Hall of Fame Resort & Entertainment Company Announces Third Quarter 2023 Results

CANTON, Ohio, 13 November 2023 /PRNewswire/ — Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) (the “Company”), the only resort, entertainment and media company centered around the power of professional football, announced its third quarter results 2023 for period completed 30 September 2023.

“The last quarter’s performance is a good testimony of the company’s commitment to our game plan”, shared Michael Crawford, HOFV President & CEO. “Our continued ability to execute and deliver against several key strategic initiatives enabled us to deliver record revenue in Q3. We continue to drive measurable growth within each of our business verticals while responsibly implementing effective ways to reduce the cost of It’s exciting to see the synergistic business and revenue model we’ve talked about “come to life” as our campus becomes more operational and our media and gaming businesses continue to develop on meaningful ways as we continue to take steps to improve our balance sheet and achieve our long-term financial goals.”

Important financial highlights

  • The turnover in the third quarter was 8.7 million dollars, an increase of 8% compared to the same period the previous year. Third quarter results were driven by events and rental income at the Hall of Fame Village and by hotel income at the Doubletree by Hilton Downtown Canton.
  • Net loss to shareholders in the third quarter was 16.4 million dollarscompared to a net loss of 11.1 million dollars in the same period the previous year. The change was primarily driven by net interest and depreciation expenses, partially offset by lower operating expenses.
  • 3rd quarter adjusted EBITDA was a loss of 5.5 million dollarscompared to a loss of 7.8 million dollars in the same period the previous year, primarily driven by lower operating costs related to lower event costs and sponsorship expenses. See page 3 for a reconciliation of net loss to EBITDA and adjusted EBITDA.
  • The company ended its accounting quarter with a liquidity incl 7.5 million dollars in blocked cash, of 11.8 million dollarscompared with 16.9 million dollarsbelow 7.5 million dollars of blocked cash, per 30 June 2023. The lower liquidity was due to operating activities and increased capital expenditure related to construction activities.

Important business highlights

  • The company hosted many major events at the Hall of Fame Village, including the USFL Championship Game, the Women’s Football Alliance Championships, the Northeast Ohio vs. America Showcase, the kickoff to the NFL season with the Pro Football Hall of Fame Game, the Black College Hall of Fame Game and the Fantasy Football Expo.
  • The Hall of Fame Village hosted an array of major concerts and entertainment opportunities Zac Brown Band, Kidz BopInnovation in brass, and Tacos & Tequila music party.
  • Hall of Fame Village Media announced the launch of Next Man Up: Inside the NFL Alumni Academy on Amazon Prime Video. The six-part docu-series that delves into the second season of the NFL Alumni Academy follows the journey of recently cut NFL players as they strive to replace injured NFL players mid-season and get back into the league.
  • Hall of Fame Village Media, in partnership with BrinxTV, announced the launch of “John Brenkus Presents: The GOAT Code,” a groundbreaking series set to revolutionize the way we perceive the greatest professional football players of all time. The series kicked off during the Pro Football Hall of Fame’s 2023 Enshrinement Weekend with NFL great Champ Bailey.
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Conference call
The company will host a conference call and webcast Tuesday 14 November 2023starting at 8:30 ET, to provide comments to the business. Investors and all other interested parties can access the live webcast and replay on the company’s website: https://ir.hofreco.com.

About the Hall of Fame Resort & Entertainment Company
Hall of Fame Resort & Entertainment Company (NASDAQ: COURT, COURT) is a resort and entertainment company that leverages the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. With headquarters in Canton, Ohio, Hall of Fame Resort & Entertainment Company is the owner of Hall of Fame Village, a multi-use sports, entertainment and media destination centered around the campus of the Pro Football Hall of Fame. Further information about the company can be found at www.HOFREco.com

Forward-looking statements
Certain statements herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words and phrases such as “plan,” “possibility,” “future,” “will”, “goal”, “activate”, “pipeline”, “transition”, “move forward”, “courage”, “build out”, “come” and “look ahead” and other similar expressions that predict or indicate future events or trends, or which are not statements of historical conditions.These forward-looking statements are not guarantees of future results, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are without of the Company’s control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.Important factors that could affect actual results or results include, among others, the Company’s ability to manage growth; the company’s ability to execute its business plan and meet its forecasts, including obtaining financing to build planned facilities and for working capital; litigation involving the Company; changes in applicable laws or regulations; general economic and market conditions affecting demand for the Company’s products and services, and particularly economic and market conditions in the vacation and entertainment industry; the effects of the ongoing global coronavirus (COVID-19) pandemic on the capital markets, general economic conditions, unemployment and the Company’s liquidity, operations and personnel; increased inflation; failure to maintain the listing of the Company’s shares on Nasdaq; and the risks and uncertainties discussed from time to time in our reports and other public filings with the SEC. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

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Non-GAAP financial measures
The company reports its financial results in accordance with generally accepted accounting principles i The United States (“GAAP”) and similar measures such as non-GAAP financial measures. The press release contains references to the following non-GAAP financial measures: EBITDA and adjusted EBITDA. These are important financial measures used in the management of the company, including decisions regarding the allocation of resources and the assessment of results. Management believes that reporting these non-GAAP financial measures is useful to investors as these measures are representative of the Company’s performance and provide improved comparability of results. See the table below for the definitions of the non-GAAP financial measures referenced above and corresponding reconciliations of those non-GAAP financial measures to the most comparable GAAP financial measures. Non-GAAP financial measures should be viewed as additions to, and not as alternatives to, the Company’s results prepared in accordance with GAAP. In addition, the non-GAAP measures used by the Company may differ from non-GAAP measures used by other companies, and other companies may not define the non-GAAP measures used by the Company in the same way.

For the three months ended September 30,



Adjusted EBITDA reconciliation

Net loss attributable to HOFRE shareholders



(Virtue of) provision for income taxes

Interest expenses, net






Amortization of discount on promissory notes






Other income



Change in fair value of warrant liability



Change in fair value of interest rate swap



Preferred stock dividends



Loss attributable to minority interests



Adjusted EBITDA



SOURCE Hall of Fame Resort & Entertainment Company