Daytona has also been the home of the Coke Zero 400 since 1959, solidifying the speedway as one of the most important venues on the NASCAR calendar.
Richard Petty holds the record for the most Daytona 500 wins, with seven in total and no active NASCAR driver anywhere near this record.
Daytona International Speedway rebuilds after Hurricane Milton
However, the iconic NASCAR venue was left damaged in the wake of Hurricane Milton, as the tropical cyclone caused destruction across the Florida region earlier in October.
Hurricane Milton has led to at least 14 deaths, 3.4 million power outages and significant damage in the region, with the full impact still yet to be determined.
The Daytona International Speedway also played a community role during the storm, and served as a staging ground for emergency response teams, whilst having to contend with damage of its own.
According to Ken Willis from the Daytona Beach News-Journal, the speedway suffered erosion that required urgent attention to maintain the venue with repairs already well underway.
"An area outside of Turn 4, to the left and right of the two original entrance/exit tunnels dating from 1958, is now back in shape," Willis reported.
"Hurricane Milton's pounding rain and wind led to erosion of an area roughly 100 yards wide outside Turn 4. Plenty of grass had to be removed in order to put down levelled soil, which has been topped with new sod.
"A smaller area outside Turn 3 was also damaged and has also been fixed with new sod."