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Hall of Fame Resort & Entertainment Company Announces Agreement with Rush Street Interactive to Bring Sports Betting to Hall of Fame Village
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Rhea-AI Summary
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV) announced a 10-year agreement with Rush Street Interactive (NYSE: RSI) to establish a premier sports betting location at Hall of Fame Village in Canton, Ohio. The sports betting operation will enhance guest experiences in the newly opened Fan Engagement Zone. The partnership aims to leverage the legalization of sports betting in Ohio, with RSI bringing its expertise from operations in 12 states, including market leadership in populous states like Pennsylvania and New York. The agreement also includes a sponsorship component.
Positive
10-year agreement with Rush Street Interactive to establish a sports betting location.
Enhances guest experiences at Hall of Fame Village's Fan Engagement Zone.
RSI has a strong reputation and is a market leader in populous states like Pennsylvania and New York.
Negative
None.
Arrangement will result in premier sports betting retail location at the Hall of Fame Village powered by Johnson Controls’ Fan Engagement Zone
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 Rush Street Interactive, Inc. (“RSI”) (NYSE: RSI) to allow for the operation of a premier sports betting location at the Hall of Fame Village powered by Johnson Controls, subject to procurement of necessary licenses.
“With the legalization of sports betting in Ohio, we see a variety of opportunities and benefits across our Company’s multiple business lines,” said Michael Crawford, President and CEO of HOFV. “We considered many different retail sportsbook operators, but selected RSI because of its outstanding reputation, impressive sportsbook results in other markets, and the quality and experience of its team. We are thrilled to work with RSI to bring a retail sportsbook to the Hall of Fame Village’s Fan Engagement Zone and provide guests and fans a new and enhanced way to interact with their favorite sports, all conveniently from our campus.”
RSI, a leading retail, online and social gaming sportsbook operator, was founded by gaming industry veterans with decades of collective experience in developing, supplying and operating regulated online gaming sites. RSI is currently live with real-money gaming operations in 12 U.S. states, including the neighboring markets of Pennsylvania, Indiana and West Virginia. Notably, RSI was the first company to launch legal online sportsbooks in Pennsylvania, Illinois, Indiana and Colorado. Moreover, based on publicly available data, RSI is the retail market leader in the three most populous states that have legalized retail sports betting – Pennsylvania, Illinois and New York.
“We are excited to partner with the Hall of Fame Resort & Entertainment Company, a unique sports and entertainment company with exceptional reach in professional football and beyond,” said Richard Schwartz, Chief Executive Officer of RSI. “HOFV shares RSI’s drive to create fun, memorable experiences for customers as well as our passion for building a one-of-a-kind destination that will delight the millions of guests that will visit the Hall of Fame Village campus each year. We look forward to offering a best-in-class sportsbook commensurate with the prestige of the Pro Football Hall of Fame and Hall of Fame Village that sports fans across the country and world can enjoy.”
RSI joins other world-class brands including Don Shula’s, Esports Entertainment Group, and Topgolf Swing Suites at the Destination’s Fan Engagement Zone, adding depth to its roster of high-quality retail tenants. The RSI – HOFV agreement also features an exciting sponsorship component, adding RSI to the Hall of Fame Village powered by Johnson Controls’ slate of influential companies that support the Destination.
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 Rush Street Interactive
Rush Street Interactive is a trusted online gaming and sports entertainment company focused on regulated markets in the United States and Latin America. Through its brands, BetRivers.com and PlaySugarHouse.com, RSI was an early entrant in many regulated jurisdictions and is currently live with real-money mobile, online and/or retail operations in twelve U.S. states: Pennsylvania, Illinois, New Jersey, New York, Connecticut, Michigan, Indiana, Virginia, Colorado, Iowa, West Virginia and Arizona. RSI is also active internationally, having been recognized as Sportsbook Operator of the Year at the SBC Latinoamérica Awards 2021, where it offers its online casino and sportsbook in the regulated gaming market of Colombia on RushBet.co. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 in Chicago by gaming industry veterans, RSI was named the 2020 Global Gaming Awards Digital Operator of the Year and the 2021 EGR North America Awards Casino Operator of the Year, Customer Services Operator of the Year and Social Gaming Operator of the Year. RSI is committed to industry-leading responsible gaming practices and seeks to provide its customers with the resources and services they need to play responsibly. For more information, visit www.rushstreetinteractive.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.
