Hall of Fame Resort and Entertainment Company Announces Partnership with Esports Entertainment Group
Hall of Fame Resort and Entertainment Company (HOFV) has partnered with Esports Entertainment Group (GMBL) to establish an esports center at the Hall of Fame Village. This venue will feature gaming facilities and accommodate esports events, opening in mid-2022. The partnership aims to capitalize on the growing demand for esports globally, with projections indicating a rise in competitive gaming audiences. This move aligns with potential expansions in esports betting as Ohio considers legalizing sports betting.
- Partnership with Esports Entertainment Group positions HOFV to tap into the growing esports market.
- Establishment of a state-of-the-art esports facility expected to attract global gaming enthusiasts.
- Projected increase in competitive gaming audience, reaching 577.2 million by 2024.
- Dependence on legislative changes in Ohio for future growth in esports betting.
- Potential risks associated with opening a new venue amid ongoing market uncertainties.
Hall of Fame Resort and Entertainment Company (“HOFV”) (NASDAQ: HOFV, HOFVW), the only resort, entertainment and media company centered around the power of professional football and the owner of the Hall of Fame Village powered by Johnson Controls (the “Destination”), and Esports Entertainment Group (“EEG”) (NASDAQ: GMBL), a full-stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports, today announced a partnership that will bring esports to the Destination.
EEG will now become the official esports provider for the Village and will operate a Helix eSports entertainment center, a dynamic interactive esports complex as part of the retail and entertainment offerings at the destination, joining Topgolf Swing Suites and Don Shula’s, among others. This new location, which is slated to open in mid-2022, will serve as a practice, competition and tournament space for a variety of esports activities and events and will allow HOFV to benefit from the strong demand for esports worldwide. In addition to the location, this new partnership allows for the consideration of additional growth in several other business lines, including the potential for esports betting and fantasy sports betting as legislators continue to entertain the opportunity to legalize sports betting within Ohio over the next few months.
“With the popularity of esports and its continued upwards trajectory, we are thrilled to partner with the highly respected EEG to offer fans a new state-of-the-art facility at the Village,” said Michael Crawford, President & CEO of HOFV. “Having an EEG-powered esports complex as part of our development on campus adds another compelling opportunity for gaming enthusiasts and guests to engage in virtual environments as well as offering us the ability to draw in fans from all over the world – both in person and virtually – providing us with strategic growth opportunities within our company’s gaming vertical.”
“We are excited to work with HOFV to bring esports to the Hall of Fame Village powered by Johnson Controls,” said Grant Johnson, CEO of Esports Entertainment Group. “This partnership places our brand in front of professional football fans globally and will place a Helix eSports center right in Canton. It also aligns extremely well with our recent strategic push into Ohio, which gained momentum in recent months through our partnership with the Cleveland Cavaliers as well as last month’s testimony in front of the Ohio State Senate Select Committee on Gaming by our CFO Dan Marks and VP of Strategy Jeff Cohen as advocates for the esports industry.”
According to market researcher Newzoo, the total competitive gaming audience for esports will continue to grow at a compound annual growth rate (CAGR) of 7.7 percent to 577.2 million in 2024, while the live streaming audience total is on track to reach 920.3 million within the next three years. What’s more, Juniper Research has estimated that the global esports and games streaming business will be worth more than
The EEG Esports Complex at the Destination will feature 80 high-end PCs, both next-generation console systems (Xbox Series X and PlayStation 5) as well as other leading state-of-the-art gaming and computing equipment. It will be open for casual gameplay, allowing the Destination’s guests to enjoy spontaneous, gaming sessions in addition to future planned tournaments and events. Additionally, there will be capacity for community and educational events meant to empower the next generation of gamers with equitable access to technology and STEM education.
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 Esports Entertainment Group
Esports Entertainment Group is a full stack esports and online gambling company fueled by the growth of video-gaming and the ascendance of esports with new generations. Our mission is to help connect the world at large with the future of sports entertainment in unique and enriching ways that bring fans and gamers together. Esports Entertainment Group and its affiliates are well-poised to help fans and players to stay connected and involved with their favorite esports. From traditional sports partnerships with professional NFL/NHL/NBA/FIFA teams, community-focused tournaments in a wide range of esports, and boots-on-the-ground LAN cafes, EEG has influence over the full-spectrum of esports and gaming at all levels. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.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.
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