Q2 2024 Hall of Fame Resort & Entertainment Co Earnings Call

John Buiten, Benjamin Lee, Michael Crawford, Unknown Executive

Unknown Executive: Good morning, welcome to Hall of Fame Resort and Entertainment Company's second quarter 2024 earnings. This conference call is being recorded, and all participants are now listed on the line. I will open up the conference for questions and Following the prepared remarks, I will now turn the conference over to Anne Gaffney, Executive Vice President, Global Marketing and Public Affairs.

Unknown Executive: Welcome to Hall of Fame Resort and Entertainment Company's second quarter 2024 earnings conference call. This conference call is being recorded, and all participants are in a listed-only mode. We will open up the conference for questions and answers following the prepared remarks.

Speaker Change: Good morning. Welcome to Hall of Fame Resort and Entertainment Company's second quarter 2024 earnings conference call.

Speaker Change: This conference call is being recorded and all participants are in a listen-only mode. We will open up the conference for questions and answers.

Anne Gaffis: I will now turn the conference over to Anne Gaffis, Executive Vice President, Global Marketing and Public Affairs. Thank you. You may begin. Good morning. And thank you for joining us for our second quarter 2024 earnings conference call. Our latest press release and supplemental slides were posted yesterday evening after market hours. These documents can be found in the Investor Relations section of our website at hosreco.com.

Speaker Change: Vice President, Global Marketing and Public Affairs. Thank you and may it begin.

Anne Gaffney: Good morning, and thank you for joining us for our second quarter 2024 earnings conference call. Our latest press release and supplemental slides were posted yesterday evening after market hours. These documents can be found in the investor relations section of our website at hosreco.com.

Speaker Change: Good morning, and thank you for joining us for our second quarter 2024 earnings conference call. Our latest press release and supplemental slides were posted yesterday evening after market hours.

Speaker Change: These documents can be found in the Investor Relations section of our website at hosreco.com.

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

Anne Gaffney: After my brief introduction, Michael Crawford, our president and CEO, will give an update on the company's strategy and outlook. John Van Buiten, Vice President and Corporate Controller, will then provide an analysis of the quarter's financial results and an update on 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.

Speaker Change: After my brief introduction, Michael Crawford, our President and CEO, will give an update on the company's strategy and outlook. John Van Buiten, Vice President and Corporate Controller, will then provide analysis of the quarter's financial results and an update on the company's fiscal 2024 financial outlook.

Unknown Executive: Good morning.

Anne Gaffis: 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. I encourage each of you to read the full disclosure concerning forward-looking statements and earnings press release. Additionally, please note that the company uses non-GAAP results to evaluate performance internally, as detailed in our press release.

Speaker Change: 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 Gaffney: I encourage each of you to read the full disclosure concerning forward-looking statements in the earnings press. Additionally, please note that 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.

Speaker Change: I encourage each of you to read the full disclosure concerning forward-looking statements in the earnings press release.

Unknown Executive: Welcome to Hall of Fame Resort and Entertainment Company's second quarter 2024 earnings conference call. This conference call is being recorded and all participants are in a listed only mode. We will open up the conference for questions and answers following the prepared remarks.

Speaker Change: Additionally, please note that the company uses non-GAAP results to evaluate performance internally as detailed in our press release.

Anne Gaffis: I will now turn the conference over to Anne Gaffis, Executive Vice President Global Marketing and Public Affairs. Thank you. You may begin. Good morning. And thank you for joining us for our second quarter, 2024 earnings conference call. Our latest press release and supplemental slides were posted yesterday evening after market hours. These documents can be found in the investor relations section of our website at hosreco.com. After my brief introduction, Michael Crawford, our president and CEO, will give an update on the company's strategy and outlook.

Michael Crawford: It's now my pleasure to turn the call over to Michael Crawford. Mike. Thanks, Anne. Good morning, everyone.

Michael Crawford: It's now my pleasure to turn the call over to Michael Crawford. Mike? Thanks, Anne. Good morning, everyone. I thought before jumping into Q2 highlights, I'd just sort of recap a couple of thoughts that we've been having over the last few days and then over the last several weeks.

Michael Crawford: Thanks, Anne. Good morning, everyone. I thought before jumping into Q2 highlights... I'd just sort of recap a couple of thoughts that we've been having over the last few days and then over the last several weeks. You know, as I reflect on who we are as a company, three distinct business verticals, right? Regional, theme, and destination-based assets, media, and gaming. And when you look at what's going on in the market, and you look at companies like Disney reporting, and you look at their theme park division, you start to see some pullback in consumer spending, and that's just undeniable right now.

Michael Crawford: I thought, before jumping into Q2 highlights, I just sort of recap a couple of thoughts that we've been having over the last few days and then over the last several weeks. You know, as I reflect on who we are as a company, three distinct business verticals, right? Regional theme destination-based assets, media, and gaming. When you look at what's going on in the market and you look at companies like a Disney reporting, and you look at their theme park division, you start to see some pullback and consumer spending. That's just undeniable right now. The great thing for us is that experiences are still at the top of consumer spending.

Anne Gaffis: John Van Buten, Vice President and Corporate Controller will then provide analysis of the quarter's financial results and an update on 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. I encourage each of you to read the full disclosure concerning forward-looking statements and earnings press release. Additionally, please note that the company uses non-gap results to evaluate performance internally as detailed in our press release.

Michael Crawford: You know, as I reflect on who we are as a company, three distinct business verticals, right? Regional, themed, destination-based assets, media, and gaming.

Michael Crawford: And when you look at what's going on in the market and you look at companies like a Disney reporting and you look at their theme park division, you start to see some pullback in consumer spending. And that's just undeniable right now.

Michael Crawford: The great thing for us is that experiences are still at the top of consumer spending, and the preferences that consumers have are to slow down spending on certain bigger goods or commodities and not sacrifice experiences like going to entertainment venues, dining out, etc. I think we're well positioned with the Hall of Fame Village as a regional destination to still attract consumers during difficult macroeconomic environment times, and we become an answer for them in terms of entertainment and being able to relieve themselves of a lot of the burden that they carry with them on a day-to-day basis.

Michael Crawford: The great thing for us is that experiences are still at the top of consumer spending and the preferences that consumers are having are to slow down spending in certain bigger goods or commodities.

Michael Crawford: And the preferences the consumers are having are to slow down spending in certain bigger goods or commodities and not sacrifice experiences like going to entertainment venues, dining out, etc. I think we're well positioned with the Hall of Fame Village as a regional destination to still during difficult macroeconomic environment times to capture consumers. And we become an answer for them in terms of entertainment and being able to relieve themselves of a lot of the burden that they carry with them on a day-to-day basis.

Michael Crawford: It's now my pleasure to turn the call over to Michael Crawford, Mike. Thanks, Anne. Good morning, everyone.

Michael Crawford: I thought before jumping into Q2 highlights, I just sort of recap a couple of thoughts that we've been having over the last few days and then over the last several weeks. You know, as I reflect on who we are as a company, three distinct business verticals, right? Regional theme destination based assets, media and gaming. When you look at what's going on in the market and you look at companies like a Disney reporting and you look at their theme park division, you start to see some pullback and consumer spending.

Michael Crawford: and not sacrifice experiences like going to entertainment venues, dining out, etc.

Michael Crawford: I think we're well positioned.

Michael Crawford: with the Hall of Fame Village as a regional destination.

Michael Crawford: to still during difficult macroeconomic environment times.

Michael Crawford: to capture consumers and we become an answer for them in terms of entertainment and being able to relieve themselves of a lot of the burden that they carry with them on a day-to-day basis.

Michael Crawford: We just finished what I would consider to be four really incredible weeks. Our NFL flag football event, our youth event that we hosted week long, 2,800 participants, all of the hotel rooms with and the community sold out and start counting sold out. This was a really large event bringing our relationship with the NFL even closer, and our team executed at an incredibly high level. It was a great opportunity for us to also test what we've talked about before our synergy model. The campus was really activated. Cross over from one venue to the next, the experiences we had record weeks and food and beverage, ride revenue at our Play Action Plaza.

Michael Crawford: We just finished what I would consider to be four really incredible weeks; our NFL flag football event, our youth event that we hosted for a weeklong 2800 participants, all of the hotel rooms with but out and start counties sold out. This was a really large event.

Michael Crawford: We just finished what I would consider to be four really incredible weeks. Our NFL flag football event, our youth event that we hosted, week-long, 2,800 participants, all of the hotel rooms with...

Michael Crawford: That's just undeniable right now. The great thing for us is that experiences are still at the top of consumer spending. And the preferences the consumers are having are to slow down spending in certain bigger goods or commodities and not sacrifice experiences like going to entertainment venues, dining out, etc. I think we're well positioned with the Hall of Fame Village as a regional destination to still during difficult macroeconomic environment times to capture consumers. And we become an answer for them in terms of entertainment and being able to relieve themselves of a lot of the burden that they carry with them on a day to day basis.

Michael Crawford: Star County this was a really large event bringing our relationship with the NFL even closer. And our team executed at an incredibly high level. It was a great

Michael Crawford: Bringing our relationship with the NFL even closer, and our team executed at an incredibly high level. It was a great opportunity for us to also test what we've talked about before, our synergy model. The campus was really activated, crossing over from one venue to the next.

Michael Crawford: opportunity for us to also test.

Michael Crawford: what we've talked about before, our Synergy Model. The campus was really activated. Crossover from one venue to the next.

Michael Crawford: The experiences, we had record weeks in food and beverage and ride revenue at our PlayAction Plaza. It was really fun to see that come to life, and frankly, one of the first large-scale events where I think we successfully moved guests from one end of the property to the other, allowing them to experience everything that we had going on. We challenged ourselves not only to host that event during the weekend, but we also hosted the American Cornhole League Championships.

