Hall of Fame Resort & Entertainment Company Shares Important Business Updates
28 Aprile 2022 - 2:00PM
Business Wire
Company closes $4 million loan with Midwest
Lender Fund, LLC and obtains necessary approvals to move forward
with $3.2 million in Property Assessed Clean Energy (PACE)
financing
Hall of Fame Resort & Entertainment Company (“HOFV” or the
“Company”) (NASDAQ: HOFV, HOFVW), the only resort, entertainment
and media company centered around the power of professional
football, today announced it has secured two additional sources of
funding that will be used to continue building out the Hall of Fame
Village powered by Johnson Controls.
The Company recently closed a $4 million loan with Midwest
Lender Fund, LLC, an entity owned by HOFV director and shareholder,
Stuart Lichter, for use in the construction of the Center for
Performance, a 100,000-square-foot dome featuring exhibition halls
and athletic performance space. Furthermore, the City of Canton, in
coordination with the Canton Regional Energy Special Improvement
District, approved legislation that will enable the Company to move
forward with $3.2 million in Property Assessed Clean Energy (PACE)
financing in conjunction with the implementation of various
energy-efficient improvements at the Center for Performance.
“Our ability to secure additional financing is a testament to
the strength of our business and the significant potential that is
embedded in the Hall of Fame Village powered by Johnson Controls,
especially as we get set to open the Center for Performance, Fan
Engagement Zone, Play Action Plaza and other phase two attractions
this summer,” said Michael Crawford, President and CEO of HOFV.
“These new sources of financing will help us create even more
one-of-a-kind experiences for guests that drive added revenue for
our Company while also moving forward with our plans to further
develop new assets, content and partnerships across all three of
our business verticals – media, gaming and destination.”
The Center for Performance is scheduled to open in July 2022 and
will serve as the home for the NFL Alumni Academy and various
Ohio-based sports leagues. It will also have world-class office
space, training facilities, turf practice fields and two basketball
courts that can also be used for volleyball. The Company is
currently seeking a sponsor for naming rights to the Center for
Performance. Companies interested in sponsoring the building can
contact Anne Graffice, Executive Vice President, Public Affairs for
HOFV.
About Hall of Fame Resort & Entertainment Company
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV,
HOFVW) is a resort and entertainment company leveraging the power
and popularity of professional football and its legendary players
in partnership with the Pro Football Hall of Fame. Headquartered in
Canton, Ohio, the Hall of Fame Resort & Entertainment Company
is the owner of the Hall of Fame Village powered by Johnson
Controls, a multi-use sports, entertainment and media destination
centered around the Pro Football Hall of Fame's campus. Additional
information on the Company can be found at www.HOFREco.com.
About the Hall of Fame Village powered by Johnson
Controls
Hall of Fame Village powered by Johnson Controls is a multi-use
sports, entertainment and media destination centered around the Pro
Football Hall of Fame's campus in Canton, Ohio. Owned by the Hall
of Fame Resort and Entertainment Company (NASDAQ: HOFV, HOFVW), the
Village currently has over $250 million worth of assets under
management and is one of the largest ongoing construction projects
in Ohio. Phase I of the project entailed the construction of the
Tom Benson Hall of Fame Stadium, a world-class 20,000 seat, sports
and entertainment stadium, and the National Youth Football and
Sports Complex. Phase II, currently under construction, will add
the Constellation Center for Excellence, the Center for
Performance, a Fan Engagement Zone, a Hall of Fame indoor waterpark
and a Hilton Tapestry Hotel. Phase III is currently in planning
stages. For more information, visit www.HOFVillage.com.
Forward-Looking Statements
Certain statements made herein are “forward-looking statements”
within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words and phrases such
as “opportunity,” “future,” “will,” “goal,” and “look forward” and
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company’s control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Important
factors, among others, that may affect actual results or outcomes
include the Company’s ability to manage growth; the Company’s
ability to execute its business plan and meet its projections,
including refinancing its existing term loan and obtaining
financing to construct planned facilities; potential litigation
involving the Company; changes in applicable laws or regulations;
general economic and market conditions impacting demand for the
Company’s products and services, and in particular economic and
market conditions in the resort and entertainment industry; the
potential adverse effects of the ongoing global coronavirus
(COVID-19) pandemic on capital markets, general economic
conditions, unemployment and the Company’s liquidity, operations
and personnel, the inability to maintain the listing of the
Company’s shares on Nasdaq, as well as those risks and
uncertainties discussed from time to time in our reports and other
public filings with the SEC. The Company does not undertake any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220428005406/en/
Media/Investor Contacts: For Hall of Fame Resort &
Entertainment Company Media Inquiries: public.relations@hofreco.com
Investor Inquiries: investor.relations@hofreco.com
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