday at $25.79.