Q4 2023 Hall of Fame Resort & Entertainment Co Earnings Call

Operator: Good morning, and welcome to the Hall of Fame Resort and Entertainment Company's fourth quarter 2023 earnings conference call. This conference call is being recorded, and all participants are in listen-only mode.

Good morning, and welcome to the Hall of Fame resort in Entertainment Company's fourth quarter 2023 earnings Conference call.

Conference call is being recorded and all participants are in listen only mode.

Operator: We'll open the conference up for questions and answers following prepared remarks. I will now turn the call over to Anne Grafis, Executive Vice President, Global Marketing and Public Affairs. Thank you. Good morning.

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

I will now turn the call over to Ann graph as executive Vice President Global marketing and public Affairs.

Anne Zimmer: Thank you and good morning.

Anne Zimmer: Welcome to our fourth quarter 2023 earnings conference call. Our latest press release supplemental slides were posted last evening after market hours. These documents can be found on the investor relations section of our website at hofreco.com.

Anne Zimmer: Welcome to our fourth quarter 2023 earnings conference call. Our latest press release supplemental slides are posted last evening after market hours. These documents can be found on the Investor Relations section of our website at H O F. R E T O dot com.

Anne Zimmer: After my brief introduction, Michael Crawford, our president and CEO, will give an update on the company's strategy and outlook. John Van Buten, our vice president and corporate controller, will then provide analysis of the quarter's financial results and the company's fiscal 2024 financial outlook. 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 Zimmer: After my brief introduction, Michael Crawford, our President and CEO will give an update on the company's strategy and outlook John Van heel, our vice President and corporate controller will then provide analysis of the quarter's financial results and the company's fiscal 2024 financial outlook.

Anne Zimmer: 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 uncertainty.

Anne Zimmer: I encourage each of you to read the full disclosure concerning forward-looking statements in the earnings press release. Additionally, please note the company uses non-GAAP results to evaluate performance internally, as detailed in our press release. It's now my pleasure to turn the call over to Michael Crawford.

Anne Zimmer: Curt each of you to read the full disclosure concerning forward looking statements in the earnings press release. Additionally.

Anne Zimmer: Additionally, please note the company uses non-GAAP results to evaluate performance internally.

Anne Zimmer: Children. Our press release. It is now my pleasure to turn the call over to Michael Crawford, Mike. Thank you and good morning, everybody. If it is a another sunny morning here in Canton, Ohio, which every time I think we have these calls the sun is out so that always encourages me.

Michael Anthony Crawford: Thank you, Anne. Good morning, everybody. It is another sunny morning here in Canton, Ohio. Every time I think we have these calls, the sun is out, so that always encourages me. I thought I'd just start by thanking our team. You know, we had a really tremendous 2023, as you probably saw in our Q4 earnings release last evening. We've had so many individuals that have stayed with our company, that have endured difficult times, and they've really helped us grow. And they continue to execute at the highest level, and their dedication is really what's inspiring us to do great things for our guests and for our shareholders. Let me talk about some key highlights from 2023. And I'll start with the village.

I thought I'd just start by thanking our team you know we had a really tremendous 2023 as you probably saw in our Q4 earnings release last evening.

Michael Anthony Crawford: We've had so many individuals that have stayed with our company that have endured difficult times and they've really helped us grow and they continue to execute at the highest level and their dedication is really whats inspiring us to do great things for our guests and for our shareholders.

Michael Anthony Crawford: Let me talk about some key highlights from 2023 and I'll start with the village.

Michael Anthony Crawford: Amazingly enough, we hit our 2024 attendance targets in 2023. We welcomed over 3.1 million visitors, and we track this data. Scientifically, we have AI data that tracks this for us, and it's through cell phone coverage. And so you can imagine, not everyone has a cell phone or has notifications turned on.

Michael Anthony Crawford: Amazingly enough we hit our 2024 attendance targets in 2023, we welcomed over $3 1 million visitors and we track. This data scientifically we have AI data that tracks. This for us and it's through cell phone coverage and so you can imagine not everyone has a cell phone.

Michael Anthony Crawford: Has notifications turned on so that number of $3 one could be slightly under what it was actually but it's impressive.

Michael Anthony Crawford: So that number, 3.1, could be slightly under what it actually was, but it's impressive that through the organic growth of assets, experiences, and just other programming at the destination, our team was able to hit its 2024 attendance target in 2023. Second, we really started to see guests coming for single things to do here, meaning they're coming for a sporting event or coming for dinner. They're starting to transform those into multiple experiences each time they come to the destination, and that's great for us. This eat, play, stay concept is starting to take hold.

Michael Anthony Crawford: Through the organic growth of assets experiences and just other programming at the destination that our team was able to hit its 2024 attendance target in 2023.

Michael Anthony Crawford: Second we really started to see guest coming for.

Michael Anthony Crawford: Single things to do here, meaning they're coming for a sporting events were coming for dinner.

Michael Anthony Crawford: We're starting to transform those into multiple experiences each time, they come to the destination and that's great for us.

Michael Anthony Crawford: <unk> placed a concept is starting to take hold and you'll hear that that's going to be a big focus of ours in 2024, as well, giving access to guests to do multiple things when they come to our campus and really enjoy and extend the length of stay while they're here.

Michael Anthony Crawford: And you'll hear that that's going to be a big focus of ours in 2024 as well, giving access to guests to do multiple things when they come to our campus and really enjoy and extend the length of stay while they're here. We have diversified our revenue streams. As you saw, we opened several new tenants at our destination. Our Center for Excellence is now almost fully leased as well. So we're getting revenue from lease and base rents. We're also getting revenue from revenue share in some instances with those tenants.

Michael Anthony Crawford: We diversified our revenue streams as you saw we opened several new tenants at our destination. Our center for excellence is now almost fully tenanted as well so we're getting revenue from lease.

Michael Anthony Crawford: And base rents were getting revenue from revenue share in some instances with those tenants, we actually own the dawn shoes location, so were generating revenue through our P&L there.

Michael Anthony Crawford: We actually own the Don Shula's location, so we're generating revenue through our P&L there. Lots of sponsorship activity, new events, creating a very diversified portfolio of revenue, not to mention gaming in our media divisions as well. It's important to note, though, that as I look ahead to 2023, in all honesty, this was our first full year of operation. It's the first full year that we've had our fan engagement zone, our play action plaza, our center for performance, all of the different assets here fully functional. And frankly, we're not even tenanted 100% in some of these locations. And as you well know, and I'll talk about this in a moment, our Game Day Bay Waterpark and our Tapestry Hotel are not open, but our Doubletree Hotel continues to perform at a high level as well. 23 was also a year that we focused on operational efficiency and actually improving our expense base, something that's hard to do in the early years of opening a destination. You have to learn the seasonality.

Michael Anthony Crawford: Lots of sponsorship activity new events are creating a very diversified portfolio of revenue not to mentioned gaming and our media divisions as well.

Michael Anthony Crawford: It is important to note, though that as I look at 2023 in all honesty. This was our first full year of operation. It's the first full year that we've had our fan engagement zone or play action Plaza Our center for performance all of the different assets here fully functional and frankly, we're not even tentative 100% in some of these low.

Michael Anthony Crawford: Patients and as you well know and I'll talk about this in a moment our game day day Waterpark in her tapestry hotel or not open, but our Doubletree hotel continues to perform at a high level as well.

Michael Anthony Crawford: 23 was also a year that we focused on operational efficiency and actually improving our expense base and this is something that's hard to do in the early years of opening a destination you have to learn the seasonality you have to learn how new events impact other areas of the campus new tenants opening et cetera, but as an example.

Michael Anthony Crawford: You have to learn how new events impact other areas of the campus, new tenants opening, etc. But, as an example, we had a very dedicated and purposeful focus on procurement. That focus led to hundreds of thousands of dollars of savings for us as a company in one year. And so we'll continue to look for ways to stabilize expenses while growing revenue. And I think that sort of came through in our earnings release last night, growing revenue by almost 100% or a little over 100% quarter over quarter from 22 to 23 while actually lowering our expense base. That's a very, very high watermark for a company in its early stages of growth.

Michael Anthony Crawford: We had a very dedicated and purposeful focus on procurement.

Michael Anthony Crawford: That focus led to hundreds of thousands of dollars of savings for us as a company in one year and so we'll continue to look for ways to stabilize expenses, while growing revenue and I think that sort of came through in our earnings release last night.

Michael Anthony Crawford: Growing revenue by almost 100% or a little over 100% quarter over quarter from 22 to 23, while actually lowering our expense base. That's a very very high watermark for our company in its early stages of growth.

Michael Anthony Crawford: The other thing we did was focus on key partnerships and sponsorships. And I'll talk about sponsorships in a moment. But I was very proud of the fact that we were able to sign a deal with Josh Harris and David Blitzer for our Forever Lawn Sports Complex Partnership. Now, I know there's been some confusion about what that deal actually was, so let me be clear, they purchased an 80% ownership stake of the Forever Lawn Sports Complex, the P&L of that asset.

Michael Anthony Crawford: The other thing we did was focus on key partnerships and sponsorships and I'll talk about sponsorships in a moment.

Michael Anthony Crawford: But I was very proud of the fact that we were able to sign a deal with us Josh Harris and David Blitzer, David Blitzer Farrar for Forever launch Sports complex partnership now I know there's been some confusion on what that deal actually was so let me be clear.

Michael Anthony Crawford: They purchased an 80% ownership stake of the forever long sports complex, the P&L of that asset.

