Shangri-La's weekly racing was widely considered among the best in the sport during several different periods, including years when nine-time NASCAR National Modified Champion Richie Evans and six-time NASCAR National Modified Champion Jerry Cook were regulars.
The facility also included an eighth-mile (0.2 km) drag strip and a tenth-mile oval track for microds (a type of wooden-bodied go-kart raced in many clubs in upstate New York).
The speedway hosted one NASCAR Cup Series event in 1952 and the race was won by Tim Flock.
Shangri-La Speedway was opened in 1946 by Bill Owen, who planned and built the track with help of family members.
A replacement track in nearby Tioga Center, known as Shangri-La II Motor Speedway, opened in 2009 and closed after an abbreviated 2015 season.