Michael Crawford: The experiences, we had record weeks in food and beverage, ride revenue at our PlayAction Plaza.

Michael Crawford: It was really fun to see that come to life. And frankly, one of the first large-scale events where I think we successfully moved guests from one end of the property to the other, allowing them to experience everything that we had going on. Now, we challenged ourselves not only to host that event during the weekend. We also hosted the American Cornhole League championships. And so in our Center for Performance Dome, we had several hundred participants in their all weekend long, nationally televised on ESPN, playing Cornhole. And so a very different type of entertainment slash sports opportunity being hosted on our campus at the same exact time we were hosting the large scale NFL flag event.

Michael Crawford: It was really fun to see that come to life, and frankly, one of the first large-scale events where I think we successfully moved guests from one end of the property to the other, allowing them to experience everything that we had going on. Now,

Michael Crawford: We just finished what I would consider to be four really incredible weeks. Our NFL flag football event, our youth event that we hosted week long, 2,800 participants, all of the hotel rooms with and the community sold out and start counting sold out. This was a really large event bringing our relationship with the NFL even closer, and our team executed at an incredibly high level. It was a great opportunity for us to also test what we've talked about before our synergy model.

Michael Crawford: And so in our Center for Performance Dome, we had several hundred participants there all weekend long, nationally televised on ESPN, playing cornhole. And so a very different type of entertainment slash sports opportunity being hosted on our campus at the same exact time we were hosting the large-scale NFL flag event. Entry, of course, was a huge success. We had a couple of rain issues that we dealt with, but again, very successfully. The Bears and the Texans. I thought the game was great.

Michael Crawford: We challenged ourselves not only to host that event during the weekend, we also hosted the American Cornhole League Championships. And so in our Center for Performance dome,

Michael Crawford: We had several hundred participants in there all weekend long, nationally televised on ESPN, playing cornhole. And so a very different type of entertainment-slash-sports opportunity being hosted on our campus at the same exact time we were hosting the large-scale NFL flag event.

Michael Crawford: The campus was really activated. Cross over from one venue to the next, the experiences we had record weeks and food and beverage, ride revenue at our play action plaza. It was really fun to see that come to life. And frankly, one of the first large scale events where I think we successfully moved guests from one end of the property to the other, allowing them to experience everything that we had going on.

Michael Crawford: In-triming, of course, was a huge success. We had a couple of rain issues that we dealt with, but again, very successfully. The Bears and the Texans, I thought the game was great. The in-triming event was very well done. And then our concert for legends with eight-time Grammy Award winner, Carrie Underwood, who I got to meet personally, very, and so when you look at all of those events, combine that with the Women's Football Alliance Championship, add on our largest branded gaming tournament, Gridiron Gateway. The diversity of events that we're now hosting is really growing. The attendance to these events, setting record levels, revenue coming out of these events, the synergy model, really at high, high levels, gets me very excited when you think about hotel stays, food and beverage, ride revenue, gaming revenue, all functioning now because of the types of events that we are able to garner and host.

Speaker Change: Entryment, of course, was a huge success. We had a couple of rain issues that we dealt with, but again, very successfully. The Bears and the Texans, I thought the game was great.

Michael Crawford: The Entry event was very well done, and then our Concert for Legends with eight-time Grammy Award winner Carrie Underwood, who I got to meet personally, a very lovely lady, really put on an incredible show that sold out. The audience was into it. And so when you look at all of those events, combine that with the Women's Football Alliance Championship, and add in our largest branded gaming tournament, Gridiron Gateway, the diversity of events that we're now hosting is really growing.

Speaker Change: The enshrinement event was very well done, and then our concert for legends.

Speaker Change: with eight-time Grammy Award winner Carrie Underwood.

Speaker Change: who I got to meet personally, very lovely lady, really put on an incredible show, sold out, the audience was into it. And so when you look at all of those events.

Michael Crawford: Now, we challenged ourselves not only to host that event during the weekend. We also hosted the American Cornhole League Championships. And so in our Center for Performance Dome, we had several hundred participants in their all weekend long nationally televised on ESPN playing Cornhole. And so a very different type of entertainment slash sports opportunity being hosted on our campus at the same exact time we were hosting the large scale NFL flag event.

Speaker Change: combine that with the Women's Football Alliance Championship, add on our largest branded gaming tournament, Gridiron Gateway.

Michael Crawford: The attendance at these events, setting record levels, revenue coming out of these events, the synergy model. Really, at high, high levels, it gets me very excited when you think about hotel stays, food and beverage, ride revenue, gaming revenue, all functioning now because of the types of events that we are able to attract and host. And by the way, over 70 hours of nationally televised event coverage on ESPN, NBC, and ESPN2, companies our size can't buy marketing value like that.

Speaker Change: The diversity of events that we're now hosting is really growing. The attendance to these events, setting record levels, revenue coming out of these events, the synergy model.

Michael Crawford: In-triming, of course, was a huge success. We had a couple of rain issues that we dealt with, but again, very successfully. The bears and the Texans, I thought the game was great. The in-triming event was very well done. And then our concert for legends with eight time Grammy Award winner, Carrie Underwood, who I got to meet personally, very and so when you look at all of those events, combine that with the Women's Football Alliance Championship, add on our largest branded gaming tournament, Gridiron Gateway.

Speaker Change: Really, at high, high levels, it gets me very excited when you think about hotel stays, food and beverage, ride revenue, gaming revenue, all functioning now because of the types of events that we are able to garner and host.

Michael Crawford: And by the way, over 70 hours of nationally televised event coverage on ESPN, NBC, ESPN, too. Companies are size. Can't buy marketing value like that. This is an incredible opportunity for us as a sports and entertainment company. Really showcase who we are from a media point of view and highlight all the great experiences that we can allow guests to have.

Speaker Change: And by the way, over 70 hours of nationally televised event coverage on ESPN, NBC, ESPN2.

Michael Crawford: This is an incredible opportunity for us as a sports and entertainment company to really showcase who we are from a media point of view and highlight all the great experiences that we can allow guests to have. So again, high execution, very proud of the team, the diversity of events continues to grow, and I'm excited about the direction our company is headed. Having said that, it's important to remember that we're still an early stage company.

Speaker Change: Companies our size can't buy marketing value like that. This is an incredible opportunity for us as a sports and entertainment company to really showcase who we are from a media point of view.

Michael Crawford: So again, high execution, very proud of the team. The diversity events continue to grow, and I'm excited about the direction our company has had it. Having said that, it's important to remember that we're still hosting these multi-diverse types of events throughout in our dome that are forever on sports complex and comments and helping stadium and play action plaza to feed guests and retain guests. And so there's still some what I would call variability in our portfolio of events. And we saw that in Q2. Q2 revenue year over year was lower than the previous year. And in large part because of the mix of events and the types of events that we had at our village destination.

Speaker Change: and highlight all the great experiences that we can allow guests to have. So again, high execution, very proud of the team. The diversity events continue to grow, and I'm excited about the direction our company is headed. Having said that…

Michael Crawford: The diversity of events that we're now hosting is really growing. The attendance to these events, setting record levels, revenue coming out of these events, the synergy model, really at high, high levels, gets me very excited when you think about hotel stays, food and beverage, ride revenue, gaming revenue, all functioning now because of the types of events that we are able to garner and host. And by the way, over 70 hours of nationally televised event coverage on ESPN, NBC, ESPN, too.

Michael Crawford: We literally launched, as we built assets in 2022, our capability of hosting these diverse types of events throughout our dome and our Forever Lawn Sports Complex and Tom Benson Hall of Fame Stadium and Play Action Plaza to feed guests, and entertain guests. And so there's still some, what I would call, variability in our portfolio of events, and we saw that in Q2. Q2 revenue year over year was lower than the previous year, and this was in large part because of the mix of events and the types of events that we had at our village destination. We're getting smarter about these opportunities, by the way. And so, as an example, in Q2 of 23, we had a large-scale single comedic act come in.

Speaker Change: It's important to remember.

Speaker Change: that we're still an early stage company. We literally launched as we built.

Speaker Change: Assets in 2022, our capability of hosting these multi-diverse types of events throughout in our Dome, at our Forever Lawn Sports Complex, in Tom Benson Hall of Fame Stadium, at Play Action Plaza, to feed guests, entertain guests.

Speaker Change: and so there's still some what I would call variability in our portfolio of events and we saw that in Q2.

Michael Crawford: Companies are size. Can't buy marketing value like that. This is an incredible opportunity for us as a sports and entertainment company. Really showcase who we are from a media point of view and highlight all the great experiences that we can allow guests to have.

Speaker Change: Q2 revenue year over year was lower than the previous year and in large part because of the mix of events and the types of events that we had at our village destination.

Michael Crawford: We're getting smarter about these opportunities, by the way. And so, as an example, in Q2 of '23, we had a large-scale single comedic act to come in. And while that was a profitable event, this year we had a large-scale comedic festival that was highlighted by Berk Chrysher come in. And we actually made more money off of a model where we were ranking our venues and partnering with them versus owning and operating the entire category of the event from the previous year. And so, while revenue was down, I would say due to operational efficiencies and getting smarter at the types of events that we are bringing into our campus, we closed the gap towards profitability.

Michael Crawford: So again, high execution, very proud of the team, the diversity events continue to grow and I'm excited about the direction our company has had it. Having said that, it's important to remember that we're still hosting these multi-diverse types of events throughout in our dome that are forever on sports complex and comments and helping stadium and play action plaza to feed guests and retain guests. And so there's still some what I would call variability in our portfolio of events.

Michael Crawford: And while that was a profitable event, this year we had a large-scale comedic festival that was highlighted by Bert Kreischer come in, and we actually made more money off of a model where we were renting our venues and partnering with them versus owning and operating the entire category of the event from the previous year. And so, while revenue was down... I would say due to operational efficiencies and getting smarter at the types of events that we are bringing into our campus, we closed the gap on profitability. And you will see that in our results that we reported for Q2. Everything is now being reviewed.

