Meanwhile, its adjusted EBITDA was negative $7.4m, compared to negative $7.3m in Q3 2021. However, Hall of Fame did note it had a larger cash balance following Q3 2022, totalling $32.6m – $14.8m more than it reported in Q3 2021 – which the company attributed to ‘proceeds from construction-related financing, partially offset by increased capital expenditures related to construction activities.’
The results show a mixed bag for Hall of Fame, which can look at the surge in revenue as a highlight; however, its adjusted EBITDA remains a cause for concern.
Michael Crawford, President and CEO of Hall of Fame, said of the financial results: "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 honouring the past and inspiring the future."
Furthermore, the company says its partnership with Betr will offer a direct-to-consumer platform solely dedicated to micro-betting.
Crawford commented on the licence approval, saying: "The legalisation of sports betting in Ohio opens up a breadth of opportunity across our company's three business verticals and for our fans."