Exhibit 99.1

Speedway Motorsports Reports Results for the Three and Six Months

Ended June 30, 2011 and Reaffirms Full Year 2011 Guidance

CONCORD, NC (August 3, 2011) – Speedway Motorsports, Inc. (SMI) (NYSE:TRK) today reported second quarter 2011 total revenues of $153.1 million and adjusted non-GAAP income from continuing operations of $20.5 million or $0.49 per diluted share. Six month 2011 total revenues were $239.8 million and adjusted non-GAAP income from continuing operations was $23.7 million or $0.57 per diluted share. Also, SMI reaffirmed its full year 2011 earnings guidance of $0.90 to $1.20 per diluted share from continuing operations, excluding the 2011 charges described below. GAAP loss from continuing operations was $28.1 million and $29.3 million, or $0.68 and $0.71 per diluted share, for the three and six month 2011 periods.

The adjusted non-GAAP results exclude a first quarter 2011 charge for early debt redemption and refinancing and a non-cash second quarter 2011 impairment charge as further discussed and reconciled with comparable GAAP amounts below.

Second quarter and year-to-date 2011 results were also impacted by, among other factors, the following:

Second Quarter Comparison

1

Year-to-Date Comparison

The Company’s admissions and many event related and other revenue categories continue to be negatively impacted by declines in consumer and corporate spending due to weak economic conditions, including high fuel prices and unemployment. In 2011, similar to 2010, management has reduced many ticket prices and increased promotional spending to help foster fan support and mitigate any near-term demand weakness. Admissions revenue declines for the second quarter 2011 largely reflect lower average ticket prices, while for year-to-date reflect both lower average ticket prices and fewer fans attending our race events in the first quarter 2011. Because many revenues, such as admissions and corporate marketing arrangements, are sold well in advance of scheduled events, management believes it will take relatively longer for SMI’s results to reflect sales growth as economic conditions improve.

Non-GAAP Financial Information and Reconciliation

Income or loss from continuing operations, and diluted earnings or loss per share from continuing operations, as adjusted, set forth below are non-GAAP (other than generally accepted accounting principles) financial measures presented as supplemental disclosures to income or loss from continuing operations and diluted earnings or loss per share from continuing operations. The following schedule reconciles those non-GAAP financial measures to their most directly comparable information presented using GAAP, all net of taxes. Management believes such non-GAAP information is useful and meaningful to investors and helps in understanding, using and comparing the Company’s results of continuing operations separate from discontinued operations and 2011 charges. Management uses the non-GAAP information to assess the Company’s continuing operations for the periods presented, analyze performance trends and make decisions regarding future operations because it believes this separate information better reflects ongoing operating results. This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and should not be considered as alternatives to net income or loss, diluted earnings or loss per share, or income or loss and diluted earnings or loss per share from continuing operations, determined in accordance with GAAP.

2

Significant 2011 Second Quarter Racing Events

2011 Earnings Guidance Reaffirmed

The Company reiterated that second quarter 2011 results are consistent with its previous full year 2011 earnings guidance of $0.90 to $1.20 per diluted share from continuing operations. This guidance excludes the charges related to debt refinancing and impairment described below. The wide range of earnings guidance reflects the continuing negative impact of uncertain economic conditions, as well as the timing and pace of economic recovery. High or increasing food and fuel prices or unemployment could significantly impact our future results.

The Company’s 2011 results reflect a non-cash charge of $48.6 million, with no income tax benefit, for goodwill impairment related to New Hampshire Motor Speedway (NHMS). The Company’s annual impairment evaluation was negatively impacted by the severity and length of the recession extending beyond that previously forecast, reducing visibility on profitability recovery.

In the first quarter 2011, the Company amended and restated its Credit Facility, issued new Senior Notes

3

due 2019 and redeemed Senior Subordinated Notes previously due 2013. The Company reflected a charge for early redemption premium, unamortized net deferred loan costs, and settlement payment and transaction costs associated with the former debt arrangements of approximately $4.5 million, net of income taxes of $2.9 million.

Stock Repurchase Program and Dividends

During the six months ended June 30, 2011, the Company repurchased 130,000 shares of common stock for approximately $1.9 million under its previously announced stock repurchase program. As of June 30, 2011, the Company has repurchased 3,507,000 shares since adoption of the program in April 2005, and the total number of shares available for future repurchase under the program, as currently authorized, is 493,000.

