The failure of both pilot's to maintain visual lookout resulting in the mid-air collision. A factor in the accident was the failure of the AS-350B pilot to follow approach procedures suggested in the Speedway Heliport Operations Manual. Findings in the investigation were the intentional operation of the EC 130 B4 helicopter by the pilot with known deficiencies in equipment (inoperative landing light), and failure of Speedway Heliport personnel to: 1) conduct a safety briefing in advance of the race, 2) flight test temporary lighting to see whether any issues exist, and 3) require a single point entry and reporting point for approach to the heliport.