NASCAR SILICON MOTOR SPEEDWAY SIMULATORS TO BE INSTALLED AT
ST. LOUIS NASCAR SPEEDPARK LOCATION

INDIANAPOLIS (July 29, 2003) - NASCAR Silicon Motor Speedway's state-of-the-art racing simulators are being installed at a new NASCAR SpeedPark location in St. Louis that will greet NASCAR racing fans in November, it was announced by William R. Donaldson, Chairman and CEO of Interactive Motorsports and Entertainment Corp. (OTCBB:IMTS).

Six NASCAR Silicon Motor Speedway simulators will be included in a dedicated area within the new St. Louis Mills location of NASCAR SpeedPark as part of an agreement between NASCAR Silicon Motor Speedway and NASCAR SpeedPark, operated and owned by Burroughs & Chapin Co., Inc. Perfect Line, Inc., a wholly-owned subsidiary of IMTS, owns and operates the unique NASCAR Silicon Motor Speedway racing centers.

NASCAR SpeedPark, Inc. is a pure NASCAR entertainment facility designed to bridge the gap between family entertainment venues and the professional NASCAR circuit. NASCAR SpeedPark is an interactive fan attraction that puts the fan in the driver's seat. NASCAR SpeedPark Smoky Mountains in Sevierville, Tenn., has already had NASCAR Silicon Motor Speedway simulators installed, and the installation at the St. Louis location will mark the first time that the simulators have been included in the original design.

Simulators like those in use at the 13 corporate owned and revenue share NASCAR Silicon Motor Speedway locations will allow visitors to enhance their experience at the St. Louis NASCAR SpeedPark by driving in simulated NASCAR Winston Cup Series races. The agreement, which is the third between NASCAR Silicon Motor Speedway and Burroughs & Chapin, also led to the installation of five simulators at The Myrtle Beach Pavilion, an oceanfront amusement park in Myrtle Beach (S.C.), which had its grand opening on July 3 this year.

"We are very pleased to expand our relationship with Burroughs & Chapin and the NASCAR SpeedParks," said Donaldson in making the announcement. "St. Louis is a growing area for NASCAR fans and is an outstanding location for this expansion. We look forward to opening the doors in November."

Burroughs & Chapin Co., Inc. is the licensee for NASCAR SpeedParks. A privately-held company based in Myrtle Beach, S.C., Burroughs & Chapin is a leader in the fields of entertainment, recreation, property development, property management and agriculture. The company's service to Myrtle Beach and the Grand Strand dates back to the 1860s and includes shopping developments, golf complexes, recreation and amusement facilities, retail shopping centers and residential and resort communities.
Perfect Line's NASCAR Silicon Motor Speedway racing centers are the largest chain of officially-licensed, NASCAR-branded interactive entertainment stores in the world, and offers its customers the most popular NASCAR merchandise available. Perfect Line has integrated sophisticated proprietary racing simulator technology with an exclusive NASCAR license for location-based entertainment and licenses for popular NASCAR tracks and teams.

The National Association for Stock Car Auto Racing, NASCAR, is the sanctioning body for one of America's premier sports. With 75 million fans spread throughout the U.S. and ranking second among sports on television and third in licensed product sales, NASCAR has catapulted into the American mainstream. The Passion and brand loyalty of NASCAR fans have attracted many of the best known brands in America: more Fortune 500 companies are involved in NASCAR than any other sport. Based in Daytona Beach, Fla, with offices in Charlotte, New York and Los Angeles, NASCAR sanctions 1,800 races at 120 tracks in 38 states.

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For more information on IMTS, visit www.SMSonline.com

Forward-looking statements
Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, and the business prospects of Interactive Motorsports and Entertainment Corporation, are subject to a number of risks and uncertainties that may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, the outlook of the economy and the effect on future revenues, access to and cost of capital, uncertainty of new product development, competition, and dependencies on updated technology and licenses and leases.

Contact:
Steve Wagoner: (800) 766-2782; email, InvestorRelations@SMSonline.com
Investor Relations on the Web: http://www.SMSonline.com/company/inv_rel_index.asp