During the six months ended June 30, 2011, the Company declared and paid cash dividends of $0.10 per share of common stock each quarter for a combined aggregate of approximately $8.3 million. On July 20, 2011, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock, aggregating approximately $4.2 million, payable on September 9, 2011 to shareholders of record as of August 19, 2011. The Board of Directors plans to continue to evaluate cash dividends on a quarterly basis in the future.

Comments

“Our second quarter results, excluding a sizable non-cash charge, exceeded our expectations and reflect growing indications that attendance trends are stabilizing, as well as current and prospective corporate marketing interest is increasing,” stated Marcus G. Smith, Chief Operating Officer and President of Speedway Motorsports. “The non-cash charge overshadows our progress with cost reduction efforts and benefits of reduced interest costs under our successful first quarter 2011 financing transactions. And we continue to believe our price reductions are successfully helping offset the tough economic times for our fans.

“On a brighter note, Charlotte Motor Speedway proudly showcased the world’s largest high-definition video board to rave reviews and larger NASCAR Sprint All-Star race crowds this May than last year. Also, the favorable trends for television ratings continue to demonstrate renewed fan excitement and media interest from NASCAR’s ongoing changes to improve on-track racing competition. Economic conditions remain tough, but SMI is positioning itself for return to long-term growth.”

“What was intended to be an incredibly successful, sold-out inaugural NASCAR Sprint Cup race in July at our newly modernized Kentucky Speedway was marred by extreme traffic and other congestion for which we remain apologetic,” stated O. Bruton Smith, Chairman and Chief Executive Officer of Speedway Motorsports. “This is not SMI’s way. We build the finest, most fan-pleasing facilities and infrastructure possible for our fans and our sport. Our history is conducting exceptionally fan-appealing, entertaining and successful events. We are already progressing on improving and expanding on-site road systems, available parking, restroom, and other facilities at the speedway, as well as working with the State of Kentucky to help improve surrounding roadways.

“Notwithstanding these fixable issues, the interest and excitement surrounding this inaugural race event far exceeded our expectations. We remain more confident than ever that Kentucky’s premium market represents a tremendous long-term growth opportunity for SMI, as well as broadcasters and advertisers, and will undoubtedly join SMI’s successful history of investing in first-class facilities.”

Speedway Motorsports is a leading marketer and promoter of motorsports entertainment in the United States. The Company, through its subsidiaries, owns and operates the following premier facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Infineon Raceway, Kentucky

4

Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway and Texas Motor Speedway. The Company provides souvenir merchandising services through its SMI Properties subsidiaries; manufactures and distributes smaller-scale, modified racing cars and parts through its US Legend Cars International subsidiary; and produces and broadcasts syndicated motorsports programming to radio stations nationwide through its Performance Racing Network subsidiary. The Company also equally owns Motorsports Authentics, a joint venture formed with International Speedway Corporation to design, market and sell licensed motorsports merchandise. For more information, visit the Company’s website at www.speedwaymotorsports.com.

This news release contains forward-looking statements, particularly statements with regard to our future operations and financial results. There are many factors that affect future events and trends of our business including, but not limited to, economic factors, weather, the success of NASCAR and others as sanctioning bodies, the success of our Motorsports Authentics merchandising joint venture, capital projects and expansion, financing needs, and a host of other factors both within and outside of management control. These factors and other factors, including those contained in our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, involve certain risks and uncertainties that could cause actual results or events to differ materially from management’s views and expectations. Inclusion of any information or statement in this news release does not necessarily imply that such information or statement is material. The Company does not undertake any obligation to release publicly revised or updated forward-looking information, and such information included in this news release is based on information currently available and may not be reliable after this date.

Note: Speedway Motorsports will host a conference call and webcast today at 10:00 AM (ET) open to the public. To participate in the conference call, you may dial 888-735-0476 (US / Canada / toll-free) or 706-758-1524 (international / local). The reference number is 86073926. A webcast of the call can be accessed at the Company’s website at www.speedwaymotorsports.com under “Event Calendar”. To listen to a playback of the call, you may dial 855-859-2056 or 404-537-3406 beginning at 12:00 PM (ET) August 3^rd through 11:59 PM (ET) August 17^th. The reference number is 86073926. Participating in the call will be Marcus G. Smith, Chief Operating Officer and President, and William R. Brooks, Vice Chairman, Chief Financial Officer and Treasurer.

5

Speedway Motorsports, Inc. and Subsidiaries

Selected Financial Data - Unaudited

For The Three and Six Months Ended June 30, 2011 and 2010

(In thousands except per share amounts)

Certain Race Schedule Changes: