Q4 2021 Hall of Fame Resort & Entertainment Co Earnings Call

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Good morning, and welcome to the Hall of Fame Resort and Entertainment Company's fourth quarter 2021 earnings Conference call.

Good morning and welcome to the Hall of Fame Resort and Entertainment Company's fourth quarter 2021 earnings conference call. This conference call is being recorded and all participants are in a listen-only mode.

This conference call is being recorded and all participants are in a listen only mode.

We will open the conference up for questions and answers following the prepared remarks.

We will open the conference up for questions and answers following their prepared remarks, I will now turn the conference over to Anne graphics Executive Vice President of public Affairs.

I will now turn the conference over to Anne Grafis, Executive Vice President, Public Affairs.

Anne Grafis: Thank you, Kyle, and good morning. Thank you all for joining us for our fourth quarter 2021 Earnings Conference.

Thank you Kyle and good morning. Thank you all for joining us for our fourth quarter 2021 earnings Conference call. Our latest press release supplemental slides and Form 10-K were posted yesterday evening. After market hours. These documents can be found in the Investor Relations section of our website at H O F. R E C O dot.

Anne Grafis: Our latest press release, supplemental slides, and Form 10-K were posted yesterday evening after market hour.

Anne Grafis: These documents can be found in the investor relations section of our website at HOFRECO.com.

Anne Grafis: After this brief introduction, Michael Crawford, our president and CEO , will give an overview of the quarter's results and an update of our fiscal year priorities.

After.

After this brief introduction, Michael Crawford, our president and CEO will give an overview of the quarter's results and an update of our fiscal year priorities, John Van <unk>, Vice President and corporate controller will then provide analysis of the quarter's financial results as well as an update of our fiscal 2022 financial outlook.

Anne Grafis: John Van Buten, Vice President and Corporate Controller, will then provide analysis of the quarter's financial results as well as an update of our fiscal 2022 financial.

During today's call we will make forward looking statements that reflect the company's current expectations about future plans and performance. These statements rely on assumptions and estimates and actual results may differ materially due to risks and uncertainties.

Anne Grafis: During today's call, we will make forward-looking statements that reflect the company's current expectations about future plans and performance.

Anne Grafis: These statements rely on assumptions and estimates, and actual results may differ materially due to risk and uncertainty.

Anne Grafis: I encourage you to read the full disclosure concerning forward-looking statements in the earnings press.

I encourage you to read the full disclosure concerning forward looking statements in the earnings press release.

Anne Grafis: Additionally, please note that the company uses non-GAAP results to evaluate performance internally, as detailed in...

Additionally, please note the company uses non-GAAP results to evaluate performance internally as detailed in the press release, we have posted a supplementary slide deck summarizing the quarterly results. These slides can be accessed on our website and will be archived there along with a replay of this call.

Anne Grafis: We have posted a supplementary slide deck summarizing the quarterly results. These slides can be accessed on our website and will be archived there along with a replay of this webinar.

Anne Grafis: If you have any additional questions after today's call, please do not hesitate to reach out to me. It's now my pleasure to turn the call over to President and CEO , Michael Crowley.

Any additional questions. After today's call. Please do not hesitate to reach out to me. It's now my pleasure to turn the call over to President and CEO Michael Crawford.

Good morning, and thank you ran well we've got a lot to talk about this morning.

Michael Crowley: Good morning and thank you, Anne. Well, we've got a lot to talk about this morning. 21 was an incredible year on many fronts.

'twenty one was an incredible year on many fronts.

Michael Crowley: I thought maybe I'd just start off by talking about how the professional football season went for the NFL.

Maybe I'll just start off by talking about how the professional football season went for the NFL.

Michael Crowley: you know, in December , we were concluding the regular season. You could you could feel the momentum build. You weren't quite sure who was going to be in the playoffs in the championship. COVID was still there. Injuries were abounding, and yet people were turning it tuning in every single weekend to the games because it is clearly the most popular sport in America.

In December we were concluding the regular season, you could you could feel the momentum do you weren't quite sure who is going to be in the playoffs and the championship.

Covid was still their injuries were a bounding and yet people are turning at tuning in every single weekend to the games because it is clearly the most popular sport in America.

Michael Crowley: As we entered into the playoffs and the Super Bowl, could you have asked for any better games than what you saw? Almost every single game being decided by a last-second field goal, a last-second play, and then it was no different in the Super Bowl. And it was really quite incredible to know that 112 million people worldwide watched the Super Bowl. Now to put that in perspective, on average you had 10 million viewers per game last year for the NBA Finals.

As we entered into the playoffs and the Super Bowl could you ask for any better games than what you saw almost every single game being decided by a last second field goal. The last second play and then it was no different in the Super Bowl and it was really quite incredible to know that 112 million people worldwide watched the super.

Now to put that in perspective on average you had 10 million viewers per game last year for the NDA funds.

Michael Crowley: And you had about 12 million viewers per game for the World Series. Both incredible sports, both with great athletes playing in each of those series. But clearly professional football and what we're doing in terms of our company, building off of the popularity of the game is stronger than it ever has been before.

And you had about 12 million viewers per game for the World series, both incredible sports both with great athletes are playing in each of those series, but clearly professional football and what we're doing.

In terms of our company building off of the popularity of the game is stronger than it ever has been before.

On a macro level. It was also great for us to see things like airline travel rebounding back to the 2019 levels now 2021 was an up and down here, we had cobra to start the year, we took a break in the summer and then we had AUM of crime come back but as of February of this year 2022, you see increased levels.

Michael Crowley: On a macro level, it was also great for us to see things like airline travel rebounding back to the 2019 levels. Now, 2021 was an up and down year. We had COVID start the year, we took a break in the summer, and then we had Omicron come back. But as of February of this year, 2022, you see increased levels of air travel, hotel stays, and it's very encouraging for us to see as a company that's building and has already built leisure tourism assets. A couple of other things interesting for us.

Air travel hotel stays and it's very encouraging for us to see is a company that's building and has already built leisure tourism assets.

Couple of other things interesting for us sports betting.

The superbowl reached record highs in terms of sports betting and now with the legalization of sports betting in the legislation that was passed last year in Ohio, We're very optimistic about our opportunities to bring our presence both here in campus and a virtual experience that our guests and fans will enjoy and I'll talk about those in just a.

Michael Crowley: The Super Bowl reached record highs in terms of sports betting and now with the legalization of sports betting the legislation that was passed last year in Ohio. We're very optimistic about our opportunities to bring a presence, both here in campus and a virtual experience that our guests and fans will enjoy. And I'll talk about those in just a couple of moments.

A couple of moments.

One of the things, though that is really clear to us in all the difficulties that we faced him as a human race over this past year as it never bet against the consumer and no pun intended.

Michael Crowley: One of the things though that is really clear to us in all the difficulties that we faced as a human race over this past year is that never bet against the consumer and no pun intended.

Michael Crowley: Never bet against our ability to desire an opportunity to escape and create, you know, the chance for ourselves to get away from the realities of the world. And that fits right into what we're doing in both creating physical and virtual environments for our guests to enjoy.

But our bet against our ability to desire and opportunity to escape.

<unk> creates you know the chance for ourselves to get away from the realities of the world and that fits right into what we're doing in both creating physical and virtual environments for our guests to enjoy.

Michael Crowley: You know, for us in 21, again, I would characterize the year as an investment year. We developed our physical assets, and we continue to do that. We developed our virtual environments.

You know for us in 'twenty, one again I would characterize the year as an investment year, we developed our physical assets and we continue to do that redeveloped or virtual environments. We clearly.

Michael Crowley: We clearly brought more people to campus for events.

Brought more people to campus.

For events, we grew revenue as you saw in our release last evening attendance to those events rebounded from even the 19 2019 levels certainly beyond 2020, and we set records for attendance on our campus in 2021 all of that signals you know the momentum.

Michael Crowley: We grew revenue, as you saw in our release last evening. Attendance to those events rebounded from even the 2019 levels, certainly beyond 2020, and we set records for attendance on our campus in 2021. All of that signals the momentum that we have behind us and the excitement that we feel in all of our business verticals as we continue to grow.

That we have behind us and the excitement that we feel in all of our business verticals as we continue to grow.

Michael Crowley: And frankly, in 2022, we've already made some pretty significant announcements as well, creating an even stronger foundation for us to build off of as we go through this year.

And frankly in 2022, and we've already made some pretty significant announcements as well, creating an even stronger foundation for us to build off of as we go through this year.

Michael Crowley: Before I jump into 2021 results and some of the key highlights.

Before I jump into 2021.

Results in some of the key highlights.

Michael Crowley: I did think it was important, though, to take a step back and put in perspective some of the recent financial transactions and happenings that we've had as a company.

Didn't think it was important though to take a step back and put in perspective, some of the recent financial transactions and happenings that we've had as a company.

Michael Crowley: You saw recently that we talked about the extension of about $38 million of debt that was coming due this year.

You saw recently that we talked about the extinction of about $38 million of debt that was coming due this year, we worked very closely and negotiated with our largest shareholder industrial Realty group and its single large our single largest shareholders do lichter.

Michael Crowley: We worked very closely and negotiated with our largest shareholder, Industrial Realty Group, and our single largest shareholder, Stu Lichter, to put in place not only the opportunity to extend that over the next two to three years, but to garner additional commercial loans as well. And I'll talk about those in just a moment.

Put in place not only the opportunity to extend that over the next two to three years, but to garner additional commercial loans as well and I'll talk about those in just a moment again, what that meant for us as a company is extending and flattening the debt profile allowed us to be an even more attractive.

Michael Crowley: Again, what that meant for us as a company is extending and flattening the debt profile allowed us to be an even more attractive investment or an even more attractive opportunity for other commercial lenders to come in and finalize the cap stack that we've talked about.

<unk> investment or an even more attractive opportunity for other commercial lenders to come in and finalize the cap stack that we've talked about.

We are now in possession of over $150 million of term sheets to finish the assets that we're building here on campus.

Michael Crowley: We are now in possession of over $150 million of term sheets to finish the assets that we're building here on campus.

Michael Crowley: Let me just talk about what that means. We've received a $4 million executed term sheet for our Center for Performance.

Let me just talk about what that means we've received a 4 million dollar executed term sheet for a center for performance. We received a $17 4 million dollar executed term sheet for a fan engagement zone or a retail promenade.

