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Hall of Fame Resort & Entertainment (HOFV)
NASDAQ:HOFV
RESEARCH TOOLSreports
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Hall of Fame Resort & Entertainment
(NASDAQ:HOFV)
26Underperform
Positive Factors
Campus activity
There was also progress in campus activity, with HOFV hosting 2,800 participants in the inaugural NFL Flag competition.
Equity and debt support
Stuart Lichter and affiliates have provided crucial equity and debt capital support, essential for the company's projects.
Financing discussions
HOFV has obtained private and municipal financing totaling more than $200M and is in active discussions regarding additional municipal and other funding.
Negative Factors
Construction financing risks
There are risks related to construction financing, funding, and equity dilution, which could impact the company's financial stability.
Revenue guidance reduction
Management reduced 2024 revenue guidance to $20M-$22M, -13% y/y at the midpoint, from $24M-$27M.
Stock rating downgrade
The stock rating was downgraded to Hold due to limited upside potential and uncertainty surrounding the go-private proposal.
Hall of Fame Resort & Entertainment (HOFV) vs. S&P 500 (SPY)
Market Cap
$5.58M
Dividend YieldN/A
Average Volume (3M)17.04K
Price to Earnings (P/E)―
Beta (1Y)1.25
Revenue Growth-12.12%
EPS Growth27.21%
CountryUS
Employees71
SectorCommunication Services
Sector Strength79
IndustryEntertainment
Share Statistics
EPS (TTM)-8.72
Shares Outstanding6,698,645
10 Day Avg. Volume10,304
30 Day Avg. Volume17,040
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.26
Price to Cash Flow (P/CF)-0.80
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Hall of Fame Resort & Entertainment Business Overview & Revenue Model
Company DescriptionHall of Fame Resort & Entertainment Company, a resort and entertainment company, doing business as the Pro Football Hall of Fame. It owns the premier sports, entertainment, and media enterprise surrounding the Pro Football Hall of Fame in Canton, Ohio. The company was founded in 2015 and is headquartered in Canton, Ohio. Hall of Fame Resort & Entertainment Company is a subsidiary of Industrial Realty Group, LLC.
How the Company Makes MoneyHall of Fame Resort & Entertainment Company generates revenue through multiple streams. The primary sources of income include hospitality services from hotels and resorts, ticket sales, and sponsorships for live events hosted at its facilities. Additionally, the company produces sports-related media content, which is monetized through distribution deals and advertising. Strategic partnerships with organizations like the Pro Football Hall of Fame enhance its offerings and provide additional revenue opportunities through co-branded events and merchandise sales.
Hall of Fame Resort & Entertainment Financial Statement Overview
Summary
Hall of Fame Resort & Entertainment faces significant financial challenges with persistent net losses, high leverage, and negative cash flows. The company's financial health is impacted by declining revenues and increasing debt burdens. Urgent measures are needed to improve operational efficiency, manage debt levels, and enhance cash flow generation to sustain future operations.Income Statement
The company has struggled with consistent revenue and profit growth. Revenue growth has been irregular, with a decline in 2024 compared to 2023. Negative EBIT and net margins indicate ongoing profitability challenges. The gross profit margin is positive, but high operating expenses are impacting net profitability.30
Negative
Balance Sheet
The company has a high debt-to-equity ratio, which could indicate potential financial instability and risk. Stockholders' equity has decreased significantly over the years, indicating financial stress. Despite this, the company maintains a reasonable equity ratio, suggesting moderate asset backing.35
Negative
Cash Flow
The company has negative free cash flow and operating cash flow, reflecting cash management issues. Free cash flow growth has been negative, indicating more cash is leaving than being generated. This trend could affect liquidity if not addressed.25
Negative
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 22.53M | 21.21M | 24.13M | 15.98M | 10.77M | 7.10M | Gross Profit |
| 3.03M | 15.22M | 17.64M | -25.95M | -21.42M | -19.02M | EBIT |
| -29.10M | -29.67M | -49.45M | -37.99M | -36.39M | -31.78M | EBITDA |
| -10.18M | -29.67M | -31.33M | -22.32M | -71.87M | -18.31M | Net Income Common Stockholders |
| -54.43M | -56.92M | -68.68M | -55.12M | -101.15M | -87.58M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 466.06K | 432.17K | 3.24M | 30.08M | 10.28M | 7.15M | Total Assets |
| 127.08M | 366.71M | 441.90M | 456.30M | 337.29M | 310.84M | Total Debt |
| 0.00 | 249.15M | 285.96M | 174.73M | 101.36M | 98.90M | Net Debt |
| -466.06K | 248.72M | 282.71M | 148.71M | 91.08M | 91.75M | Total Liabilities |
| 4.67M | 294.47M | 315.16M | 265.04M | 132.71M | 126.65M | Stockholders Equity |
| 5.00M | 73.19M | 127.69M | 192.14M | 205.18M | 184.39M |
| Cash Flow | Free Cash Flow | ||||
| -39.59M | -27.31M | -72.59M | -100.06M | -91.50M | -66.98M | Operating Cash Flow |
| -14.52M | -10.91M | -27.00M | -4.89M | -20.76M | -18.37M | Investing Cash Flow |
| -16.44M | -7.77M | -27.83M | -112.13M | -70.73M | -17.58M | Financing Cash Flow |
| 26.68M | 11.31M | 33.13M | 133.15M | 68.83M | 67.38M |
Hall of Fame Resort & Entertainment Technical Analysis
Negative
0.83
Price Trends
0.95
Negative
1.04
Negative
1.59
Negative
Market Momentum
-0.03
Negative
43.20
Neutral
20.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HOFV, the sentiment is Negative. The current price of 0.83 is below the 20-day moving average (MA) of 0.84, below the 50-day MA of 0.95, and below the 200-day MA of 1.59, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 43.20 is Neutral, neither overbought nor oversold. The STOCH value of 20.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HOFV.
