Hall of Fame Resort & Entertainment Company Announces Fourth Quarter and Full Year 2023 Results

CANTON, Ohio, March 20, 2024 /PRNewswire/ — Corridor of Fame Resort & Leisure Firm (NASDAQ: HOFV, HOFVW) (the “Firm”), the one resort, leisure and media firm centered across the energy {of professional} soccer, introduced its fourth quarter and full-year fiscal 2023 outcomes for the interval ended December 31, 2023.

“The efficiency of the fourth quarter highlights the numerous progress that we now have revamped the course of the final 12 months,” acknowledged Michael Crawford, HOFV President & CEO. “We remained centered on operational execution inside all our enterprise verticals, which led to report fourth quarter income.  As an early-stage Firm, it’s mission essential that we proceed to make the mandatory strategic investments to boost enterprise development, enhance operational effectivity, and elevate our Media and Gaming product and types throughout the sports activities and leisure business. As well as, our synergistic enterprise mannequin helps create built-in visitor experiences and development all through our group.  As we enter 2024, I’m very excited with the plan we now have to develop our operational capabilities by including a roster of numerous occasions, strategic partnerships, and new experiences that may deliver thousands and thousands of company to our campus.  Lastly, we’re dedicated to telling nice tales with a number of new Corridor of Fame Village Media initiatives being shopped for manufacturing and distribution.” Crawford went on to share, “Our priorities stay creating one-of-a-kind content material and experiences for our company to take pleasure in, finishing the Section II improvement of Corridor of Fame Village, and proceed our work on a stability sheet construction that creates shareholder worth and helps the corporate’s long-term success.”   

Key Monetary Highlights

• Fourth quarter income was $6.1 million, a rise of 101% in comparison with the identical interval within the prior 12 months, primarily pushed by continued operationalization of Corridor of Fame Village by occasion and rental income. For the total 12 months, income was $24.1 million, a rise of 51% in comparison with the prior 12 months. Full 12 months outcomes have been pushed by occasion and rental income at Corridor of Fame Village and lodge income on the Doubletree by Hilton Downtown Canton.
• Fourth quarter internet loss attributable to shareholders was $20.2 million, in comparison with a internet lack of $18.5 million in the identical interval within the prior 12 months. The change was primarily pushed by impairment expense associated to the settlement of the ForeverLawn Sports activities Complicated sale and was partially offset by a rise in different earnings ensuing from an award by an arbitration panel and a rise in whole income. For the total 12 months, internet loss was $69.7 million in comparison with a internet lack of $46.9 million, primarily pushed by elevated internet curiosity expense and working bills.
• Fourth quarter adjusted EBITDA was a lack of $1.9 million, in comparison with a lack of $5.5 million in the identical interval within the prior 12 months. For the total 12 months, adjusted EBITDA was a lack of $25.5 million in comparison with a lack of $26.0 million within the prior 12 months as elevated working expense was principally offset by income. See web page 6 for a reconciliation of internet loss to EBITDA and adjusted EBITDA.
• The Firm completed its fiscal quarter with a money stability of $11.8 million, together with $8.6 million in restricted money, in comparison with $11.8 million, together with $7.5 million in restricted money, as of September 30, 2023.

Key Enterprise Highlights

• Corridor of Fame Village hosted many massive occasions at Corridor of Fame Village together with Emmy and Grammy nominated comic, Invoice Burr, all seven divisions of the OHSAA Soccer Championships, and Winter Blitz. Along with these massive occasions, further income was generated from campus programming and tenant and occasion leases related to our synergistic income mannequin.
• The Firm introduced the strategic partnership with Josh Harris and David Blitzer to raise and develop youth sports activities programming on the Corridor of Fame Village. The partnership will amplify youth sports activities programming and create world-class experiences for members on the ForeverLawn Sports activities Complicated and can lengthen to youth sports activities programming on the Corridor of Fame Village’s Heart for Efficiency.
• The Firm partnered with a number of new outstanding firms together with Coca-Cola Consolidated, the Ohio Lottery!, and Enviroscapes.
• The Firm accomplished a $2.8 million public providing of widespread inventory and warrants to extend institutional possession and enhance inventory buying and selling volumes.

Convention Name
The Firm will host a convention name and webcast Thursday, March 21, 2023, starting at 8:30 a.m. ET, to supply commentary on the enterprise. Traders and all different events can entry the stay webcast and replay on the Firm’s web site: https://ir.hofreco.com.

About Corridor of Fame Resort & Leisure Firm
Corridor of Fame Resort & Leisure Firm (NASDAQ: HOFV, HOFVW) is a resort and leisure firm leveraging the facility and recognition {of professional} soccer and its legendary gamers in partnership with the Professional Soccer Corridor of Fame. Headquartered in Canton, Ohio, the Corridor of Fame Resort & Leisure Firm is the proprietor of the Corridor of Fame Village a multi-use sports activities, leisure and media vacation spot centered across the Professional Soccer Corridor of Fame’s campus. Further info on the Firm will be discovered at www.HOFREco.com

Ahead-Wanting Statements
Sure statements made herein are “forward-looking statements” throughout the that means of the “secure harbor” provisions of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by means of phrases and phrases similar to “plan,” “alternative,” “future,” “will,” “objective,” “allow,” “pipeline,” “transition,” “transfer ahead,” “in direction of,” “construct out,” “coming” and “look ahead” and different comparable expressions that predict or point out future occasions or tendencies or that aren’t statements of historic issues. These forward-looking statements are usually not ensures of future efficiency, situations, or outcomes, and contain quite a few recognized and unknown dangers, uncertainties, assumptions, and different vital elements, a lot of that are outdoors the Firm’s management, which might trigger precise outcomes or outcomes to vary materially from these mentioned within the forward-looking statements. Necessary elements that will have an effect on precise outcomes or outcomes embrace, amongst others, the Firm’s capacity to handle development; the Firm’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 Firm; modifications in relevant legal guidelines or rules; basic financial and market situations impacting demand for the Firm’s services, and particularly financial and market situations within the resort and leisure business; elevated inflation; the lack to take care of the itemizing of the Firm’s shares on Nasdaq; and people dangers and uncertainties mentioned every so often in our experiences and different public filings with the SEC. The Firm doesn’t undertake any obligation to replace or revise any forward-looking statements, whether or not because of new info, future occasions or in any other case, besides as required by legislation.

Non-GAAP Monetary Measures

The Firm experiences its monetary ends in accordance with accounting rules typically accepted in america (“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 vital monetary measures used within the administration of the enterprise, together with selections in regards to the allocation of sources and evaluation of efficiency. Administration believes that reporting these non-GAAP monetary measures is helpful to buyers as these measures are consultant of the corporate’s efficiency and supply improved comparability of outcomes. See the desk under 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 ought to be considered as additions to, and never as alternate options for the Firm’s outcomes ready in accordance with GAAP. As well as, the non-GAAP measures the Firm makes use of could differ from non-GAAP measures utilized by different firms, and different firms could not outline the non-GAAP measures the corporate makes use of in the identical means.

SOURCE Corridor of Fame Resort & Leisure Firm