International Speedway Corporation Announces Annual Dividend, Payable on June 30, 2016, Announces Executive Appointments; Provides Dividend Guidance for 2016
The Company expects to continue increasing the dividend in the years beyond 2016 at a rate of approximately 4% to 5% annually.
The Company appointed two key employees to Company officers for their significant contributions and achievements. Jeff Boerger, Managing Director of ISC Development and President of Kansas Speedway Development Corporation has been promoted to Vice President, ISC Corporate Development and President, Kansas Speedway Development Corporation; and Derek Muldowney, Executive Vice President of ISC Design and Development, has been promoted to Vice President, ISC and President, Design and Development. As Vice President, Boerger will maintain oversight of all company-owned and operated real estate, including more than 13,000 acres and ISC's interest in the partnership that operates the Hollywood Casinoat Kansas Speedway. His growing role in development activities includes leadership of ONE DAYTONA managing the relationship with the development's hotel and residential partners and development consultant Legacy Development. In his previous role, Muldowney was responsible for the successful delivery of several large-scale motorsports developments, including the recently-completed $400 million DAYTONA Rising project, creating the world's first and only modern motorsports stadium. As Vice President of ISC, he will continue leading the Company's design, construction and development subsidiary focused on ONE DAYTONA and planned redevelopment projects at the Richmond and Phoenix facilities.