Michael Anthony Crawford: But because they are world-class at doing what they do, youth sports programming, and we felt like they could really bring new, exciting, and very engaging programming to us as a destination and strategically drive new visitation that would induce visits to our restaurants, to our hotels, etc. This partnership was really important to us, and so we extended the rights for them to also program youth sports inside our Center for Performance, our Dome. They don't have an ownership stake in that Center for Performance, only the rights to do youth sports.

Michael Anthony Crawford: But because they are world class at doing what they do youth sports programming and we felt like that they could really bring new exciting and very engaging programming to us as a destination and strategically drive new visitation that would induce ER visits to our restaurants to our hotels etsy.

Michael Anthony Crawford: Right.

Michael Anthony Crawford: This sponsorship or this partnership was really important to us and so we extended the rights for them to also program youth sports inside our center for performance or don't they don't have an ownership stake in that center for performance only their rights to do your sports we continue to build concert programming festival programming other bill.

Michael Anthony Crawford: We continue to build concert programming, festival programming, other business programming into that ourselves. But it's a world-class operator that is already bringing great opportunities for us, and we're going to continue to do that. And I'm excited about what they're going to do for us in 2024 and beyond. Another thing we did was increase our events. In 2022, we hosted about 80 events. In 2023, we hosted about 120 events. This year, we're expecting to grow that double digits again as well, and you can already see the roster that we've announced on our calendar. And we're getting better at putting things out further in advance so our marketing team has a better opportunity to speak to those event guests. They have a better opportunity to plan their calendars around those events, and We were not rushing to sign new sponsors in certain categories. Why?

Michael Anthony Crawford: This programming in that ourselves, but it is a world class operator that is already bringing great opportunities for us are on campus and I'm excited about what they're going to do for us in 2024 and beyond.

Michael Anthony Crawford: Another thing we did was increase our events in 2022, we hosted about 80 events in 2023, we hosted about 120 events. This year, we're expecting to grow that double digits again, as well and you can already see the roster that we've announced our calendar and we're getting better at putting things out further.

Michael Anthony Crawford: In advance so our marketing team has a better opportunity to speak to those events guests have a better opportunity to plan their calendars around those events and we think there's really going to be an uptick.

Michael Anthony Crawford: On that front as well and then lastly, sponsorships and let me say this about sponsorships I said this earlier on.

Michael Anthony Crawford: A couple of earnings calls, we were not rushing to sign new sponsors in certain categories why because we knew that strategically as we opened new assets as we brought in additional attendance as we had more events, but the value to those sponsors and those partners was going to increase.

Michael Anthony Crawford: Because we knew that strategically, as we opened new assets, as we brought in additional attendance, as we had more events, that the value to those sponsors and those partners was going to increase. And that very well has been the case. In 2023, we signed 24 new sponsors, four in the fourth quarter alone, and we increased or upsized some of the sponsors that had already been here. And so in the carbonated beverage category, as an example, we took a sponsor that was on a one-year deal and extended it to a three-year deal, and the size of that sponsorship considerably grew. And that's been our strategy all along.

Michael Anthony Crawford: And that very well has been the case in 2023, we signed 24 new sponsors.

Michael Anthony Crawford: In the fourth quarter alone.

Michael Anthony Crawford: And we increased our upsized some of the sponsors that had already been here and so on the carbonated beverage category. As an example, we took a sponsor that was a one year deal and extended into a three year deal and the size of that sponsorship considerably grew and that's been our strategy all along and so I think the takeaway for this is.

Michael Anthony Crawford: And so I think the takeaway for this is that the strategy is now working, and we're showing the value to partners, the value is being recognized by those partners, and they're committing to a one-of-a-kind destination that was nationally televised 18 times last year that continues to have unique programming, and unique assets that they can really showcase their product or service at. And so a lot of really great progress, and I want to congratulate the sponsorship team on all the efforts on their part. Turning to media, the media vertical continues to grow. Last year we had five shows airing across multiple platforms, national platforms, by the way. Just in the fourth quarter alone, we had the next man up inside the NFL Alumni Academy airing on Amazon.

Michael Anthony Crawford: That strategy is now working and we're showing the value to partners. The values. The value is being recognized by those partners and they are committing to a one of a kind destination that was nationally televised 18 times last year that continues to have unique programming unique assets that they can reach.

Michael Anthony Crawford: Really showcase their product or service that and so a lot of really great progress and I want to congratulate the sponsorship team on all the efforts on their front.

Michael Anthony Crawford: Turning to media the media vertical continues to grow.

Michael Anthony Crawford: Last year, we had five shows bearing across multiple platforms national platforms by the way.

Michael Anthony Crawford: Just in the fourth quarter alone we had the next man up inside the NFL alumni Academy airing on Amazon, We had six new episodes of the goat code on brings TV.

Michael Anthony Crawford: We had six new episodes of The Goat Code on Brinks Television. These are all really unique, and it shows our access to unique IP, Hall of Famers, and how we can build great content and storytelling that is going to be appealing to national streaming services, to national broadcast services like Fox, like Amazon, like Brink. I'm really encouraged about the pipeline, and I'm looking forward to making some key announcements here in 2024 that I think are going to up the game for us at an even higher level and start generating meaningful revenue out of the media division. On the gaming front, As you all know, last year we were able to obtain two different sports betting licenses. Let me talk about both of them.

Michael Anthony Crawford: These are all really unique and it shows our access to unique IP Hall of Famers and how we can build great content and storytelling that is going to be appealing to national streaming services to national broadcast services like box like Amazon like Brink's.

Michael Anthony Crawford: I'm really encouraged about the pipeline and I'm looking forward to making some key announcements here in 2024 that I think are going to up the game for us and an even different level and start generating meaningful revenue out of the media Division.

Michael Anthony Crawford: On the gaming front as you all know last year, we were able to obtain two different sports betting licenses and let me talk about both the first is our mobile betting license and our partner there and as you may recall, we took an ownership stake in better as a company because we believe so deeply in their model and I think there.

Michael Anthony Crawford: The first is our mobile bedding license and our partner there. And as you may recall, we took an ownership stake in Better as a company because we believe so deeply in their model. And I think they're proving that out, that they have a unique way to engage guests. And that's what we're all about, creating unique experiences.

Michael Anthony Crawford: Moving that out that they have a unique way to engage guests and that's what we're all about creating unique experiences we continue to refine what we do with them.

Michael Anthony Crawford: We continue to refine what we do with them. We continue to focus on how to activate them, not only on campus but off campus. And so this year, we're going to try to continue to push that mobile gaming partnership to an even higher level. But they just completed a round of evaluation, and they are valued at $375 million. Why is that important?

Michael Anthony Crawford: We continue to focus on how to activate them not only on campus, but off campus and so this year, we're going to try to continue to push that mobile gaming partnership to an even higher level. What they just completed a round of evaluation and they valued at $375 million why is that important again, our ownership stake in their company.

Michael Anthony Crawford: Again, our ownership stake in their company continues to increase in value as well. And so that's an important note to make here. Not only are they providing revenue to us directly from the gaming that they're doing and our percentages of that and guaranteed revenue coming from that and sponsorship, but they're also providing additional value through our ownership stake. On-site sports betting, or as it's referred to, retail sports betting.

Michael Anthony Crawford: Continues to increase in value as well and so that's an important note to make here not only are they providing revenue to us directly from the gaming that theyre doing and our percentages are bad and guaranteed revenue coming from that and sponsorship, but they're also providing additional value through our ownership stake.

Michael Anthony Crawford: Onsite sports betting or as it's referred to retail sports betting we do have a retail sports betting license.

Michael Anthony Crawford: We do have a retail sports betting license. But let me be clear, 97% of all bets that are occurring in the state of Ohio, and by the way, in the state of Ohio, sports betting is prolific, and many more, and so Ohio is a sports state, and the people that are engaging really are enjoying their opportunity to have access to sports betting, but they're doing it more through mobile. And so what we've seen as we've studied this industry is that you've actually seen retail sports books closing in some cases or licenses not being fulfilled in other cases by partners because the value of the retail sports book is not quite what we originally had imagined it to be, and it's generating only 3% of the revenue out of all sports betting that is occurring. Does that mean we've given up, and we're not going to have a sports betting partner here on campus? No.

Speaker Change: But let me be clear.

Speaker Change: 97% of all bets that are occurring in the state of Ohio and by the way in the state of Ohio Sports betting is prolific set.

Speaker Change: Setting records on multiple days this year in Ohio for sports betting not only for the state but for the country.

Speaker Change: And so Ohio is a sports state and the people that are engaging really are enjoying their opportunity to have access to sports betting, but they're doing it more through mobile and so what we've seen is we've studied in this industry is you've actually seen retail sports books closing in some cases or license.

Speaker Change: As not being fulfilled in other cases by partners because the value from the retail sports book is not quite what we originally had imagined it to be and it's generating only 3% of the revenue out of all sports betting that is occurring does that mean, we've given up and we're not going to have a sports betting partner here on campus now.

Michael Anthony Crawford: We're actively engaged with multiple partners. We have a dedicated focus on this. Can I promise that, in the end, we will have one?

Speaker Change: We're actively engaged.

Speaker Change: With multiple partners.

Speaker Change: We have a dedicated focus on this.

Speaker Change: Can I promise that in the end, we will have one not at this point in time, what I would say is we think very strongly that this is going to enhance the guest experience that we wanted to have a sports book here. We think it's a unique property, where sports and entertainment destination I think year round, there will be activity here and we have a chance to be.