Speaker Change: We're getting smarter about these opportunities by the way and so as an example in Q2 of 23 we had a large-scale single comedic act come in.

Speaker Change: And while that was a profitable event.

Speaker Change: This year we had a large-scale comedic festival.

Speaker Change: that was highlighted by Bert Kreischer come in and we actually made more money off of a model where we were renting our venues and partnering with them versus owning and operating the entire category of the event from the previous year. And so while revenue was down.

Speaker Change: I would say due to operational efficiencies and getting smarter at the types of events that we are bringing into our campus, we close the gap towards profitability. And you will see that in our results that we reported for Q2.

Michael Crawford: And we saw that in Q2. Q2 revenue year over year was lower than the previous year. And in large part because of the mix of events and the types of events that we had at our village destination. We're getting smarter about these opportunities by the way.

Michael Crawford: And you will see that in our results that we reported for Q2, everything now is being reviewed. We are always looking at operational efficiency. We're always looking at leveraging the events to their fullest. We've started to now package higher level. You can buy hotel rooms as part of an entertainment package. You can also buy parking as part of an entertainment package. It does two things. It increases guest satisfaction. And it also increases operational efficiency, which leads to greater profitability for our company. So we continue to gain efficiencies. And I think we're going to see that coming out of Q3, and hopefully as we continue into Q4 this year.

Michael Crawford: We are always looking for operational efficiency. We're always looking at leveraging the events to their fullest. We've started to package at a higher level. You can buy hotel rooms as part of an entertainment package. You can also buy parking as part of an entertainment package. It does two things.

Speaker Change: Everything now is being reviewed. We are always looking at operational efficiency. We're always looking at leveraging the events to their fullest. We've started to now package

Michael Crawford: And so as an example in Q2 of 23, we had a large scale single comedic act to come in. And while that was a profitable event, this year we had a large scale comedic festival that was highlighted by Berk Chrysher come in. And we actually made more money off of a model where we were ranking our venues and partnering with them versus owning and operating the entire category of the event from the previous year.

Speaker Change: on a higher level, you can buy hotel rooms as part of an entertainment package, you can also buy parking as a part of an entertainment package. It does two things, it increases guest satisfaction and it also increases operational efficiency which leads to greater profitability for our company.

Michael Crawford: It increases guest satisfaction, and it also increases operational efficiency, which leads to greater profitability for our company. So we continue to gain efficiencies. And I think we're going to see that coming out of Q3 and, hopefully, as we continue into Q4 of this year.

Speaker Change: So, we continue to gain efficiencies, and I think we're going to see that coming out of Q3, and hopefully as we continue into Q4 of this year. Our goal is to optimize every event that we do, and our goal is to stabilize as a destination. Now,

Michael Crawford: Our goal is to optimize every event that we do, and our goal is to stabilize as a destination. Important to note, you think about destinations from an event programming point of view, and you think of things like Live Nation and Caesars and other big entertainment programming companies. We are not an owned and operated company by one of those other entertainment programmers.

Michael Crawford: Our goal is to optimize every event that we do, and our goal is to stabilize as a destination. Now, important to know, you'll think about destinations from an event programming point of view, and you'll think of things like Live Nation and seizures and other big entertainment programming companies. We are not an owned and operated company by one of those other entertainment programmers. And so we're a standalone facility that we now have. And I view this as a positive: the opportunity to work with everybody. And so, as we're doing that and building up our reputation in the entertainment industry, and practically in the sports industry, there's still some volatility in timing and types of events that we're going to be hosting.

Michael Crawford: And so while revenue was down, I would say due to operational efficiencies and getting smarter at the types of events that we are bringing into our campus, we closed the gap towards profitability. And you will see that in our results that we reported for Q2, everything now is being reviewed. We are always looking at operational efficiency. We're always looking at leveraging the events to their fullest. We've started to now package higher level.

Speaker Change: Important to note, you'll think about destinations from an event programming point of view and you'll think of things like Live Nation and Caesars and other big entertainment programming companies. We are not an owned and operated company

Michael Crawford: And so we're a standalone facility that we now have, and I view this as a positive, the opportunity to work with everybody. And so as we're doing that and building up our reputation in the entertainment industry, and, frankly, in the sports industry, there's still some volatility in the timing and types of events that we're going to be hosting. The good news is we have really sort of thought about how to balance the events to derive a greater risk-reward opportunity. And what do I mean by that?

Speaker Change: by one of those other entertainment programs. And so we're a standalone facility that we now have, and I view this as a positive, the opportunity to work with everybody.

Michael Crawford: You can buy hotel rooms as part of an entertainment package. You can also buy parking as part of an entertainment package. It does two things. It increases guest satisfaction. And it also increases operational efficiency, which leads to greater profitability for our company. So we continue to gain efficiencies.

Speaker Change: And so as we're doing that and building up our reputation in the entertainment industry and frankly in the sports industry, there's still some volatility in timing and types of events that we're going to be hosting.

Michael Crawford: The good news is we have really sort of thought about in how to balance the events to derive greater risk-reward opportunity. And what do I mean by that? We have numerous models now where we can own an event, pay for the event, and operate the event. We have a profit sharing model. We have a rental model where entertainment or sporting events come in and rent our facilities. And we have the opportunity to generate revenue out of concessions or parking or other things, but they take the gate. And so our goal is to balance the event strategy to maximize the overall return to the company.

Michael Crawford: And I think we're going to see that coming out of Q3 and hopefully as we continue into Q4 this year. Our goal is to optimize every event that we do, and our goal is to stabilize as a destination.

Speaker Change: The good news is we have really sort of thought about and how to balance the events to derive greater risk-reward opportunity, and what do I mean by that? We have numerous models now where we can own an event, pay for the event, and operate the event.

Michael Crawford: We have numerous models now where we can own an event, pay for the event, and operate the event. We have a profit sharing model. We have a rental model where entertainment or sporting events come in and rent our facilities, and we have the opportunity to generate revenue out of concessions or parking or other things, but they take the gate. And so our goal is to balance the event strategy to maximize the overall return to the company. And I think we're doing that already, and I think that's only going to continue to grow. So those two things clearly have been highlights from Q2.

Michael Crawford: Now, important to know, you'll think about destinations from an event programming point of view and you'll think of things like live nation and seizures and other big entertainment programming companies. We are not an owned and operated company by one of those other entertainment programmers. And so we're a standalone facility that we now have. And I view this as a positive, the opportunity to work with everybody.

Speaker Change: We have a profit sharing model.

Speaker Change: We have a rental model where entertainment or sporting events come in and rent our facilities, and we have the opportunity to generate revenue out of concessions or parking or other things, but they take the gate. And so our goal is to balance the event strategy to maximize the overall return to the company.

Michael Crawford: And I think we're doing that already.

Michael Crawford: And I think that's only going to continue to grow.

Michael Crawford: And so as we're doing that and building up our reputation in the entertainment industry, and practically in the sports industry, there's still some volatility in timing and types of events that we're going to be hosting. The good news is we have really sort of thought about in how to balance the events to derive greater risk reward opportunity. And what do I mean by that? We have numerous models now where we can own an event, pay for the event, and operate the event.

Speaker Change: And I think we're doing that already, and I think that's only going to continue to grow.

Michael Crawford: So those two things clearly have been highlights from Q2. The other highlight from Q2 that I think is really worth noting.

Michael Crawford: The other highlight from Q2 that I think is really worth noting, you'll remember that I spoke about this in Q1 and as we ended Q4 last year, our balance sheet is something that we've been very focused on. And we understand that we've had to construct a balance sheet over the course of the last three years with a global health pandemic, with a really restricted lending environment, but with a new company, early stage company profile that is very complicated.

Speaker Change: So those two things clearly have been highlights from Q2. The other highlight from Q2 that I think is really worth noting...

Michael Crawford: I spoke about this in Q1, and as we ended Q4 last year, our balance sheet is something that we've been very focused on. And we understand that we've had to construct a balance sheet over the course of the last three years with a global health pandemic, with a really restricted lending environment, with a new company, early stage company profile that is very complicated. And so our goal has been to refine that complicated nature and make it simpler. And if you look at what we've done, just in the recent term, we restructured five of our local community loans, community, city and county loans, totaling $21 million to become much more favorable to the company.

Speaker Change: that I spoke about this.

Speaker Change: in Q1 and as we ended Q4 last year.

Speaker Change: Our balance sheet is something that we've been very focused on and we understand that we've had to construct.

Speaker Change: a balance sheet over the course of the last three years.

Speaker Change: with a global health pandemic with a really restricted lending environment.

Michael Crawford: We have a profit sharing model. We have a rental model where entertainment or sporting events come in and rent our facilities. And we have the opportunity to generate revenue out of concessions or parking or other things, but they take the gate. And so our goal is to balance the event strategy to maximize the overall return to the company. And I think we're doing that already.

Speaker Change: with a new company, early stage company profile that is very complicated. And so our goal has been to refine that complicated nature and make it simpler. And if you look at what we've done.

Michael Crawford: And so our goal has been to refine that complicated nature and make it simpler. And if you look at what we've done, just in the recent term, we restructured five of our local community loans, community, city, and county loans, totaling $21 million, to become much more favorable to the company. They're not short-term debt, they're much longer-term debt, and it's much more manageable as we stabilize revenue and grow towards profitability. We also took in an additional $11 million of financing. We were awarded almost a $10 million grant from the state and also a $500,000 grant from the Stark Community Foundation.

Michael Crawford: And I think that's only going to continue to grow.

Speaker Change: Community, city, and county loans totaling $21 million.

Michael Crawford: So those two things clearly have been highlights from Q2. The other highlight from Q2 that I think is really worth noting.

