Watching Hall Of Fame Resort & Entertainment; Traders Circulate Article From July 11, 2024 Saying 'Hall Of Fame Village: Still Hanging In Despite Debt; Could Go Private' - Sports Business Journal; Shares See Volume
Watching Hall Of Fame Resort & Entertainment; Traders Circulate Article From July 11, 2024 Saying 'Hall Of Fame Village: Still Hanging In Despite Debt; Could Go Private' - Sports Business Journal; Shares See Volume
In next Monday's SBJ, I write about the NFL Flag Championships set for Canton, Ohio, July 18-21. With extensive coverage on ESPN and ABC, it will be a major escalation of NFL Flag's visibility. It's also a huge win for the Hall of Fame Resort and Entertainment Co. (NASDAQ:HOFV), the publicly traded developer of the Hall of Fame Village, a project that's struggled to get off the ground in the shadow of the Pro Football Hall of Fame. This is precisely the type of big event the village needs to host on a regular basis to one day turn a profit.
It's a win, but they need more. With a combination of athletic fields, restaurants, a hotel and other retail, the company has steadily grown its top line as more features have come online. But at the end of March, there was still a massive imbalance between quarterly revenue ($4.2 million) and its debt ($221 million), according to SEC filings. It has just $6.9 million in cash.
The company has accumulated $231.5 million in losses since its founding. And as it has for years now, the HOFV has a "going concern" notice in its financials. But the HOFV has successfully renegotiated large pending debts several times to push out their maturity, giving it more time.
"We are where we need to be as an early stage company, and I know that sounds odd to say if you have a going concern [notice] as part of financial filings," said CEO Mike Crawford. "But if you really look closely -- everything that we've talked about in the past -- what you look for in companies is that they have the ability to execute the strategy, grow top line, and start to consolidate expenses and show the bottom line can be enhanced, and expenses can be reduced, and that's exactly what you see quarter over quarter in our filings."
Earlier this year, Stuart Lichter, the largest shareholder and founder of the Hall of Fame's original JV partner on this project, Industrial Realty Group, indicated he may seek to take the company private again.
Watch this space.
在下週一的SBJ,我將寫關於NFL Flag錦標賽在俄亥俄州坎頓市舉行的報道,時間爲7月18日至21日。在ESPN和ABC進行廣泛報道後,NFL Flag的知名度將大大提高。對於名人堂度假村和娛樂公司(納斯達克股票代碼:HOFV)來說,這也是一個巨大的勝利,它是名人堂村莊項目的公開交易開發商,該項目一直在美式足球名人堂的陰影下艱難地起步。這正是村莊需要定期舉辦的大型活動之一,以便有朝一日實現盈利。
這是一個勝利,但他們需要更多。隨着更多的特色項目上線,該公司結合了運動場、餐廳、酒店和其他零售業,其營業收入不斷增長。但根據SEC文件,截至三月底,季度營收(420萬美元)和其債務(2,2100萬美元)之間仍存在巨大的不平衡。現金只有690萬美元。
自成立以來,該公司已累計虧損2,3150萬美元。多年來,HOFV一直在其財務報告中有“作爲經營活動”的通知。但HOFV已成功多次重新談判大額待處理債務,以推遲其到期日,給了它更多時間。
“作爲一家早期階段的公司,我們在需要的位置上,我知道如果你的財務報告中有一個作爲經營活動的通知,這聽起來很奇怪,”首席執行官邁克·克勞福德表示。“但是如果你仔細看看-我們過去談論過的所有事情,你在公司中尋找的是他們有執行策略的能力,增長營業收入,開始整合開支並顯示底線可以增強,開支可以減少,這正是我們在報告季度後看到的。”
今年早些時候,名人堂原始合作伙伴及該項目的最大股東及創始人斯圖爾特.利希特曾表示,他可能會再次尋求將該公司私有化。
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譯文內容由第三人軟體翻譯。