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Hall of Fame Resort & Entertainment Company Announces Multi-Year, Multi-Million Dollar Agreement with CommScope
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) has signed a multi-year, multi-million dollar agreement with CommScope (NASDAQ: COMM) to enhance the technology infrastructure of Hall of Fame Village powered by Johnson Controls. This partnership will integrate CommScope's advanced technology to improve guest experiences and provide advertising benefits. The agreement also grants CommScope intellectual property rights and branding opportunities throughout the venue, aiming to create a world-class destination in Canton, Ohio.
Positive
Multi-million dollar agreement with CommScope enhances technology infrastructure.
Improved guest experiences through advanced technology integration.
CommScope gains valuable intellectual property and branding rights.
Negative
None.
Visitors to the Hall of Fame Village powered by Johnson Controls will have access to CommScope’s latest state-of-the-art technology to further enhance their experiences
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 multi-year, multi-million dollar agreement with global network infrastructure provider CommScope (NASDAQ: COMM). Per terms of the agreement, CommScope will receive certain intellectual property rights, entitlements and advertising benefits at the Hall of Fame Village powered by Johnson Controls (the “Village”), and will integrate its state-of-the-art technology to help immerse guests and provide them with a one-of-a-kind experience.
“As a world-class travel and leisure hub that welcomes an array of sports fans from around the world, Hall of Fame Village powered by Johnson Controls requires a reliable and efficient technology infrastructure,” said Erica Muhleman, Executive Vice President of New Business Development/Marketing & Sales for HOFV. “We are excited to sign a multi-year agreement with CommScope to enhance the enjoyment of the Village for all of our guests, meeting their technology demands and providing them with a truly seamless experience. Moreover, the partnership brings significant added financial value to our Company as we continue to evolve, creating a world-class destination in Canton, Ohio. This partnership is further testament to the quality of the brands that want to be associated with what we are building.”
CommScope brings the latest state-of-the-art technology that will allow all guests to enjoy and be immersed in a one-of a kind experience. The partnership allows CommScope to receive certain rights to the Village’s intellectual property and the use of its logo and will receive entitlement and branding rights to the suite level of Tom Benson Hall of Fame Stadium throughout the term of the agreement.
“Being hyper-connected is at the heart of superior fan experiences. Whether it’s thousands of live-streaming fans creating new memories together or navigating their way within a sports and entertainment venue to enjoy immersive experiences, networks put information and communications seamlessly within their reach,” said Jack Carlson, Chief Commercial Officer for CommScope. “CommScope is proud to partner with the Hall of Fame Village powered by Johnson Controls to deliver extreme connectivity, capacity and coverage spanning their expanding venue and developments. As an innovative leader in network infrastructure including Wi-Fi, IoT, DAS and Broadband networking solutions, with decades of experience building reliable, scalable, and high-performance networks, CommScope offers a full range of solutions to ensure world-class connectivity in world-class destinations like the Hall of Fame Village.”
CommScope will also gain entitlement rights to the “Chalk Talk” Media Presentation Room at the Constellation Center for Excellence, which will be constructed on the first floor of the facility. This new room will serve as a meeting space for the property’s office tenants. It will also be available to rent for private meetings. Moreover, CommScope will receive a branding presence in the HOFV App, which launched in Q3 2021.
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 CommScope CommScope (NASDAQ: COMM) is pushing the boundaries of technology to create the world’s most advanced wired and wireless networks. Our global team of employees, innovators and technologists empower customers to anticipate what’s next and invent what’s possible. Discover more at www.commscope.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 inability to recognize the anticipated benefits of the business combination; costs related to the business combination; the inability to maintain the listing of the Company’s shares on Nasdaq; 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, 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 agreement between Hall of Fame Resort & Entertainment Company and CommScope?
Hall of Fame Resort & Entertainment Company signed a multi-year, multi-million dollar agreement with CommScope to enhance technology at Hall of Fame Village.
How will the CommScope partnership benefit HOFV?
The partnership will provide enhanced guest experiences and significant financial value, along with branding and intellectual property rights for CommScope.
What are the stock symbols for Hall of Fame Resort & Entertainment Company and CommScope?
The stock symbols are HOFV and HOFVW for Hall of Fame Resort & Entertainment Company, and COMM for CommScope.
Where is Hall of Fame Village located?
Hall of Fame Village powered by Johnson Controls is located in Canton, Ohio.
What technology will CommScope provide for Hall of Fame Village?
CommScope will provide advanced networking solutions including Wi-Fi, IoT, DAS, and Broadband networking to enhance connectivity within the venue.