Michael Crowley: we've received a $17.4 million executed term sheet for our fan engagement zone or our retail promenade.

Michael Crowley: We have $75 million worth of PACE lending term sheets that we've executed, $50 million for our water park and hotel, and another $25 million of refinancing for our stadium.

We have $75 million worth of pace lending term sheets that we've executed $50 million for our theme park or sorry, our Waterpark hotel and another $25 million of refinancing for our stadium.

Michael Crowley: And then lastly, and probably the most difficult part of our capital stack, we've received two term sheets for $50 million of senior lending debt for our water, park, and hotel.

And then lastly, and probably the most difficult part of our capital stack. We received two term sheets for $50 million of senior lending debt for our water Park and hotel what that means to everybody is we finished the money that we need from our senior lending point, we're executing that right now and it gives us.

Michael Crowley: What that means to everybody is we've finished the money that we need from a senior lending point, we're executing that right now, and it gives us the ability to continue to build the destination and complete the assets in phase two and complete the cap stack with other non-traditional forms of financing that I've spoken about in the past.

The ability to continue to build the destination and complete the assets in phase two and complete the cap stack with other non traditional forms of financing that I've spoken about in the past. This just in time financing model that we launched last year, we were very clear that taking on 200 plus million dollars.

Michael Crowley: This just-in-time financing model that we launched last year, we were very clear that taking on $200-plus million of debt all at the same time was not the best decision for us as a company. It would be too costly, and it wasn't practical in terms of what we needed in the context of how we were building and what we were building and the timing of those assets.

That all at the same time was not the best decision for us as a company it would be too costly.

And it wasn't practical in terms of what we needed in the context of how we were building and what we were building and the timing of those assets.

Michael Crowley: You know, this has been a year in 2021 that had COVID as a continuation facing all of the issues related to COVID in terms of supply chain, the volatility of the financial markets, the lending markets, and also inflation, rising inflation.

This has been a year in 2021 that had COVID-19 as a continuation facing you know all of the issues related to Covid in terms of supply chain the volatility of the financial markets the lending markets and also inflation rising inflation.

Michael Crowley: The team executed, the team was able to garner the financial support that we needed. And the biggest reason for that is

The team executed the team was able to garner the financial support, but we need it and the biggest reason for that is I.

Michael Crowley: I think the lenders that we're working with now see the history of execution, the reliability of growth, the opportunity to invest in something that will be pretty special and unique that gives those guests and fans an escape that I just talked about from the harsh realities of the world that we're all facing today.

I think the lenders that we're working with now see the history of execution. The right reliability of growth are the opportunity to invest in something that would be pretty special and unique that gives those guests and fans and escape that I just talked about from the harsh realities of the world that we're all facing today.

Michael Crowley: All of that is very encouraging for us as a company, and it allows us to maintain our construction schedule as we've talked about, and the guidance that we've given to complete a good majority of the assets this year, and then finishing with the hotel-waterpark combination in Q3 of next year.

All of that is very encouraging for us as a company and it allows us to maintain our construction schedule as we've talked about in the guidance that we've given to complete a good majority of the assets. This year and then finishing with the hotel Waterpark combination in Q3 of next year we.

Michael Crowley: We've done all of this also, by the way, in an environment where supply chain has created difficulties for almost every company that is building an asset around the world. However, we've maintained our construction schedule.

Done all of this also by the way in.

An environment, where supply chain has created difficulties for almost every company that is building an asset around the world. However, we've maintained our construction schedule and honestly, we have now reconfigured some of the way in which we're building and the timing of assets. We're building to a place that we're slightly under budget.

Michael Crowley: And honestly, we have now reconfigured some of the way in which we're building and the timing of assets we're building to a place that we're slightly under budget, believe it or not, from our original cost projections to build the phase two assets.

Believe it or not from our original cost projections to build the phase two assets, that's a pretty incredible feat and I give the team a lot of credit for being creative in the fees in a.

Michael Crowley: That's a pretty incredible feat. And I give the team a lot of credit for being creative in the face, in the difficult environment, and having the opportunity to work directly with our contractors and our suppliers to be innovative in our solutions. So, a really key year for us and start of this year in terms of obtaining that much financing in an environment where that's not necessarily been the case for many of us.

In a difficult environment.

And having the opportunity to work directly with our contractors and our suppliers to be innovative in our solution. So a really key year for us and start of this year in terms of obtaining that much financing in an environment, where you know that's not necessarily been the case for many others.

Michael Crowley: Lastly, we've also added great talent. We continue to do that through 2021, and you will have just seen in 2022, we added two key executives to our team. Firstly, Rob Borm, who is our Executive Vice President of Games.

Lastly, we've also added great talent and we continue to do that through 2021, and you will have just seen in 'twenty 'twenty. Two we added two key executives to our team firstly, Rob warm.

<unk>, who is our executive Vice President of gaming, our gaming Division has grown to a place where we needed dedicated leadership, we needed strategic leadership and Rob has over 20 years of experience in the videogame industry E sports industry and also brand sponsorship and growth in sales that's what we're focused on here growing.

Michael Crowley: Our gaming division has grown to a place where we needed dedicated leadership. We needed strategic leadership, and Rob has over 20 years of experience in the video game industry, e-sports industry, and also brand sponsorship and growth in sales. That's what we're focused on.

Michael Crowley: growing the revenue for that vertical. We now have e-sports, we now have fantasy sports, and we also have the opportunity to have sports betting as a part of that gaming vertical. And Rob has a history of being very entrepreneurial and growing new businesses, and so we're excited to have him start as of yesterday.

The revenue for that vertical we now have esports, we now have fantasy sports and we also have the opportunity to have sports betting as a part of that gaming vertical and Rob. It has a history of being very entrepreneurial and growing our new businesses and so we're excited to have him start as of yesterday.

The next edition to the team, which was critically important to us it's been Lee as our new CFO and Ben is joining us from one of the largest and most prestigious financial institutions in the U S where he headed up several of their lines of business as CFO , he's bringing in a wealth of capital market experience and he is evolving and growing our financial.

Michael Crowley: The next addition to the team which was critically important to us is Ben Lee as our new CFO .

Michael Crowley: And Ben is joining us from one of the largest and most prestigious financial institutions in the U.S., where he headed up several of their lines of business as CFO . He's bringing in a wealth of capital market experience, and he's evolving and growing our financial experience and expertise in a way that's going to be very relevant for us as an operating company.

<unk> experience and expertise in a way that's going to be very relevant for us as an operating company as we finish up our financing efforts in this year and continue to create assets, both physically and virtually rob coming in and leading our finance team is very important for us to continue to evolve.

Michael Crowley: As we finish up our financing efforts in this year and continue to create assets both physically and virtually, Rob coming in and leading our finance team is very important for us to continue to evolve the experience and oversight.

The experience an oversight there.

Michael Crowley: Let me talk a little bit about each of our verticals in 2021, and I'll start with our theme destination-based assets. Our DoubleTree Downtown...

Let me talk a little bit about our each of our verticals in 2021 and I'll start with our theme destination based assets.

Our doubletree downtown Canton hotel.

Michael Crowley: completed its first year of operation. Hard to believe that we opened a hotel as COVID was rearing its ugly head, but this team has done a fantastic job in operating this hotel. We ranked in the top 5% of all Doubletree hotels in terms of customers.

Completed its first year of operation hard to believe that we opened a hotel as Covid was you know rearing its ugly head, but this team has done a fantastic job in operating this hotel we ranked in the top 5% of all Doubletree hotels in terms of customer service, we won the leggett.

Michael Crowley: We won the Legacy Award for the top renovated hotel in the Doubletree chain. What that says is we have a commitment to quality in everything we do. We're gonna create environments unlike others and we're gonna service our guests and fans in a way in which they would expect.

The award for the top renovated hotel named the Doubletree chain. What that says is we have a commitment to quality in everything we do we're going to create environments. Unlike others and we're going to service our guests and fans in a way in which they would expect us to act.

Michael Crowley: Activity in the hotel just is on the rise. Every single weekend from now until the end of this year is completely booked with activity, events.

Activity in the hotel just is on the rise every single weekend from now until the end of this year is completely booked with activity events room nights. The weekday business is coming back strong and I think more importantly here our business model of synergy and what we've talked about in the way in which we can develop events.

Michael Crowley: The weekday business is coming back strong. And I think more importantly here, our business model of synergy and what we've talked about in the way in which we can develop events and we can create activity for ourselves here at the Hall of Fame Village powered by Johnson Controls will drive attendance, room nights, and revenue to our hotel in Canton and the hotel that we're preparing to build onsite as well.

And we can create activity for ourselves here at the Hall of Fame village powered by Johnson controls will drive attendance room nights and revenue to our hotel and canton and the hotel that were preparing to build onsite as well.

Michael Crowley: In terms of our village, the Hall of Fame village powered by Johnson Controls, Tom Benson Hall of Fame Stadium.

In terms of our village the whole fan village powered by Johnson controls, Tom Benson Hall of Fame Stadium.

The village welcomed more guests than ever before we hosted more events than ever before we generated more revenue out of the stadium and our sports complex than in 19, which was our highest year in the history of our company.

Michael Crowley: The Village welcomed more guests than ever before. We hosted more events than ever before. We generated more revenue out of the stadium and our sports complex than in 19, which was our highest year in the history of our company.

We held numerous events in Q4 alone we had the state High School Football Championships multiple games being played here in our stadium to thousands of guests we kicked off the holiday season with a holiday festival, we signed multiple more events for this year and then we also in the start of this year hosted the true.

Michael Crowley: We held numerous events in Q4 alone. We had the state high school football championships, multiple games being played here in our stadium, to thousands of guests.

Michael Crowley: We kicked off the holiday season with a holiday festival. We signed multiple more events for this year. And then we also, in the start of this year, hosted the AAA National Championship game in our stadium as well.

[noise] away a national Championship game in our stadium as well continuing to build on the progress that we have made in driving events attendance to the campus and then monetizing that attendance through our room nights through our food and beverage and through our admissions.

Michael Crowley: continuing to build on the progress that we have made in driving events, attendance to the campus, and then monetizing that attendance through our room nights, through our food and beverage, and through our.

