Hall of Fame Resort & Entertainment Company has published its financial report for the third quarter of 2022.
Revenue in the third quarter reached $8.7m, reflecting a 149% boost when compared to last year’s corresponding period. The company posted a net loss attributed to shareholders in Q3 that totaled $11.1m.
Adjusted EBITDA decreased during the third quarter when compared to the same period last year. The report reflected a loss of $7.4m net loss in Q3 2022. Adjusted EBITDA during 2021’s third quarter was $7.3m.
Hall of Fame Resort & Entertainment President and CEO Michael Crawford praised the company’s team for its hard work and said the quarter’s results reflect staff dedication.
He said: "This quarter's results reflect the continued execution of the team. Big plays are being made across all business verticals, setting us up for significant wins in the future.
"The company has completed numerous financing transactions this year, many with the support of key shareholders and the local community, all of which have supported the continuation of construction and building of our one-of-a-kind destination dedicated to Honoring the Past and Inspiring the Future.”
Crawford also spoke about the company’s future plans, including an upcoming launch early next year.
He said in closing: “We are thrilled to be approved for both a retail and a mobile license and look forward to a January 1, 2023, launch with our mobile betting partner betr.
“Overall, we are showing more and more the value proposition that is HOFV and the opportunities that all of our businesses bring to the table."