Michael Anthony Crawford: Not at this point in time. What I would say is that we think very strongly that this is going to enhance the guest experience and that we want to have a sportsbook here. We think it's a unique property. We're a sports and entertainment destination. I think year-round there will be activity here, and we have a chance to be different than other sportsbooks. But we want the right partner, and we want a partner that finds the value in what we do and couples it with what they do. And so we'll continue to look for that sports partner, and we'll keep you informed along the way as we make progress. Last couple things in gaming.

Speaker Change: Different than other sports books, but we want the right partner and we want to partner that finds the value in what we do and coupled it with what they do and so we'll continue to look for that sports partner and we'll keep you informed along the way as we make progress there.

Speaker Change: Couple of things in gaming you saw last year, we started to.

Michael Anthony Crawford: You know, last year we started to have several e-gaming and general gaming opportunities, and the point of those was to continue to gain credibility in the space. And so, recently, we've announced partnerships with high schools and collegiate levels for new tournaments. But gaming starts to go broader. And I say this not as somebody who has enjoyed the opportunity to play beer pong, maybe in my earlier days or when my daughter was in college, but beer pong is a gaming opportunity, and we just had that here on campus.

Speaker Change: Several E gaming and general gaming opportunities and the point of those was to continue to gain credibility in this space and so even recently, we've announced partnerships with high schools and collegiate levels for new tournaments, but gaming starts to go broader.

And I say this.

Speaker Change: As somebody who has enjoyed the opportunity to play a beer pong, maybe in my earlier days or when my daughter was in college, but beer Pong as a gaming opportunity and we just had that here on campus. It was very well received we're going to be having again this year one of the largest corn hold championships in the <unk>.

Michael Anthony Crawford: It was very well received, and we're going to be having again this year one of the largest cornhole championships in the country, nationally televised on ESPN. So we're continuing to look to strategically advance our gaming division and try and make it meaningful from a guest experience point of view and also from a revenue point of view. I talked about sponsorships a moment ago, but the last thing I will say about sponsorships is that the more we have a synergistic model where media and gaming come together, the more we can create broader opportunities for sponsors. And I think that's creating value for them, but it's also creating an opportunity for us to continue to grow those partnerships in a meaningful way. Now, let me turn to 2024.

Speaker Change: Nationally televised on ESPN. So we're continuing to look to strategically advance our gaming division and try and make it meaningful from a guest experience point of view and also from a revenue point of view.

Speaker Change: I talked about sponsorships a moment ago, but the last thing I will say about sponsorships. The more we have a synergistic model where media and gaming.

Speaker Change: <unk> comes to life. The more we can create broader opportunities for sponsored partners and I think that's creating value for them, but it's also creating opportunity for us to continue to grow those partnerships in a meaningful way.

Speaker Change: Let me turn to 2024.

Michael Anthony Crawford: In 2024, we have several key priorities, the first of which is to continue to grow revenue. I think we've shown our ability to do that. I think we've done it in difficult times. I think this team is executed.

Speaker Change: <unk>.

Speaker Change: 2024, we have several key priorities. The first of which is continue to grow revenue I think we've shown our ability to do that I think we've done it in difficult times I think this team has executed I think we've shown our ability to diversify where revenue is coming from.

Michael Anthony Crawford: I think we've shown our ability to diversify where revenue is coming from. But as an example, and I talked about this earlier, we launched our calendar of events. We think that by giving guests advanced notice of everything that we're doing, and by the way, we'll continue to add more events throughout this year, they can be more planful. They can anticipate earlier.

Speaker Change: As an example, I talked about this earlier, we launched our calendar of events.

Speaker Change: We think that by giving guest advanced notice on everything that we're doing and by the way we will continue to add more events throughout this year. They can be more plan full they can anticipate earlier, we can market and sell these events and a more advanced way and so we're excited about the fact that we're getting ahead of things and we're starting to get them more.

Michael Anthony Crawford: We can market and sell these events in a more advanced way. And so we are excited about the fact that we're getting ahead of things, and we're starting to get a more stable view of our event calendar. It also, by the way, allows us to engage with sponsors much earlier on as well. Not only are we focusing on revenue, but we're focusing on closing the gap towards profitability. As you saw, the loss quarter over quarter narrowed.

Speaker Change: Stable view of our event calendar. It also by the way it allows us to engage with sponsors much earlier on as well.

Speaker Change: Not only though are we focusing on revenue, but we're focusing on closing the gap towards profitability.

Speaker Change: As you saw a loss quarter over quarter narrowed and that narrowed because of our team's focus on this stabilization around the company early stage company typically takes three to five years, we're advancing that I think much quicker. If you look at our doubletree asset within two two and a half years.

Michael Anthony Crawford: And that has narrowed because of our team's focus on this. Stabilization around a company, an early stage company, typically takes three to five years; we're advancing that, I think, much quicker. If you look at our Doubletree asset, within two, two and a half years, stabilized, and profitable, I think the same thing is going to be the case for the Center for Excellence. I think the same thing is going to be the case for the Fair Royal Sports Complex.

Speaker Change: Stabilized profitable I think the same thing is going to be the case for the center for excellence I think the same thing is going to be the case for the pro wrong sports complex. So the guidance I would give is we are continuing to look asset by asset, but we're doing this in a very integrated way uplift through anything we're doing in one particular business vertical Cree.

Michael Anthony Crawford: So the guidance I would give is we are continuing to look asset by asset, but we're doing this in a very integrated way, with uplift through anything we do in one particular business vertical creating uplift in the other two as well. We'll be focusing on that synergistic model in a much more significant way, but how we're going to do that is by implementing a campus-wide operating system. Technology is the key. Many of you book vacations, or you book experiences.

Speaker Change: <unk> uplift and the other two as well.

Speaker Change: We will be focusing on that synergistic model in a much more significant way, but how we're going to do that is we're going to implement a campus wide operating system.

Speaker Change: Knowledge is the key many of you book vacations or you booked experiences the more we give guests to advanced book when Theyre coming here, a meal or tell stay rides parking taking it and making it a very efficient process and we can do this through a new campus wide operating system.

Michael Anthony Crawford: The more we give guests the ability to advance book when they're coming here, a meal, a hotel stay, rides, parking, taking it and making it a very efficient process, and we can do this through a new campus-wide operating system, the higher the guest engagement survey score should be, and the higher the opportunity for us to grow revenue. And so we're excited about launching that later this year. The Unknown Executive, Jack Aarde, Anne Zimmer, Benjamin Lee. I want to also talk a little bit about our hotel. We continue to focus on how we grow our hotel in different ways with group bookings and the things that we're doing there. I think we're very uniquely positioned in the market, and this asset. I'm proud of the team there and what they've been able to accomplish. But I also believe that there's a lot of room to grow and I know they're incredibly focused on Bundling. So packaging experiences, and again that campus-wide operating system, allows ease of doing that.

Speaker Change: The higher the guest engagement survey scores should be in the higher the opportunity for us to grow revenue and so we're excited about launching that later this year.

Speaker Change: Yeah.

Speaker Change: I will also talk a little bit about our hotel, we continue to focus on how do we grow our hotel in different ways with group bookings with the things that we're doing there I think we're very uniquely positioned in the market and this asset I'm proud of the team there and what they've been able to accomplish but I also believe.

Speaker Change: But theres a lot of room to grow and I know they are incredibly focused on that.

Speaker Change: Bundling, so packaging experiences and again that campus wide operating system allows ease of doing that but we want people coming here not for one visit to a shoe is restaurant, we want them coming for schuh as restaurant, a Bourbon bar experience going through a water park maybe.

Michael Anthony Crawford: But we want people coming here not just for one visit to a Shula's restaurant. We want them coming for a Shula's restaurant, a bourbon bar experience, going to a water park, maybe not in that order, but having multiple experiences while they're here to give them a full day, part of the metrics that we use this year and last year to gauge success, and so on. We're going to focus on attendance growth. We are giving guidance that we project to get to about 3.5 million to 3.7 million. I think we can achieve that. We are focused on bringing people here for new events, new experiences, and as we open more and program more, I think repeat visitation will continue. Other key priorities for us are restructuring our balance. I've talked about this in the past.

Speaker Change: Maybe not in that order, but having multiple experiences while they're here to give them a full day.

Speaker Change: Part of the metrics that we use to this year and last year to gauge success attendance growth, new and repeat visitation, but also linked to stay and so as we bundle packages as technology allows us to engage with guests more we can increase length of stay as they stay longer they have a better experience and they saw.

Speaker Change: And more we had greater access to their wallet.

Speaker Change: We're going to focus on attendance growth.

Speaker Change: We're giving guidance that we project to get to about $3 5 million to $3 7 million of attendance. This year I think we can achieve that.

Speaker Change: We're focused on bringing people here for new events, new experiences and as we open more and program more I think repeat visitation will continue to grow.

Speaker Change:

Speaker Change: Other key priorities for us.

Speaker Change: Restructuring our balance sheet I've talked about this in the past as times were difficult through Covid and then the inflationary environment that we've all had to face supply chain issues, we've had to face.

Michael Anthony Crawford: As times were difficult through COVID and then the inflationary environment that we've all had to face, supply chain issues we've had to face, we're coming through this. But what that forced us to do was finance all assets individually. And my focus and our company's focus now is to take those particular individual asset financing instruments and see if we can realign them. Much of the debt we have in the company is very good long-term debt. Some of that is not true.

Speaker Change: We're coming through this but what that forced us to do was finance all assets individually and my focus on our company's focus now is to take those particular individual asset financing instruments and see if we can realign those much of the debt we have in the company is very good.

Speaker Change: Long term debt some of that is not and so we've already engaged in extending some of the debt that was coming due this year, we've taken advantage of extensions and we will be extending those at least for another year, but the primary goal is to restructure the balance sheet to have more equity in the company and then.

