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Hall of Fame Resort & Entertainment Company Announces Long-Term Lease Agreement with Visit Canton
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The Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) has announced a long-term lease with Visit Canton to occupy 1,450 square feet in the Fan Engagement Zone at Hall of Fame Village, set to open this summer. This partnership aims to promote tourism in Stark County, which generated $1.2 billion in direct sales and supported over 13,000 jobs in 2019. The Fan Engagement Zone, opening in August 2022, will feature restaurants, retailers, and experiential offerings, enhancing the appeal of Hall of Fame Village as a top tourist destination.
Positive
Long-term lease agreement with Visit Canton to enhance tourism efforts.
$1.2 billion in direct sales generated from Stark County tourism in 2019.
The Fan Engagement Zone is a strategic addition to Hall of Fame Village.
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None.
The Stark County Convention & Visitors' Bureau will occupy 1,450 square feet within the 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 that Visit Canton, Stark County Ohio’s Convention & Visitors' Bureau, is coming to the Fan Engagement Zone located within the Hall of Fame Village powered by Johnson Controls. Visit Canton, which signed a long-term lease agreement, will open a 1,450-square-foot space this summer.
“Tourism contributes immensely to the growth and success of businesses in Stark County, and we are thrilled that Visit Canton will be joining us at the Hall of Fame Village,” said Anne Graffice, Executive Vice President of Public Affairs for HOFV. “Both of our organizations share the common goal of driving people to visit Hall of Fame Village, so it only made sense for Visit Canton to take space at one of the top tourist destinations in our area. Having Visit Canton be part of the Fan Engagement Zone over the long term will benefit our own community and shareholders, as we will work in tandem to promote Stark County’s appeal and organize events that draw people from all over the country to generate added revenue for the many businesses in the market.”
For over 40 years, Visit Canton has been promoting travel to Stark County and facilitating operations that support the travel and tourism industry in the area. As a result of its efforts, in 2019 alone, travel and tourism in Stark County produced $1.2 billion in direct sales for local businesses, supported over 13,000 jobs and generated $322.5 million in salary and wage income. The organization is funded by a lodging tax administered through the Stark County Commissioners.
Allyson Bussey, President & CEO, Visit Canton, stated, “Visit Canton is proud to be partnering with the Hall of Fame Village in a long-term lease for a new state-of-the-art visitor center in the Fan Engagement Zone. As the county’s convention & visitors’ bureau, our mission is to attract visitors to the region and educate them on the many other extraordinary destinations throughout Stark County. The opening of the Hall of Fame Village has created a transformational opportunity for our tourism economy, and Visit Canton is committed to investing our resources and expertise to serve the hundreds of thousands of guests annually who will visit the Village and introduce them to our other amazing destinations.”
The Fan Engagement Zone at the Hall of Fame Village is a sports and entertainment-themed, 82,000-square-foot promenade located strategically within the campus footprint and offering rooftop views of Tom Benson Hall of Fame Stadium. Set to open in August 2022, it will be made up of unique restaurants, retailers and experiential offerings.
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 Visit Canton:
The Stark County Convention & Visitors’ Bureau, d.b.a. Visit Canton, is funded by a lodging tax administered through the Stark County Commissioners. The organization’s mission is to promote travel to Stark County. Visit Canton facilitates operations that support a travel and tourism industry in Stark County. For more information, visit www.visitcanton.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.
Source: Hall of Fame Resort & Entertainment Company
FAQ
What is the Hall of Fame Resort & Entertainment Company's recent announcement?
The Hall of Fame Resort & Entertainment Company announced a partnership with Visit Canton for a long-term lease in the Fan Engagement Zone at Hall of Fame Village.
How much did tourism contribute to Stark County's economy in 2019?
In 2019, tourism in Stark County generated $1.2 billion in direct sales and supported over 13,000 jobs.
When will the Fan Engagement Zone open at Hall of Fame Village?
The Fan Engagement Zone is set to open in August 2022.
What is the purpose of the Fan Engagement Zone at Hall of Fame Village?
The Fan Engagement Zone aims to attract visitors, enhance tourism, and feature various restaurants, retailers, and experiential offerings.