Michael Crawford: They're no longer short-term debt. They're much longer-term debt. And it's much more manageable as we stabilize revenue and grow towards profitability. We also took an additional 11 million of financing. We were awarded almost a $10 million grant from the state and also a $500,000 grant from the Start Community Foundation.

Speaker Change: to become much more favorable to the company. They're no longer short-term debt. They're much longer-term debt, and it's much more manageable as we stabilize revenue and grow towards profitability.

Michael Crawford: I spoke about this in Q1 and as we ended Q4 last year, our balance sheet is something that we've been very focused on. And we understand that we've had to construct a balance sheet over the course of the last three years with a global health pandemic with a really restricted lending environment with a new company, early stage company profile that is very complicated. And so our goal has been to refine that complicated nature and make it simpler.

Speaker Change: We also took in an additional $11 million of financing. We were awarded almost a $10 million grant from the state, and also a $500,000 grant from the Stark Community Foundation. So the balance sheet has been an extreme focus of ours, and I'll talk a little bit more about that in just a few moments.

Michael Crawford: And if you look at what we've done, just in the recent term, we restructured five of our local community loans, community, city and county loans, totaling $21 million to become much more favorable to the company. They're no longer short term debt. They're much longer term debt. And it's much more manageable as we stabilize revenue and grow towards profitability.

Michael Crawford: So the balance sheet has been an extreme focus of ours, and I'll talk a little bit more about that in just a few moments. I spoke about revenue growth as a priority for 2024. And while quarter over quarter in Q2, we were down in revenue, we are clearly experiencing revenue growth in the context of synergy. And synergy allows us to create a greater guest experience but also allows our guests greater access to all of the things that we have to offer. And I just talked about hotel stays being packaged, and food and beverage being packaged, parking, rides, and gaming also becoming packaged.

Michael Crawford: So the balance sheet has been an extreme focus of ours, and I'll talk a little bit more about that in just a few months. Williams. I spoke about revenue growth as a priority for 2024. And while Porto Recorder in Q2, we were down in revenue, we are clearly experiencing revenue growth in the context of synergy. And synergy allows us to create greater guest experience, but also allows our guest, greater access to all of the things that we have to offer. And I just talked about, you know, hotel stays being packaged, and food and beverage being packaged, parking rides, and gaming also becoming packaged.

Speaker Change: I spoke about revenue growth as a priority for 2024.

Speaker Change: and while quarter over quarter in Q2 we were down in revenue, we are clearly experiencing revenue growth in the context of synergy.

Speaker Change: And synergy allows us to create greater guest experience, but also allows our guests greater access to all of the things that we have to offer. And I just talked about, you know, hotel stays being packaged and food and beverage being packaged, parking, rides and gaming also becoming packaged.

Michael Crawford: Events on campus not only drive revenue directly from the event, but from that synergy model that I spoke about as well. We're focused on improving bundling. I think we're getting better. I think we have more work to do in early stage company. We have a campus system-wide operating system that we're putting in place that will allow us to drive greater bundling opportunities for our guest, which then in turn should drive a greater return for us as a company. And we're continuing to build towards stabilization. Again, the predictability of win events, win sponsors, how we open new assets, the impact of those types of things on our modeling, revenue modeling, and on our growth modeling.

Michael Crawford: Events on campus not only drive revenue directly from the event but from that synergy model that I spoke about as well. We're focused on improving bundling, and I think we're getting better.

Speaker Change: Events on campus not only drive revenue directly from the event, but from that synergy model that I spoke about as well.

Michael Crawford: We also took an additional 11 million of financing. We were awarded almost a $10 million grant from the state and also a $500,000 grant from the start community foundation.

Michael Crawford: I think we have more work to do in an early-stage company. We have a campus system-wide operating system that we're putting in place that will allow us to drive greater bundling opportunities for our guests, which then, in turn, should drive a greater return for us as a company. And we're continuing to build towards stabilization. Again, the predictability of when events happen, when sponsors, how we open new assets, the impact of those types of things on our modeling, revenue modeling, and on our growth model. We're a multi-use, multi-purpose destination at The Village, and that's something that we take a lot of pride in.

Speaker Change: We're focused on improving bundling. I think we're getting better. I think we have more work to do, an early stage company.

Michael Crawford: So the balance sheet has been an extreme focus of ours and I'll talk a little bit more about that in just a few months.

Speaker Change: We have a campus system wide operating system that we're putting in place that will allow us to drive greater bundling opportunities for our guests, which then in turn should drive a greater return for us as a company.

Michael Crawford: Williams. I spoke about revenue growth as a priority for 2024. And while Porto Recorder in Q2, we were down in revenue, we are clearly experiencing revenue growth in the context of synergy. And synergy allows us to create greater guest experience, but also allows our guest, greater access to all of the things that we have to offer. And I just talked about, you know, hotel stays being packaged and food and beverage being packaged, parking rides and gaming also becoming packaged.

Speaker Change: And we're continuing to build towards stabilization, again, the predictability of when events, when sponsors, how we open new assets, the impact of those types of things on our modeling, revenue modeling, and on our growth modeling.

Michael Crawford: We're a multi-use multipurpose destination at the village. And that's something that we take a lot of pride in. But it also allows us to be very diverse in the types of offerings that we're going to allow our guests to experience. We're emerging still as a premier destination. And you can see that in our calendar of events. As an example, we just added a big, what I would refer to as an urban, beer tasting event that highlights entertainment with Shibuze, Charlie on a Friday, rate entertainment throughout the night. It's going to be the biggest party of the fall.

Speaker Change: We're a multi-use, multi-purpose destination at The Village, and that's something that we take a lot of pride in, but it also allows us to be very diverse in the types of offerings that we're going to allow our guests to experience.

Michael Crawford: But it also allows us to be very diverse in the types of offerings that we're going to allow our guests to experience. We're emerging still as a premier destination, and you can see that in our calendar of events. As an example, we just added a big, what I would refer to as a bourbon beer tasting event that highlights entertainment with Shaboosie, and Charlie on Friday, great entertainment throughout the night. It's going to be the biggest party of the fall.

Michael Crawford: Events on campus not only drive revenue directly from the event, but from that synergy model that I spoke about as well. We're focused on improving bundling. I think we're getting better. I think we have more work to do in early stage company. We have a campus system-wide operating system that we're putting in place that will allow us to drive greater bundling opportunities for our guest, which then in turn should drive a greater return for us as a company.

Speaker Change: We're emerging still as a premier destination and you can see that in our calendar of events as an example. We just added a big

Speaker Change: what I would refer to as a bourbon beer tasting event that highlights entertainment with Shibuzie, Charlie on a Friday, great entertainment throughout the night. It's going to be the biggest party of the fall.

Michael Crawford: We booked that literally a month ago, and so bookings are still very near term, and that's what we're going to hope to evolve as we enter into 2025. More advanced bookings for entertainment allows us to stabilize and also allows us to generate a much greater marketing and sales effort for each of those types of events, and frankly, allows us to partner with other industry experts as well to make those events even bigger and better.

Michael Crawford: We booked that literally a month ago. And so bookings are still a very near term. And that's what we're going to hope to evolve as we enter them to 2025. More advanced bookings for entertainment allows us to stabilize and also allows us to generate a much greater marketing and sales effort for each of those types of events. And frankly, allows us to partner with other industry experts as well to make those events even bigger and better.

Speaker Change: We booked that literally a month ago.

Michael Crawford: And we're continuing to build towards stabilization. Again, the predictability of win events, win sponsors, how we open new assets, the impact of those types of things on our modeling, revenue modeling, and on our growth modeling. We're a multi-use multipurpose destination at the village. And that's something that we take a lot of pride in.

Speaker Change: and so bookings are still very near term.

Speaker Change: and that's what we're going to hope to evolve as we entered into 2025. More advanced bookings for entertainment allows us to stabilize and also allows us to generate a much greater marketing and sales effort for each of those types of events and frankly allows us to partner with other industry experts as well.

Michael Crawford: But it also allows us to be very diverse in the types of offerings that we're going to allow our guests to experience. We're emerging still as a premier destination. And you can see that in our calendar of events.

Michael Crawford: We do anticipate revenue for 24 to be lower than the prior year. But there are still opportunities to gain back against that forecast. We're looking at other sponsorship opportunities, new event opportunities. But right now, from what we see, we're guiding towards slightly lower. And John, I'll talk about that revenue for this year versus last, but slightly more profitable this year versus last as well. And we expect to increase the growth rates of the synergy as we bring on our game day Baywater Park and our onsite hotel. We're already gaining those synergies with our onsite hotel.

Michael Crawford: We do anticipate revenue for 24 to be lower than the prior year, but there are still opportunities to gain back against that forecast. We're looking at other sponsorship opportunities, and new event opportunities. But right now, from what we see, we're guiding towards slightly lower revenue for this year versus last, but slightly more profitable this year versus last as well. We expect to increase the growth rates of the Synergy as we bring in our Game Day Bay Water Park and our on-site hotel.

Speaker Change: to make those events even bigger and better.

Speaker Change: We do anticipate revenue for 24 to be lower than prior year, but there are still opportunities to gain back against that forecast.

Michael Crawford: As an example, we just added a big, what I would refer to as a urban, beer, tasting event that highlights entertainment with Shibuze, Charlie on a Friday, rate entertainment throughout the night. It's going to be the biggest party of the fall. We booked that literally a month ago.

Speaker Change: We're looking at other sponsorship opportunities, new event opportunities, but right now from what we see We're guiding towards slightly lower and John will talk about that revenue for this year versus last But slightly more profitable this year versus last as well

Michael Crawford: And so bookings are still a very near term. And that's what we're going to hope to evolve as we enter them to 2025. More advanced bookings for entertainment allows us to stabilize and also allows us to generate a much greater marketing and sales effort for each of those types of events. And frankly, allows us to partner with other industry experts as well to make those events even bigger and better.

