The land where Lucas Oil Speedway now stands was originally used for agriculture, including hay and soybean fields. Local Wheatland residents Ron and Mary Jenkins built the original 3/8-mile dirt track, Wheatland Raceway, which opened in mid-2001. The raceway quickly became a popular entertainment destination, known for its side-by-side short track dirt racing. Kent Smith served as the original manager. Wheatland Raceway hosted classes such as Open Late Models, A-Modifieds, Factory Stocks, and Pure Stocks, as well as special events like those from the Midwest Late Model Racing Association. NASCAR Star Ken Schrader also competed there on occasion.
In late 2004, Forrest and Charlotte Lucas purchased Wheatland Raceway. Following the racing season, the Lucas Oil construction crew undertook a multi-million dollar renovation project that lasted until mid-summer 2006. The only original item remaining was the dirt track itself. The renovation included a new grandstand complex with 21 VIP luxury suites, a bar, concession stand, and gift shop. A new pit area with concrete pit stalls, electric, and water was installed, along with an enclosed tech building, fabrication shop, and a full-service parts store. The venue reopened as Lucas Oil Speedway, nicknamed "The Diamond of Dirt Tracks."
The core circuit, known as "The Diamond of Dirt Tracks," is a 3/8-mile (0.60 km) semi-banked clay oval. The track is 400 feet (120 m) wide, 4,000 feet (1,200 m) long, and features 12 feet (3.7 m) of banking. The interior of the oval is large enough to hold 90,000,000 US gallons (340,000,000 L) of water if it were watertight. It hosts weekly racing with classes such as Hermitage Lumber Late Models, Arctic Food Equipment USRA Modifieds, O’Reilly Auto Parts USRA Stock Cars, Clear Creek Golf Cars USRA B-Mods, and Hickamo Super Stocks. Special events include the Lucas Oil Late Model Dirt Series, High Limit Racing Sprint Car Series, and Summit USMTS Modifieds.
Construction of an off-road supercross- and motocross-style dirt course began in 2016 and was completed in 2017, hosting inaugural events that year. The course measures 1.3 miles (2.1 km) and features seven left-hand turns, two right-hand turns, and large jumps. Racing disciplines include off-road trucks, off-road buggies, and motocross bikes. As of 2017, it was described as the only such facility in southwest Missouri. The Lucas Oil Off Road Racing Series held events at the circuit from 2015 until the series folded after the 2020 season; the circuit also appeared on the tentative 2021 schedule. A May 21, 2019, event was canceled after severe weather caused damage to the facility.
An artificial lake, Lucas Lake, was completed in 2011 and became the world's first purpose-built lake for drag-boat racing. The lake measures 4,000 feet (1,200 m) long, 400 feet (120 m) wide, and 8 feet (2.4 m) deep, and is situated across from the dirt oval. It hosts both drag-boat and motorboat circuit racing, with drag boats reaching speeds over 250 miles per hour in the Top Fuel Hydro division.
Lucas Oil Speedway also includes a slick track for go-karts and special events. The facility offers 40 acres of campgrounds with both wooded and open-air spots, an onsite shower house, water and electric hookups, fishing ponds, and hiking trails. Grandstand and VIP suite seating totals nearly 8,000. Parking is free.
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