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Hall of Fame Resort & Entertainment Company Announces 10-Year Agreement with Genesis Global Ltd.
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) has entered a 10-year agreement with Genesis Global Ltd. to become its official mobile sports-betting partner. This partnership aims to leverage the growing sports-betting market in Ohio, projected to increase by 40% by 2033, reaching $39 billion. Genesis will manage the betting platform and conduct cross-marketing efforts, enhancing HOFV's brand exposure and operations. The deal also includes a sponsorship component, positioning Genesis within HOFV's sponsorship portfolio.
Positive
10-year agreement with Genesis Global Ltd. enhances HOFV's mobile sports-betting strategy.
Projected growth of the sports-betting market in Ohio supports potential revenue increase.
Cross-marketing opportunities will enhance brand engagement for both firms.
Negative
None.
Arrangement will make Genesis Global Ltd. the official mobile sports-betting partner of the Hall of Fame Resort & Entertainment Company
CANTON, Ohio--(BUSINESS WIRE)--
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 signed a 10-year agreement with Genesis Global Ltd. (“Genesis”), a leading, mobile-first global gaming operator. Per terms of the agreement, Genesis will become the official mobile sports-betting partner of the Company, operating its platform in partnership with HOFV, and handle all aspects of those operations, subject to the procurement of necessary licenses.
Michael Crawford, President and CEO of HOFV, stated, “The legalization of sports betting in Ohio has only added fuel to what has been an exciting couple of months for our business as we continue making progress on our strategic objectives. We experienced – and continue to experience – a significant wave of interest from flagship operators like Genesis who want to partner with us to capitalize on the excitement of legalized sports betting and what we are building at the Hall of Fame Village powered by Johnson Controls. With the size of the global sports-betting market expected to grow 40 percent by 2033 to $39 billion, partnerships like this ensure we have the infrastructure in place that we need to benefit greatly from this trend. We are excited to establish this relationship with Genesis, and look forward to leveraging the synergies between our brands to bring an innovative and seamless experience to our mobile sports-betting customers and sports fans.”
The new agreement also includes a sponsorship component—which includes support of the Hall of Fantasy League—adding Genesis to HOFV’s family of world-class sponsors, and a future limited equity interest in Genesis. The agreement will provide ample opportunities for cross-marketing, branding and direct engagement with consumers for both entities.
Ariel Reem, CEO of Genesis, stated,“Genesis is delighted to be working in partnership with HOFV to deliver a new online sportsbook presence in the U.S. HOFV’s expertise will be invaluable in helping Genesis provide players with the ultimate online gaming experience. This is an exciting opportunity that reflects Genesis’ approach to innovation, collaboration and commitment to growth in the U.S.”
Genesis, which earns 78 percent of its revenue from mobile, is a rapidly growing, worldwide iGaming and sports-betting operator. Its diversified, multi-brand strategy provides better market access, greater wallet share and meaningful cross-selling opportunities that enable a speedy brand-launch process. The company has a strong multi-geographic presence that is currently expanding to the U.S. market, with its forward-thinking core technology driving sustainable growth and margins. Genesis will leverage its operational expertise in its partnership with HOFV to provide a mobile sports-betting platform that provides easy and remote access to mobile iGaming.
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.
About Genesis Global Limited Genesis Global Ltd is a leading, mobile-first global gaming operator, with its headquarters based on the Mediterranean island of Malta. Founded in 2014, the company has grown into a global operator, with more than 20 different online casinos trading at the time of writing. Genesis Global Limited employs around three hundred people, most of whom are located close to Genesis Global’s two main operational centres: one sitting alongside its headquarters in Malta, the other situated in the city of Gdansk in Poland. Genesis Global Limited has hundreds of thousands of players across its existing collection of online casino brands. For more information, please visit genesis.com.mt.
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.
