The following is a summary of the Hall of Fame Resort & Entertainment Company (HOFV) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Hall of Fame Resort & Entertainment Company reported a Q4 revenue of $6.1 million, marking a 101% increase from the same quarter of the previous year.

• The total annual revenue for 2023 was $24.1 million, showing a 51% increase from the prior year.

• Adjusted EBITDA for Q4 was minus $1.9 million, improving from minus $5.5 million in the same period last year.

• The company posted a net loss of $20.2 million for the quarter.

• The business ended the quarter with $12 million in cash and liquid investments.

• The company recorded a gain of $4.1 million in the quarter due to write-offs and award money from arbitration fees.

• The company's earnings of around $800,000 to $1 million mainly came from diverse sources such as hotel stays and merchandise.

Business Progress:

• Hall of Fame Resort attracted over 3.1 million visitors and increased the number of hosted events from 80 in 2022 to about 120 in 2023.

• The company signed 24 new sponsorship deals in 2023, including a sports complex partnership with Josh David Blitzer.

• Gaming expanded with two sports betting licenses obtained.

• Construction on the Gameday Water Park and the Tapestry Hotel is ongoing with a revised opening date in 2025.

• The company resolved a dispute with Johnson Controls, which eliminated a significant, long-term financial burden and opened up new partnership opportunities.

• The firm is planning large-scale events like the Winter Blitz and an NFL flag event to drive attendance and increase revenues.

• The use of innovative technology is being rolled out, with the aim to enhance guest experience and increase stay durations.

• Expected revenue for 2024 is forecasted to be in the range of $27 million to $30 million, with a mid-teens million range projected for the adjusted EBITDA loss.

• Strategic investments and disciplined cost management are emphasized for continued growth.

More details: Hall Of Fame Resort & Entertainment IR

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