We opened our constellation Center for excellence, one year construction was on time and on budget. The churning process is well underway and we expect to have that facility fully tenanted in the very near term now. This is a difficult ask in an environment, where virtual work has become the norm.

Michael Crowley: We opened our Constellation Center for Excellence. One year, the construction was on time and on budget.

Michael Crowley: The tenanting process is well underway and we expect to have that facility fully tenanted in the very near term. Now this is a difficult ask in an environment where virtual work has become the norm.

Michael Crowley: Why are people so interested in coming to our Center for Excellence?

Why are people so interested in coming to our center for excellence, because we've created an environment. Unlike any other it's a one of a kind asset but is there for thought partnership incubation a place of excellence, where we've already hosted multiple events like our authentic a conference focused on brain health and development. This.

Michael Crowley: because we've created an environment unlike any other. It's a one-of-a-kind asset that is there for thought, partnership, incubation, a place of excellence where we've already hosted multiple events like our Authentica conference focused on brain health and development. This is not an office building.

Is not an office building this as an integrated experience, where we have best in class tenants coming in to do great things and sports and non sports.

Michael Crowley: This is an integrated experience where we have best-in-class tenants coming in to do great things in sport and non-sport.

Michael Crowley: Our fan engagement zone, you will have seen on our website if you look at our construction cam and the flyovers that we do on a regular basis, the core and shell of that entire facility is built. We are now starting the interior fit-out of some of those spaces.

Our fan engagement zone, you will have seen on our website. If you look at our construction camp and the flyover is that we do on a regular basis, the core and shell of that entire facility is built we are now starting the interior fit out of some of those spaces. We expect to have all of that tenanted by mid 2022 and one.

Michael Crowley: We expect to have all of that tenanted by mid-2022 and open and running prior to enshrinement. So it's an exciting time to welcome our guest to a very different campus for one of the biggest events in the country with our enshrinement and the kickoff to the NFL preseason.

And running prior to <unk>. So it's an exciting time to welcome our guests to be very different campus for one of the biggest events in the country with her and training and the kickoff to the NFL preseason or center for performance.

Michael Crowley: We broke ground on the Center for Performance in Q4. We leveled the foundation. We poured the foundation this year. The dome itself is being constructed off-site, and we have every expectation that that facility is gonna be up and running prior to enshrinement. And in fact, for this year, we already have booked multiple events, and we predict to have significant revenue being driven out of that asset in Q3 and Q4 of this year.

We broke ground on the center for performance in Q4, we leveled, but the foundation we pour the foundation. This year. The dome itself is being constructed off site and we have every expectation that that facility is going to be up and running prior to <unk> and in fact for this year, we already have booked.

Multiple events and we predict to have significant revenue being driven out of that asset in Q3 and Q4 of this year.

Michael Crowley: And then lastly, Play Action Plaza. And I get very excited about Play Action Plaza for this year.

And then lastly play action Plaza and I get very excited about play action Plaza for this year.

But last year we.

Michael Crowley: But last year, we designed an outdoor interactive area that will really bring life to campus. It will host the only two ride attractions in Stark County. We haven't talked about those yet. We will in the future.

Signed an outdoor interactive area that will really bring life to campus. It will host the only to ride attractions in Stark County, we haven't talked about those yet we will in the future.

Michael Crowley: It'll host an outdoor bar area, amphitheater, water feature. This will be a pre-function area. It'll be a tailgate area. It'll be an area that people can just enjoy a cocktail or a stroll and enjoy the outdoors. It's not just a summer activity. We'll have activity programmed in there year-round.

It will host an outdoor bar area amphitheater water future. This will be a pre function area it'll be a tailgate area it'll be an area that people can just enjoy a cocktail or a stroke and you know enjoy the outdoors. Its not just the summer activity will have activity programmed in there year round.

In our media vertical there have been multiple projects in the works and multiple that were signed them over 2020 one.

Michael Crowley: In our media vertical, there have been multiple projects in the works and multiple that were signed over 2021.

Michael Crowley: The Media Vertical is still in its early stages, but I will say that I'm really proud of the team there. It usually takes two to three years from the time you create content, develop it, produce it, and then distribute it. And we are already doing that in year one. If you'll recall, we had co-produced a special on ESPN called World Chase Tag. World Chase Tag aired live during enshrinement weekend.

Media vertical is still in its early stages, but I will say that I'm really proud of the team there. It usually takes two to three years from the time you create content develop it produce it and then distribute it and we are already doing that in year. One if you recall, we had a co produced a special on E S.

P. One called World Chase Tech World Chase Tag aired live during <unk> weekend. It is since aired multiple times are receiving.

Michael Crowley: It has since aired multiple times, receiving

Michael Crowley: a lot of popular feedback as a non-traditional sport on ESPN.

A lot of popular feedback as a non traditional sport on E. S. P N.

Michael Crowley: Our media team did that in production partnership.

Our media team did that and in production partnership.

Michael Crowley: NFTs. This was not a part of our original business model.

N F. Ts this was not a part of our original business model, we quickly pivoted and realize that digital digital collectibles were going to be something that not only have been popular for fans and guests to collect but will continue to grow it's a multibillion dollar business and we expect to have a significant presence in that space.

Michael Crowley: we quickly pivoted and realized that digital collectibles were gonna be something that not only have been popular for fans and guests to collect, but will continue to grow. It's a multi-billion dollar business and we expect to have a significant presence in that space. We launched our partnership with Dolphin, but more importantly, in Q4, we continued to expand the distribution of the NFTs that we have out for sale now.

We launched our partnership with Dolphin, but more importantly in Q4, we continued to expand the distribution of the D E and F to use that we have out for sale now and then early this year, we signed a new relationship extending our footprint in the N F T space with the.

Michael Crowley: And then early this year, we signed a new relationship extending our footprint in the NFT space.

Michael Crowley: uh... the pro football team and a company called i got it now

Pro Football Hall of Fame and a company called I got it now this is very interesting for us as well because our playbooks, which are I think best in class product and Ftes already out for sale and we will be announcing additional playbooks in the very near term what we're doing with I got it is taking that memorabilia that I've talked about many.

Speaker Change: This is very interesting for us as well, because our playbooks, which are, I think, best-in-class product NFPs already out and for sale, and we will be announcing.

Speaker Change: additional playbooks in the very near term. What we're doing with I Got It is taking that memorabilia that I've talked about many times, that 50 million pieces of memorabilia that we have at our disposal, and we've agreed to take 600 really unique pieces of that memorabilia and launch 200 NFTs per year for our guests to collect.

<unk> that 50 million pieces of memorabilia that we have at our disposal and we've agreed to take 600 really unique pieces of that memorabilia and launched 200 in ftes per year for our guests to collect we've learned a lot about this space. We continue to learn a lot about this space, it's evolving but I'm proud of the fact that we were in <unk>.

Speaker Change: We've learned a lot about this space. We continue to learn a lot about this space. It's evolving, but I'm proud of the fact that we were an early entrant, and it's a new opportunity to drive revenue for us, and did in 2021.

Entrant and it's a new opportunity to drive revenue for us and did in 2021.

Speaker Change: In terms of other projects, I've talked about the NFL Alumni Academy. We had Whistle Studios here for the entire last season filming these kids as they were training, filming them as they were living, filming them as they were being called up to the NFL.

In terms of other projects I've talked about the NFL Alumni Academy, we had whistle studios here for the entire last season filming these kids as they were training filming them as they were living filming them as they were being called up to the NFL. This is going to be a fantastic Darkies series and we expect it to launch later this year.

Speaker Change: This is going to be a fantastic docu-series and we expect it to launch later this year. We're in discussions with two different high-profile distribution platforms. They're very excited, we are very excited. Last year alone, we sent up 24 players to either an NFL practice squad or to an NFL team. And you saw those players playing on Monday Night Football or in games during the regular season and in the playoffs as well.

We're in discussions with two different high profile distribution platforms. They're very excited we're very excited last year alone. We sent up 24 players to either an NFL practice squad or to an NFL team and you saw those players are playing on Monday night football or in games during the <unk>.

Regular season, and the playoffs as well interestingly enough as we announced our deal with the U S F L and to host their playoffs and championships here. This year. We've now also had several of those players participating in our academy being drafted by the U S. F. L team. So it shows our model that we really have the opportunity to impact these kid.

Speaker Change: Interestingly enough, as we announced our deal with the USFL to host their playoffs and championships here this year, we've now also had several of those players participating in our academy being drafted by the USFL team. So it shows our model that we really have the opportunity to impact these kids' futures.

Futures.

Speaker Change: to grow a business that can help the game and the sport of professional football and also something we can monetize and will continue to monetize here for our

You grow a business that can help the game in the sport of professional football and also something we can monetize and will continue to monetize here for our company. The other big piece of media that we have out in postproduction is the documentary the perfect 10 depicting the story of the 10 men to win a Heisman Trophy and also being.

Speaker Change: The other big piece of media that we have out in post-production is the documentary The Perfect Ten, depicting the story of the ten men to win a Heisman Trophy and also be inducted into the Pearl Football Hall of Fame.

Duct into the pro football Hall of Fame.

We've done this in partnership with NFL films and they are the producer for this along with Hall of Fame village Media. We have continued to build our relationship and we think that the product is going to be exceptional I can tell you I was fortunate enough to be a part of one of the tapes.

Speaker Change: We've done this in partnership with NFL Films. They are the producer for this, along with Hall of Fame Village Media.

Speaker Change: We have continued to build that relationship and we think that the product is going to be exceptional. I can tell you I was fortunate enough to be a part of one of the tapings in Dallas where we had several of the gentlemen there together talking about who they were and what they did in their careers and some of the things that inspired them. So we're excited to be able to launch this and the goal of this is to launch in early 2023.

<unk> in Dallas, where we had several other gentleman there together talking about who they were and what they did in their careers and some of the things that inspired them. So we're excited to be able to launch this and that the goal of this is to launch in early 2023.

And then lastly, we built in Ftes off of this space as well four of our N. F. Ts are around gentlemen that are highlighted in this perfect 10 series. So a lot of great work going on in our media Division.

Speaker Change: And then lastly, we built NFTs off of this space as well. Four of our NFTs are around gentlemen that are highlighted in this Perfect 10 series. So a lot of great work going on in our media.

