Exhibit 99.1

Contact: Janet Kirkley,

704-532-3318

—For Immediate Release—

Speedway Motorsports Reports Results for Fourth Quarter and

Year Ended December 31, 2011 and Provides Full Year 2012 Guidance

CONCORD, NC (March 7, 2012) – Speedway Motorsports, Inc. (SMI) (NYSE:TRK) today reported fourth quarter 2011 total revenues of $89.1 million and a loss from continuing operations of $126,000 or $0.00 per diluted share. Full year 2011 total revenues were $505.8 million and adjusted non-GAAP income from continuing operations was $47.5 million or $1.14 per diluted share. Full year 2011 GAAP loss from continuing operations was $5.6 million or $0.14 per diluted share.

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.

Fourth quarter and full year 2011 results were also impacted by, among other factors, the following:

Fourth Quarter Comparison

Full Year Comparison

1

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 unemployment and fuel prices. Admissions revenue declines for 2011 largely reflect lower average ticket prices and, to a lesser extent, fewer fans attending our race events. In 2012, similar to 2011, the Company continues to reduce various ticket and other prices for its fans and corporate customers to help counter these tough economic times and mitigate near-term demand weakness. Because fans are purchasing tickets closer to event dates, the Company has initiated various promotional campaigns to incentivize earlier ticket purchasing and season ticket package renewals. Nevertheless, management believes it will take relatively longer for SMI’s results to reflect sales growth as economic conditions improve since most revenues, such as admissions and corporate marketing arrangements, are still sold well in advance of scheduled events.

Non-GAAP Financial Information and Reconciliation

Income (loss) from continuing operations, and diluted earnings (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 their individual corresponding GAAP basis amounts. 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 certain 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 is not intended to be considered independent of or a substitute for results prepared in accordance with GAAP. 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

The Company reflected a second quarter 2011 non-cash charge for goodwill impairment related to New Hampshire Motor Speedway with no tax benefit, and a first quarter 2011 charge related to the Company’s debt redemption and refinancing transactions with tax benefits of $2.9 million.

Significant 2011 Fourth Quarter Racing Events

2012 Earnings Guidance

The Company estimates 2012 total revenues of $475-510 million, after tax income from continuing operations of $38-50 million, depreciation and interest of $100-110 million, and diluted earnings per share from continuing operations of $0.90-1.20. 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. The guidance also reflects expiration of Infineon Raceway’s naming rights agreement and reduced NASCAR ancillary rights revenues. High or increasing fuel and food prices, particularly given the geopolitical tensions in the Middle East and other foreign regions, could significantly impact our future results. The Company’s estimated total capital expenditures in 2012 are approximately $30-40 million.

Dividends and Stock Repurchase Program

On February 22, 2012, the Company’s Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock aggregating approximately $6.3 million, payable on March 15, 2012 to shareholders of record as of March 5, 2012. This represents a dividend increase of 50% over the comparable quarterly amount declared last year. During the full year 2011, the Company declared and paid cash quarterly dividends of $0.10 per share of common stock for a combined aggregate of approximately $16.6 million. The Board of Directors plans to continue to evaluate cash dividends on a quarterly basis in the future.

During the full year 2011, the Company repurchased 255,000 shares of common stock for approximately $3.6 million under its previously announced stock repurchase program. As of December 31, 2011, the Company has repurchased 3,632,000 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 368,000.

Comments

“We are proud to report higher revenues for 2011 with almost four million fans attending our events despite tough economic times, and that television ratings increased significantly for NASCAR’s three largest racing series,” stated Marcus G. Smith, Chief Operating Officer and President of Speedway Motorsports. “Our full year 2011 results exceeded our expectations and reflect that our business is continuing to stabilize. These positive factors, along with NASCAR’s continuing improvements to on-track racing competition and exciting new Sprint Cup drivers, bode well for the upcoming renewal of the long-term NASCAR broadcasting contract.

“SMI’s fan base is fiercely loyal, and we remain steadfast in providing our fans and customers with race entertainment experiences second to none. SMI is increasingly investing in social media advertising and web-based applications to provide contemporary interactive digital and enhanced entertainment experiences appealing to younger fans and fostering family attendance. The world’s largest high-definition video board at CMS provides our fans with viewing entertainment that cannot be duplicated at home or other venues, and also helps attract younger and new fans. Once again, we proudly report that all of our NASCAR Sprint Cup and most of our Nationwide Series event sponsorships for 2012 are already sold, and many for racing seasons beyond 2012. Also, interest of our current and prospective corporate customers continues to grow which is bullish.”

3

O. Bruton Smith, Chairman and Chief Executive Officer of Speedway Motorsports stated, “Looking forward, SMI remains more focused than ever on its core business. Our initiatives for enhancing revenues and cost containment, reducing leverage and interest costs and capital spending constraints are ongoing. The success of these efforts, along with the long-term merits of realigning a NASCAR Sprint Cup race to our Kentucky Speedway, is illustrated by our higher cash flows and substantial debt reduction in 2011. SMI, along with NASCAR racing, has the greatest sports fans in the world. We strive to always provide our fans with arguably the most modern, finest collective entertainment facilities in motorsports. Our modern facilities and premium markets, along with NASCAR’s ongoing improvements to on-track racing competition, provide tremendous long-term promotional growth opportunities for broadcasters, advertisers and SMI as the economy improves.”

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 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 11:00 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 56377821. 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) March 7^th through 11:59 PM (ET) March 21^st. The reference number is 56377821. 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.

4

Speedway Motorsports, Inc. and Subsidiaries

Selected Financial Data – Unaudited

For The Three and Twelve Months Ended December 31, 2011 and 2010

(In thousands except per share amounts)

Certain Race Schedule Changes: