Hall of Fame Village Project Awarded $9.8 Million from State of Ohio

Rhea-AI Summary

Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) announced today that Hall of Fame Village has received a $9.8 million grant from the State of Ohio. This funding is part of Ohio's One Time Strategic Community Investments. The grant supports the development of the Hall of Fame Village, a project that emphasizes the significance of professional football. CEO Michael Crawford expressed gratitude for the support from Ohio's civic leaders, including Senate President Pro Tempore Kirk Schuring, Representative Scott Oeslager, and Senate President Matt Huffman. The grant reflects the state's recognition of the Village's social and economic impact on the local community and the broader region of Northeast Ohio.

Positive

• Hall of Fame Village received a $9.8 million grant from the State of Ohio.
• The funding is part of Ohio's One Time Strategic Community Investments.
• Grant supports the ongoing development of the Hall of Fame Village project.
• The grant reflects the state's belief in the project's social and economic impact.

Negative

• None.

News Market Reaction

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On the day this news was published, HOFV declined 4.00%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

CANTON, Ohio, June 28, 2024 /PRNewswire/ -- Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) (the "Company"), the only resort, entertainment and media company centered around the power of professional football, announced today that Hall of Fame Village has been awarded a $9.8 Million grant from the State of Ohio's One Time Strategic Community Investments in support of the development of the Village.

"We continue to be grateful for the tremendous leadership of Senate President Pro Tempore Kirk Schuring, Representative Scott Oeslager as well as Senate President Matt Huffman, and the many other civic leaders within the State of Ohio for their continued support of our Hall of Fame Village project," shared Hall of Fame Resort & Entertainment President and CEO Michael Crawford. "The award of this grant speaks to the state's belief in the social and economic impact we are already having in our community and throughout northeast Ohio."

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, 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 "plan," "opportunity," "future," "will," "goal," "enable," "pipeline," "transition," "move forward," "towards," "build out," "coming," "commitment," and "look forward" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on current beliefs and expectations of the Company's management on information currently available and are subject to uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause or contribute to our results differing materially from those expressed or implied by forward-looking statements include, but are not limited to, those discussed in the section titled "Risk Factors" included in our Form 10-K for the fiscal year ended December 31, 2023 as filed the Securities and Exchange Commission ("SEC") on March 25, 2024, and in our reports subsequently filed with the SEC.

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SOURCE Hall of Fame Resort & Entertainment Company

FAQ

What is the significance of the $9.8 million grant awarded to Hall of Fame Village?

The $9.8 million grant supports the development of Hall of Fame Village, emphasizing its social and economic impact on the community and Northeast Ohio.

When did Hall of Fame Village receive the $9.8 million grant from Ohio?

Hall of Fame Village received the $9.8 million grant on June 28, 2024.

Which organization awarded the $9.8 million grant to Hall of Fame Village?

The State of Ohio awarded the $9.8 million grant to Hall of Fame Village as part of its One Time Strategic Community Investments.

What is the purpose of the $9.8 million grant received by Hall of Fame Village?

The grant is intended to support the development of Hall of Fame Village, a project centered around professional football.

How does the $9.8 million grant benefit Hall of Fame Village's development?

The grant provides financial support, aiding the Village's development and enhancing its social and economic contributions to the region.