UPDATE 9-4-2018: The future of the Rockingham Speedway will include racing, the new owners say – and much (much) more.
Dan Lovenheim, majority owner of Rockingham Properties LLC, confirmed Saturday that racing would be an "integral part" of what he and his co-owners had in store for their new property, which will be known as the Rock Entertainment Complex.
"It’s not an ‘either/or,’ it’s an ‘and,’" he said on the question of whether racing would stay a part of broad plans for the track. "We’re going to pay tribute to the past with the future."
Lovenheim declined to provide specifics on whether he would try to bring NASCAR back to the site.
The new complex will be modeled on the Electric Daisy Carnival in Las Vegas, also built around an old speedway. The EDC welcomes hundreds of thousands of attendees for weekends of music, art and other live performances alongside carnival rides, but Lovenheim wants to do things even bigger.
During its heyday, The Rock held only a couple of big events a year, but the Rock Entertainment Complex will be able to hold much more frequent events, Lovenheim said, because it will be able to "flex" from a racing event one weekend to a big concert the next.
Original post 8-30-2018: A group of Raleigh investors Thursday bought the Rockingham Speedway.
The buyer, Rockingham Properties LLC – of which Dan Lovenheim is majority owner – will finalize paperwork on the purchase of the Rockingham Speedway Thursday.
Lovenheim could not provide details on the plans for the property Thursday afternoon, but said they are "remarkably encompassing."
Tax Administrator Vagas Jackson said the property is currently valued at $2,993,324, down from $6.85 million when it last went up for sale in November 2016. Jackson said the value decreased because of the combination of key parts of the original structure no longer being there, the track not being used and the wear and tear associated with that.
The Rockingham Speedway opened in 1965 and was a major draw to the area for nearly 40 years but has not held an event since a Camping World Truck Series race in April 2013. It has since changed hands multiple times, with Billy Silas of BK Rock Holdings being the most recent owner.