Michael Anthony Crawford: And so we've already engaged in extending some of the debt that was coming due this year. We've taken advantage of extensions, and we'll be extending those, at least for another year. But the primary goal is to restructure the balance sheet to have more equity in the company and then also the debt restructuring to make it longer term and more user-friendly at an early stage. We want to continue to focus on developing our Phase 2 assets, Game Day Waterpark and the Tapestry Hotel. So let me sort of put some rumors to rest. Construction has not stopped on the game day water park. We've released images just as recent as last week and today showing a lot of progress on the inside of the water park, but it has slowed. And why has it slowed?

Speaker Change: Also the debt restructuring to make it longer term and more user friendly for an early stage company.

We want to continue to focus on developing our phase phase two assets gameday waterpark in the tapestry hotel.

Speaker Change: So let me sort of put some rumors to rest here.

Speaker Change: Construction has not stopped the game day Waterpark, we've released images just as recent as last week and today showing a lot of progress on the inside of the Waterpark, but it has slowed and why has it slowed.

Michael Anthony Crawford: because, as we've always said, we will not overextend ourselves as we complete the financial capital stock raise. We will continue to more aggressively pursue construction. We finished the foundation and the site work for the hotel. There is a lot of work progressing still. The parking lot beside the water park is full of equipment that is getting ready to be installed in the water park.

Because as we've always said, we will not overextend ourselves as we complete financial.

Speaker Change: Capital stack raise we will continue to more aggressively pursue construction we finished the.

Speaker Change: Foundation and the <unk>.

<unk> work for the hotel there is a lot of work progressing still the parking lot beside the water Park is full of equipment that is getting ready to be installed into the waterpark, but are opening has been impacted by the slowing of our construction there and so now we're projecting a 2025 and I'm hopeful early 2025.

Michael Anthony Crawford: But our opening has been impacted by the slowing of our construction there. So now we're projecting a 2025, and I'm hopeful early 2025 opening of the water park because our goal is to finalize the capital stack for both the hotel and the water park in the next month or two months. And we've had a ton of support from our community, both at the city, the county, and the state level. We have all of the pieces aligned, and the trick is, everything has to close at the same time, and that's fairly complicated.

Speaker Change: Opening of the Waterpark because our goal is to finalize the capital stack for both the hotel and the Waterpark in the next month or two months and we've had a ton of support from our community both at the city the county and the state level.

Speaker Change: We have all of the instruments aligned.

Speaker Change: The trick is everything has to close at the same time and that's fairly complicated and so well disappointing that I don't believe we'll have it open by the end of this year a few months later in 'twenty five we hope to have this asset open and ready to roll and having a great experience for our guests.

Michael Anthony Crawford: And so while disappointing that I don't believe we'll have it open by the end of this year, a few months later, in 25 we hope to have this asset open and ready to roll and have a great experience for it. Speaking of experiences, always our goal is to focus on creating unique experiences and content. And I think you're seeing that, and you're seeing that in our results, right? You're seeing that in revenue. You're seeing that in attendance. You're seeing that in media views, and social media views.

Speaker Change: Speaking of experience always our goal is to focus on creating unique experiences and content and I think you're seeing that and youre seeing that in our results right youre seeing that in revenue youre seeing that in attendance youre seeing that immediate views social media views every metric that we're using grew in 2023.

Michael Anthony Crawford: Every metric that we're using grew in 2023, and we expect those things to grow in 2024 as well. Lastly, I'll say we're examining off-site asset development. We have a plan to leverage access to the Pro Football Hall of Fame brand that we have and potentially create much smaller assets, restaurants, bars, cafe-type restaurants that have programming, that have memorabilia, that have opportunities for our guests to engage with the teams and the cities that these types of locations would exist in. We have hired somebody who is an absolute pro at doing this. We have a plan. We have a business plan. This is not something that we intend to invest in as a company.

Speaker Change: We expect to have those things grow in 2024 as well.

Speaker Change: Lastly, I'll say, we're examining offsite asset development, we have a plan.

Speaker Change: To leverage access to the brand of the pro Football Hall of Fame that we have and potentially create much smaller assets restaurant bar cafe type restaurants that have programming that have memorabilia that have opportunities for our guests to engage with the teams in the cities that these types.

Speaker Change: So.

Speaker Change: Locations would exist we've hired somebody who is an absolute pro at doing this we have a plan and we have a business plan. This is not something that we intend to invest in as a company, we're not there yet, but taking on partners or maybe spinning that off and having a separate opportunity is something that we're exploring.

Michael Anthony Crawford: We're not there yet, but taking on partners or maybe spinning that off and having a separate opportunity is something that we're exploring. I said lastly, but I will say one other thing. Partnerships are very important to us. And so we're continuing to look at how we grow our partnership with the NFL. When I was in New York two months ago, I had the opportunity to meet with the commissioner and his team.

Speaker Change: I said lastly, but I will say one other thing.

Speaker Change: Partnerships are very important to us and so we're continuing to look at how we grow our partnership with the NFL.

As in New York, two months ago, I had the opportunity to meet with the commissioner and his team.

Michael Anthony Crawford: We then shortly after that announced one of the largest flag football tournaments that the NFL hosts every single year, and it will be this year, bringing literally thousands of guests to our campus for multiple days. The number of hotel rooms, the number of food, meals that have to be served, rides, Special event areas, meeting space. These are the types of partnerships with the NFL that we want to continue to grow. And I think as we continue to grow our capabilities and our ability to execute, it gives them confidence that we can do more and more with them. We've been working with them very closely on media with the NFL Films Division, and we have produced several pieces of content with them, Perfect 10 being a good example of that.

Speaker Change: We then shortly after that announced one of the largest flag football tournament with the NFL every single year, we'll be moving in canton, Ohio, and it will be this year, bringing literally thousands of guests to our campus for multiple days.

Speaker Change: The number of hotel rooms, the number of food meals that have to be certain rides special event areas meeting space. These are the types of partnerships with the NFL, but we want to continue to grow and I think as we continue to grow our capabilities and our ability to execute it gives them confidence that we can do more and more with them.

Speaker Change: We've been working with them very closely on media with be in adult films Division. We have produced several pieces of content with them perfect 10, being a good example of that but I think we're going to have an opportunity because the sunoco flag event is nationally televised to really showcase yet again, the campus and everything that we have to offer there.

Michael Anthony Crawford: I think we're going to have an opportunity, because this NFL flag event is nationally televised, to really showcase the campus and everything that we have to offer. These are very unique things that a lot of companies our size don't have the opportunity to do, through our partnership with the Pro Football Hall of Fame. They announced a significant expansion and renovation over the next three years, almost $80 million worth of new expansion. I think it complements what we're doing very well. We are building new, exciting experiences here. That is the jewel that we're building around, and I think they are becoming more modern, more engaging, and more personalized.

Speaker Change: These are very unique things that a lot of companies our size don't have the opportunity to do.

Speaker Change: Our partnership with the Pro Football Hall of Fame, They announced a significant expansion and renovation over the next three years.

Speaker Change: Five years I should say.

Speaker Change: Almost $80 million worth of new expansion I think it complements what we're doing very well we are building new exciting experience. This year that is the jewel that we're building around and I think them, becoming more modern more engaging or personalized I know Jim Porter and his team are doing a really good job focused.

Michael Anthony Crawford: I know Jim Porter and his team are doing a really good job focusing on the plan there, and we're excited about how we can continue to build that partnership in a much more meaningful way. And with that renovation, we hope new and exciting guests will come. Stay longer and give an opportunity to showcase our campus as well. The same weekend that we're hosting, or the same week that we're hosting the NFL flag event, we're also hosting the American Cornhole League Championships again. Second year in a row, it was nationally televised on ESPN.

Speaker Change: On a plan there and we're excited about how we can continue to build that partnership in a much more meaningful way and with that renovation we hope.

Speaker Change: New and exciting guest come stay longer and given opportunity to showcase our campus as well.

Speaker Change: The same weekend that we're hosting or the same week that we're hosting the NFL flag event. We're also hosting the American Cornhole League Championships again second year in a row nationally televised on ESPN.

Michael Anthony Crawford: Very busy week out here. We are now seeing, as you saw in Q4 last year, our plan and our strategy of flattening seasonality and pushing revenue through all four quarters come to life. But we will have incredibly busy weekends over the course of the summer. The Set-Aside Enshrinement, the Black College Football Hall of Fame Kickoff Classic, all of those tentpole events; we are now adding more festivals. We're now adding more organically built festivals. Our team is excited to have those opportunities to continue to engage and grow our roster of events for our guests to enjoy. I'll just close by saying this.

Speaker Change: Very busy week out here we are.

Speaker Change: We're now seeing as you saw Q4 last year.

Speaker Change: Our plan and our strategy.

Speaker Change: <unk> seasonality and pushing revenue through all four quarters come to life, but we will have incredibly busy weekends over the course of the summer set aside and trying and Black College football Hall of Fame kickoff classic all of those Tentpole events. We are now adding more festivals, we're now adding more organically built first.

Speaker Change: <unk>. Our team is excited to have those opportunities to continue to engage and grow our roster of events for our guests to enjoy.

Speaker Change: I'll just close by saying this.

Michael Anthony Crawford: I think we've shown that executing our strategy is delivering results and, in some cases, delivering them on a much more expedited calendar than what we originally expected it to be. And I hope that what people are seeing is that while I know there are a lot of traders out there, there's a lot of opportunity to convert those into investments. This is a stock that I think is undervalued. I said that before.

Speaker Change: I think we've shown that executing our strategy is delivering results and in some cases delivering them on a much more expedited.

