Published
Land-BasedFinancialSports BettingIndustry

Hall of Fame Resort & Entertainment Company posts $9.1m net loss for Q2

Hall of Fame Resort & Entertainment Company has recorded a second quarter net loss of $9.1m.

Hall of fame ohio

Despite reporting a revenue increase of 14%, up from $2.4m to $2.7m, rising expenses and a significantly lower sum gained through a “change in fair value of warrant liability” pushed Hall of Fame into the red on a year-over-year basis.

The company saw a net income of $15.5m turn into a net loss of more than $9m. However, Q2 of last year does not necessarily offer a favourable comparison.

The majority of the prior-year period’s profit was generated from a $26.3m sum gained through the aforementioned change. When Hall of Fame’s half-year results are compared, a much more favourable picture is painted.

While the company has still recorded a net loss of $17m for H1, this represents a considerable improvement on last year’s $110.6m net loss.

In addition, Hall of Fame’s adjusted EBITDA loss for Q2 widened, increasing to $6.1m from $5.6m. The company attributed this to increased expenses, specifically those related to payroll, benefits and insurance costs.

Michael Crawford, Hall of Fame’s President and CEO, expressed an optimistic outlook, calling Q2 an “inflection point.”

“This quarter represented an inflection point in the company’s evolution as we operationalise and build upon the physical and virtual foundation that has been set over the past couple of years,” he said. “We’ve made key plays across all business verticals, and we continue to move the ball down the field.”

Following the conclusion of Q2, Hall of Fame has made several moves, perhaps most notably an early investment in Betr, a new platform fronted by social media personality Jake Paul.

Premium+ Connections
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Chicken Ranch Casino
The Responsible Gambling Affiliate Association (RGAA)
Catena Media
Gambling Commission
Follow Us
The most prestigious Awards in the industry are heading to the Philippines! The Global Gaming Awards Asia-Pacific will recognise and reward (as the name suggests) the strongest performers from the Asia-Pacific gaming industry across the previous 12 months.
This year's winners will be announced at a luncheon ceremony on Day 2 of SiGMA Asia, 4th June, in Manila.
The eleventh annual Global Gaming Awards Americas will recognize and reward the gaming industry's strongest performers across the previous 12 months. These are the most prestigious and trusted Awards in the industry and have gained respect amongst industry heavyweights, due to the strict rules and procedures put in place.

Facing Facts: Operator Q3s from across the globe

Gambling Insider compares Q3 2023 results from major gamblin...

Taking Stock: Operators and suppliers across the world

Sticking with our theme of gambling across the globe, Gambli...

CEO Special: Jade Entertainment and Gaming CEO Joe Pisano - down to earth

Jade Entertainment and Gaming CEO Joe Pisano speaks to Gambl...

CEO Special: Betfred CEO Joanne Whittaker - saying it as it is

Betfred CEO Joanne Whittaker joins Gambling Insider Editor T...