John Buiten: And we do, we expect.

John Buiten: to increase the growth rates of the Synergy as we bring on our Game Day Bay Water Park and our on-site hotel. We're already gaining those synergies with our off-site hotel. We full well expect it to be able to drive greater synergistic revenue with those two remaining assets.

Michael Crawford: We're already gaining those synergies with our off-site hotel, and we fully expect to be able to drive greater synergistic revenue with those two remaining assets. Operational efficiency has been a priority for us, and I think we're showing it. The investments we've made previously into equipment and resources are allowing us to get much better at what we're doing and to be much more efficient with our cost versus our revenue. We expect that to continue to be optimized as we stabilize and we understand how the destination fully operates at its fully built out stage. We're learning from everything we do.

Michael Crawford: We feel well expected to be able to drive greater synergies to revenue with those two remaining assets.

Michael Crawford: Operational efficiency has been a priority for us. And I think we're showing it. The investments we've made previously into equipment, into resources, are allowing us to get much better at what we're doing and to be much more efficient with our costs versus our revenue. We expect that to continue to be optimized as we stabilize and we understand how the destination fully operates at its fully built-out stage. We're learning from everything we do. If you look at over the last couple of big weekends during in-triming, we've gotten better and better at guest service. We've gotten better and better at offering guests greater packaging opportunities.

John Buiten: Operational efficiency has been a priority for us and I think we're showing it. The investments we've made previously into equipment, into resources are allowing us to get much better at what we're doing and to be much more efficient with our costs versus our revenue.

Michael Crawford: We do anticipate revenue for 24 to be lower than prior year. But there are still opportunities to gain back against that forecast. We're looking at other sponsorship opportunities, new event opportunities. But right now, from what we see, we're guiding towards slightly lower.

John Buiten: We expect that to continue to be optimized as we stabilize and we understand how the destination fully operates at its fully built out stage. We're learning from everything we do. If you look at over the last couple of

Michael Crawford: And John, I'll talk about that revenue for this year versus last, but slightly more profitable this year versus last as well. And we expect to increase the growth rates of the synergy as we bring on our game day Baywater Park and our onsite hotel. We're already gaining those synergies with our onsite hotel. We feel well expected to be able to drive greater synergies to revenue with those two remaining assets.

Michael Crawford: If you look at the last couple of big weekends during enshrinement, we've gotten better and better at guest service. We've gotten better and better at offering guests greater packaging opportunities, and so we believe that there is an opportunity for this to continue to grow as we grow the number of these large-scale events like NFL Flag or we grow large-scale events like what we've hosted over the last year. We're doing all of this, though, with an eye towards customer satisfaction. Everything we have and everything we do has to be generating a great guest experience. And so we're focused more on measurement.

John Buiten: Big weekends during enshrinement. We've gotten better and better at guest service. We've gotten better and better at offering guest

Michael Crawford: And so we believe that there is an opportunity for this to continue to grow as we grow the number of these large scale events like NFL Flag or we grow large scale events like what we've hosted over the last. First Month. We're doing all of this with an eye towards customer satisfaction. Everything we have and everything we do has to be generating a great guest experience. And so we're focused more on measurement. We're focused more on survey work so that we can continue to refine the offerings that we have. I talked a little bit about expense management.

John Buiten: And so we believe that there is an opportunity for this to continue to grow as we grow the number of these large scale events like NFL flag or we grow large scale events like what we've hosted over the last month.

Michael Crawford: Operational efficiency has been a priority for us. And I think we're showing it. The investments we've made previously into equipment, into resources are allowing us to get much better at what we're doing and to be much more efficient with our costs versus our revenue.

John Buiten: We're doing all of this, though, with an eye towards customer satisfaction. Everything we have and everything we do has to be generating a great guest experience. And so we're focused more on measurement. We're focused more on survey work so that we can continue to refine the offerings that we have.

Michael Crawford: We're focused more on survey work so that we can continue to refine the offerings that we have. I talked a little bit about expense management; we're running a much more rigorous procurement process now so that as we're buying or contracting, we're truly evaluating not only the capabilities or the product but the cost of that product against the revenue that we're going to generate from any asset or any event that we're going to host.

Michael Crawford: We're running a much more rigorous procurement process now, so that as we're buying or contracting, we're really evaluating not only the capabilities or the product, but the cost of that product against the revenue that we're going to generate from any asset or any event that we're going to host. It's an ROI mindset. And we're getting there, but we're not fully there yet because our environment continues to evolve and change.

Michael Crawford: We expect that to continue to be optimized as we stabilize and we understand how the destination fully operates at its fully built-out stage.

John Buiten: I talked a little bit about expense management. We're running a much more rigorous procurement process now so that as we're buying or contracting, we're truly evaluating not only the capabilities or the product, but the cost of that product against

Michael Crawford: We're learning from everything we do. If you look at over the last couple of big weekends during in-triming, we've gotten better and better at guest service. We've gotten better and better at offering guest, greater packaging opportunities.

John Buiten: the revenue that we're going to generate from any asset or any event that we're going to host. It's an ROI mindset and we're getting there, but we're not fully there yet because our environment continues to evolve and change.

Michael Crawford: It's an ROI mindset, and we're getting there, but we're not fully there yet because our environment continues to evolve and change. And so, you know, on all aspects, shifting from development to operation, shifting from revenue generation to expense management to profitability, customer satisfaction, and really trying to engage all verticals when we're fully functioning as a company, media and gaming, you know, and hosting gaming tournaments allows for hotel stays, allows for ride revenue, food and beverage, and gaming revenue. Those types of things, I think we're going to be able to continue to improve.

Michael Crawford: And so we believe that there is an opportunity for this to continue to grow as we grow the number of these large scale events like NFL Flag or we grow large scale events like what we've hosted over the last. First Month.

Michael Crawford: And so on all aspects, shifting from development to operation, shifting from revenue generation to expense management to profitability, customer satisfaction, and really trying to engage all verticals when we're fully functioning as a company, media, and gaming. You know, and hosting gaming tournaments allows for hotel stays, allows for ride revenue, food and beverage gaming revenue. Those types of things I think we're going to be able to continue to increase.

John Buiten: And so, you know, on all aspects, shifting from development to operation.

Michael Crawford: We're doing all of this with an eye towards customer satisfaction. Everything we have and everything we do has to be generating a great guest experience. And so we're focused more on measurement. We're focused more on survey work so that we can continue to refine the offerings that we have.

John Buiten: shifting from revenue generation to expense management to profitability, customer satisfaction.

John Buiten: and really trying to engage all verticals when we're

Speaker Change: fully functioning as a company, Media and Gaming, you know, and hosting gaming tournaments, allows for hotel stays, allows for ride revenue, food and beverage, gaming revenue. Those types of things I think we're going to be able to continue to increase.

Michael Crawford: I talked a little bit about expense management. We're running a much more rigorous procurement process now so that as we're buying or contracting, we're really evaluating not only the capabilities or the product, but the cost of that product against the revenue that we're going to generate from any asset or any event that we're going to host. It's an ROI mindset.

Michael Crawford: Now, let me turn to the phase two development efforts. And I realize that we've been talking a lot about finishing the water park game-to-day water park in our own site hotel. And that is priority number one. And it has continued to be priority number one. We are very close, words I've said before, to finalizing the capital stack for both of those assets. We're working closely with the State of Ohio. We're hopeful that we can complete the capital structure for both of those in the very near term. We have a 51% built game-day water park that is exciting, but we need to complete.

Michael Crawford: Now, let me turn to the phase two development efforts. I realize that we've been talking a lot about finishing the water park, Game Day Bay water park, and our on-site hotel. And that is priority number one. And it has continued to be priority number one. We are very close, as I've said before, to finalizing the capital stack for both of those assets. We're working closely with the state of Ohio. We're hopeful that we can complete the capital structure for both of those in the very near term. We have a 51% built Game Day Bay water park that is exciting, but we need to complete. And then the hotel can break ground.

Michael Crawford: Both of these assets we still anticipate being completed in 2025, hopefully in mid 2025 to late 2025. As we complete the final financing, we'll focus on generating the exact timing of those things. Media. This is an area where our company is experiencing great growth, and compared to Q2 of 23, we have about 50% more projects in the pipeline being filmed, being produced, and coming out of post-production and being sold and distributed.

Speaker Change: Now, let me turn to the Phase 2 development efforts, and I realize that we've been talking a lot about finishing the water park, Game Day Bay water park, and our on-site hotel.

Michael Crawford: And we're getting there, but we're not fully there yet because our environment continues to evolve and change. And so on all aspects, shifting from development to operation, shifting from revenue generation to expense management to profitability, customer satisfaction, and really trying to engage all verticals when we're fully functioning as a company, media, and gaming. You know, and hosting gaming tournaments allows for hotel stays, allows for ride revenue, food and beverage gaming revenue. Those types of things I think we're going to be able to continue to increase.

Speaker Change: And that is priority number one, and it has continued to be priority number one.

Speaker Change: We are very close, words I've said before, to finalizing the capital stack for both of those assets.

Speaker Change: We're working closely with the state of Ohio. We're hopeful that we can complete

Speaker Change: The capital structure for both of those in the very near term. We have a 51% built Game Day Bay water park that is exciting but we need to complete.

Michael Crawford: And then the hotel can break ground. Both of these assets, we still anticipate being completed in 25, hopefully in mid 25 to late 25. As we complete the final financing, we'll focus on generating the exact timing of those things.

Speaker Change: And then the hotel can break ground. Both of these assets we still anticipate being completed in 2025, hopefully in mid 2025 to late 2025. As we complete the final financing, we'll focus on generating the exact timing of those things.

Michael Crawford: Now, let me turn to the phase two development efforts. And I realize that we've been talking a lot about finishing the water park game-to-day water park in our own site hotel. And that is priority number one. And it has continued to be priority number one. We are very close, words I've said before, to finalizing the capital stack for both of those assets. We're working closely with the state of Ohio. We're hopeful that we can complete the capital structure for both of those in the very near term.