Gaming also became very important to US you know that we launched our hall of Fantasy League. We concluded it in Q4, congratulations to the Atlanta Hot wings on winning the first ever H O F. L Championship and to all of those stakeholders that stake the Atlanta Hot wings, forgetting six X mistaking that they.

Speaker Change: Gaming also became very important to us. You know that we launched our Hall of Fantasy League. We concluded it in Q4. Congratulations to the Atlanta Hot Wings on winning the first ever HOFL Championship and to all of those stakeholders that stake the Atlanta Hot Wings for getting six X.

Speaker Change: the staking that they put down. We thought it was a very engaging environment for our guests and fans to enjoy. It certainly bared out the model of combining community, making the fantasy world of community sport versus an individual sport, combining that with Hall of Famers, like Terrell Davis as our commissioner, previous football players, professional football players in the front offices.

Put down we thought it was a very engaging environment for our guests and fans to enjoy.

It's certainly bear it out the model of combining community, making the fantasy world of community sport versus an individual sport combining that with hall of Famers like drill Davis as our commissioner previous football players professional football players in the front offices and then we concluded the season.

Speaker Change: And then we concluded the season with a primetime special on Twitch that was co-hosted by former NFL pro, Amon Green. Now this was really a pretty interesting event for our guests and our fans.

With a primetime special on Twitch that was co hosted by former NFL All pro armor and Green now this was really a pretty interesting event for our guests and our fans. If you watched Monday night football. This year, you probably would have seen the demanding brothers broadcasting and hosting a lot of special guests and <unk>.

Speaker Change: If you watched Monday Night Football this year, you probably would have seen the Manning brothers broadcasting and hosting a lot of special guests and talking about from their perspective what was going on in the game, having played the game at the highest levels themselves.

Looking about from their perspective, what was going on in the game having played the game at the highest levels themselves. We did this with Madden NFL football we stimulated the two teams in the Super Bowl and then I'm on and many other guests came on and gave their perspective on the Super Bowl on fantasy and it really just.

Speaker Change: We did this with Madden NFL football. We simulated the two teams in the Super Bowl.

Speaker Change: And then Aman and many other guests came on and gave their perspective on the Super Bowl, on fantasy, and it really just lent to an environment of integration and collaboration between some of the game's best, some of the best professional fantasy football players, and I feel like our second season is going to be even stronger.

Linked to an environment of integration and collaboration between some of the game's best some of the best professional fantasy football players and I feel like our second season is going to be even stronger.

Speaker Change: You know that sports betting legislation was passed in Ohio in December , we couldn't be more excited about that. Just yesterday, we had a conversation with the Ohio Casino Control Commission. Our job is to make sure that we are completely informed every step of the way and understand the licensing process. We're very thankful for them to take the time and explain that to us. I think we're well positioned.

You know that sports betting legislation was passed in Ohio in December we couldn't be more excited about that just yesterday, we had a conversation with the Ohio Casino control Commission our job is to make sure that we are completely informed every step of the way and understand the licensing process, we're very thankful for them too.

Take the time and explain that to us I think we're well positioned.

Speaker Change: to obtain the two licenses that we are going to need, one for our virtual betting platform and one for the retail presence that we're going to have here.

To obtain the two licenses that we are going to need one for our virtual.

Betting platform and one for the retail presence that we're going to have here. You also saw that once sports betting was legalized within a week, we announced two different sports betting partnerships Rush Street interactive to a weed and manage the sports book that we will have here on property the retail.

Speaker Change: You also saw that once sports betting was legalized, within a week, we announced two different sports betting partnerships.

Speaker Change: Rush Street Interactive to lead and manage the sports book that we will have here on property, the retail presence that we'll have.

Presence that we'll have and then global Genesis Genesis global that will lead and manage our virtual environment and our mobile platform.

Speaker Change: and then Genesis Global that will lead and manage our virtual environment and our mobile platform.

Speaker Change: Both of these experiences are going to be fantastic for our guests to engage with.

Both of these experiences are going to be fantastic for our guests to engage with both of these were not in our plan in terms of revenue. So both of these are accretive to the growth of our company and we're very proud of the fact that as we talked about our goal of signing sports betting relationships.

Speaker Change: Both of these were not in our plan in terms of revenue. So both of these are accretive to the growth of our company. And we're very proud of the fact that as we talked about our goal of signing sports betting relationships and, you know, getting a position where we would be successful in obtaining licenses, that we feel like we've done that and we've done the necessary diligence that we need as a company to create that opportunity for ourselves this year.

And you know getting a position where we would be successful in obtaining licenses that we feel like we've done that and we've done the necessary diligence that we need as a company to create that opportunity for ourselves this year.

Speaker Change: Lastly, I want to talk about partnerships and sponsorships, and we group those together in a category for two reasons.

Lastly, I want to talk about partnerships and sponsorships and we group those together in a category for two reasons, one partnerships enable us to grow as a company and augment talent that we don't have internally and increase our capabilities those partnerships typically come with a sponsor model or a paint.

Speaker Change: One, partnerships enable us to grow as a company and augment talent that we don't have internally and increase our capabilities. Those partnerships typically come with a sponsor model or a payment in terms of a sponsorship. And then there are pure sponsorships that wanna have brand affiliation, that wanna have an opportunity to be a part of the environments that we're creating both physically and virtually.

In terms of the sponsorship and then there are pure sponsorships that want to have brand affiliation that want to have an opportunity to be a part of the environments that we're creating both physically and virtually.

We had a goal this.

Speaker Change: We had a goal this year to sign 20 new sponsors.

This year to signed 20, new sponsors signed 26.

Speaker Change: This was amazing. In a difficult year where COVID, inflation, other, you know, macroeconomic impacts were out and working against us, our sponsor team and our partner team was able to extend that goal by another six sponsors. And in fact, of that 26, 13 of those were signed in Q4. And so what that tells us is that as we've moved through the year,

This was amazing and a difficult year, where COVID-19 inflation. Other you know macroeconomic impacts were out and working against US our sponsor team and our partner team was able to extend that goal by another six sponsors and in fact of that 26.

13 of those were signed in Q4, and so what that tells US is that as we've moved through the year.

Speaker Change: companies and individuals feel much better about the opportunity to invest in these types of relationships. And I think since we've demonstrated our capabilities to grow our physical assets, to grow the number of events on campus, that we have shown and proven that we are worthy of these sponsorships and these partnerships.

Companies and individuals feel much better about the opportunity to invest in these types of relationships and I think since we've demonstrated our capabilities to grow our our physical assets to grow the number of events on campus that we have shown improving that we are a worthy of these sponsorships.

These partnerships.

Speaker Change: These deals are really important to us and as I've said before, grow our capabilities on multiple fronts. They grow revenue for us, they open up operating capabilities that we don't have for us today in terms of internal human capital expertise. They offer different product offerings for our guests to enjoy and they enhance our ability to construct our environments both physically and virtually.

These deals are really important to us and as I've said before grow our capabilities on multiple fronts. They grow revenue for us. They open up operating capabilities that we don't have for us today in terms of internal human capital expertise they offer different product offerings for our guests to enjoy.

And they enhance our ability to construct our environments, both physically and virtually.

Speaker Change: So a lot of great progress in Q4. A lot of things that I would say are incredible accomplishments on behalf of the team, and I want to thank them.

So a lot of great progress in Q4, a lot of things that I would say our incredible accomplishments on behalf of the team and I want to thank them and things that in the face of adversity as we talked about at the early part of 2021 our goals and I'll do that here in a moment for 2022 I think we know.

Speaker Change: And things that in the face of adversity, as we talked about at the early part of 2021, our goals

Speaker Change: and I'll do that here in a moment for 2022, I think we not only achieved our goals, but we expanded and grew almost in every single respect. So our investors and our shareholders and our guests really should see the upside from that, given where we stand today and where we're headed.

Not only achieved our goals, but we expanded and grew almost in every single respect so our investors and our shareholders and our guests really should see the upside from that given.

Given where we stand today and where we're headed as a company.

Speaker Change: Let me now turn it over to John Van Buten, our Vice President of Accounting and Corporate Controller, to give you more of a financial recap of 2021.

Let me now turn it over to John Van Butanol, Vice President of accounting and corporate controller to give you more of a financial recap of 2021.

Speaker Change: Thanks, Mike, and good morning, everyone. As Anne mentioned earlier, we filed our Fiscal 2021 Form 10-K post-market yesterday. That document is available on the SEC website as well as our Investor Relations site.

Thanks, Mike and good morning, everyone as Ann mentioned earlier, we filed our fiscal 2021 and Form 10-K post market yesterday.

And when it's available on the SEC's website as well as our Investor Relations site.

Speaker Change: Fourth quarter 2021 total revenue is $3 million, which represents an increase of 71% from the fourth quarter of the prior year.

Fourth quarter 2021, total revenue was $3 million, which represents an increase of 71% from the fourth quarter of the prior year.

Speaker Change: Revenue growth was primarily driven by the Doubletree Hotel and event revenue at Tom Benson Hall Fame Stadium.

Revenue growth was primarily driven by the Doubletree hotel and event revenue at Tom Benson Holophane Stadium.

Sponsorship revenue was in line with the prior year and needs to be largely derived from our long term contract.

Speaker Change: Sponsorship revenue was in line with the prior year and continues to be largely derived from our long-term contract.

Speaker Change: Fourth quarter adjusted EBITDA was a minus $4.8 million driven by property operating and hotel operating expenses.

Fourth quarter, adjusted EBITDA was minus $4 8 million driven by property operating in hotel operating expenses.

We remain diligent in balancing operating expenses, while investing in the future across all three of our business articles.

Speaker Change: We remain diligent in balancing operating expenses while investing in the future across all three of our business verticals.

Speaker Change: Net income was a positive $9.3 million, driven by the accounting treatment of warrant liabilities, which favorably reduced expenses by $19.5 million.

Net income was a positive $9 $3 million driven by the accounting treatment of warrant liabilities, which favorably reduced expenses by $19 $5 million.

Due to the SEC's statement from the second quarter of 2021 regarding the accounting for warrants, we will show a decrease liabilities and extend the company's stock price decline.

Speaker Change: Due to the SEC statement from the second quarter of 2021 regarding the accounting for warrants, we will show decreased liabilities and expense if the company's stock price declines.