Hall of Fame Resort & Entertainment Peers Comparison
Overall Rating
UnderperformOutperform
Sector (58)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $597.52M | 41.63 | 5.15% | ― | 8.80% | -91.33% | |
58 Neutral | $26.42B | 2.90 | -10.89% | 4.33% | 2.18% | -46.94% | |
55 Neutral | $63.43M | ― | 154.70% | ― | 11.43% | 26.78% | |
45 Neutral | $11.50M | ― | -79.76% | ― | 19.85% | 41.89% | |
36 Underperform | $53.29M | ― | -83.54% | ― | 2.05% | -171.14% | |
33 Underperform | $16.79M | ― | -80.27% | ― | 13.03% | 19.07% | |
26 Underperform | $5.58M | ― | -55.61% | ― | -12.12% | 27.21% |
* Communication Services Sector Average
Performance Comparison
HOFV
Hall of Fame Resort & Entertainment
0.83
-2.41
-74.38%
LVO
LiveOne
0.66
-1.00
-60.24%
DLPN
Dolphin Entertainment
1.03
-1.35
-56.72%
GIFT
RDE
1.80
-2.10
-53.85%
ANGH
Anghami Inc.
0.56
-0.71
-55.91%
SEAT
Vivid Seats
2.86
-2.63
-47.91%
Hall of Fame Resort & Entertainment Earnings Call Summary
Earnings Call Date: Mar 5, 2025 | % Change Since: -4.60% | Next Earnings Date: May 8, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted successful large-scale events and operational improvements, but was overshadowed by a year-over-year revenue decline and lower guidance for 2024. Despite progress in media and debt restructuring, significant challenges remain in finalizing Phase 2 developments.Highlights
Successful Large-Scale Events
The company hosted numerous successful events including the NFL FLAG football event, American Cornhole League Championship, and Concert for Legends with Carrie Underwood, generating record weeks in food, beverage, and ride revenue.
Operational Efficiency Improvements
Operational efficiencies have been improved, leading to a smaller adjusted EBITDA loss of $4.2 million compared to $6.2 million in the same period last year.
Media Segment Growth
The media segment has 50% more projects compared to the previous year, with shows like 'Hometown Heroes' and 'The GOAT Code' premiering soon.
Debt Restructuring Success
Restructured $21 million of local community loans to more favorable terms and extended $49 million of debt maturity to March 2025.
Lowlights
Revenue Decline
Second quarter total revenue was $4.7 million, a decrease from $6.1 million in the second quarter last year, due to a different mix of events.
Lower Revenue Guidance for 2024
Revenue expectations for 2024 have been revised down to $20 million to $22 million, which is lower than the previous year.
Challenges in Completing Phase 2 Developments
The Gameday Bay Waterpark and on-site hotel are delayed with a complicated capital structure yet to be finalized.
Company Guidance
During the Hall of Fame Resort & Entertainment Company's Q2 2024 earnings call, the company provided updated guidance, projecting annual revenue between $20 million and $22 million, and an adjusted EBITDA loss in the mid-teens millions range. This revision reflects challenges in stabilizing their event portfolio and delays in capitalizing on new assets like the water-park. The second quarter revenue was reported at $4.7 million, down from $6.1 million the previous year, primarily due to a different mix of events. However, the company achieved an improved adjusted EBITDA of minus $4.2 million compared to minus $6.2 million last year, attributed to decreased operating expenses and improved operational efficiencies. The company also successfully restructured $21 million in debt and secured additional financing, reflecting efforts to optimize their balance sheet and support growth amidst a challenging credit environment.Hall of Fame Resort & Entertainment Corporate Events
Executive/Board Changes
Hall of Fame Resort CEO Michael Crawford Resigns
Neutral
Mar 18, 2025
On March 12, 2025, Michael Crawford announced his resignation as President, CEO, and Chairman of Hall of Fame Resort & Entertainment Company to pursue another career opportunity. The company has initiated the search for his successor. A Retention and Consulting Agreement was established, allowing Crawford to continue in his roles until May 18, 2025, after which he will provide consulting services until August 18, 2025. This transition plan ensures continuity in leadership and operations while safeguarding the company’s confidential information and competitive positioning.
Delistings and Listing ChangesExecutive/Board ChangesRegulatory Filings and Compliance
Hall of Fame Resort Faces Nasdaq Delisting Risk
Negative
Jan 16, 2025
On January 10, 2025, Hall of Fame Resort & Entertainment Company received a deficiency letter from Nasdaq for not holding an annual stockholders meeting within 12 months following its fiscal year end on December 31, 2023, as required by Nasdaq rules. The company plans to submit a compliance plan to address this issue by February 24, 2025, and if accepted, could be granted an extension until June 30, 2025. Failure to comply may lead to delisting from Nasdaq, impacting the company’s stock trading. Additionally, effective January 16, 2025, Jerome Bettis resigned from the company’s Board due to other professional and personal obligations, with no disagreements on company matters cited.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.