Hall of Fame Village, LLC

Second quarter total revenue was $4.7 million, down from $6.1 million in the second quarter last year. Adjusted EBITDA was negative $4.2 million versus negative $6.2 million a year ago, and the net loss was $15.8 million. Interest expense increased to $6.5 million. Cash and liquid investments ended the quarter at approximately $6.4 million, compared with $6.9 million at the end of the prior quarter, and net notes payable were $229 million versus $222 million at the end of the prior quarter. The company restructured $21 million of debt during the quarter. For 2024, revenue guidance was revised to $20 million to $22 million, and adjusted EBITDA loss guidance was reiterated in the mid-teen millions range.

Michael Crawford framed the quarter as evidence that the company’s multi-asset destination model is starting to work, especially when big events drive hotel, food and beverage, rides, gaming, and sponsorship revenue together. He repeatedly stressed that Hall of Fame Village is still early-stage and not yet stabilized, which creates event-to-event variability, but said the team is getting smarter about renting versus owning events and improving packaging and bundling. His tone was upbeat but measured: he emphasized progress, while acknowledging that revenue for 2024 is expected to be slightly lower than last year and that the business still has work to do on event timing, capitalization, and operational consistency.

John van Buten said the quarter’s lower revenue reflected the mix of events at Hall of Fame Village, but offsetting cost actions helped reduce the adjusted EBITDA loss year over year. He pointed to lower event-related costs, reduced compensation expense, and further expense management, while noting the quarter’s net loss of $15.8 million and higher interest expense of $6.5 million due to higher debt balances and less capitalized interest as assets come into service. On the balance sheet, he highlighted $6.4 million of cash and liquid investments at quarter-end, $229 million of net notes payable, and the $21 million debt restructuring. He also said the company remains focused on closing financing for the Gameday Bay Water Park and on-site Tapestry Hotel in a difficult credit environment.

Analysts focused on why full-year revenue guidance was cut, despite first-half results not looking dramatically worse and despite losing the USFL. Management said the business is still not stabilized, event timing remains variable, and the water park is not online yet, so it preferred to guide conservatively rather than overpromise. Questions also covered the state grant and Constellation financing; management said the state grant was approved in Q2 and received this week, while the Constellation funding backfilled cash already spent on energy-efficient equipment. On capital needs, Michael Crawford said the remaining funding requirement is still in the tens of millions and that the goal is to have funding come in by end of Q3 or Q4 at the earliest.