Speaker Change: Calendar than what we originally.

Speaker Change: Expected it to be.

Speaker Change: And I hope that what people are seeing is that while I know, there's a lot of traders out there theres a lot of opportunity to convert those into investors. This is a stock that I think is undervalued I said that before I think the company has a great opportunity to grow the fundamentals are there we have the right focus and we have the.

Michael Anthony Crawford: I think the company has a great opportunity to grow. The fundamentals are there. We have the right focus, and we have the right people. So I'm very appreciative of everybody who takes the time to understand who we are and really values the experience, the content we create, the gaming environments. But I think this company will continue to grow this year in a very meaningful way, just as it did last year. So we have an exciting 24 ahead of us.

So I am very appreciative of everybody, who takes the time to understand who we are and really values. The experience. The content, we create the gaming environments, but I think this company will continue to grow this year in a very meaningful way just as it did last year. So an exciting 24 ahead of us.

John Van Buten: I'll come back in just a few moments, but let me turn it over to John Van Buten, our principal accounting officer, and he will give us the financial results for Q4 of last year. Thanks, Mike, and good morning, everyone. Moving on to our financial results, our fourth-quarter total revenue was $6.1 million, which represents an increase of 101% from the same period last year, and the rest of the board. Fiscal year 2023 revenue as a whole was $24.1 million, which was an increase of 51% from the prior year.

Speaker Change: I'll come back in just a few moments, but let me turn it over to Jonathan <unk>, Our principal accounting officer, and he will provide us the financial results for Q4 of last year.

Jonathan: Mike and good morning, everyone.

Jonathan: Moving onto our financial results, our fourth quarter total revenue was $6 1 million.

Jonathan: Which represents an increase of 101% from the same period last year.

Jonathan: Revenue growth in the quarter was primarily driven by event in rental revenue at the Hall of Fame village fiscal year 2023 revenue as a whole was $24 1 million, which was an increase of 51% from the prior year for.

John Van Buten: For the full year, revenue growth was primarily driven by increased event and rental revenue at the Hall of Fame Village, as well as higher operating revenue at our Devil Tree Hotel. The company's revenue mix continues to become more diversified as we have completed construction of many of our Phase 2 assets and have realized revenue from our media and gaming verticals. This change in revenue mix highlights the synergies and the diverse revenue streams that we're creating within the company, from event revenue, tenting and rental, hotel and restaurant revenue, media, and gaming. We expect that these revenue streams will continue to grow and broaden in future years as we reach stabilization. Fourth quarter adjusted EBITDA was minus $1.9 million compared to minus $5.5 million in the same quarter last year.

Jonathan: For the full year revenue growth was primarily driven by increased event in rental revenue at the hall of Fame village as well as higher operating revenue at our Doubletree Hotel.

Jonathan: The company's revenue mix continues to become more diversified as we've completed construction of our of many of our phase III assets and have realized revenue from our media and gaming verticals.

Jonathan: This change in revenue mix highlights the synergies.

Jonathan: Diverse revenue streams that we are creating within the company from event revenue tentative and rentals hotel and restaurant revenue media and gaming.

Jonathan: We expect that the revenue streams will continue to grow and brought it in future years as we reach stabilization.

Jonathan: Fourth quarter, adjusted EBITDA was minus $1 9 million compared to minus five 5 million in the same quarter last year.

John Van Buten: For the full year, adjusted EBITDA was minus $25.5 million compared to minus $26 million for 2022. The company continued to invest in headcount and other resource needs as it opened destination assets and developed our other business verticals. We expect to see operating leverage improve throughout the course of this fiscal year. The company posted a net loss of $20.2 million in the quarter.

For the full year adjusted EBITDA was minus $25 5 million compared to minus 26 billion for 2022.

Jonathan: The company continued to invest in head count and other resources needs as we open as we've opened destination assets and developed our other business verticals.

Jonathan: We expect to see operating leverage improved throughout the course of this fiscal year.

Jonathan: The company posted a net loss of $22 million in the quarter included in this net loss the company recognized an $8 $8 million impairment expense of which $7 7 million was related to the anticipated sale of our forever one sports complex.

John Van Buten: Included in this net loss, the company recognized an $8.8 million impairment expense, of which $7.7 million was related to the anticipated sale of our Forever Lawn Sports Complex. Interest expense increased to $4.7 million, resulting from both higher debt balances as well as lower capitalized interest as assets are placed in the service. This was partially offset by $4.1 million in other income representing the gain on the outcome of the arbitration with Johnson Controls. Moving to the balance sheet, we finished the quarter with a cash and liquid investment balance of approximately $12 million, which was largely unchanged from the balance at the end of the third quarter. The company's usage of cash was attributed to operating activities as well as construction expenditures, which totaled approximately $15 million during the fourth quarter. As a result, our net debt balance increased to $219 million compared to $202 million at the end of the prior quarter.

Jonathan: Interest expense increased to $4 $7 million, resulting from both higher debt balances as well as lower capitalized interest as assets are placed into service.

Jonathan: This was partially offset by $4 1 million in other income representing the gain on the outcome of the arbitration with Johnson controls.

Jonathan: Moving to the balance sheet.

We finished the quarter with a cash and liquid investment balance of approximately $12 million, which was largely unchanged from the balance at the end of the third quarter.

Jonathan: The company's usage of cash was attributed attributed to operating activities as well as construction expenditures, which totaled approximately $15 million during the fourth quarter.

Jonathan: Our net debt balance increased to $219 million compared to $202 million at the end of the prior quarter.

John Van Buten: The increase in notes payable during the quarter was primarily due to new drawdowns under our fan engagement zone senior loan, which was previously reassigned to CH Capital Lending, as well as accruals of paid in-kind interest. Regarding upcoming debt maturities this year, we have already provided notice to IRG and its affiliate lenders to exercise a one-year extension for the approximately $49 million in debt coming due at the end of this month. As we have noted in prior quarters, we are working to restructure and optimize our overall capital structure in a way that provides the company the best opportunity to move efficiently towards continued stabilization of all facets of our stated business model. Recent macro trends in credit conditions have resulted in significant tightening in the lending markets and higher borrowing costs.

Jonathan: The increase in notes payable during the quarter was primarily due to new drawdowns under our fan engagement from senior loan, which was previously reassigned to CH capital lending as well as accruals of paid in kind interest.

Jonathan: Regarding upcoming debt maturities and this year, we have already provided notice to IRG and its affiliate lenders to exercise a one year extension for the approximately $49 million in debt coming due at the end of this month.

Jonathan: As we've noted in prior quarters, we are working to restructure and optimize our overall capital structure in a way that provides the company the best opportunity to more efficiently towards continued stabilization of all facets of our stated business model.

Recent macro trends in credit conditions have resulted in significant tightening in the lending markets and higher borrowing costs.

John Van Buten: We continue to work towards closing all of the necessary financing required for the remaining Phase 2 construction, including multiple financing transactions related to our Game Day Bay water park and on-site tapestry hotel. To reiterate, we are in a very challenging and restrictive credit environment, but we are working diligently towards closing the remaining construction financing needed to fund these critical activities. Moving to our 2024 financial guidance, we are expecting revenue to be in the range of $27 to $30 million based on current water park construction timelines. We are guiding to an adjusted EBITDA loss in the mid-teens million range.

Jonathan: We continue to work towards closing all of the necessary financing required for the remaining phase II construction, including multiple financing transactions related to our game day Bay, Waterpark and onsite tapestry hotel.

Jonathan: To reiterate we are in a very challenging and restrictive credit environment, but we are working diligently towards closing the remaining construction financing needed to fund these critical assets.

Jonathan: Moving to our 2024 financial guidance.

Jonathan: We are expecting revenue to be in the range of $27 million to $30 million based on current waterpark construction timeline.

Jonathan: We are guiding to an adjusted EBITDA loss in the mid teens millions range as.

Operator: As we have highlighted, the company and our Hall of Fame village are in the very early growth stages. Following the sale of 80% of our ownership of the Forever Lawn Sports Complex, we will not be recognizing future revenue or adjusted EBITDA from the asset due to accounting rules. The resulting income will instead be shown as income from our investment going forward. The company is intensely focused on expense management and staying lean where possible, while at the same time balancing the need to invest in order to support our continued growth. We expect increased diversification of revenue and EBITDA across multiple streams, with each one driving synergies to support the ecosystem that we are working to build. In closing, the company is mindful of the current economic environment and will remain intensely focused on driving profitability through diverse revenue streams and disciplined cost management, while making strategic investments to support our continued growth.

Jonathan: As we have highlighted the company and our hall of Fame village are in the very early growth stages.

Jonathan: Following the sale of 80% of our ownership of the Forever long sports complex, we will not be recognizing future revenue or adjusted EBITDA from the asset due to accounting rules.

Jonathan: The resulting income will instead be shown as income from our investment going forward.

Jonathan: The company is intensely focused on expense management, and staying lean where possible while at the same time balancing the need to invest in order to support our continued growth.

Jonathan: We expect the increased diversification of revenue and EBITDA across multiple streams with each one driving synergies to support the ecosystem that we are working to build.

Jonathan: In closing the company is mindful of the current economic environment and will remain intensely focused on driving profitability through diverse revenue streams and disciplined cost management, while making strategic investments to support our continued growth.

Operator: Finally, as you've come to expect, we will continue to provide transparent and timely updates to our shareholders as we move ahead. Operator, we would now like to open the line for any questions. Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question at this time, please press star 1 on your telephone keypad and a confirmation tone to indicate your line is in the question queue. You may press start too if you'd like to withdraw your question from the queue.

