The Hall of Fame Resort & Entertainment Co. is moving forward with its sports betting plans and village destination development in Canton, Ohio. The resort and entertainment company hopes to have sports betting licenses approved by state commissioners before the end of the year.
The developers of the Hall of Fame Village powered by Johnson Controls also remain confident that restaurants, entertainment and gaming sites will be open for business before August, according to The Repository.
Hall of Fame Resort & Entertainment leverages the popularity of pro football in partnership with the Pro Football Hall of Fame. The Hall of Fame Village is set to be a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame’s campus.
The company expects tenants in the “Fan Engagement Zone” retail center, north of the Pro Football Hall of Fame, will open in phases this year. The majority of tenants will be open before the Pro Football Hall of Fame Enshrinement, according to officials.
Among confirmed venues at the Fan Engagement Zone retail area are a Don Shula’s restaurant, an Esports Entertainment Group’s Helix eSports Center, and a Topgolf Swing Suite, to be paired with craft brewery The Brew Kettle.
Check out what is happening on #HOFV campus!🚧 pic.twitter.com/q1tuMCAqlZ
— Hall of Fame Village powered by Johnson Controls (@HOFVillage) March 10, 2022
The business believes to be in a good position to secure the licenses it needs, president and chief executive officer Michael Crawford said this week, according to CantonRep. It already has agreements with operators Rush Street and Genesis to run the operations.
“Last year was an incredible building year for the company. We were able to grow the business, add new sponsorships, create new media content, and launch a gaming vertical, all while containing costs in an ever-changing environment,” Crawford said in a statement.
The company claims to have generated increased “investor confidence” as it sets to complete its new projects. “There is also tremendous excitement surrounding new events and bookings as fans and guests from around the world will be experiencing a very different campus at the Hall of Fame Village powered by Johnson Controls in the coming months,” Crawford added.
For the past year, the company posted revenue of $10.8 million, up 52%. This figure could see further growth in 2022, as more facilities are slated to open, including the Constellation Center for Excellence, which closed financing in December and is ready for tenants.
However, last year also found Hall of Fame Resort posting a net loss of $93.1 million, widened from a loss of $45.5 million in 2020. This comes as operating expenses and costs related to financing the various projects increased from the comparable prior period.
Pro Football Hall of Fame in Ohio
The company further announced in a call with investors that it has received lender commitments for enough money to finish the second phase of its football-themed resort. “We are now in possession of over $150 million of term sheets to finish the assets that we’re building here on campus,” Crawford said, according to Cleveland Business Journal.
Additional projects the company is looking to build include a center for performance and a play-action plaza, set to open this year, along with the Constellation Center for Excellence. Meanwhile, a hotel and indoor waterpark are expected to open by the end of 2023.
The legalization of sports betting in Ohio, which occurred in December, is expected to greatly benefit the resort going forward, with licenses for both on-site and mobile betting. The company is actively meeting with the state Casino Control Commission to review licensing requirements.
But Hall of Fame Resort & Entertainment Co. is also exploring other markets, including the NFT one. The business has signed a new media partnership in the non-fungible token space with the Pro Football Hall of Game and online auction platform I Got It.
“This deal is important as it allows us to uniquely expand our NFT offerings by allowing the parties to digitize more of the artifacts inside the Pro Football Hall of Fame, while also accelerating the speed at which they can deliver digital collectibles to professional football fans around the world,” the company’s CEO described in a press statement.
