Hall of Fame Resort & Entertainment Company (HOFV) has published its financial report for the fourth quarter and fiscal year of 2022. The company increased its revenue for both periods.
During Q4, company revenue grew by 2% to reach $3.1m. The company posted a net loss for the quarter of $18.5m when compared to a net income of $9.3m from the previous year’s period.
HOFV posted an adjusted EBITDA loss of $5.5m for the quarter.
Results for the full year reflected company growth across the board. Revenue in 2022 reached $16m, a 48% increase year-over-year.
Net loss for the year was nearly cut in half. The company reported a net loss for 2022 of $46.9m, compared to last year’s net loss of $92.8m.
The company posted an adjusted EBITDA loss of $25.3m for the year.
HOFV President and CEO Michael Crawford said: "The past fiscal year has been significant as the company progressively moved from building to operations mode across our three business divisions.
“The company's revenue mix has evolved significantly over the past three years as we have completed construction of the majority of Phase II assets and have begun realizing revenue from our media and gaming verticals. This change in revenue mix shows the synergies and the diverse revenue streams that we are creating within the company.”
Crawford went on to summarize the company’s focus and future plans.
He said in closing: “Our goal has always been to build each business division in meaningful ways to create long-term shareholder value.
“We remained focused on improving our balance sheet while opening key components of the destination, releasing momentous projects with major media partners and gaining further traction within our gaming division.”