Jonathan: Finally, as you've come to expect we will continue to provide transparent and timely updates to our shareholders as we move ahead.

Speaker Change: Operator, we would now like to open the line for any questions.

Speaker Change: Thank you at.

Speaker Change: At this time, we'll be conducting a question and answer session.

Speaker Change: I'll have to ask a question at this time. Please press star one from your telephone keypad and a confirmation tone will indicate your line is in the question queue.

Speaker Change: Fresh start to feel like throwing a question from the queue.

Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Operator: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment, please, while we poll for questions. Thank you. And our first question is from David Marsh with Singular Research and the rest of the audience. Hi, good morning, guys.

Speaker Change: One moment please poll for questions.

Speaker Change: Thank you and our first question is from the line of David Marsh with singular research. Please proceed with your questions.

David Marsh: Hi, Good morning, guys. Thanks for taking the question and congrats on the quarter on the top line growth is really impressive.

David Marsh: Thank you.

Speaker Change: Good morning.

Speaker Change: Good morning.

David Marsh: First wanted to ask about the arbitration outcome.

David Marsh: Thanks for taking the question and congrats on the quarter. The top line growth is really a, Thank you, and many more. Good morning.

David Marsh: Father was.

David Marsh: Yes, something running through the P&L there, maybe you could just give us a little bit.

David Marsh: A little bit more.

Michael Anthony Crawford: First, I wanted to ask about the arbitration outcome. I saw there was... Something running through the P&L there. Maybe if you just give us a little bit more detail about that and Jack Aarde. I'm going to turn it over to John, but let me address the last part first. So I anticipated this question, but I wanted to have John go through it from a financial point of view, and in my closing remarks, I was planning on addressing this and many more. We went through the process just as we committed that we would because we felt like what we had done was right and that's what we do with all of our partners. We treat them respectfully, we treat them according to our contracts, and, more importantly, we treat them as partners, and we want to be engaged with them the entire time. I think Johnson Controls didn't feel like that was the case, and so we went through the original process of trying to come to a resolution with mediation. That didn't work,

David Marsh: <unk> around that.

David Marsh: It seems as though you guys did get some.

David Marsh: Perhaps got some cash inflow, there and just wanted to make sure that that is a binding and non appealable outcome.

Speaker Change: Yeah, let me I'm going to turn it over to John but let me address the last part first so.

Speaker Change: I anticipated this question, but I wanted to have John go through it from a financial point of view.

John: In my closing remarks, I was planning on addressing that so I know this was.

Very hotly watched over the course of the last year and I don't blame everyone. Because this was a significant sponsorship for our company.

John: We went through the process just as we committed that we would because we felt like what we had done was right and that's what we do with all of our partners, we treat them respectfully, we treat them. According to our contracts more importantly, we treat them as partners and we want to be engaged with them the entire time.

Speaker Change: I think Johnson controls didn't feel like that was the case.

Speaker Change: And so we went through the.

Speaker Change: The original process.

Speaker Change: Trying to come to resolution with mediation, but didn't work. So we went to binding arbitration.

Michael Anthony Crawford: So we went to binding arbitration. In binding arbitration, I think our team did a very good job laying out our case, so much so that the verdict came our way, and while the financial outcome that was provided to us by the Arbitra panel was less than what we had hoped for, I think what it really suggested was that we were right. And since you're right, you have to stand up for yourself, whether you're a small company or a big company.

Speaker Change: In binding arbitration I think our team did a very good job of laying out our case so much so that the verdict came our way.

Speaker Change: And while the financial outcome that was provided to us from the Arbitrer panel was less than what we had hoped for I think what it really suggested was we were right and you know as Youre right you have to stand up for yourself, whether you are a small company or a big company and I think the we are appreciate.

Michael Anthony Crawford: And I think we were appreciative of the panel's findings, and then how that impacted us financially was not as great as we had wanted. And John will talk about that in just a moment. It eliminated a significant burden for the company in the hundreds of millions of dollars from an ongoing maintenance and upkeep point of view with Johnson Controls. That was a big win for us, and it also opened up categories now that we are actively pursuing for additional sponsored partners, and I think that we've now cleared the way for that. There is no appeal process.

Speaker Change: Under the panel's findings and then how that impacted us financially it was not as great as what we wanted to and John will talk about that in just a moment, but let me say this.

Speaker Change: It eliminated a significant burden for the company in the hundreds of millions of dollars from an ongoing maintenance and upkeep point of view with Johnson controls that was a big win for us.

And it also opened up categories now that we are actively pursuing four additional sponsor partners.

Speaker Change: Think that we've now cleared the way for that there is no appeal process. There was it was not followed both sides chose to honor the.

Michael Anthony Crawford: There was, but it was not followed. Both sides chose to honor the finding of the Arbiter Panel. The proceeding is officially closed, but I'm excited now about what our opportunities are in the context of new sponsor partners, and we're already getting partnership opportunities from this, and so I'll let John explain more of the financial outcome, but I just wanted to make that very clear that getting, you know, some vindication around the verdict and also eliminating a significant burden that we had in that contract was a big, big win. Yeah, thanks Mike. As we noted in our earnings release and in my remarks this morning, we did have a gain on our P&L for the quarter of $4.1 million. That represents, we received a $2.87 million award. However, all of that award goes to cover the fees and the cost of the arbitration.

Speaker Change: Finding of the Arbitrer panels, so the the.

Speaker Change: Proceeding is officially closed.

Speaker Change: Im excited now about what our opportunities are in the context of a new sponsor partners and we're already getting partnership opportunities from this and so I'll, let John explain more of the financial outcome, but I just wanted to make that very clear but.

Speaker Change: Some vindication around the verdict and also eliminating a significant burden that we had in that contract was a big big win for us.

John: Yes, Thanks, Mike.

John: As we noted in our earnings release and in my remarks. This morning, we did have a.

John: Again on our P&L for the quarter of $4 $1 million.

John: That represents we did receive at $2 $87 million Award. However, all of that award goes to cover the fees and the costs of the arbitration.

John Van Buten: So the gain primarily represents the fact that we were able to write off our liabilities that represented the amounts that we had accrued under the Technology as a Service Agreement, the amounts that we had accrued for the Naming Rights Agreement, and any deferred revenue that we had under the Naming Rights Agreement, which was net of any amounts that we had on our books that were due from Johnson Controls under the Naming Rights Agreement. And just one other thing. I think that it's probably worth noting, if you may recall, if you read through the original filings, the claim of default from Johnson Controls towards us could have resulted in them receiving several millions of dollars in an award.

John: So the gain primarily primarily represents the fact that we were able to write off our liabilities that represented the amount that we had accrued under the technology as a service agreement.

The amounts that we had accrued for the naming rights agreement.

John: Any deferred revenue that we had under the naming rights agreement, which was net of any amounts that we had on our books that were due from Johnson controls under the naming rights agreement and just one other thing that is probably worth noting if you may recall, if you read through the.

John: The original filings with the claim of default from Johnson controls towards us could have resulted in them receiving several millions of dollars worth of an award that didn't happen.

Michael Anthony Crawford: That didn't happen, and so again, appreciative of the Arbiter Panel's view of this. I thought our team did an excellent job representing this case, and in the end, we won, and it frees up a lot of opportunities for us going forward and eliminates a lot of opportunities. Thank you. That's very comprehensive and very helpful. I appreciate that. Um, the next question I have is just about the UFL. It looks like, unfortunately, you guys aren't going to be able to host any UFL events this year with the merger of the two leagues. Just wondered, you know, what, you know, from a, from a, unfortunately, we all have to build financial models. So from a first quarter perspective, you know, what was the impact of the UFL or, well, the old USFL in kind of the first or second quarter last year?

John: And so again appreciative of the Arbitron panels.

John: You have this I thought our team did an excellent job representing this case and in the end, we won and it frees up a lot of opportunity for us going forward and eliminates a lot of obligation.

Speaker Change: Well thank you.

Speaker Change: Very comprehensive and very helpful. I appreciate that.

Speaker Change: Next question I have is just around the U S. L. It looks like Unfortunately, you guys kind of be able to host study.

Speaker Change: U S. L events this year with the merger with <unk>.

Speaker Change: Just wonder.

Speaker Change: What from a from just from Enel.

Speaker Change: Unfortunately, we all have to build financial models. So.

From a first quarter perspective.

Speaker Change: What was the impact of the U S. L. A while the old Usfl and kind of first second quarter last year and how do you make up for that lost revenue this year.

Michael Anthony Crawford: And, you know, how do you make up for that lost revenue issue? Yeah, thank you for the question. I mean, it's an important question, but the good news is we had already anticipated that, and we have significant programming being built already in the first and second quarter of this year that will hopefully not only fill that gap but also extend revenue growth. Listen, we have a great relationship with Fox. Eric Shanks, Dan Carey, all high-quality guys that I consider friends; we have communicated with them the entire way. The merger offered them an opportunity to play in existing markets. I don't blame them for that.

Speaker Change: Yes. Thank you for the question I mean, it's an important question, but the good news is we had already anticipated that and we have significant programming being built already in the first and second quarter of this year that will hopefully not only fill that gap, but also extend revenue growth.

Speaker Change: Listen we have a great relationship with Fox, Eric Shanks, Dan carry all high quality guys. What I consider friends, we have communicated with them the entire way the merger offer them an opportunity to play in existing markets I don't blame them for that frankly, it's more cost efficient.

Michael Anthony Crawford: Frankly, it's more cost-efficient where the XFL and the USFL were already playing. To play in those markets, you don't have to do as much traveling, the expense is already set up, et cetera. So they were incredibly supportive and appreciative of everything that we did in our relationship. And I'll just say this. We're still having conversations about the future. I mean, I would love to have a team here in Canton, Ohio.

