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HOF Resort & Entertainment Co. could see revenue triple in '22

HOF Resort & Entertainment Co. is expecting its revenue “to grow more than threefold this year” as the pandemic eases, more of the resort’s event venues open and a more lucrative licensing agreement with the nonprofit Pro Football Hall of Fame “kicks in,” according to Mary Vanac of the CLEVELAND BUSINESS JOURNAL. That “doesn’t include” revenues from the company's emerging sports-gambling operations, which “likely won’t start until late this year" or early '23. The annual report from '21 shows that the resort and entertainment company reported revenue -- largely from “endorsement deals and hotel receipts” -- of $10.8M. While still negative and adjusted for items as interest, depreciation and amortization expenses, the company expects its net loss “to narrow by about" $55M in ’22 from its $72.2M loss in ’21. The resort is “expected to derive” revenue from concessions, a portion of ticket sales and rental of its stadium and performance center, as well as two new attractions – a Ferris wheel and ride that catapults guests through the air “like a football” (BIZJOURNALS.com, 5/11).

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