Ed BalintCanton Repository
CANTON − Hall of Fame Resort & Entertainment Co. CEO Michael Crawford was upbeat about the company's outlook Tuesday and said financing to finish the water park project and start on a hotel are in the final stages.
The company announced its first-quarter financial results late Monday afternoon, followed by an earnings conference call today, where Crawford went into more detail. He said the company continues to weather a challenging economic climate while learning how to operate more efficiently and grow offerings and events, and boost revenue.
First-quarter revenue was $4.2 million, up 34% compared to the same period last year, primarily due to event and rental revenue on the Hall of Fame Village campus, which surrounds the Pro Football Hall of Fame and includes restaurants, amusem*nt park rides, a sports and event dome complex, fitness facility and brewpub.
Hall of Fame Resort, which is developing the Hall of Fame Village, also reported a first-quarter net loss of $14.9 million compared to $19.6 for the same period a year ago. This was primarily driven by reduced operating expenses and partially offset by increased interest expenses, the company said.
Crawford said the financial results are a "very positive step forward."
"We are narrowing the gap towards profitability," he said.
"I have high hopes and I'm optimistic for this company," he said during the conference call. "We are an early-stage company, so there are going to be bumps."
The Village's publicly traded stock was trading at $3.10 a share as of 11:30 a.m., down 1.59% for the day.
"I'm confident (that) as we continue to build and stabilize and grow (that) stock performance will follow as well," Crawford said.
Finalizing financing to finish water park and start hotel: 'It's not an easy feat.'
Crawford didn't speak specifically about two contractors who filed liens recently against the Village development, claiming they haven't been paid hundreds of thousands of dollars for work done on the Gameday Bay water park, though one company's liens were released within days.
However, the CEO said the Village is in the final stages of securing and closing on remaining financing for the water park and Hilton Tapestry Hotel projects, including restructuring $5 million loans through the city of Canton and Stark County Port Authority.
"It's not an easy feat," Crawford said. "... It's a pretty thin needle to thread, but we're getting there and making progress on it."
Crawford thanked local government officials and community leaders for their support.
"That's always been our goal," he said. "Having an economic impact on our community is something we've always been proud of."
Water park update: Stark County Port Authority approves restructuring loan for Hall of Fame Village project
Village CEO says 44% of water park is completed
The water park originally was scheduled to open later this year. Work on the hotel also was expected to have begun by now.
Crawford said that 44% of the water park is completed, with some equipment already on-site for future installation. Both the hotel and water park are now expected to open mid next year or during the third quarter of 2025, he said.
And the Village plans to pre-sell water park passes and packages about three to six months before opening, Crawford noted.
Editorial view: Hall of Fame Village needs to succeed. But financial challenges raise concerns
Village still pursuing sports betting site
Crawford also gave an update on the Village's efforts to open a retail sports betting outlet.
Retail sites for sports wagering have turned out to be less financially attractive because the vast majority of people in Ohio place bets online with their cellphones, he said.
The Village, however, is still discussing the potential project with sports book operators, Crawford said, noting the location would boast a fantastic view of games and events at Tom Benson Hall of Fame Stadium.
"We can create a really magical experience for those guests, but it comes down to economics," he said.
Plans for a sports betting site also include a food and beverage provider, which would increase the appeal for an operator to make the investment, Crawford said.
Another obstacle is the potential expiration of the Village's state license needed to open a sports betting establishment. But Crawford said the Village has been in discussions with the Ohio Casino Control Commission in an effort to get an extension.
Village diversifies events: From Tim Tebow to Bert Kreischer
The Village also continues to attract sponsors, a plus for revenue, Crawford said.
Finding the right fit for sponsors, with an eye on a long-term partnership, is key, he said. Coca-Cola was cited as an example.
Sponsorship revenue was the highest for the first quarter at the Village since 2021, Crawford said.
"As you grow more events and grow more assets, sponsorship assets grow as well," he said.
The Village continues to diversify the number of events it attracts while becoming a year-round destination, Crawford.
"We're expecting another record year this year," he said during the earnings call. "We're seeing attendance growth already."
Examples include a recent faith-based event featuring Tim Tebow. Grammy-winner and country music star Carrie Underwood will perform at the Concert for Legends during this summer's Pro Football Hall of Fame Enshrinement Festival.
Bert Kreischer is bringing his comedy tour to Canton on June 20, an event that has been selling well, Crawford said.
And for the first time, the Village will host a carnival this weekend. Regular cruise-in events also are scheduled from 5 to 8 p.m. on Tuesdays from June 4 through Sept. 17, featuring classic cars, food and music.
An NFL flag football championship, video gaming tournaments, cornhole tournament and other events are also scheduled.
Both the flag football event (July 19-21) and cornhole events will be televised by EPSN, Crawford noted.
The Gridiron Gateway Gaming Tournament from July 6-7 will be the Village's largest gaming event ever, an example of the growth in that division, Crawford said.
Such events generate concession revenue and business for restaurants at the Village while boosting the local economy overall, including with hotel stays, he said.
"We're continuing to see this stay-and-play mentality grow," he said.
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