Michael Crawford: Media. This is an area where our company is experiencing great growth. And compared to Q2 of 23, we have about 50% more projects in the pipeline, being filmed, being produced, and coming out of post-production, and being sold and distributed. As an example, we have Hometown Heroes that are going to premiere in September on Reach Television with Doug Williams as the first episode. We have the Goat Code, second season of the Goat Code, featuring in 2024, the first episode featuring Dwight Freeni. We sort of previewed this during entrimment. There was a lot of excitement around it.

Speaker Change: Media. This is an area where our company is experiencing great growth and compared to Q2 of 23, we have about 50% more projects in the pipeline being filmed, being produced, and coming out of post-production and being sold and distributed.

Michael Crawford: As an example, we have Hometown Heroes that is going to premiere in September on REACH television with Doug Williams as the first episode. We have The Goat Code, the second season of The Goat Code featuring, in 2024, the first episode featuring Dwight Freeney.

Speaker Change: As an example, we have Hometown Heroes.

Speaker Change: that is going to premiere in September on REACH Television with Doug Williams as the first episode.

Michael Crawford: We have a 51% built game-day water park that is exciting, but we need to complete. And then the hotel can break ground. Both of these assets, we still anticipate being completed in 25, hopefully in mid 25 to late 25. As we complete the final financing, we'll focus on generating the exact timing of those things.

Speaker Change: We have The Goat Code, second season of The Goat Code featuring...

Speaker Change: In 2024, the first episode featuring Dwight Freeney.

Michael Crawford: We sort of previewed this during enshrinement; there was a lot of excitement around it. It will also premiere in September on BRINKS television, and we have a lot of projects in various stages. Speaking of Fox, we have ended our first major run of The Perfect Ten with Fox. It was extremely successful, one of their highest-viewed documentaries of all time. And we're now excited about the second window, the second opportunity for this show to be sold and shown on a different platform. It could be streaming or it could be traditional.

Speaker Change: We sort of previewed this during enshrinement. There was a lot of excitement around it.

Michael Crawford: It will also premiere in September on end production. And so we're looking forward to continuing to update you all on how that progress will continue. And frankly, I'm excited about some of our partners in the media space as well. Some of very high profile former athletes, some really high profile production companies, and obviously companies like NFL Network Box. Douglas. Speaking of Fox, we have ended our first major run of the Perfect 10 with Fox. It was extremely successful. One of their highest all time viewed documentaries. And we're now excited about the second window, the second opportunity for the show to be sold and shown on a different platform; could be streaming, could be traditional.

Speaker Change: It will also premiere in September on Briggs Television. And we have a lot of projects in various stages.

Speaker Change: of Development and Production. And so we're looking forward to continuing to update.

Michael Crawford: Media. This is an area where our company is experiencing great growth. And compared to Q2 of 23, we have about 50% more projects in the pipeline, being filmed, being produced, and coming out of post-production, and being sold and distributed. As an example, we have hometown heroes that are going to premiere in September on Reach Television with Doug Williams as the first episode. We have the Goat Code, second season of the Goat Code, featuring in 2024, the first episode featuring Dwight Freeni.

Speaker Change: you all on how that progress will continue. And frankly, I'm excited about some of our partners in the media space as well. Some very high profile former athletes, some really high profile production companies, and obviously companies like NFL Network, Fox and others.

Speaker Change: Speaking of Fox, we have ended our first major run of The Perfect Ten with Fox.

Speaker Change: It was extremely successful, one of their highest all-time viewed documentaries.

Speaker Change: And we're now excited about the second window, the second opportunity for this show to be sold and shown on a different platform. Could be streaming, could be traditional. We're also excited about the chance to take this internationally as well. And so we're working right now on the partnerships that will allow us to do that. But again, a highly successful first documentary that we did with The Perfect Ten and now giving us downstream revenue opportunities.

Michael Crawford: We're also excited about the chance to take this internationally as well. And so we're working right now on the partner partnerships that will allow us to do that. But again, a highly successful first documentary that we did with the Perfect 10 and now giving us downstream revenue opportunities. As we close out Fox and there is additional revenue coming from the Fox relationship as well that we'll be recognizing in the very near term on the gaming front.

Michael Crawford: We're also excited about the chance to take this internationally as well. And so we're working right now on the partnerships that will allow us to do that. But again, a highly successful first documentary that we did with The Perfect Ten is now giving us downstream revenue opportunities as we close out Fox. And there is additional revenue coming from the Fox relationship as well that we'll be recognizing in the very near future.

Michael Crawford: We sort of previewed this during entrimment. There was a lot of excitement around it. It will also premiere in September on end production. And so we're looking forward to continuing to update you all on how that progress will continue. And frankly, I'm excited about some of our partners in the media space as well. Some of very high profile former athletes, some really high profile production companies, and obviously companies like NFL Network Box.

Speaker Change: as we close out FOX and there is additional revenue coming from the FOX relationship as well that we'll be recognizing in the very near term.

Michael Crawford: On the gaming front, we have brought in an outside consultant, somebody who is known globally, to help sort of accelerate the growth of our gaming vertical. We have a very dedicated team there that really is focused on the right types of events, growing our brand there. I talked about Gridiron Gateway as one of our largest branded events that we've hosted. We host college tournaments.

Michael Crawford: We have brought in an outside consultant, somebody who is known globally to help sort of accelerate the growth of our gaming vertical. We have a very dedicated team there that really is focused on the right types of events, growing our brand there. I talked about Gridiron Gateway as one of our largest branded events that we've hosted. We've hosted college tournaments. We're looking; we just hosted this past weekend, the largest fantasy football expo in the country. Better, our mobile betting partner, continues to grow; our investment in them still remains the same. And so the value of that investment, we anticipate growing as well.

Speaker Change: On the gaming front, we have brought in an outside consultant, somebody who is known globally to help sort of accelerate the growth of our gaming vertical.

Michael Crawford: Douglas. Speaking of Fox, we have ended our first major run of the Perfect 10 with Fox. It was extremely successful. One of their highest all time viewed documentaries. And we're now excited about the second window, the second opportunity for the show to be sold and shown on a different platform could be streaming could be traditional. We're also excited about the chance to take this internationally as well. And so we're working right now on the partner partnerships that will allow us to do that.

Michael Crawford: But again, a highly successful first documentary that we did with the Perfect 10 and now giving us downstream revenue opportunities. As we close out Fox and there is additional revenue coming from the Fox relationship as well that we'll be recognizing in the very near term on the gaming front.

Speaker Change: We have a very dedicated team there that really is focused on the right types of events, growing our brand there. I talked about Gridiron Gateway as one of our largest branded events that we've hosted.

Michael Crawford: We just hosted this past weekend the largest fantasy football expo in the country. Better yet, our mobile betting partner continues to grow. Our investment in them still remains the same, and so the value of that investment we anticipate growing as well, which is why we originally took that ownership stake there. And while not giving up on retail sports books, we really have realized that the retail sports betting opportunity is much less than what it was originally thought to be, meaning 97% of all people are placing bets. Mobile League

Speaker Change: We've hosted college tournaments. We just hosted this past weekend the largest fantasy football expo in the country.

Speaker Change: Better our mobile betting partner continues to grow our investment in them still remains the same And so the value of that investment we anticipate growing as well

Michael Crawford: Which is why we originally took that ownership stake there. And while not giving up on retail sports book, we really have realized that the retail sports betting opportunity is much less than what it was originally thought to be, meaning 97% of all people are placing bets globally. And so regional sports book for me is more about creating a guest experience. And we're looking to potentially couple that with the beverage experience, merchandise sales experience, something that generates a multi-use destination.

Speaker Change: which is why we originally took that ownership stake there.

Speaker Change: And while not giving up on retail sports book, we really have realized that the retail sports betting opportunity is much less than what it was originally thought to be, meaning 97% of all people are placing bets.

Michael Crawford: We have brought in an outside consultant, somebody who is known globally to help sort of accelerate the growth of our gaming vertical. We have a very dedicated team there that really is focused on the right types of events, growing our brand there. I talked about gridiron gateway as one of our largest branded events that we've hosted. We've hosted college tournaments. We're looking, we just hosted this past weekend, the largest fantasy football expo in the country.

Michael Crawford: And so regional sports book, for me, is more about creating a guest experience. And we're looking to potentially couple that with a food and beverage experience, a merchandise sales experience, something that generates a multi-use destination. And we continue to have conversations with potential partners, but nothing to highlight as of right now. Sponsorship deals, you know; our strategy is working. We talked a long time ago about delaying certain categories of sponsorship until we grew as a company until the types of products or services that they offered could be utilized more fully.

Speaker Change: Mobily. And so regional sports book for me is more about creating a guest experience.

Speaker Change: And we're looking to potentially couple that with.

Speaker Change: a food and beverage experience, a merchandise sales experience, something that generates a multi-use destination. And we continue to have conversations with potential partners, but nothing to highlight as of right now.

Michael Crawford: And we continue to have conversations with potential partners, but nothing to highlight as of right now sponsorship deals. You know, our strategy is working. We talked a long time ago about delaying certain categories of sponsorship until we grew as a company until the types of product or service that they offered could be utilized more fully. And we're seeing that in the deals, the types of deals are growing; the value of the deals are growing. And the good news is several of our previous partners have signed up again because they're now seeing the growth and the advantage of continuing their partnership with us as a multi-use company in terms of destination media and gaming.

Michael Crawford: Better our mobile betting partner continues to grow our investment in them still remains the same. And so the value of that investment we anticipate growing as well. Which is why we originally took that ownership stake there. And while not giving up on retail sports book, we really have realized that the retail sports betting opportunity is much less than what it was originally thought to be meaning 97% of all people are placing bets globally.