Speaker Change: While this line item on the financial statements will vary based on the company's stock price, it does not impact our cash flow from operations, cash and cash equivalents, or liquidity for all prior and future periods.

While this line item on the financial statements will vary based on the company's stock price. It does not impact our cash flow from operations cash and cash equivalents or liquidity for all prior and future periods.

Moving to the balance sheet, we finished the quarter with a cash balance of $17 million compared to $28 billion at the end of the third quarter.

Speaker Change: Moving to the balance sheet, we finished the quarter with a cash balance of $17 million compared to $28 million at the end of the third quarter. Both values are inclusive of our restricted cash balance.

Both values are inclusive of our restricted cash balances.

Speaker Change: The $11 million decrease in our cash balance was driven by two items.

$11 million decrease in our cash balance was driven by two items construction spending on campus, which represented $28 million in the quarter and operating activities, which accounted for approximately $1 million.

Speaker Change: construction spending on campus, which represented $28 million in the quarter, and operating activities, which accounted for approximately $1 million.

This was modestly offset by an increase in notes payable as we were able to recapture equity associated with the constellation Center for excellence from the closing of loans in December .

Speaker Change: This was modestly offset by an increase in notes payable as we were able to recapture equity associated with the Constellation Center for Excellence from the closing of loans in December .

Speaker Change: Our net net balance increased to $101 million compared to $84 million at the end of the third quarter.

Our net debt balance increased to $101 million compared to $84 million at the end of the third quarter.

Speaker Change: The increase in notes payable was the result of $22 million of long-term loans related to the Constellation Center for Excellence.

Increase in notes payable was the result of $22 million of long term loans related to the constellation Center for excellence.

This was mostly offset by a $13 million repayment of our aquarium term loan.

Speaker Change: This was mostly offset by a $13 million repayment of our aquarium term loan.

Speaker Change: Regarding debt, we recently restructured our debt profile by extending the maturities of $38 million of loans.

Regarding debt, we recently restructured our debt profile by extending the maturity of a $38 million in loans.

Several key factors.

Speaker Change: It showed confidence from our largest shareholder, Industrial Realty Group, and our largest commercial lender, Erie Bank.

It shows confidence from our largest shareholder industrial real estate group and our largest commercial lender Erie Bank moved.

Speaker Change: Moving the maturities out at least 12 months provides financial flexibility, allowing the company to continue to focus on operational execution and achieving our long-term goals.

Moving the maturities out at least 12 months, providing financial flexibility, allowing the company to continue to focus on operational execution and achieving our long term goals.

I would also like to give a bit more detail on our construction financing.

Speaker Change: I would also like to give a bit more detail on our construction financing. As Mike stated during his earlier remarks, we've received multiple millions of dollars of term sheets for senior loans this calendar year.

As Mike stated during his earlier remarks, we've received multiple millions of dollars of term sheets for our senior loan this calendar year.

This senior debt unlocks other public and private financing options available to us.

Speaker Change: This senior debt unlocks other public and private financing options available to us.

The phase two capital stack as a jigsaw puzzle and we are working to put the pieces of the puzzle together that provides favorable interest rates and terms for the company.

Speaker Change: The phase two capital stack is a jigsaw puzzle, and we are working to put the pieces of the puzzle together that provides favorable interest rates and terms for the company.

Speaker Change: Given our unique position, we were able to unlock financing at lower cost through public financing and pair it with higher interest construction loans to provide a favorable debt profile to provide financial flexibility as we continue to invest for growth.

Given our unique position, we were able to unlock financing at lower costs, the Republic financing and pair it with higher interest construction loans to provide a favorable debt profile to provide financial flexibility as we continue to invest for growth.

As a younger high growth company, we do not want to be burdened with the high cost loans that limit our ability to invest for future growth.

Speaker Change: As a younger, high-growth company, we do not want to be burdened with the high-cost loans that limit our ability to invest for future growth.

Our team is committed to obtaining the best overall financing options for the company and our shareholders over the long term.

Speaker Change: Our team is committed to obtaining the best overall financing options for the company and our shareholders over the long term.

Speaker Change: We will continue to provide updates as financing gets finalized.

We will continue to provide updates as financing gets finalized.

We continued to strategically align construction spend with our achievement of financing.

Speaker Change: We continue to strategically align construction spend with our achievement of finance.

This is especially important given global supply chain constraints construction completion timeline and volatility within the commodity market.

Speaker Change: This is especially important given global supply chain constraints, construction completion timelines, and volatility within the commodity market.

Speaker Change: The expected phase two total construction spend has not materially changed, and we are working to make sure that we have the right financing with the ideal structure for our company and our shareholders.

The expected phase two total construction spend has not materially changed and we are working to make sure that we have the right financing with the ideal structure for our company and our shareholders.

Speaker Change: In fiscal year 2022, we expect construction spend to average in the mid-teens billions of dollars per quarter.

In fiscal year 2022, we expect construction spend to average in the mid teens millions of dollars per quarter.

Speaker Change: We launched an ATM or at-the-market offering in the third quarter of 2021, offering up to $50 million of common stock as an opportunistic option that many companies use and to use as an intermediary source of financing while we secure other funding.

We launched an ATM or at the market offering in the third quarter of 2021 offering up to $50 million of common stock.

That's an opportunistic option at many companies use.

If you use it as an intermediary source of financing, while we secure other funding.

Speaker Change: As we disclosed in our 10K, we've raised approximately $13 million or 28% of the $50 million offering cap.

As we disclosed in our 10-K, we have raised approximately $13 million or 28 first out of the $50 million offer in cat.

We continue to monitor trading activity to achieve the greatest shareholder value.

Speaker Change: we continue to monitor trading activity to achieve the greatest shareholder value.

Speaker Change: We provided our initial fiscal 22 outlook on our November earnings call and are reiterating our fiscal 22 guidance with revenue in the mid-$30 million range and adjusted EBITDA to be in the negative mid-teens and millions.

We provided our initial fiscal 'twenty two outlook on our November earnings call and are reiterating our fiscal 'twenty two guidance with revenue in the mid $30 million range and adjusted EBITDA to be in the negative.

Mid teens millions.

Speaker Change: This accounts for continued investment across all verticals as we add capabilities and expect to open some of our Phase II assets here on campus around mid-2022.

This accounts for continued investment across all verticals as we add capabilities and expect to open some of our phase two assets here on campus around mid 2022.

Sports betting was not legal in Ohio at the time of our initial guidance.

Speaker Change: Sports betting was not legal in Ohio at the time of our initial guidance.

Speaker Change: and with the procurement of the necessary licenses, it will either provide upside potential or risk mitigation to our target.

And with the procurement of the necessary licenses, it will either provide upside potential or risk mitigation to our target.

Speaker Change: I want to continue to reiterate that our longer-term goalposts have not moved, and by the time construction on Phase 2 is fully complete and operational, we continue to target $150 million of annual run rate revenue and approximately $50 million of annual run rate adjusted EBITDA across the key pillars by 2026.

I want to continue to reiterate that our longer term goal posts have not moved and by the time construction on phase two is fully complete and operational we continue to target $150 million of annual run rate revenue and approximately $50 million of annual run rate adjusted EBITDA across the key pillars by 2026.

Speaker Change: Those key pillars again are destination-based access, our media platforms, and our gaming vertical.

Those key pillars again, our destination based assets, our media platforms and our gaming vertical.

The revenue and EBITDA generation will be diversified across multiple streams with each one driving synergies to support the ecosystem that we're building.

Speaker Change: The revenue and EBITDA generation will be diversified across multiple streams, with each one driving synergies to support the ecosystem that we are building.

Speaker Change: As Mike stated earlier, we will drive the traffic and attendance needed to capitalize on and achieve these financial targets.

As Mike stated earlier, we will drive the traffic and attendant to capitalize on and achieve financial targets.

The team continues to execute on our financial priorities that have been communicated.

Speaker Change: the team continues to execute on the financial priorities that have been communicated.

We also remain committed to maintaining a balance sheet that provides financial flexibility through our growth phase to deliver long term value to all our shareholders now.

Speaker Change: We also remain committed to maintaining a balance sheet that provides financial flexibility through our growth phase to deliver long-term value to all our shareholders. Now, let me turn it back to Mike who will provide.

Now, let me turn it back to Mike who will provide some closing comments.

Thanks, John So let me just conclude by saying a few things.

Mike: Thanks, John . So, let me just conclude by saying a few things.

We were worried that we wouldn't be able to build new assets. We've done that we've continued to obtain the necessary finance there was difficulty in the environment. There was worried that we wouldn't be able to obtain senior lending we talked about how our plan was going to work just in time, we've done that 150.

Mike: We were worried that we wouldn't be able to build new assets. We've done that. We've continued to obtain the necessary finance. There was difficulty in the environments. There was worry that we wouldn't be able to obtain senior lending. We talked about how our plan was going to work just in time. We've done that. $150 million of new term sheets, allowing us to round out and complete the cap.

Millions of dollars of new term sheets, allowing us to round out and complete the cap stocks.

Mike: We talked about adding new events in 21, we did that. Record year in attendance.

We talked about adding new events in 'twenty, one we did that.

Record year in attendance record year in revenue.

These are things that are driven by a team that is highly committed and has the expertise to execute in the most difficult environments.

Mike: These are things that are driven by a team that is highly committed and has the expertise to execute in the most difficult environment.

We talked about maintaining the spend on construction, we've not only maintained it we've actually lowered it and a supply chain and constrained environment.

Mike: We talked about maintaining the spend on construction. We've not only maintained it, we've actually lowered it in a supply chain and constrained environment.

Not a small accomplishment I turned 21 in two ways growth.

Mike: not a small accomplishment. I termed 21 in two ways. Growth.

Mike: growth in our physical and virtual environments, growth in revenue, growth in partners and sponsors, growth in our strategy in terms of how we added digital collectibles, how we added the opportunity to obtain sports betting licenses this year, but certainly how we added partners that were gonna give us the expertise in that area, and growth in attendance. The second way in which I...

Growth in our physical and virtual environments growth and revenue growth in partners and sponsors growth and our strategy in terms of how we added digital collectibles, how we added the opportunity to.

Obtain sports betting licenses this year, but certainly how we added partners that we're gonna give us the expertise in that area and growth in attendance the second way in which I term it is execution.

