My long-held bearishness toward NASCAR track operators Speedway Motorsports (TRK) and larger peer International Speedway (ISCA) in one sense has been confirmed - and in another proven false. As I noted in regard to ISC earlier this month, as I predicted admissions revenues for both companies have continued their steady declines. Plunging TV ratings also suggest a likely step-down in rates for the sport's next media rights deal - the current iteration of which is the key revenue stream for both companies. Despite contracted high-margin increases in the current deal,