CANTON, Ohio, Nov. 13, 2023 /PRNewswire/ — Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) (the “Company”), the one resort, leisure and media firm centered across the energy {of professional} soccer, introduced its third quarter 2023 outcomes for the interval ended September 30, 2023.

“The performance of the last quarter is a great testament to the Company’s commitment to our gameplan”, shared Michael Crawford, HOFV President & CEO. “Our continued ability to execute and deliver against several key strategic initiatives allowed us to deliver record revenue in Q3. We are continuing to drive measurable growth within each of our business verticals, while responsibly implementing effective ways to reduce expenses. It is exciting to see the synergistic business and revenue model that we have been talking about “come to life” as our campus becomes increasingly operational, and our media and gaming enterprises continue to develop in meaningful ways as we continue to take steps to improve our balance sheet and achieve our long-term financial targets.”

Key Financial Highlights

• Third quarter income was $8.7 million, a rise of 8% in comparison with the identical interval within the prior yr. Third quarter outcomes have been pushed by occasion and rental income on the Hall of Fame Village and by resort income on the Doubletree by Hilton Downtown Canton.
• Third quarter web loss attributable to shareholders was $16.4 million, in comparison with a web lack of $11.1 million in the identical interval within the prior yr. The change was primarily pushed by web curiosity expense and depreciation expense, partially offset by decrease working bills.
• Third quarter adjusted EBITDA was a lack of $5.5 million, in comparison with a lack of $7.8 million in the identical interval within the prior yr, primarily pushed by decrease working bills associated to decrease occasion prices and sponsorship bills. See web page 3 for a reconciliation of web loss to EBITDA and adjusted EBITDA.
• The Company completed its fiscal quarter with a money stability, together with $7.5 million in restricted money, of $11.8 million, in comparison with $16.9 million, together with $7.5 million of restricted money, as of June 30, 2023. The decrease money stability was on account of working actions and elevated capital expenditures associated to building actions.

Key Business Highlights

• The Company hosted many massive occasions at Hall of Fame Village together with the USFL championship sport, Women’s Football Alliance Championships, 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 Fantasy Football Expo.
• Hall of Fame Village hosted an providing of enormous concert events and leisure alternatives with the Zac Brown Band, Kidz Bop, Innovation in Brass, and the Tacos & Tequila Music Fest.
• Hall of Fame Village Media introduced the launch of Next Man Up: Inside the NFL Alumni Academy on Amazon Prime Video. The six-part docuseries that delves into the second season of the NFL Alumni Academy and follows the journey of not too long ago reduce NFL gamers as they try to exchange injured NFL gamers mid-season and get again into the league.
• Hall of Fame Village Media, in partnership with BrinxTV, introduced the launch of “John Brenkus Presents: The GOAT Code,” a groundbreaking collection set to revolutionize the way in which we understand the best professional soccer gamers of all time. The collection kicked off in the course of the Pro Football Hall of Fame’s 2023 Enshrinement Weekend with NFL nice Champ Bailey.

Conference Call
The Company will host a convention name and webcast Tuesday, November 14, 2023, starting at 8:30 a.m. ET, to supply commentary on the enterprise. Investors and all different events can entry the reside webcast and replay on the Company’s web site: https://ir.hofreco.com.

About Hall of Fame Resort & Entertainment Company
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and leisure firm leveraging the ability and recognition {of professional} soccer and its legendary gamers in partnership with the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Hall of Fame Resort & Entertainment Company is the proprietor of the Hall of Fame Village a multi-use sports activities, leisure and media vacation spot centered across the Pro Football Hall of Fame’s campus. Additional data on the Company might be discovered at www.HOFREco.com

Forward-Looking Statements
Certain statements made herein are “forward-looking statements” inside the which means of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements could also be recognized by way of phrases and phrases reminiscent of “plan,” “opportunity,” “future,” “will,” “goal,” “enable,” “pipeline,” “transition,” “move forward,” “towards,” “build out,” “coming” and “look forward” and different comparable expressions that predict or point out future occasions or traits or that aren’t statements of historic issues. These forward-looking statements should not ensures of future efficiency, circumstances, or outcomes, and contain quite a few identified and unknown dangers, uncertainties, assumptions, and different essential elements, lots of that are exterior the Company’s management, which may trigger precise outcomes or outcomes to vary materially from these mentioned within the forward-looking statements. Important elements which will have an effect on precise outcomes or outcomes embody, amongst others, the Company’s capacity to handle development; the Company’s capacity to execute its marketing strategy and meet its projections, together with acquiring financing to assemble deliberate services and for working capital; litigation involving the Company; modifications in relevant legal guidelines or rules; common financial and market circumstances impacting demand for the Company’s services, and particularly financial and market circumstances within the resort and leisure trade; the consequences of the continuing international coronavirus (COVID-19) pandemic on capital markets, common financial circumstances, unemployment and the Company’s liquidity, operations and personnel; elevated inflation; the shortcoming to take care of the itemizing of the Company’s shares on Nasdaq; and people dangers and uncertainties mentioned every so often in our experiences and different public filings with the SEC. The Company doesn’t undertake any obligation to replace or revise any forward-looking statements, whether or not on account of new data, future occasions or in any other case, besides as required by regulation.

Non-GAAP Financial Measures
The Company experiences its monetary leads to accordance with accounting ideas typically accepted in the United States (“GAAP”) and corresponding metrics as non-GAAP monetary measures. The press launch contains references to the next non-GAAP monetary measures: EBITDA and adjusted EBITDA. These are essential monetary measures used within the administration of the enterprise, together with selections in regards to the allocation of sources and evaluation of efficiency. Management believes that reporting these non-GAAP monetary measures is beneficial to traders as these measures are consultant of the corporate’s efficiency and supply improved comparability of outcomes. See the desk beneath for the definitions of the non-GAAP monetary measures referred to above and corresponding reconciliations of those non-GAAP monetary measures to essentially the most comparable GAAP monetary measures. Non-GAAP monetary measures must be seen as additions to, and never as alternate options for the Company’s outcomes ready in accordance with GAAP. In addition, the non-GAAP measures the Company makes use of could differ from non-GAAP measures utilized by different corporations, and different corporations could not outline the non-GAAP measures the corporate makes use of in the identical method.

SOURCE Hall of Fame Resort & Entertainment Company