In my personal opinion: Just because you own a piece of property it doesn't mean you can do whatever you want on it.
If you own a large enough property you could set up a gun or bow and arrow range but doing the same thing in a city yard would be considered dangerous unless extreme measures were used to protect bystanders.
Doing a burnout in your 40 foot driveway with the only safeguard being caution tape or plastic pylons could easily get one a dangerous driving conviction which makes HTA-172 a cakewalk. Didn't some Cannonball Run competitors get busted a few years back for doing donuts in a private parking lot in Niagara Falls?
If it's a criminal charge, dangerous driving, the police could seize evidence, the cars, and I suppose hold them until trial.
The police use their instincts, good or bad, to determine how to handle the situation. Theoretically the basis of a charge would be "Would a reasonable person in the risk area expect the danger?"
A crowded costume party and two attendees dressed as Samurai warriors start to sword fight with real katanas....
If children are around would they understand the danger?
How far do you take it?
I was at a fall fair years ago and was watching the mini tractor pull, highly modified lawn tractors.
One tractor blew its motor and a piece flew dangerously close to spectators.
If someone was hurt there would likely be lawsuits as there were no specific waivers.
Everything is fun until someone gets hurt.