Hall of Fame Village development, sports betting plans progress

CANTON – Hall of Fame Resort & Entertainment Co. hopes to have sports betting licenses approved by state authorities before the end of the year.

Developers at Hall of Fame Village powered by Johnson Controls also remain confident that restaurants, entertainment and gaming venues will be open for business before August.

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Hall of Fame Resort is building the village and expects tenants of the Fan Engagement Zone mall, which is north of the Pro Football Hall of Fame, to open in phases this year. The majority of tenants will be open prior to the enshrinement of the Pro Football Hall of Fame.

The past year has been marked by continued investment, said Michael Crawford, President and CEO.

Hall of Fame Village revenue growth expected in 2022

Crawford expects to see revenue increase in 2022 as more facilities open. This includes the Constellation Center for Excellence, which is ready for tenants, and the Performance Center, a dome structure which is under construction and expected to open for events later this year.

Crawford discussed the year ahead for Hall of Fame Village during a presentation Tuesday morning for stock analysts. The company also reviewed financial results for 2021.

Hall of Fame Resort posted a net loss of more than $93.1 million for the year ended Dec. 31, compared to a loss of $45.5 million in 2020.

Operating expenses increased to $47.2 million in 2021 from $39.8 million the prior year. Meanwhile, project financing costs were $56.4 million, compared to $13 million in 2020.

The company saw revenue increase to $10.7 million from $7.1 million in 2020. The 2021 revenue increase was driven by operations at the DoubleTree by Hilton in Guangzhou generating $3.76 million. dollars and events at the Village bringing in $681,408.

Record year

Crawford said Hall of Fame Village set records in 2021 by hosting more events and attracting more guests. These numbers topped 2019 attendance figures and are expected to improve this year with additional events scheduled.

Ohio’s decision to legalize sports betting should benefit the Hall of Fame Resort. The company plans to receive licenses for on-site and virtual sports betting. Crawford said company officials met with the Ohio Casino Control Board on Monday to review licensing requirements.

The company believes it is in a good position to secure the licenses it needs, Crawford said. It already has agreements with two sports betting operators – Rush Street and Genesis – to handle operations.

Hall of Fame Resort also expects revenue gains from its media business segments. Crawford cited various sports-related documentary projects in development and noted that several had ties to digital collectibles such as non-fungible tokens or NFTs.

Crawford said the potential revenue from sports betting and NFT did not exist when the Hall of Fame Resort & Entertainment was planned. “It’s a found opportunity,” he said of potential revenue streams.

Construction equipment is on site at the Hall of Fame Village powered by Johnson Controls.  the "Fan engagement area" The retail area should be ready by August, company officials said.

“Phase 2” continues

The ongoing construction projects are considered the second phase of the Hall of Fame Village development, which will surround the Pro Football Hall of Fame.

So far, the Hall of Fame Resort has announced that the Fan Engagement Zone retail area will house a Don Shula Restaurant, a Helix Esports Center, which will be operated by Esports Entertainment Group, and a Topgolf Swing Suite which will be associated with The Brew Kettle craft brewery. .

Crawford said the performance center, which is being built west of the Constellation Center for Excellence, is already booking events for later this year. The company’s decision to change its plans and build a dome facility helped keep costs in line, he said.

It also helped development stay on schedule despite supply chain issues, Crawford said. The company had planned a traditional brick and steel structure. Instead of waiting for steel deliveries, the company was able to order materials for the hotel and water park that are part of the project.

Construction of the 180-room hotel and water park is expected to begin later this year and be completed by the end of 2023.

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