Hall of Fame Resort & Entertainment Company Announces Fourth Quarter and Full Year 2022 Results.

CANTON, Ohio: 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 its fourth quarter and full-year fiscal results for the period ended December 31, 2022.

"The past fiscal year has been significant as the Company progressively moved from building to operations mode across our three business divisions. We remained focused on improving our balance sheet while opening key components of the destination, releasing momentous projects with major media partners and gaining further traction within our gaming division. The Company's revenue mix has evolved significantly over the past three years as we have completed construction of the majority of Phase II assets and have begun realizing revenue from our media and gaming verticals. This change in revenue mix shows the synergies and the diverse revenue streams that we are creating within the Company. Our goal has always been to build each business division in meaningful ways to create long-term shareholder value," said Michael Crawford, HOFV President and CEO.

Crawford went on to say, "We're beginning to capitalize on our company strengths by developing Hall of Fame Village as a year-round destination, creating compelling content, and hosting engaging gaming events and programming. In Q4/22, we officially opened the Center for Performance, broke ground on the only football-themed indoor waterpark in the country and partnered with Donald Driver to bring Driven Elite Fitness to the Constellation Center for Excellence. Our Media division launched the Football Heaven vodcast and our Gaming division was awarded widely coveted mobile and retail sports betting licenses in Ohio. This allowed us to partner with Betr on the launch of a successful mobile sports betting platform, supporting the future profitability of our gaming division. Our position is strong for continued progress and success."

Key Financial Highlights

Fourth quarter revenue was $3.1 million, an increase of 2% compared to the same period of the prior year. For the full year, revenue was $16.0 million, an increase of 48%. Fourth quarter and full year results were driven by event revenue at the Hall of Fame Village and hotel revenue, more than offsetting the loss of revenue from a large sponsorship partner in 2022.

Fourth quarter net loss attributable to shareholders was $18.5 million, compared to net...