Speaker Change: Sponsorship deals.

Speaker Change: You know, our strategy is working.

Speaker Change: We talked a long time ago about

Speaker Change: Delaying certain categories of sponsorship until we grew as a company until the

Michael Crawford: And we're seeing that in the deals, the types of deals are growing, the value of the deals is growing. And the good news is, several of our previous partners have signed up again because they're now seeing the growth and the advantage of continuing their partnership with us as a multi-use company in terms of destination, media, and gaming. And so deals are becoming longer term, and the size of the deals is growing.

Speaker Change: types of product or service that they offered could be utilized more fully.

Speaker Change: And we're seeing that in the deals, the types of deals are growing, the value of the deals are growing. And the good news is, several of our previous partners have signed up again because they're now seeing the growth and the advantage.

Michael Crawford: And so regional sports book for me is more about creating a guest experience. And we're looking to potentially couple that with the beverage experience, merchandise sales experience, something that generates a multi use destination. And we continue to have conversations with potential partners, but nothing to highlight as of right now sponsorship deals. You know, our strategy is working. We talked a long time ago about delaying certain categories of sponsorship until we grew as a company until the types of product or service that they offered could be utilized more fully.

Speaker Change: of continuing their partnership with us.

Speaker Change: is a multi-use company in terms of destination media and gaming. And so deals are becoming longer term, the size of the deals are growing, and again, we're scratching the surface and I see a lot of growth as we continue to build our destination, our media, and our gaming capabilities.

Michael Crawford: And so deals are becoming longer term; the size of the deals are growing. And again, we're scratching the surface.

Michael Crawford: And again, we're scratching the surface, and I see a lot of growth as we continue to build our destination, our media, and our gaming capabilities. Just a couple of final things on the restructuring of the balance sheet. I talked about the $21 million, but we also in Q1 extended $49 million of debt maturity to March of 2025. And something to note here, which is really important, that $49 million of debt was held by our largest shareholder, Industrial Realty Group, and one of our largest lenders.

Michael Crawford: And I see a lot of growth as we continue to build our destination, our media, and our gaming capabilities.

Michael Crawford: Just a couple of final things on the restructuring of the balance sheet. I talked about the $21 million, but we also in Q1 extended $49 million of debt maturity to March of 2025. And something to note here, which is really important, that $49 million of debt was held by our largest shareholder, Industrial Reality Group, and one of our largest lenders. And so their interests are lining with our interest to see the company be successful long term. We have seen that, we have reported on that, and we certainly feel that on a regular basis. You would have also seen that they filed a Schedule 13D.

Speaker Change: Just a couple of final things on the restructuring of the balance sheet, I talked about the $21 million, but we also in Q1 extended $49 million of debt maturity to March of 2025.

Speaker Change: Something to note here, which is really important, that $49 million of debt

Michael Crawford: And we're seeing that in the deals, the types of deals are growing, the value of the deals are growing. And the good news is several of our previous partners have signed up again because they're now seeing the growth and the advantage of continuing their partnership with us as a multi use company in terms of destination media and gaming. And so deals are becoming longer term, the size of the deals are growing. And again, we're scratching the surface. And I see a lot of growth as we continue to build our destination, our media and our gaming capabilities.

Speaker Change: was held by our largest shareholder, Industrial Realty Group, and one of our largest lenders. And so, their interests aligning with our interests to see the company be successful long-term, we have seen that, we have reported on that, and we certainly feel that on a regular basis.

Michael Crawford: And so their interest aligning with our interest to see the company be successful long-term, we have seen that, we have reported on that, and we certainly feel that on a regular basis. You would also have seen that they filed a Schedule 13-D. We talked about that before.

Michael Crawford: We talked about that before. And what that does is it really notifies our shareholders, in conjunction with working with the company leadership and our board, of course. But their intention is to explore all opportunities to help make our company successful. And from the largest shareholder and one of our largest lenders, that's a very big statement. And I can tell you in my conversations with Stuart Richter, the head of IRG, he is and they are very committed to this long-term success story. That's why they have continued to support us with lending, with project completion guarantees, and with extending debt.

Speaker Change: You would have also seen that they filed a Schedule 13-D.

Michael Crawford: And what that does is, in conjunction with working with the company leadership and our board, of course, that their intention is to explore all opportunities to help make our company successful. And from the largest shareholder and one of our largest lenders, that's a very big statement. And I can tell you that in my conversations with Stuart Lichter, the head of IRG, he is, and they are very committed to this long-term success story.

Speaker Change: We talked about that before. And what that does is it really notifies our shareholders.

Speaker Change: in conjunction with working with the company leadership and our board, of course.

Michael Crawford: Just a couple of final things on the restructuring of the balance sheet, I talked about the $21 million, but we also in Q1 extended $49 million of debt maturity to March of 2025. And something to note here, which is really important, that $49 million of debt was held by our largest shareholder industrial reality group and one of our largest lenders. And so their interests are lining with our interest to see the company be successful long term.

Speaker Change: that their intention is to explore all opportunities.

Speaker Change: to help make our company successful.

Speaker Change: and

Speaker Change: from the largest shareholder and one of our largest lenders. That's a very big statement. And I can tell you in my conversations with Stuart Lichter, the head of IRG, he is, and they are, very committed to this long-term success story. That's why they have continued...

Michael Crawford: That's why they have continued to support us with lending, with project completion guarantees, with extending debt, and now with going out on their own, looking for other opportunities to help bring in potentially new investors, potentially restructure debt, and any number of other solutions that will help this company be successful. It is a testament to their belief in our business model. They've seen the execution.

Stuart Lichter: to support us with lending, with project completion guarantees, with extending debt, and now with going out on their own, looking for other opportunities to help bring in potentially new investors, potentially restructuring debt.

Michael Crawford: And now with going out on their own, looking for other opportunities to help bring in potentially new investors, potentially restructuring debt. And any number of other solutions that will help this company be successful.

Michael Crawford: We have seen that, we have reported on that and we certainly feel that on a regular basis. You would have also seen that they filed a schedule 13D. We talked about that before. And what that does is it really notifies our shareholders in conjunction with working with the company leadership and our board, of course. But their intention is to explore all opportunities to help make our company successful. And from the largest shareholder and one of our largest lenders, that's a very big statement.

Speaker Change: and any number of other solutions that will help this company be successful.

Michael Crawford: Marshall. It is a testament to their belief in our business model. They've seen the execution; they've seen the growth. And so that's why they're willing to go the extra mile on this and help us in the ways that I've just spoken about.

Speaker Change: It is a testament to their belief in our business model. They've seen the execution, they've seen the growth, and so that's why they're willing to go the extra mile on this and help us in the ways that I've just spoken about.

Michael Crawford: They've seen the growth. And so that's why they're willing to go the extra mile on this and help us in the ways that I've just spoken about. Also, it's important to note and say thank you to our city, our county, and our local community. You know, we went to them with restructuring of several millions, tens of millions of dollars worth of debt. They were very supportive of that.

Michael Crawford: Also, it's important to note and say thank you to our city, our county, and our local community. You know, we went to them with restructuring of several millions, tens of millions of dollars' worth of debt. They were very supportive of that. They understood the value, the economic growth that this destination represents to not only Canton, Ohio, and Star County, but Northeast Ohio. The state granting us 10 million dollars as a grant, more equity coming into the company shows their faith in what we're doing as well.

Speaker Change: Also, it's important to note and say thank you to our city, our county and our local community. You know, we went to them with restructuring of several millions, tens of millions of dollars worth of debt. They were very supportive of that. They understood the value, the economic growth that this.

Michael Crawford: And I can tell you in my conversations with Stuart Richter, the head of IRG, he is and they are very committed to this long term success story. That's why they have continued to support us with lending, with project completion guarantees, with extending debt. And now with going out on their own, looking for other opportunities to help bring in potentially new investors, potentially restructuring debt. And any number of other solutions that will help this company be successful.

Michael Crawford: They understood the value and the economic growth that this destination represents to not only Canton, Ohio and Stark County, but Northeast Ohio. The state granting us $10 million as a grant, and more equity coming into the company, shows their faith. In what we're doing as well, the NFL is bringing large-scale events. The story here is we're growing, but we're at an early stage. And because of the execution, and because of the strategy, and because of the team, the key partners that we have out there are continuing to stand behind us and invest. I talked about the development of Phase 2 assets as being what I'll refer to as Priority 1A, and our balance sheet as Priority 1B.

Speaker Change: Destination represents to not only Canton, Ohio and Stark County, but Northeast, Ohio.

Speaker Change: The state granting us $10 million as a grant, more equity coming into the company shows their faith in what we're doing as well. The NFL bringing large scale events. The story here is we're growing, but we're early stage. And but because of the execution.

Michael Crawford: The NFL bringing large scale events, the story here is we're growing, but we're early stage. And because of the execution and because of the strategy and because of the team, the key partners that we have up there are continuing to stand behind us and invest.

Michael Crawford: Marshall. It is a testament to their belief in our business model. They've seen the execution, they've seen the growth. And so that's why they're willing to go the extra mile on this and help us in the ways that I've just spoken about.

Speaker Change: and because of the strategy and because of the team, the key partners that we have out there are continuing to stand behind us and invest.

Michael Crawford: I talked about the development of phase two assets as being what I'll refer to as priority 1A and our balance sheet as priority 1B. The unique experiences that we can derive out of the finishing, the completion of the water park in the tapestry extend far beyond revenue. They extend into greater guest service, greater guest packaging. And I'm excited about hopefully completing the capital that we need to start the construction on the hotel and complete the construction on the water park in 2025. With our long term strategy has remained the same. We've had a lot of challenges, but we've been able to be creative and execute at a high level.

Speaker Change: Unknown Speaker . . . . . . .

