Hall of Fame Resort & Entertainment Company Postpones Highway 77 Music Festival

Rhea-AI Summary

Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) has postponed the Highway 77 Music Festival, originally set for September 12, 2021, due to a rise in COVID-19 cases in Ohio. The festival will be rescheduled to a later date in summer 2022, with the lineup announced in the coming months. The company prioritizes the health and safety of its visitors and will issue full refunds automatically to ticket purchasers. CEO Mike Crawford emphasized the need for caution, highlighting ongoing evaluations of future events amidst the pandemic.

Positive

• Full refunds will be automatically processed for ticket purchasers.
• The company is dedicated to visitor health and safety.

Negative

• Postponement of the Highway 77 Music Festival may affect revenue.
• Continued COVID-19 concerns could impact future events.

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 as a result of an increase in COVID-19 cases throughout Ohio, it has postponed the Highway 77 Music Festival.

The Highway 77 Music Festival, which was scheduled to take place on September 12, 2021, is being postponed out of an abundance of caution, and will be rescheduled to a to-be-determined date in summer 2022 – the slate of performers will also be revealed over the coming months.

“The safety and health of all who visit the Hall of Fame Village powered by Johnson Controls is our top priority. Even with the protocols we have in place to protect our guests, given this was slated to be a full day event, we felt it was best not to host the event at this time due to an uptick in COVID-19 cases throughout Ohio,” stated Mike Crawford, President & CEO for HOFV. “We will continue to closely monitor the infection rate and will determine on a case-by-case basis which events slated for this year at the Village take place. We look forward to hosting the Highway 77 Music Festival in summer 2022.”

Hall of Fame Village will be automatically issuing full refunds. There is no action required to receive a refund. It will be processed to the original method of payment used at the time of purchase. Please allow 30 days for processing. For questions, contact info@hofvillage.com.

About the Hall of Fame Resort & Entertainment Company

The 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.

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 obtain or 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; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210901006023/en/

Media Inquiries

Public.Relations@hofreco.com

Investor Inquiries

Investor.Relations@hofreco.com

Source: Hall of Fame Resort & Entertainment Company

FAQ

Why was the Highway 77 Music Festival postponed by HOFV?

The Highway 77 Music Festival was postponed due to an increase in COVID-19 cases in Ohio for safety reasons.

When is the new date for the Highway 77 Music Festival?

The new date for the Highway 77 Music Festival has yet to be determined and will be rescheduled for summer 2022.

How will ticket refunds be handled for the postponed Highway 77 Music Festival?

Full refunds for the Highway 77 Music Festival will be automatically processed to the original payment method within 30 days.

What are HOFV's plans regarding future events amidst COVID-19?

HOFV plans to monitor COVID-19 infection rates and evaluate future events on a case-by-case basis.