Kansas Speedway has announced plans of erecting a $700 million Hard Rock Hotel and Casino.

The establishment is projected to contain 300 rooms, 140 gaming tables, 3,000 slot machines and 275,000 square feet of shops, dining and music entertainment.

If approval is granted, the president of International Speedway Corp., Lesa France Kennedy, will petition NASCAR to add a second date to the schedule.

"Kansas Speedway not only attracts hundreds of thousands of fans throughout the year but also serves as a catalyst for new development," Kennedy said. "Many positive changes to the community have occurred since our arrival, and I believe our Hard Rock Hotel & Casino proposal will continue the momentum we started and benefit the taxpayers of Kansas."

Although the 2009 schedule is almost finished and is expected to be announced by the conclusion of the month, nothing is projected to happen until 2010.

Kansas Speedway’s president, Jeff Boerger, notes that the speedway has a huge economic impact on the area and a second Sprint Cup date would bring in an additional $111 million to the area.

"Kansas Speedway currently has an economic impact of $243 million [annually] to the area," said Jeff Boerger, president of Kansas Speedway. "The addition of a second Sprint Cup race would add another $111 million to the community."

The proposition will be reviewed by the Kansas Lottery Gaming Facility Review Board towards the end of September.