Mike: Our team faced adversity, our team delivered on all of the things I just spoke about.

Our team faced adversity, our team delivered on all of the things I just spoke about our shareholders and guests need to be excited about where we're at there's anyone like the price of the stock no I don't I think the stock is undervalued I think what we're doing demonstrates our capability to execute just as we say we're going.

Mike: shareholders and guests need to be excited about where we're at. Does anyone like the price of the stock? No, I don't. I think the stock is undervalued. I think what we're doing demonstrates our capability to execute just as we say we're going to execute.

To execute my expectation in 'twenty two is this.

Mike: We finished the assets that we talked about finishing for this year. We start construction on the assets that are needing to be finished next year. We are going to over double the number of events that we're hosting on campus.

We finished the assets that we talked about finishing for this year. We start construction on the assets that are needing to be finished next year. We're gonna over double the number of events that were hosting on campus. We're going to start immediately generating revenue out of our center for performance with literally hundreds of events in their sporting and non <unk>.

Mike: We're going to start immediately generating revenue out of our Center for Performance with literally hundreds of events in there, sporting and non-sporting events. And it'll start with Entryment Weekend and you'll see a lot of new activity on campus versus activity that's being taken usually off campus that allows us to drive revenue. I expect revenue to grow as we've talked about in the direction that we're headed.

Sporting events, and it'll start with entrainment weekend, and you'll see a lot of new activity on campus versus activity, that's being taken usually off campus that allows us to drive revenue I expect revenue to grow as we've talked about in the direction that we're headed.

And I also expect the team in the media division to develop and produce new content, one of which you'll see erred in early June called inspire highlighting the great work that professional football players are doing off the field in their communities.

Mike: And I also expect the team in the media division to develop and produce new content, one of which you'll see aired in early June called Inspired, highlighting the great work that professional football players are doing off the field in their community.

Mike: This is an exciting new piece of content, again, early in the life cycle of media, but continuing to prove that our team has the ability to execute in the near, medium, and long term. I expect to see new NFTs launch.

This is an exciting new piece of content again early in the lifecycle of media, but continuing to prove that our team has the ability to execute in the near medium and long term I expect to see new N F. T's launched I expect to see that business grow and generate revenue. Unlike what we've been able to do in the past I expect.

Mike: I expect to see that business grow and generate revenue unlike what we've been able to do in the past. I expect our second NFL Fantasy League season to be even bigger and better. I expect that to be attached to a media show. I expect sponsorship to be a part of that.

Our second NFL Fantasy league season to be even bigger and better I expect that to be attached to a media show I expect sponsorship to be a part of that I expect the fantasy league to evolve to include different types of play and activity and we will continue to build the technology to allow that to happen.

Mike: I expect the Fantasy League to evolve to include different types of play and activity and we'll continue to build the technology to allow that to happen.

You know at the end of the day supply chain issues construction cost volatility in the financial markets inflation gas a war in Ukraine. The parade of horrible are facing us and yet what I know and doing this for over 30 years as people need time, they need time away anytime with there.

Mike: You know, at the end of the day, supply chain issues, construction costs.

Mike: volatility in the financial markets, inflation, gas, a war in Ukraine, the parade of horribles.

Mike: are facing us. And yet what I know in doing this for over 30 years

Mike: is people need time, they need time away, they need time with their families, they need time with their friends, they need time to enjoy life as well. It doesn't mean or take away from any of those horrific things that we're facing, but you're dealing with a team that has proven that they can overcome those things, a team that is dedicated. And one thing I can tell you.

Families. They need time with their friends, they need time to enjoy life as well it doesn't mean or take away from any of those horrific things that were facing but you're dealing with a team that has proven that they can overcome those things a team that is dedicated and one thing I can tell you.

Mike: When you have a team that's dedicated, that shows up every single day, focused on how to create value for our shareholders.

When you have a team that's dedicated that shows up every single day focused on how to create value for our shareholders how to drive excellence in the experiences that we're hosting and the assets that we're building never bet against an underdog and that's you know how I viewed us we've fought against the odds and we've continued to win are.

Mike: how to drive excellence in the experiences that we're hosting and the assets that we're building. Never bet against an underdog. And that's how I viewed us. We've fought against the odds, and we've continued to win.

Mike: Our expectations for 2022 couldn't be higher on all fronts. I look forward to bringing you more updates, announcing more great opportunities both on campus in our virtual environments, in our gaming space, and in our media space. And I think our fans and our guests are really going to enjoy what we're going to have to offer this year.

Expectations for 2022 couldn't be higher on all fronts I look forward to bringing you more updates announcing more great opportunities both on campus and our virtual environments in our gaming space and in our media space and I think our fans and our guests are really going to enjoy what we're gonna have to offer this year.

Mike: I'll just conclude by thanking everybody for tuning in and now we'll open it up for questions.

I'll just conclude by thanking everybody for tuning in and now we will open it up for questions.

At this time, we'll be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad.

Mike: If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your

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One moment, please while we poll for questions.

Mike: Our first question is from Jack Van Der Aarde with Maxim Group. Please proceed with your question.

Our first question is from Jack Vander Ark with Maxim Group. Please proceed with your question.

Great. Thanks, I'm, Michael Congrats on the continued momentum in our welcome.

Mike: Thanks. Hi, Michael. Congrats on the continued momentum, and welcome to Benjamin Lee.

Hum.

Okay.

Benjamin Lee: So, okay, just a few questions. I'd like to start on the major recent sports betting partnerships you've announced.

I like to start on the.

The major reason sports betting partnerships you've announced.

Benjamin Lee: And I'm sure you're happy to welcome Rob to lead some of those efforts. So, I understand it's still early stage, given the licensing requirements, but the 10-year agreements of Genesys and...

And so you are happy to welcome Rob to lead some of those efforts.

I understand it's still early stage, given the licensing requirements, but the 10 year agreement with Genesys and <unk>.

Great.

Benjamin Lee: those are long agreements. I imagine there's a lot of planning going on behind the scenes and negotiations. I want your overall thoughts on what led you to pick those partners. I also want to touch on the sponsorship opportunities that are tied to these agreements.

Yeah, that's all one agreement.

There's a lot of planning going on behind the scenes in negotiations but.

What's your overall kind of.

Thoughts on on what led you to pick those partners and then I also wanted to touch on the sponsorship opportunities that are tied to these agreements.

That's a mouthful I'll, let you take care of them.

Speaker Change: That's a mouthful. I'll let you, I'll let you share some color and thoughts in the first part of that question.

Color and thoughts on the first part of that question.

Speaker Change: Yeah, thanks, Jack. Thanks for the question as well. So, let's just start with why multiple partners? As we evaluated, and we went through a very lengthy process, probably a good six to eight months, talking with all of the usual suspects in the gaming space.

Yeah. Thanks, Jack Thanks for thanks for the question as well so, let's just start with why multiple partners.

We evaluated and we went through a very lengthy process, probably a good six to eight months talking with all of the usual suspects in the gaming space. What we had to do is consider not only the operational capabilities and the execution that each of those partners, we're going to bring to bear but their enthusiasm.

Speaker Change: What we had to do was consider not only the operational capabilities and the execution that each of those partners were going to bring to bear, but their enthusiasm for us as a partner. And what we focus on is a partnership that delivers opportunity both ways.

For us as a partner and what you know what we focus on is a partnership that delivers opportunity both ways.

Speaker Change: In addition to that, and just being blunt, we focused on the opportunity to grow revenue. And so, why the two sponsors? Because we had a chance to maximize the benefit, the financial benefit to our company.

In addition to that and just being blunt, we focused on the opportunity to grow revenue and so why the two sponsors because we had a chance to maximize the benefit the financial benefit to our company and the other reason why the two sponsors we felt rush Street interactive was.

Speaker Change: The other reason why the two sponsors, we felt Rush Street Interactive was just best in class in operating retail environments. They had done that, they had proven themselves to not only create, and as I spoke with their CEO , his passion around creating really wonderful, immersive environments that translate into great financial results was something that I was compelled by. And so signing that deal for us, I thought was a big win.

Best in class and operating retail environments. They had done that they've proven themselves to not only create and as I spoke with their CEO . His.

His passion around creating really wonderful immersive environments that translate into great financial results with something that I was compelled by and so signing that deal for US I thought was a big win journey.

Genesis Global was very different hasn't operated in the U S. But he has done so very successfully overseas and had a different type of technology that was interesting to us. So much so that in our deal we negotiated an opportunity to take an equity stake in their company we.

Speaker Change: Genesis Global was very different. Hasn't operated in the U.S., but has done so very successfully overseas and had a different type of technology that was interesting.

Speaker Change: So much so that in our deal we negotiated an opportunity to take an equity stake in their company. We feel like their platform is going to be exciting and compelling. It will be unique in the environment here in the U.S. They're already engaged in multiple states from a licensing perspective. And so, again.

We feel like there their platform is going to be exciting and compelling.

It will be unique in the environment here in the U S are there already engaged in multiple states from a licensing perspective, and so again.

World Class partners that can deliver best in class experiences maximizing financial opportunity all our goals now each of these also had sponsorship components, meaning the companies are paying us to be affiliated with our assets onsite or a virtual assets like our gaming environments.

Speaker Change: world-class partners that could deliver best-in-class experiences, maximizing financial opportunity, all our goals. Now, each of these also had sponsorship components, meaning the companies are paying us to be affiliated with our assets on-site or our virtual assets, like our gaming.

Speaker Change: I'll use Genesis as the example. We felt very strongly that an online betting platform would accommodate very nicely our Hall of Fantasy.

Genesis is the example.

We felt very strongly that an online betting platform would accommodate very nicely. Our hall of Fantasy League. Remember these are teams playing each other virtually because its a team based fantasy league. So they're playing each other virtually on a weekly basis. When teams can play each other virtually people can place bets on those on those.

Speaker Change: Remember, these are teams playing each other virtually. It's a team-based fantasy league. So they're playing each other virtually on a weekly basis. When teams can play each other virtually, people can place bets on those games. And so Genesis was excited about having the opportunity to host our league and we're working with them closely to ensure that that can happen.

Games, and so Genesis was excited about having the opportunity to host our league and we're working with them closely.