Speaker Change: The XFL in the U S. <unk> were already planning to play in those markets. You don't have to have as much travel will be expensive setup et cetera.

Speaker Change: So they were incredibly supportive and appreciative of everything that we did in our relationship and I will just say this we're still having conversations about the future.

Speaker Change: Would love to have a team here in Canton, Ohio, I would love to continue to have an opportunity to play a play off for a championship game or maybe some preseason game. So I wouldn't say that those things are on the table, but I also wouldn't say that they are off the table either and we will continue to have conversations with those guys and our relationship with Fox is very.

Michael Anthony Crawford: I would love to continue to have an opportunity to play a playoff or a championship game or maybe something, so I wouldn't say that those things are on the table, but I also wouldn't say that they're off the table either, and we'll continue to have conversations with those guys, and our relationship with Fox is very strong, and we're hopeful to announce some more things from a media point of view that involve Fox in the coming weeks. Okay just to help us understand what the impact on the top line was in 23 from those teams being present there in the village and, you know, what we're looking to replace, was around $800,000 to $1 million. That's what it represented.

Speaker Change: And we're hopeful to announce some more things from a media point of view that involve box in the coming months.

Speaker Change: Okay. So.

Speaker Change: I appreciate that.

Speaker Change: Qualitative color Michael but.

Speaker Change: Could you just kind of help us from a quantitative perspective, a little bit.

Speaker Change: Just help us understand what the.

Speaker Change: Impact on the top line was in 23 from those teams being present there in the village.

And what we're looking to replace here.

Michael Anthony Crawford: I think it was between around 802 million $802 million.

Michael Anthony Crawford: And remember, that wasn't just about the village. Those were hotel stays. It's again that diversified revenue model that we talk about, catering events, food and beverage concessions, merchandise, tickets, those types of things. That's quantitatively what we estimated it was.

Michael Anthony Crawford: That's what it represented in remember that wasn't just to the village those were hotel stays.

Michael Anthony Crawford: Again that diversified revenue model that we've talked about catering events food and beverage concession merchandise tickets.

Michael Anthony Crawford: Those types of things that's quantitatively, what we estimated it was.

Speaker Change: Okay. That's really helpful. I appreciate that.

Michael Anthony Crawford: That's really helpful. I appreciate that. And then, just as we look forward in 24, you've talked about a lot of really exciting events that you guys have planned. Maybe you could just talk about what the opportunity set looks like in terms of growing those events, and maybe you could just provide a little bit more color on the success of some of the more recent events that you've had, such as the comedian and some of the concerts and things like that. Yeah, I mean, look, you know, we've announced several large acts, comedy festivals, and music festivals. We are on sale already with most of those things bringing in revenue earlier into the year through those ticket sales, which is again why we're trying to advance calendars and allow people the chance to buy earlier and plan their calendars accordingly.

Speaker Change: And then just.

Speaker Change: We look forward in 'twenty four talks.

Speaker Change: <unk> talked about a lot of really exciting events.

Speaker Change: You guys have planned maybe you could just yes.

Speaker Change: Maybe you can just talk about what the opportunity set looks like in terms of of growing those events and maybe you could just provide a little bit more color on the successful.

Some of them more recently, you've had such as the comedian and.

Speaker Change: Some of the concerts and things of that nature.

Speaker Change: Yes, I mean look we've announced several large axe <unk>.

Speaker Change: <unk> festivals.

Speaker Change: Yes.

Speaker Change: Music festivals, we are on sale already with most of those things, bringing in revenue earlier into the year.

Speaker Change: Through this ticket sales, which is again why we are trying to advance calendars and allow people.

Speaker Change: The chance to buy earlier and plan their calendars accordingly.

Speaker Change: Things like bringing a circus here and the Harris blitzer.

Michael Anthony Crawford: Things like bringing a circus here and the Harris Blitzer Festival, Partnership, and bringing in very large-scale youth sporting events that are on the docket already. The NFL flag event we anticipate having a significant financial impact for us and the community, frankly. Carrie Underwood is almost sold out.

Speaker Change: Partnership, bringing in very large scale use sporting events that are on the docket already the NFL flag event, we anticipate having a significant financial impact for us and the community frankly.

Speaker Change: Carrie Underwood is almost sold out.

Michael Anthony Crawford: You know, there are a lot of those large-scale events that we've announced. And then we're also focused on creating tentpole events ourselves. Winter Blitz is our annual winter event. It was larger this year, and Q4 generated more revenue.

Speaker Change: There's a lot of those large scale events that we've announced and then we're also focused on creating tentpole events ourselves.

Speaker Change: Winter Blitz is our annual winter event. It was larger this year in Q4 generated more revenue, we expect that to be a very large scale event for us, but we're talking about month long festivals and really creating packaging opportunities that drive greater revenue growth for the company using.

Michael Anthony Crawford: We expect that to be a very large-scale event for us. But we're talking about, you know, month-long festivals and really creating packaging opportunities that drive greater revenue growth for the company using the existing assets we have in a much smarter and efficient way, allowing guests to have access to them. So, you know, our roster of events is on our website. Okay. You can see that we continue to announce and add new things to those almost on a weekly basis to that roster, and I think that that is going to really generate the attendance growth that I spoke about, which are two key metrics for a country or destination-based asset. Great, thanks very much for taking the questions. I'll yield to anyone else that may be in the queue.

Speaker Change: The existing assets, we have in a much smarter inefficient way, allowing guests to have access to them. So.

Speaker Change: Our roster of events is on our website.

Speaker Change: You can see that we continue to announce and add new things to do is almost on a weekly basis on that to that roster.

Speaker Change: And I think that that is going to really generate.

Speaker Change: <unk> growth and repeat visitation that I spoke about which are two key metrics for destination based assets like this.

Speaker Change: Great. Thanks, very much for taking the questions.

Speaker Change: The yield to anyone else it may be in the queue.

David Marsh: You're welcome. Thank you. Our next questions are from the line of Michael Diana with Maxim Group. Please take your questions. Okay, thank you.

Speaker Change: Youre welcome. Thank you.

Speaker Change: Our next questions are from the line of Michael Diana with Maxim Group. Please proceed with your question.

Thank you.

Speaker Change: Mike.

Michael Keelan Diana: Mike, you talked about increasing the length of stay, and I'm sure it is a multi-pronged thing. One of the events you just talked about. Could you maybe just talk a little more about the impact of technology on that and also to really benefit from that, obviously your tapestry hotel, but are you also considering other hotels? Because I assume the Doubletree and the tapestry are, at some points, going to all be full very much. Yeah, it's a great question.

Michael Keelan Diana: You talked about.

Michael Keelan Diana: Increasing length of stay.

Michael Keelan Diana: Sure.

Michael Keelan Diana: This is a multi pronged thing.

Michael Keelan Diana: Vince you just talked about could you maybe just talk a little more about the impact of technology on that and also to really benefit from that obviously your tapestry hotel.

Are you also considering other hotels because I assume.

Michael Keelan Diana: The doubletree in the tapestry at some point are going to all be full a lot.

Michael Keelan Diana: Yes.

Vince: That's a great question and thanks, Mike.

Michael Anthony Crawford: Thanks, Michael. I believe that our current deal with Hilton includes a third hotel, and that third hotel would come in Phase 3. As long as we have the financial capability, we'll continue to implement Phase 3. As I've said before, Phase 3 is not going to be what we did in Phase 2. We had to build a lot of assets at the same time to create the platform and the rest of the team. In phase three, we can be more surgical and add things as we need to, and as the company has financial capabilities, we don't want to continue to leverage more and more debt.

Vince: I believe that.

Speaker Change: Our current deal with Hilton considers a third hotel in that third hotel would come in phase III as we have the.

Speaker Change: Financial capability will continue to implement phase III as I've said before phase III is not going to be what we did in phase two we had to build a lot of assets at the same time to create a destination.

Speaker Change: Phase III, we can be more surgical and add things as we need to and as the company has financial capabilities. We don't want to continue to leverage more and more that we want to leverage operating income and be very responsible about how we spend but I do anticipate a third hotel in phase III.

Michael Anthony Crawford: We want to leverage operating income and be very responsible about how we spend. But I do anticipate a third hotel in phase three. Technology plays a part in almost everything we do, and we're very focused on understanding guest behaviors. So, this Placer AI technology that we use that shows point of arrival and movement of guests throughout the property allows us to really be more targeted in how we communicate and market to those guests when we're here. We're not there yet, but that's the next evolution of this. Knowing who's coming, when they're coming, where they're going is a very important part, and many more.

Speaker Change: Technology plays a part in almost everything we do and we're very focused on understanding guest behaviors. So this placer AI technology that we use that shows point of arrival movement of guests throughout the property.

Speaker Change: Allows us to really be more targeted in how we communicate and market to those guests. When we're here we're not there yet but that's the next evolution of this knowing who's coming when theyre coming where theyre going.

Speaker Change: A very important part.

Michael Anthony Crawford: Now implementing this campus-wide operating system that we're talking about allows us to get to guests pre-arrival. And as they're booking, as an example, if we have a 3,000-person event out at our Forever Lawn Sports Complex, we can advance sell water park tickets, ride tickets, the Play Action Plaza. We can advance sell parking, which allows us to be more efficient, arrival and departure, and so length of stay technology plays a very significant role there because as you do and I do if I'm planning a vacation the easier it is you make for me to choose more things to get access to dining to see that I can go and engage in a water park or I can stay at one of your hotels it automatically gives me a opportunity to stay longer and the longer I stay obviously the more fun I have and the more fun I have the more opportunity there is for revenue growth.

