The then-named Las Vegas Speedrome was completed in 1972, with preliminary races being held before in 1971; however, the track fell quickly into disrepair.

In 1989, Richie Clyne, the director of the Imperial Palace Hotel's (now called The Linq) automobile museum, bought the complex from the city.

[14] A 127-unit condominium tower was also slated to be built overlooking the track's first turn;[15] however, the plan saw opposition from Nellis Air Force Base and United States Air Force officials, who did regular flight training and drills near the track,[16] later clarifying that it was due to safety risks.

In 1985, the complex built a 1⁄3 mile (0.54 km) oval that was assisted with donations of barriers that were used in the Caesars Palace Grand Prix.

[25] On August 14, 1970, the Las Vegas Review-Journal reported that businessman Carl "Curly" Price was aiming to sign a lease for a plot of land near the Nellis Air Force Base from the City of Las Vegas to build a drag strip, a "small" road course, and a proposed oval.

The proposal received an endorsement from the Review-Journal, which wrote "We hope Curly can get on this on since [North Las Vegas] badly needs a motor sports complex", stating a lack of proper racing facilities.

[27] On May 16, 1971, the complex was recorded to have held its first races on a 1⁄2 mile (0.80 km) dirt oval, sanctioned by the Southern Nevada Off Road Enthusiasts (SNORE).

[34] In September, the West Charleston Lions Club of Las Vegas signed a 15-year agreement to run the drag strip.

[45] The next month, Price gave scathing comments to the city in an interview with the Review-Journal, reporting a lack of police response with vandalism and high costs and labor to maintain the gravel stockpile.

[46] The next year, the termination was finally approved by Clark County District judge Howard Babcock, immediately ordered Price to vacate the land and to pay $22,140 for failing to maintain his contract and unpaid rent.

[48] In October, Price stated plans of appealing to the Supreme Court of Nevada, which would essentially kill all racing at the track complex for an extended period of time.

[57] Later that month, a group of five businessmen, including Van Norman and Horten, formed Las Vegas Recreation, Inc. in efforts to make a bid on temporary ownership for the track.

[59] By April, Review-Journal writer Mike Henle considered the track revived after "seven years of relative silence", with events scheduled for the next six months.

[65] However, by November 5, the partnership gave up after "several months of horrible luck", with poor timing systems, lighting, and the amount of effort required to maintain the complex being key issues.

[68][69] As a result, Alex Rodriguez, a drag strip driver, sent pleas to fellow Las Vegan racers to come to meetings set up by him to try and clean up the facility.

[72] In 1982, Van Norman gave up ownership of the Craig Road Speedway to First Interstate Bank due to satisfy debts from his family business, leaving the local stock car racing community without a track.

Van Norman stated that he hoped Rodriguez would build a paved oval like Craig Road Speedway at LVIS' complex.

[77] In March 1988, the city council considered revoking Rodriguez's lease, accusing him of not paying rent and for selling food without proper sales tax permits.

[83] In May 1989, the track complex was sold to Richie Clyne, the director of the Imperial Palace Hotel's (now called The Linq) automobile museum, for $1,070,000.

[84] Clyne and investor G. Robert Diero stated hopes of completely revamping what they declared as a dangerous and worn-out complex.

At this point, little hope was shown for the track's revival; Review-Journal writer Greg Bortolin estimated millions of dollars for renovations to attract major racing leagues, with no guarantee of interest as at the time, the University of Nevada, Las Vegas' (UNLV) sports teams were the only major sports events in the city.

[86] In interviews with track media manager Neal Reid, Clyne stated that he initially wanted to turn the area into an industrial park, but was convinced otherwise by motorsport businessmen Bob Bahre and Tom Wheatcroft.

He considered a location adjacent to the Las Vegas Speedway Park; however, he later found out that the parcel of land was owned by Imperial Palace Hotel owner Ralph Engelstad.

[96] After Bruton Smith announced his plans to build what would eventually become the Texas Motor Speedway,[97] the Review-Journal reported that chances for a modern racing facility in Las Vegas were all but killed.

[98] However, on November 30, Clyne announced plans to build his own $65-70 million, 100,000-seat facility near the Las Vegas Speedway Park that would be capable of holding NASCAR Winston Cup Series races, with an opening date scheduled for April 1, 1996.

[102][103] By May, Clyne and IndyCar Series president Tony George officially announced a 200 miles (320 km) race to christen the track, to be held on September 15, 1996.

[106] By the end of February, LVMS was viewed optimistically; the track was projected to bring in over $890 million to the Las Vegas economy, with paving of the racing surface scheduled in March.

[116] In the same year, the facility won rights to host a NASCAR Winston Cup Series race weekend for the 1998 season.

[131] By 2023, the track received renewed attention for television visuals showing empty areas of grandstands at the 2023 South Point 400.

[147] The contest feature teams of college students engineering a modified Indy NXT based car in a series of driving and passing challenges for driverless vehicles.