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Hall of Fame Resort & Entertainment (HOFV)
OTHER OTC:HOFV
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Hall of Fame Resort & Entertainment (HOFV) AI Stock Analysis

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HOFV

Hall of Fame Resort & Entertainment

(OTC:HOFV)

Rating:40Underperform
Price Target:
$1.00
▲(17.65%Upside)
The overall stock score of 40 reflects significant financial challenges and valuation concerns. The company's negative profitability, high leverage, and poor cash flow are major risks. Additionally, the delisting notice and transition to OTC Markets further undermine investor confidence.
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. SPDR S&P 500 ETF (SPY)

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 source of income is its themed attractions and resorts, which include hotel accommodations, event hosting, and retail operations. Additionally, the company capitalizes on media content through partnerships and the production of original programming, leveraging its connections with the Pro Football Hall of Fame and the NFL to create engaging content. HOFV also explores opportunities in the gaming industry, including sports betting and fantasy sports, which contribute to its earnings. Strategic partnerships with sports organizations, media companies, and gaming firms play a significant role in enhancing its revenue potential and expanding its offerings.

Hall of Fame Resort & Entertainment Earnings Call Summary

Earnings Call Date:May 08, 2025
(Q2-2024)
|
% Change Since: 21.43%|
Next Earnings Date:Aug 07, 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.
Q2-2024 Updates
Positive Updates
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.
Negative Updates
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 Financial Statement Overview

Summary
Hall of Fame Resort & Entertainment faces significant financial challenges, including negative profitability, high leverage, and poor cash flow performance. Persistent losses and high debt levels are major concerns impacting its financial health and flexibility.
Income Statement
45
Neutral
Hall of Fame Resort & Entertainment has faced significant challenges in maintaining profitability, with consistent negative net income and EBIT margins. The TTM period shows a decline in revenue compared to the previous year, and the net profit margin remains negative. The company's gross profit margin has improved slightly in TTM, but overall profitability metrics are weak, reflecting ongoing financial difficulties.
Balance Sheet
40
Negative
The balance sheet reveals a high debt-to-equity ratio, indicating significant leverage, which poses a risk in terms of financial stability. Stockholders' equity has decreased over time, reflecting financial strain. Despite a reasonable equity ratio, the company's high debt levels are concerning, limiting financial flexibility.
Cash Flow
38
Negative
Cash flow analysis highlights persistent negative free cash flow, which has worsened over time. The operating cash flow to net income ratio is negative, reflecting operational challenges. While financing activities provide some liquidity, the company's inability to generate positive free cash flow poses a significant risk to its financial health.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue21.21M24.13M15.98M10.77M7.10M
Gross Profit15.22M17.64M-25.95M-21.42M-19.02M
EBITDA-7.36M-31.33M-22.32M-71.87M-18.31M
Net Income-55.85M-68.68M-55.12M-101.15M-87.58M
Balance Sheet
Total Assets366.71M441.90M456.30M337.29M310.84M
Cash, Cash Equivalents and Short-Term Investments2.87M3.24M30.08M10.28M7.15M
Total Debt249.15M285.96M174.73M101.36M98.90M
Total Liabilities294.47M315.16M265.04M132.71M126.65M
Stockholders Equity73.19M127.69M192.14M205.18M184.39M
Cash Flow
Free Cash Flow-27.31M-72.59M-100.06M-91.50M-66.98M
Operating Cash Flow-10.91M-27.00M-4.89M-20.76M-18.37M
Investing Cash Flow-7.77M-27.83M-112.13M-70.73M-17.58M
Financing Cash Flow11.31M33.13M133.15M68.83M67.38M

Hall of Fame Resort & Entertainment Technical Analysis

Technical Analysis Sentiment
Negative
Last Price0.85
Price Trends
50DMA
0.86
Negative
100DMA
0.84
Positive
200DMA
1.05
Negative
Market Momentum
MACD
<0.01
Positive
RSI
48.92
Neutral
STOCH
52.26
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 0.85 is above the 20-day moving average (MA) of 0.84, below the 50-day MA of 0.86, and below the 200-day MA of 1.05, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 48.92 is Neutral, neither overbought nor oversold. The STOCH value of 52.26 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 (62)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
62
Neutral
$42.18B-1.51-12.07%2.79%2.09%-71.01%
56
Neutral
$363.54M25.25-1.00%0.82%-102.72%
54
Neutral
$14.07M-98.74%0.31%27.47%
48
Neutral
$84.74M154.70%-3.41%-18.54%
40
Neutral
$31.13M-270.84%88.72%-85.53%
40
Underperform
$5.70M-65.28%-20.80%19.16%
35
Underperform
$29.33M-81.15%2.05%-171.14%
* Communication Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HOFV
Hall of Fame Resort & Entertainment
0.85
-2.05
-70.69%
LVO
LiveOne
0.73
-0.91
-55.49%
DLPN
Dolphin Entertainment
1.28
-0.46
-26.44%
GIFT
RDE
0.96
-3.06
-76.12%
ANGH
Anghami Inc.
0.45
-0.53
-54.08%
SEAT
Vivid Seats
1.70
-3.39
-66.60%

