Meadowdale Raceway.
Don't ask me where it is, or how I know, please!
Okay, I won't...but you're right. It IS Meadowdale Raceway, and it still exists, although as a recreational area, not a speedway...it's known as Raceway Woods, and is located in the northwestern suburban area of Chicago, between Carpentersville and Elgin. The track was opened in 1958, and the pic was taken during one of the first race meetings.
The track had a rather short 11 year, often stormy history...read more about it at
www.meadowdaleraceway.homestead.com. The site has a lot of pictures from early races, with club, USAC, Trans Am and sports car events...there's a lot on track history as well as reasons why the venture ultimately failed. There are a lot of shots of the first race, with some great pictures of Chuck Daigh and Lance Reventlow in their Scarabs, and a then brand-new '58 Corvette. The site may take a while to load, but the results are well worth it.
Dan