Tws to open till end of the year

[Wade]

http://www.theeagle.com/news/local/t...b22905bac.html

[ShadowBolt]

Cool?

[Pranav]

I CALLED IT!

I'm no insider and have no basis for my gut feeling, but knew something like this would happen close to the "end date"

You can't just knock down a money maker if you aren't ready to turn it into another one right away...

So when's our next TWS event???

[AllZWay]

Lienart is famous too.

http://blackflag.jalopnik.com/demoli...ium=socialflow

I saw it on Twitter.

[AI#97]

“At this time, Texas World Speedway will be accepting event dates through December 2015,” Mather told The Eagle. “If the critical development issues are not resolved promptly, it is planned that Texas World Speedway will continue to operate well into the future.”


Yeah, not saying what needs resolved tells me it won't get resolved. I called this long ago.

[Supercharged111]

It's great marketing for the track bubbas, keep 'em coming.

[ShadowBolt]

Lienart is famous too.

http://blackflag.jalopnik.com/demoli...ium=socialflow

I saw it on Twitter.

Wonder who told him? Oh I know.....me! Matt has been saying since day one he thought it was BS.

JJ

[Supercharged111]

Ooh that's a spendy trip, but ever since I watched my first TWS vid that track just looks so goddamned fun: wicked front straight and sideways holy shit braking into T1 no matter which way you go. . . plus it's a 2+ mile roval with near airborne status and potholes and shit. I hope they keep kicking the can, because I really really want to make the trek for a TWS event. I get the feeling that, given their lofty aspirations, this won't be the last time they encounter a "complication" with the project.

[AI#97]

If you paid attention to the numbers being thrown around this entire time, the developer originally told the city council they were going to put $90 Million into the property with about 1400 lots available. That makes each lot COST $64k to be ready for sale...WITHOUT profit.

Latest number thrown out in the Houston paper they said $55 Million. That gets you in the $39k per lot...before profit. Typical developments in the area are selling lots for $30-35k after profit. The number of lots has gone down as well from all the scuttlebutt here in town.

If they are going to be competitive with the lots being sold closer to town, they will have to get their per lot COST down to around $20-25k...and get at least 1250 lots sold. That's $25M all in and you have to keep in mind they already have about $7M skin in the game, leaving them $18M to get ALL of the work done before they can sell LOT #1 if they are going to do a MUD.

If they can't get those numbers down to this, there is no reason whatsoever to put money into the deal. If you could get them to agree that they MIGHT make $5k per lot, for about 1250 lots, that gives them a profit $6.25M.....and it's a risky bet to sell the entire property within 5 years...or even 15 years. If you walked in the door and offered $8M cash tomorrow, you would likely own a racetrack. They get their original investment out of the deal and walk away with a couple Million dollars for sitting on the property for 18months. If you put the purchase package together similar to what bluebonnet is doing for the $10M all in price, you end up with a race track with 45 weekends booked and cash to spiff the place up a bit...maybe even all new paving and restroom upgrades. Spend the next 10 years entrenching the track into the fabric of the local economy and it will not go anywhere....EVER.

[mach1]

I get the feeling that, given their lofty aspirations, this won't be the last time they encounter a "complication" with the project.

Hopefully after all of the complications are worked out, the new will be worn off of COTA and we can race there for a reasonable amount of money.