Speaker Change: Now implementing this campus wide operating system that we're talking about.

Speaker Change: Allows us to get to guests pre arrival.

Speaker Change: And as they are booking as an example, if we have a 3000 person event out at our forever loan sports complex, we can advance cell waterpark tickets right tickets deploy action plans that we can advance our parking which allows us to be more efficient.

Arrival and departure experience and so linked to stay <unk>.

Speaker Change: Acknowledging plays a very significant role there because as you do and I do if I'm planning a vacation.

Speaker Change: <unk> here. It is you make for me to choose more things to get access to dining to see that I can go and engage in a water park or I can stay at one of your hotels automatically gives me a opportunity to stay longer in the longer I stay obviously, the more fun I have and the more fun I have the more opportunity there is for revenue growth.

Michael Anthony Crawford: So it's a very strategic implementation. We expect that to begin in the next month and to be completed before the end of the summer, and, in fact, I'm hoping by the middle of summer so that we can continue to grow that length of stay through that implementation. Okay, great, thanks. And it sounds, just based on everything you've said today, once the water park's up, the tapestry hotel's up, the technology's up, 2025 is the year where you can really capitalize on the synergies. Is that right?

Speaker Change: So it's a very strategic implementation, we expect that to be to begin in the next month and to be completed before the end of the summer.

Speaker Change: In fact, I am hoping by middle of the summer.

Speaker Change: So that we can continue to grow that that length of stay through that implementation.

Speaker Change: Okay, great. Thanks.

Speaker Change: And it sounds just based on everything.

Speaker Change: Everything you've said today.

Speaker Change: Once once the Waterpark tapestry O tell that the technologies are.

Speaker Change: It sounds like two.

Speaker Change: 2025 is the year, where you can really.

Speaker Change: Capitalize on the synergies isn't that right.

Michael Anthony Crawford: I think that's right, but I will say that even now, in some cases manually, that by giving guests exposure, by giving them advanced notification of all the things that we're doing, it gives them a chance and us a chance. We do a document that many companies do, know before you go, right? It gives them a chance to link to reservations for dining or to hotel reservations or to playing in Topgolf or riding rides, whatever the case may be.

Speaker Change: I think that's right, but I will say that even now we're showing.

Speaker Change: In some cases manually that by giving guest exposure.

Speaker Change: Giving them advanced notification of all the things that we're doing it gives them a chance and us a chance we do a document that many companies do know before you go right. It gives them a chance to link to reservations for dining are linked to hotel reservations are playing in top golf for riding rides whatever the case may be.

Michael Anthony Crawford: We don't want to wait for the hotel. We want to start training that muscle to create that synergy and that integrated model of revenue growth today. And guests want that. They want the ease and efficiency of booking these different experiences.

Speaker Change: We don't want to wait for the hotel, we want to start training that muscle to create that synergy and that integrated model of revenue growth today and guests want that they want the ease and efficiency of booking these different experiences. It's why you would come to a destination like this.

Michael Anthony Crawford: It's why you come to a destination like this. The number of guests I interact with that say it's incredible now. I can get a Starbucks. My kids can go on a ride. I can go have a nice dinner. I can play games, you know, and I can do things other than just come for a soccer tournament.

Speaker Change: The number of guests I interact with let's say, it's incredible now I can get a Starbucks My kids can go on a ride I can go have a nice dinner I can play games and I can do things other than just coming for a soccer tournament.

Michael Anthony Crawford: I don't have to leave; I can stay here and have an all-encompassing experience. That's really gratifying because that was always our goal, and we're starting to see that come to life. Adding the water park, adding an on-site hotel, it's just going to enhance that, and it's going to give them more to do and more reasons for new visitors to come to engage as that entry point with the water park experience and then go the other way and have dining and hotels and etc., very strategic what we're trying to accomplish, and I think we're already seeing some of the benefits of that today. Okay, great. Thanks.

Speaker Change: I don't have to leave I can stay here and have an all encompassing experience that's really gratifying because that was our goal always and we're starting to see that come to life, adding the water park getting an onsite hotel. It is just going to enhance that and it's going to give them more to do and more reasons to four new visitors to come to engages that entry.

Speaker Change: The point with the water Park experience.

Speaker Change: And then go the other way and have dining in hotels and et cetera. So.

Speaker Change: Very strategic what we're trying to accomplish and I think we're already seeing some of the benefits of that today.

Speaker Change: Okay, great. Thanks, Mike.

Michael Keelan Diana: Thank you. At this time, I'd like to turn the call back over to Michael Crawford for closing remarks. Thank you. I'll close very simply.

Speaker Change: Okay.

Speaker Change: Thank you at this time I would like to turn the call back over to Michael Crawford for closing remarks.

Speaker Change: Yeah.

Michael Anthony Crawford: Thank you <unk>.

Michael Anthony Crawford: Very simply our goals had been the same.

Michael Anthony Crawford: Our goals have been the same; make sure we're creating the best experiences for our guests ever. If you create great content, if you create great experiences for them to have fun and one-of-a-kind entertainment, people will come back, and people enjoy what we do. Our team is doing that today. I think we have to stay focused on making sure that the financial structure of our company is right for long-term success. And we've done that, and we will continue to do that. We've done that through very difficult times, and we're hopeful that as times start to ease over the course of this year and into next year, we will have the chance to restructure some of our debt and also attract new investors into our company because they will start to see the growth and the opportunity for this company long-term. And, lastly, I would just say that our synergistic model is unique to our company.

Michael Anthony Crawford: Make sure we're creating the best experiences for our guests ever if you create great content. If you create great experiences for them to have fun and one of a kind entertainment.

Michael Anthony Crawford: People will come back and people enjoy what we do.

Michael Anthony Crawford: Our team is doing that today.

Michael Anthony Crawford: I think we have to stay focused on making sure that financially the structure of our company is right for long term success and we've done that and we will continue to do that we've done that through very difficult times and we're hopeful that as time start to ease over the course of this year and into next year, we will.

Have the chance to restructure some of our debt and also attract new investors into our company because theyre going to start to see the growth and the opportunity for this company long term.

Michael Anthony Crawford: And then lastly.

Michael Anthony Crawford: I would just say that our synergistic model is unique to our company. The more we can build great media and have events around that media here. The more we have events like the NFL flag or corn hole or stayed high school football Championships or Black College Football Hall of Fame kickoff classic.

Michael Anthony Crawford: The more we can build great media and have events around that media here, the more we have events like NFL flag or cornhole or state high school football championships or black college football, peloton, kickoff, classic, you can't. I mean, the amount of marketing that that provides for our destination and our company is astronomical. The value of that, the earned media value of that is not replaceable.

Michael Anthony Crawford: You can't I mean that the amount of marketing that that provides for our destination and our company.

Michael Anthony Crawford: Is astronomical the value of that the earned media value of that is not replaceable and so I think that separates us from many other destinations like us.

Michael Anthony Crawford: So I think that separates us from many other destinations like us that are starting to grow. And, you know, that all comes from access to unique IP and our ability to leverage that IP in our experiences, in our storytelling, and in our gaming environment. So we'll continue to focus on how we expand those. We'll continue to manage the costs as we do, matching revenue with costs, and this company is narrowing the gap. And I'm really, as I said before, proud of the team. And I think everybody else who has stuck by us continues to understand the vision here and, hopefully, is seeing it come to life. We always say we do what we say we're going to do.

Michael Anthony Crawford: But are starting to grow and that all comes from access to unique IP and our ability to leverage that IP and our experiences and in our storytelling and in our gaming environments. So we will continue to focus on how do we expand those will continue to manage the cost as we do matching revenue with costs and this company is narrowing.

Michael Anthony Crawford: The gap and I'm really as I said before we're proud of the team and I think everybody else, who is still stuck by US continues to understand the vision here and hopefully it's seeing it come to life. We always say, we do what we say we're going to do.

Michael Anthony Crawford: And I believe that, and we continue to do that. There's not been a false promise we've made that hasn't come to fruition. Timing-wise, sometimes, just like every other company, you see big projects being delayed, and others being canceled.

Michael Anthony Crawford: I believe that and we continue to do that theres not been a false promise we've made that hasnt come to fruition timing wise. Some times just like every other company you see big projects being delayed do you see others being cancelled we haven't gotten to that point because of the support we have in our community at the state level the count.

Michael Anthony Crawford: We haven't gotten to that point because of the support we have in our community at the state level, the county, and the city level, and through several other community leaders that are incredible and support us on an ongoing basis. So we're very appreciative of that, and we look forward to a great 2024, even though we've had some delays. I think 2024 is going to be an exceptional year for us. As I said, I think attendance growth will be there. I think the week to stay will be there. Repeat visitation will be there. And I think overall spend per capita will grow as well.

Michael Anthony Crawford: And the city level and through several other community leaders that are incredible and support us on an ongoing basis. So we're very appreciative of that.

Michael Anthony Crawford: And we look forward to a great 2024, even though we've had some delays I think 2024 is going to be an exceptional year for us as I said I think attendance growth will be there I think length of stay will be their repeat visitation will be there and I think overall spend per caps will grow as well and that's our goal.

Michael Anthony Crawford: And that's our goal. So I just want to thank everybody and wish everybody a great day. This will conclude today's conference. May this connection last for as long as it takes. Thank you for your participation and have a wonderful day.

Speaker Change: So I just want to thank everybody and wish everybody a great day.

Speaker Change: This will conclude today's conference you may disconnect. Your lines at this time. Thank you for your participation and have a wonderful day.