Hall of Fame Resort & Entertainment Corporate Events

Private Placements and FinancingBusiness Operations and Strategy
Hall of Fame Resort Extends Loan Agreement
Neutral
Jul 7, 2025

On June 30, 2025, Hall of Fame Resort & Entertainment Company and Stark Community Foundation agreed to amend their business loan agreement, extending the maturity date to December 31, 2025, while maintaining the interest rate at six percent per annum. This extension provides the company with additional time to manage its financial obligations, potentially impacting its operational strategies and financial planning.

The most recent analyst rating on (HOFV) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Hall of Fame Resort & Entertainment stock, see the HOFV Stock Forecast page.

Delistings and Listing ChangesPrivate Placements and FinancingShareholder Meetings
Hall of Fame Resort Faces Nasdaq Delisting Notice
Negative
Jun 25, 2025

On June 18, 2025, Hall of Fame Resort & Entertainment Company amended its Note and Security Agreement with CH Capital Lending, increasing its borrowing capacity by $2 million for general corporate purposes. Additionally, the company received a delisting notice from Nasdaq due to its failure to hold an annual shareholder meeting by June 30, 2025, as required by Nasdaq rules. The company does not plan to appeal the delisting, and its stock is expected to move to the OTC Markets Group.

The most recent analyst rating on (HOFV) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Hall of Fame Resort & Entertainment stock, see the HOFV Stock Forecast page.

Executive/Board ChangesPrivate Placements and Financing
Hall of Fame Resort Secures Increased Lending Facility
Neutral
May 29, 2025

On May 27, 2025, Hall of Fame Resort & Entertainment Company and its subsidiaries entered into a Seventh Amendment to their Note and Security Agreement with CH Capital Lending, increasing their facility amount from $10 million to $12 million for general corporate purposes. Additionally, John Van Buiten announced his resignation as Vice President of Accounting, effective upon the closure of a merger or by August 31, 2025, with no disagreements cited with the company.

The most recent analyst rating on (HOFV) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Hall of Fame Resort & Entertainment stock, see the HOFV Stock Forecast page.

Private Placements and FinancingBusiness Operations and Strategy
Hall of Fame Resort Amends Note Agreement with CH Capital
Neutral
May 19, 2025

On May 13, 2025, Hall of Fame Resort & Entertainment Company and its subsidiaries entered into a Sixth Amendment to Note and Security Agreement with CH Capital Lending, LLC. This amendment increases the facility amount from $8 million to $10 million, extends the maturity date to September 30, 2025, and sets distinct processes for different types of advancement requests. The amendment also outlines efforts to achieve take private transaction deal milestones, impacting the company’s financial operations and strategic positioning.

The most recent analyst rating on (HOFV) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Hall of Fame Resort & Entertainment stock, see the HOFV Stock Forecast page.

M&A TransactionsBusiness Operations and Strategy
Hall of Fame Resort Enters Merger Agreement
Neutral
May 8, 2025

On May 7, 2025, Hall of Fame Resort & Entertainment Company entered into a merger agreement with HOFV Holdings, LLC, which will result in the company becoming a privately held entity. The agreement, approved by the company’s board, involves the acquisition of all outstanding shares for $0.90 per share in cash. Additionally, the company announced a lease restructuring for its waterpark, hotel, and stadium properties, aiming to restart construction projects and enhance its strategic flexibility. The transaction is subject to customary closing conditions and approvals, including financing and third-party consents.

Executive/Board ChangesBusiness Operations and Strategy
Hall of Fame Resort Announces Leadership Changes
Neutral
Apr 30, 2025

On April 24, 2025, Hall of Fame Resort & Entertainment Company announced leadership changes effective May 18, 2025, following Michael Crawford’s resignation as President, CEO, and Chairman. Karl L. Holz will assume the role of non-executive Chairman, while Lisa Gould and Eric Hess are promoted to principal executive and financial officers, respectively, indicating a strategic shift in the company’s leadership structure.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

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.Date of analysis: Jul 25, 2025