To ensure that that can happen. They also know that they want to market and sell to our guests and our ecosystems and so sponsoring different types of events are sponsoring different physical assets was an important part of the relationship and both of them contributed financially to those sponsorships lastly.

Speaker Change: They also know that they want to market and sell to our guests and our ecosystems. And so sponsoring different types of events or sponsoring different physical assets was an important part of the relationship and both of them contributed financially to those sponsors.

Speaker Change: Lastly, you know, the guaranteed revenue was important for us as a company. So why 10 years?

The guaranteed revenue was important for us as a company so why 10 years its.

Speaker Change: It's substantial revenue for us, and over a 10-year period of time, the reliability of those contracts delivering on an annual basis that kind of revenue not only allows the stability of our operating environments, but it enhances our ability and has enhanced our ability to garner additional senior lending or commercial financing. So we were very strategic.

<unk> revenue for us and over a 10 year period of time, the reliability of those contracts delivering on an annual basis that kind of revenue not only allows the stability of our operating environments put it enhances our ability and has enhanced our ability to garner additional.

Senior lending or commercial financing. So we were very strategic in these two relationships on multiple fronts and I felt like we landed in a great place for us as a company and I think we're going to bring value for them as well.

Speaker Change: in these two relationships on multiple fronts. And I felt like we landed in a great place for us as a company, and I think we're going to bring value for them as well.

Okay.

Great I appreciate the color and maybe just a follow up to that if you don't have enough to go golf already I'm curious from a big picture perspective.

Speaker Change: Great. I appreciate the color. Maybe just just to follow up to that case you don't have enough to juggle already. I'm curious from a big picture perspective. If you can share your thoughts with any potential longer term sports betting opportunities outside of Ohio.

Your thoughts if any on potential longer term sports betting opportunity outside of Ohio.

Yeah. So one of the things if you remember Jack we've talked about this a while ago that.

Speaker Change: Yeah, so one of the things if you remember, Jack, we talked about this a while ago that

Speaker Change: we're interested in doing, and look, we don't want to boil the ocean here, but we're trying to be longer-term strategic in our planning. We do feel like that there is off-site asset creation that is in our long-term strategic plan.

We're interested in doing and look we don't want to boil the ocean here, but we're trying to be longer term strategic in our planning we do feel like that there is off site asset creation that is in our long term strategic plan what that looks like.

Speaker Change: You know, I would say a representation of what we're doing here in Canton, nowhere near the size, entertainment in a box that may include some type of sports memorabilia, that may include e-gaming.

You know I would say a representation of what we're doing here and can't nowhere near the size entertainment in a box that may include some type of sports memorabilia that may include E gaming sports betting could certainly be a part of that where sports gambling is legalized sports betting I should.

Speaker Change: Sports betting could certainly be a part of that where sports gambling is legalized, or sports betting I should say is legalized in the states that we're going to be in.

He has legalized in the states that we're going to be in I would also just a bit of foreshadow and give you the fact that.

Speaker Change: I would also, just a bit of foreshadowing, give you the fact that if you consider our Hall of Fantasy League and what we would want to do there in terms of having our participants be able to bet on the games.

If you consider our hall of Fantasy League and what we would want to do there in terms of having our participants to be able to bet on the games.

Speaker Change: It would probably make sense for our franchises to be located in states where sports betting was legalized or where we knew sports betting could be legalized. So, you know, again, an eye towards the future. I do think sports betting will play a part in our company's future, probably a significant part both in terms of onsite here on campus and then virtually, but also offsite as well. And as John said, and as I said in my remarks,

It would probably make sense for our franchises to be located in states, where sports betting was legalized or where we knew sports betting could be legalized. So you know again, an eye towards the future I do think sports betting will play a part in our company's future probably a significant part both in terms of onsite here on camp.

And then virtually Ah, but also off site as well and is as John said and as I said in my remarks. This is all sort of found opportunity. We didn't have this in the 150 and 50 numbers that we've communicated so it's either going to be great upside where its going to cover a shortfall that we may have here.

Speaker Change: this is all sort of found opportunity. We didn't have this in the 150 and 50 numbers that we've communicated. So it's either going to be great upside or it's going to cover, you know, a shortfall that we may have here or there, depending on how the markets continue to evolve and how travel and how the guest experience continues to evolve for us as a

Or are there depending on how the markets continue to evolve and how travel and how the guest experience continues to evolve for us as a company.

Great and then just one more for me.

Speaker Change: It's good to hear the reiterated 2022 guidance parameters, and more importantly, your longer-term revenue and EBITDA targets remain intact.

It's good to hear that reiterated 2022 guidance parameters and more importantly, your longer term revenue and EBITDA targets remain intact.

Now there are clearly a lot of moving parts in the pipeline, but can you maybe help us outline or just walk us through the specific drivers of that 2022 revenue guidance.

Speaker Change: But can you maybe help us outline or just walk us through the specific drivers of that 2022 revenue guidance?

Speaker Change: It's a big pickup from last year, and just so we understand all the new pieces or the expansion of the existing.

It's a big pick up from last year and just so we understand all that the new pizza or the expansion of the existing.

Yeah sure first of all building new assets, let's start there right when you build new assets, you're generating revenue in multiple ways.

Speaker Change: Yeah, sure. First of all, building new assets. Let's start there, right? When you build new assets, you're generating revenue in multiple ways. The leasing of the physical places by all of these great brands that we're bringing on campus percentage of revenue as well that we would derive from those opportunities.

The leasing of the physical places by all of these great brands that we're bringing on campus percentage of revenue as well that we would drive from those opportunities. Secondly, you know the event opportunities grow when you have new assets, we've had the stadium and the sports complex now the center for performance.

Speaker Change: Secondly, the event opportunities grow when you have new assets.

Speaker Change: We've had the stadium and the sports complex, now the Center for Performance, as I've said. We have already booked literally hundreds of events starting in Q3 and Q4 of this year. That's significant revenue growth.

As I've said, we have already booked literally hundreds of events starting in Q3 and Q4 of this year that significant revenue growth sponsorships you know the more events you have the more assets that you have the more media content that youre developing and distributing the more gaming environment that you have.

Speaker Change: Sponsorships, the more events you have, the more assets that you have, the more media content that you're developing and distributing, the more gaming environment that you have, that's significant growth from a revenue point of view.

That's significant growth from a revenue point of view sports betting.

Speaker Change: Sports betting, again, not in our plan. If we obtain our licenses, which we have every expectation of doing so, and we stand up sports betting, sports betting revenue hopefully by the end of this year starts to become part of where that revenue comes from.

Not in our plan, if we obtain our licenses, which we have every expectation of doing so.

And we stand up sports betting sports betting revenue hopefully by the end of this year. It starts to become part of where that revenue comes from.

Speaker Change: And then I would also say the digital collectible space, we expect that space to continue to expand for us offering new and different types.

And then I would also say you know the digital collectibles space.

We expect that space to continue to expand for us offering new and different types of collectibles with our partnership.

Speaker Change: of collectibles with our partnership in the Pro Football Hall of Fame, and I got it. I think these one-of-a-kind artifacts that people haven't seen before, may never have a chance to have an ownership part of, they're going to be very compelling. And I think we've got a good strategy in terms of on-sale and pricing, which we've continued to evolve over this past year.

And the pro Football Hall of Fame and I got it I think he's one of a kind artifacts that people haven't seen before may never have a chance to have an ownership part of what we're gonna be very compelling and I think we've got a good strategy in terms of on sale and pricing, which we've continued to evolve over this past year. So a lot of.

Speaker Change: So a lot of new revenue opportunities that just simply didn't exist.

New revenue opportunities that just simply didn't exist in a lot of revenue opportunities that we're going to be able to expand upon given the number of assets that we're building the exponential growth in events.

Speaker Change: and a lot of revenue opportunities that we're going to be able to expand upon given the number of assets that we're building, the exponential growth in events.

Speaker Change: And the opportunity to stand up gaming even in a bigger way and the media content that we're going to be pushing out, all of those things represent significant upside for us.

And the opportunity to stand up gaming, even in a bigger way and in the media content that we're gonna be pushing out all of those things represent significant upside for us.

Yeah.

Great well I appreciate the color and congrats on that.

Thanks, Mike.

Yeah. Thank you Jack.

Yeah.

Speaker Change: Thank you. At this time, I'd like to turn the floor back over to Anne Grafis for additional questions.

At this time I'd like to turn the floor back over to Ann graphics for additional questions.

Thank you Kyle so we have a few.

Anne Grafis: Thank you, Kyle. So we have a few additional questions, just a few couple quick hits for Mike related to sports betting. We'll continue down that line timing of procuring the licenses. Do you have any indication after your conversations this week as it relates to?

Additional questions just a couple of quick hit for my related to sports betting will continue down that line timing of procuring. The licenses do you have any indication after your conversation this week as it relates to that timing.

Well, here's what I would say are the conversation that we had yesterday with the Ohio Casino control Commission couldn't have been more positive I'm very thankful for their insights are theres no preferential treatment just to be clear on that but we meet all the criteria to obtain licenses we knew that as we were tracking the legislation.

Mike: Well, here's what I would say. The conversation that we had yesterday with the Ohio Casino Control Commission couldn't have been more positive. I'm very thankful for their insights.

Mike: There's no preferential treatment, just to be clear on that, but we meet all of the criteria to obtain licenses. We knew that as we were tracking the legislation from last year. We stayed very close to that. We worked with consultants. We worked with legislators. Everything we do, we do with a purpose. And so what we want to do is, now that we understand the process more clearly, we will be bringing on board.

From last year, we stayed very close to that we worked with consultants. We worked with legislators everything we do we do with a purpose and so what we want to do is now that we understand the process more clearly we will be bringing on board. The individual groups that don't have the expertise in writing these applications on her behalf she.

Mike: the individual groups that have the expertise in writing these applications on our behalf, showing the economic impact that we're already having on our community and in the state of Ohio, which was one of the key criteria, by the way, job creation, economic impact, et cetera.

The economic impact that we're already having on our community and in the state of Ohio, which was one of the key criteria by the way at job creation economic impact et cetera.

Mike: And then we'll be applying for our licenses, hopefully, you know, in the coming months. I think the rules are still being vetted by the Casino Control Commission. I think they're doing an excellent job at being pragmatic and making sure that when they launch this, and recall, they will launch everything at the same time. This isn't a first-come, first-served type of situation. They reminded us of that yesterday.

