The following is a summary of the Hall of Fame Resort & Entertainment Company (HOFV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Hall of Fame Resort & Entertainment reported Q1 2024 revenue of $4.2 million, an increase of 34% from the same period in the prior year, primarily driven by event and rental revenue.

• There was a significant increase in sponsorship revenue.

• Adjusted EBITDA was minus $2.9 million, a significant improvement from minus $10.9 million in the prior year, due to decreased operating expenses.

• A net loss of $14.9 million was reported.

• Interest expense increased to $6.5 million due to higher debt balances.

• The total cash and liquid investment balance was $7 million at quarter end, with a net notes payable balance of $222 million.

Business Progress:

• The company has made progress in diversifying revenue streams and moving business to non-peak periods.

• Growth activities include development of new experiences and conventions, expansion of media content across multiple channels, and expansion of gaming opportunities.

• Significant ongoing projects include a Water Park and Hilton Tapestry Hotel under Phase 2 assets.

• Restructuring plans include balanced debt and equity, with an extended debt amount of $49 million to IRG and affiliate lenders.

• For 2024, revenue expectations are revised to be in the range of $24 million to $27 million, with an expected EBITDA loss in the mid-teens millions range.

• The company is focusing on revenue growth, expense management, and strategic investment for continued growth.

More details: Hall Of Fame Resort & Entertainment IR

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