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Hall of Fame Resort & Entertainment Company Announces Second Quarter 2022 Results

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Canton, Ohio–(business wire)–Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) (the “Company”) is the only resort, entertainment and media company centered on the power of professional football, with Q2 2022 Results announced. Ends June 30, 2022.

President and CEO Michael Crawford said: “We play a key role in all areas of our business and continue to move the ball down the field. We were able to capitalize on synergies across our assets: Enshrinement Week welcomed thousands of guests at the NFL Season Kickoff, Enshrinement Ceremony, Concert for Legends, and ended the weekend with Dave Chappelle. , put on a great show in its pilot episode. inspired and launch soccer heaven, a first-of-its-kind podcast, highlighting access to incredible content and stories from the world of professional football. The gaming industry has filed the necessary applications with the Ohio Casino Authority to begin the second season of the Hall of Fantasy League (“HOFL”) and obtain the necessary sports betting licenses. While we still have a long way to go, we have moved to an operational destination that offers fans and consumers multiple unique engagement opportunities. ”

Key financial highlights

  • Second quarter revenue was $2.7 million, an increase of 14% compared to the same period last year. This is primarily due to hotel revenues and event revenues related to events held at the Hall of Fame Village offered by Johnson Controls.

  • Second-quarter net loss attributable to shareholders was $9.2 million, compared with net income of $15.5 million in the year-ago quarter. Changes in the fair value of the warrant liability were the primary reason for the difference between the two periods.

  • Adjusted EBITDA for the second quarter was a loss of $6.1 million, compared with a loss of $5.6 million in the year-ago quarter. This was primarily due to higher costs related to personnel, benefits and insurance costs. See page 3 for reconciliation of net loss to EBITDA and Adjusted EBITDA.

  • The company ended the fiscal quarter with a cash balance of $17.8 million, including restricted cash, compared to $12.8 million as of March 31, 2022. The increased cash balances were partially offset by proceeds from construction-related financing and cash from operating activities. Due to an increase in capital expenditures related to construction activities.

Second quarter business highlights

  • The Hall of Fame Village (“Hall of Fame Village”), powered by Johnson Controls, hosted several large-scale events, including the USFL playoffs and championship games, as well as a three-day Fatherhood Festival.

  • We have secured two additional sources of funding that will be used to support the construction of the Center for Performance. We have completed his $4 million loan with Midwest Lender Fund, LLC. In addition, the City of Canton, in conjunction with the Canton Regional Energy Special Improvement District, has approved legislation enabling the Company to advance $3.2 million in Property Appraisal Clean Energy (“PACE”) loans.

  • We shared details about the Play-Action Plaza, which features several attractions, including the only two rides in Stark County, Ohio.

  • pilot episode of Inspiration: Heroes of Change It premiered on Channel 100 on Gray TV’s local station in early June.

  • Announced a partnership with recreational facility The SportDome and its owners, the Kempthorn family, to transfer the operations of a local sports league to the Center for Performance.

Highlights since the end of the quarter

  • Secured additional funding, including $33.4 million in PACE financing related to Tom Benson Hall of Fame Stadium.

  • The Hall of Fantasy League (“HOFL”) has announced Season 2 and welcomed Pro Football Hall of Fame running back and Dallas Cowboys legend Emmitt Smith as Commissioner.

  • Announcing our 10-year partnership with Betr and becoming their official mobile sports betting partner. The deal also gives HOFV a limited equity and revenue share in Betr and incorporates cross-marketing, branding and consumer engagement opportunities for both companies.

  • announced the launch of football heaven, A first-of-its-kind video podcast produced in partnership with the Pro Football Hall of Fame. soccer heaven Explore some of the most compelling stories and personalities in the history of professional football.

  • Signed multi-year sponsorship deals with Molson Coors and Sugardale.

Conference call

The Company will host a conference call and webcast on Friday, August 12, 2022 at 8:30 a.m. ET to provide commentary on the business. Investors and all other interested parties can access and replay his webcast live on the company’s website,

About Hall of Fame Resort & Entertainment Company

Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company that partners with the Pro Football Hall of Fame to harness the power and popularity of professional football and its legendary players. Headquartered in Canton, Ohio, Hall of Fame Resort & Entertainment Company is the owner of Hall of Fame Village operated by Johnson Controls, a multi-purpose sports, entertainment and media destination centered around the campus of the Professional Football Hall of Fame. Additional information about our company can be found at

Forward-Looking Statements

Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. “Future”, “will”, “goal”, “enable”, “pipeline”, “transition”, “go forward”, “toward”, “build”, “come”, “look forward to” Expressions that predict or suggest future events or trends, such as “will”, or expressions that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, circumstances or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors. Many of which are beyond our control and may cause actual results or consequences. They differ materially from those described in the forward-looking statements. Important factors that may affect actual results or results include, among other things, our ability to manage growth. our ability to execute our business plans and meet their expectations, including financing to build planned facilities; potential litigation involving us; Changes in Applicable Laws or Regulations. general economic and market conditions that affect demand for our products and services, particularly economic and market conditions in the resort and entertainment industry; the impact of the ongoing global coronavirus (COVID-19) pandemic on capital markets, general economic conditions, unemployment, and our liquidity, operations, and workforce; increased inflation; inability to maintain a listing of our stock on the Nasdaq; These risks and uncertainties are discussed from time to time in our reports and other filings made to the SEC. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP financial measures

We report financial results in accordance with US Generally Accepted Accounting Principles (“GAAP”) and corresponding non-GAAP financial measures. This presentation contains references to the following non-GAAP financial measures: EBITDA and Adjusted EBITDA. These are key financial metrics used to manage the business, including decisions about resource allocation and performance evaluation. Management believes that reporting these non-GAAP financial measures is beneficial to investors. These indicators are representative of company performance and improve the comparability of results. See the table below for definitions of the non-GAAP financial measures above and a corresponding reconciliation of the GAAP financial measures that most closely resemble these non-GAAP financial measures. Non-GAAP financial measures should be considered in addition to and not as a substitute for the company’s results prepared in accordance with GAAP. In addition, the non-GAAP measures we use may differ from the non-GAAP measures used by other companies, who may not define the non-GAAP measures they use in the same way.

For the three months ended June 30,



Reconciliation of Adjusted EBITDA
Net loss attributable to HOFRE shareholders






Income tax provision

Interest expense






Amortization of bills payable discount







Changes in the fair value of warrant liabilities





Adjusted EBITDA