And then we'll be applying for licenses hopefully you know in the coming months I think the rules are still being vetted by the Casino control Commission I think theyre doing an excellent job at being pragmatic and making sure that when they launch this and recall they will launch everything at the same time this isn't a first come.

For a certain type of situation they reminded us of that yesterday I think you know as we're positioned for success, so or others and you know I'm hopeful that by I'll call. It Q3, and Q4 of this year. We will have obtained a license stood up our experiences and be out entertaining our guests in these environments.

Mike: I think, you know, as we're positioned for success, so are others. And, you know, I'm hopeful that by, I'll call it Q3, Q4 of this year,

Mike: We will have obtained a license, stood up our experiences and be out entertaining our guests in these environments, both physical and virtual and allowing them to place bets to enhance the way in which

Both physical and virtual and allowing them to place bets to enhance the way in which they engage with the sport in all sports.

Thank you so you've talked a lot about supply chain constraints the environment that we're living in what gives you the confidence that we will be able to reach opening goals for this summer.

Speaker Change: Thank you. So, you've talked a lot about supply chain constraints, the environment that we're living in. What gives you the confidence that we will be able to reach opening goals for this summer before enshrinement as it relates?

At this point in time and as it relates to several key components.

Well yeah.

Speaker Change: Yeah, supply chain is real. There's no question about it. And anyone who doesn't understand that, I think

Yeah supply chain Israel, there's no question about it and anyone who doesn't understand that I think.

Speaker Change: I would encourage you to just pick up a newspaper or go online. I mean, every company everywhere is feeling this from the auto industry.

I would encourage you to just pick up a newspaper go online I mean every company everywhere is viewing this from the auto industry.

Speaker Change: to certainly real estate development. Every single industry is feeling this. We're no different. What gives me the confidence?

Two certainly real estate development every single industry is feeling this we're no different.

What gives me the confidence the team that I've surrounded myself with this team has done phenomenal things to overcome supply chain issues again, we deliver the constellation center for excellence on time on budget.

Speaker Change: This team has done phenomenal things to overcome supply chain.

Speaker Change: Again, we deliver the Constellation Center for Excellence on time, on budget.

Unheard of the center for performance Here's a good example of the creativity.

Speaker Change: The Center for Performance, here's a good example of the creativity that we have in our organization. We originally conceived this building to be a brick and mortar.

That we have in our organization. We originally conceived this building to be a brick and mortar building them that we were going to build and it was going to be a very expensive building.

Speaker Change: that we were going to build, and it was going to be a very expensive.

We took a hard look at it mid last year and we made the decision that why would we need another brick and mortar building that was going to have to consume a lot of steel a lot of lumber things that we're going to be high priced are things that we're gonna be challenged by way of timing to come in why don't we create this wonderful new architectural statement.

Speaker Change: We took a hard look at it mid last year, and we made the decision that why would we need another brick and mortar building that was going to have to consume a lot of steel, a lot of lumber, things that were going to be high priced, things that were gonna be challenged by way of timing to come in. Why don't we create this wonderful new architectural statement in this fantastic dome? And it's fantastic, if you've seen it online.

In this fantastic don't and it's fantastic if you've seen it online.

Speaker Change: It's 100,000 square feet, it's 86 feet high, it's going to be a great statement, not only for our campus, but for the city of Canton and Stark County.

It's 100000 square feet, its 86 feet high it's going to be a great statement not only for our campus, but for the city of Canton in Stark County, why not create an environment like people are used to seeing in athletic facilities, they like going into domes and playing into don't what did that do a cut.

Speaker Change: Why not create an environment like people are used to seeing in athletic facilities? They like going into domes and playing into domes. What did that do? That cut the cost by 2-thirds.

The cost by two thirds.

Speaker Change: it cut the use of steel down by 90%.

It cut the use of steel down by 90%.

Speaker Change: It took a building that was going to be $40, $50 million.

It took a building that was going to be $40 million to $50 million down into the price range of $15 million to $16 million.

Speaker Change: down into the price range of 15, 16 million.

It helped us to ensure that the execution and the delivery of that building was going to be on time.

Speaker Change: It helped us to ensure that the execution and delivery of that building was going to be on time.

Speaker Change: It wouldn't have been on time if it was going to be a brick and mortar building full of

Wouldn't have been on time, if it was gonna be a brick and mortar building full of steel what did that do in terms of our ability to then offset cost in other facilities Waterpark hotel, realizing that we didn't need as much steel for this building. We could then you know place our orders for those other facilities and lower our costs and the timing.

Speaker Change: What did that do in terms of our ability to then offset cost in other facilities, water parks?

Speaker Change: realizing that we didn't need as much steel for this building.

Speaker Change: we could then place our orders for those other facilities and lower our costs and the timing of execution there. So the point I'm trying to make is, we manage this process on a daily basis. This is what we do.

[noise] of execution there so the point I'm trying to make is we manage this process on a daily basis. This is what we view I've built these things our team has built these things we know the what we refer to as the look out for us and we are constantly working with our contractors and our advisors to ensure that we do what we say, we're going to do which.

Speaker Change: I've built these things, our team has built these things, we know what we refer to as the lookout force, and we are constantly working with our contractors and our advisors to ensure that we do what we say we're going to do, which is deliver the assets in the timing that we say we're going to do.

Deliver the assets in the timing that we say we're going to deliver.

So can you share a little bit more expand upon what's going on related to depressed at the whole thing how our company is interacting and continuing to move forward as it relates to opportunities that exist there.

Speaker Change: So, can you share a little bit or expand upon what's going on related to the Pro Football Hall of Fame, how our company is interacting and continuing to move forward as it relates to opportunities that exist?

Speaker Change: Yeah, I mean, it's been great. You know, Jim Porter took over as president of the Pro Football Hall of Fame. He and I are not only friends, we've worked very closely together on other things in the city. He is an incredible advocate for what we're doing, as am I for them. We're building around the Pro Football Hall of Fame, off the brand of the Pro Football Hall of Fame, in partnership with the Pro Football Hall of Fame, in addition to the NFL Alumni Association and other activities that we're doing with the NFL themselves.

I mean, it's been great you know Jim Porter took over as president of the Pro Football Hall of Fame. He and I are not only friends. We've worked very closely together on other things in the city.

He is an incredible advocate for what we're doing as M I for them.

Building around the pro football Hall of Fame off the brand of the Pro Football Hall of Fame in partnership with the Pro Football Hall of Fame. In addition to the NFL Alumni Association and other activities that we're doing with the NFL themselves.

Speaker Change: But the goal here is to continue to grow the relationship in a way where it's very synergistic. A good example of that was our deal with I Got It. This was a relationship that the Pro Football Hall of Fame had and decided to expand and include us as we had built expertise in the NFP digital collectible space.

But the goal here is to continue to grow that relationship in a way where it's very synergistic a good example of that was our deal with I got it. This was a relationship that the pro football Hall of Fame, a hat and decided to expand and include US as we had built expertise in.

The N F T digital collectible space and so as we met with I got it. It was it was really clear that without a close relationship with the pro football Hall of Fame that opportunity would not be there for us we would not have been able to generate growth in our empty space and also growth in revenue opportunity in the future there.

Speaker Change: And so, you know, as we met with I Got It, it was really clear that without a close relationship with the Pro Football Hall of Fame, that opportunity would not be there for us. We would not have been able to generate growth in our NFT space and also growth in revenue opportunity in the future.

Speaker Change: There are many, many other of those types of events that we're already doing in partnership with the Pro Football Hall of Fame, some of which we're going to be announcing in the very near term. I would say that as you think about events on campus,

Many many other of those types of events that we're already doing in partnership with the pro Football Hall of Fame some of which we're going to be announcing in the very near term.

I would say that you know as you think about events on campus concert other types of non sport and sporting events. The U S. F. L. A it brought to us in partnership from the Pro Football Hall of Fame.

Speaker Change: other types of non-sport and sporting events. The USFL event brought to us in partnership from the Pro Football Hall of Fame.

Speaker Change: These are great new opportunities that through a stronger partnership, our shareholders and our guests are gonna benefit greatly from. And honestly, our goal is to help the Pro Football Hall of Fame continue to drive attendance there, continue to evolve and enhance the experience in that already fantastic building. And we're building media content, gaming content, virtual environments.

These are great new opportunities that through a stronger partnership our shareholders and our guests are going to benefit greatly from and honestly. Our goal is to help the pro football Hall of Fame continue to drive attendance, there continue to evolve and enhance the experience and that already fantastic building and were built.

<unk> media content gaming content virtual environments off of the greatest that ever played the sport to begin with and so you have Isaac Bruce doing in ice cream and Cookie concept you have gone Shoeless, whose Dan Schuller The league coach Who's doing a wonderful steakhouse concept here, we have other hall of Famers now, calling us and asking us to be a part.

Speaker Change: off of the greatest that ever played the sport to begin with, and so you have Isaac Bruce doing an ice cream and cookie concept. You have Don Shula's.

Speaker Change: Don Shula, the late coach, who's doing a wonderful steakhouse concept here. We have other Hall of Famers now calling us and asking us to be a part of our business model. And you see...

Our business model and you see it trail Davis, our commission or a league perfect and on and on and on so the relationship is strong and getting stronger sponsorships I think we're going to benefit from a closer relationship with the pro football Hall of Fame and event growth certainly I talked about there is going to be tremendous.

Speaker Change: Terrell Davis, our commissioner of our league, the Perfect Ten, on and on and on. So the relationship is strong, getting stronger. Sponsorships, I think we're gonna benefit from a closer relationship with the Pro Football Hall of Fame and event growth. Certainly, I talked about, there is going to be tremendous as well.

Well.

Well, thank you Mike.

Speaker Change: In closing, I just want to reiterate our sincere gratitude to all of our investors, shareholders, partners.

In closing I, just want to reiterate accidents your gratitude to all of our investors shareholders partners.

Speaker Change: and friends, and thank you very much for taking the time to be with us this morning. I wish you all a wonderful day ahead.

And friends and thank you very much for taking the time to be with US. This morning, I wish you all wonderful day. Thank you.

Speaker Change: You

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Speaker Change: © transcript Emily Beynon © transcript Emily Beynon

Speaker Change: .