Speaker Change: I talked about the development of Phase 2 assets as being what I'll refer to as Priority 1A and our balance sheet is Priority 1B.

Michael Crawford: Also, it's important to note and say thank you to our city, our county and our local community. You know, we went to them with restructuring of several millions, tens of millions of dollars worth of debt. They were very supportive of that. They understood the value, the economic growth that this destination represents to not only Canton, Ohio and Star County, but Northeast Ohio. The state granting us 10 million dollars as a grant, more equity coming into the company shows their faith in what we're doing as well.

Michael Crawford: The unique experiences that we can derive out of the finishing, the completion of the water park, and the tapestry extend far beyond revenue. They extend into greater guest service, greater guest packaging, and I'm excited about hopefully completing the capital that we need to start the construction on the hotel and complete the construction on the water park in 2025. Look, our long-term strategy has remained the same.

Speaker Change: The unique experiences that we can derive out of

Speaker Change: The finishing, the completion of the water park and the tapestry.

Speaker Change: extend far beyond revenue.

Speaker Change: They extend into greater guest service, greater guest packaging, and I'm excited about hopefully completing the capital that we need to start the construction on the hotel and complete the construction on the water park in 2025.

Michael Crawford: The NFL bringing large scale events, the story here is we're growing, but we're early stage. And because of the execution and because of the strategy and because of the team, the key partners that we have up there are continuing to stand behind us and invest. I talked about the development of phase two assets as being what I'll refer to as priority 1A and our balance sheet as priority 1B. The unique experiences that we can derive out of the finishing, the completion of the water park in the tapestry extend far beyond revenue.

Michael Crawford: We've had a lot of challenges, but we've been able to be creative and execute at a high level. We've continued to overcome very difficult environments when you look at companies our size that are publicly traded. There have been a lot of bankruptcies over the last several years due to the very difficult environments that these companies have faced.

Speaker Change: Look, our long-term strategy has remained the same.

Speaker Change: We've had a lot of challenges.

Michael Crawford: We've continued to overcome very difficult environments when you look at companies, our size, that are publicly traded. There have been a lot of bankruptcies over the last several years due to the very difficult environments that these companies have faced. I give a lot of credit to our team, but I give a lot of credit to our partners and our shareholders and our lenders, that they understand how we've been able to overcome. We're being smart about the timing of new partnerships. We're being smart about the value proposition and having this ROI mindset. While keeping the guest and the guest experience at the focus of everything that we do.

Speaker Change: But we've been able to be creative and execute at a high level. We've continued to overcome very difficult environments. When you look at companies our size that are publicly traded, there have been a lot of bankruptcies over the last several years due to the very difficult environments that these companies have faced.

Michael Crawford: I give a lot of credit to our team, but I also give a lot of credit to our partners, our shareholders, and our lenders, because they understand how we've been able to overcome. We're being smart about the timing of new partnerships. We're being smart about the value proposition and having this ROI mindset while keeping the guest and the guest experience at the focus of everything that we do. And so, while our revenue for Q2 is down slightly, we've closed the gap on profitability. We're managing costs. We're looking at this holistically.

Speaker Change: I give a lot of credit to our team, but I give a lot of credit to our partners and our shareholders and our lenders.

Speaker Change: that they understand how we've been able to overcome. We're being smart about the timing of new partnerships. We're being smart about the value proposition and having this ROI mindset while keeping the guest and the guest experience at the focus of everything that we do.

Michael Crawford: They extend into greater guest service, greater guest packaging. And I'm excited about hopefully completing the capital that we need to start the construction on the hotel and complete the construction on the water park in 2025. With our long term strategy has remained the same. We've had a lot of challenges, but we've been able to be creative and execute at a high level. We've continued to overcome very difficult environments when you look at companies, our size, that are publicly traded.

Michael Crawford: And so, while our revenue for Q2 is down slightly, we've closed the gap on profitability; we're managing costs; we're looking at this holistically.

Speaker Change: And so while our revenue for Q2 is down slightly, we've closed the gap on profitability, we're managing costs.

Michael Crawford: And I think we're well positioned for growth, even in difficult times, as I mentioned earlier, as a regional destination as a sports and entertainment company, where people look to sports, people look to entertainment, and experiences like we have to offer one of a kind, to sort of relieve themselves of the everyday burden that they carry. So we appreciate everybody's ongoing support, certainly that of our largest shareholder. We look forward to talking about new events, new tenants, the conversion of the media pipeline, and our gaming vertical adding scale.

Michael Crawford: And I think we're well positioned for growth, even in difficult times, as I mentioned earlier, as a regional destination, as a sports and entertainment company, where people look to sports, people look to entertainment and experiences like we have to offer, one of a kind, to sort of relieve themselves of the everyday burden that they carry. So we appreciate everybody's ongoing support, certainly that of our largest shareholder. We look forward to talking about new events, new tenants, the conversion of the media pipeline, and our gaming vertical adding scale.

Speaker Change: We're looking at this holistically, and I think we're well positioned for growth, even in difficult times, as I mentioned earlier, as a regional destination, as a sports and entertainment company, where people look to sports, people look to entertainment and experiences like we have to offer, one of a kind.

Michael Crawford: There have been a lot of bankruptcies over the last several years due to the very difficult environments that these companies have faced. I give a lot of credit to our team, but I give a lot of credit to our partners and our shareholders and our lenders, that they understand how we've been able to overcome. We're being smart about the timing of new partnerships. We're being smart about the value proposition and having this ROI mindset.

Speaker Change: to sort of relieve themselves of the everyday burden that they carry.

Speaker Change: Speaker 1 47.

Speaker Change: We appreciate everybody's ongoing support, certainly that of our largest shareholder.

Speaker Change: We look forward to talking about new events, new tenants, the conversion of the media pipeline, and our gaming vertical adding scale. And I'll stop there and welcome John Van Buiten to give you our financial overview, and then we'll take questions and I'll come back for some closing remarks.

Michael Crawford: And I'll stop there and welcome John Van Buiten to give you our financial overview, and then we'll take questions, and I'll come back for some closing, turned over to you, Jack. Thanks, Mike, and good morning, everyone. Moving on to our financial results, second quarter total revenue was $4.7 million compared to $6.1 million in the second quarter last year. The revenue decline quarter over quarter was primarily driven by the mix of events at the Hall of Fame Village.

John Van Buten: And I'll stop there and welcome John, Van Buten to give you our financial overview. And then we'll take questions, and I'll come back for some marks.

Michael Crawford: While keeping the guest and the guest experience at the focus of everything that we do. And so while our revenue for Q2 is down slightly, we've closed the gap on profitability, we're managing costs, we're looking at this holistically. And I think we're well positioned for growth, even in difficult times, as I mentioned earlier, as a regional destination, as a sports and entertainment company, where people look to sports, people look to entertainment and experiences like we have to offer one of a kind to sort of relieve themselves of the everyday burden that they carry. So we appreciate everybody's ongoing support, certainly that of our largest shareholder.

John Van Buten: So it turned over you, John. Thanks, Mike, and good morning, everyone. Moving on to our financial results, the second quarter total revenue was $4.7 million compared to $6.1 million in the second quarter last year. The revenue decline quarter over quarter was primarily driven by the mix of events at the Hall of Fame Village. Total company revenue diversification continues to improve from events, rentals, and tentative through our destination and addition to synergistic revenue. For example, our gold summit gaming vertical hosted the Great Lakes eSports Conference Championships at our Tom Benson Hall of Fame Stadium and generated significant hotel business at our DoubleTree hotel.

John Van Buiten: Total Company Revenue Diversification continues to improve from events, rentals, and tenanting through our destination in addition to synergistic revenue. For example, our Gold Summit Gaming Vertical hosted the Great Lakes Esports Conference Championships at our Tom Benson Hall of Fame Stadium and generated significant hotel business at our Doubletree Hotel. We expect the revenue streams will grow and broaden in future years as we approach stabilization. Second quarter adjusted EBITDA was minus $4.2 million compared to minus $6.2 million in the same period last year. The change was driven by decreased operating expenses related to event-related costs, reduced compensation-related expenses, and further expense management. The company posted a net loss of $15.8 million in the quarter.

Speaker Change: So I'll turn it over to you, John.

John Van Buiten: Interest expense increased to $6.5 million, resulting from higher debt balances and lower capitalized interest as assets are placed in the service. Moving on to the ballot. We finished the quarter with a cash and liquid investment balance of approximately $6.4 million, compared to $6.9 million at the end of the prior quarter. The company's usage of cash was primarily attributed to our operating activity. During the quarter, we restructured $21 million of debt with the city of Canton, Stark County, and our local community foundation.

Speaker Change: Thanks, Mike. And good morning, everyone. Moving on to our financial results, second quarter total revenue was $4.7 million compared to $6.1 million in the second quarter last year.

Speaker Change: The revenue decline quarter over quarter was primarily driven by the mix of events at the Hall of Fame Village. Total company revenue diversification continues to improve from events, rentals, and tenanting through our destination in addition to synergistic revenue.

Speaker Change: For example, our Gold Summit Gaming Vertical hosted the Great Lakes Esports Conference Championships at our Tom Benson Hall of Fame Stadium and generated significant hotel business at our Doubletree Hotel.

Michael Crawford: We look forward to talking about new events, new tenants, the conversion of the media pipeline and our gaming vertical adding scale.

John Van Buten: We expect the revenue streams will grow and broaden in future years as we approach stabilization. Second quarter adjusted EBITDA was minus $4.2 million compared to minus $6.2 million in the same period last year. The change was driven by decreased operating expenses related to event-related costs, reduced compensation-related expenses, and further expense management. The company posted a net loss of $15.8 million in the quarter. Interest expense increased to $6.5 million, resulting from higher debt balances and lower capitalized interest as assets are placed in the service. Moving to the balance sheet, we finished the quarter with a cash and liquid investment balance of approximately $6.4 million compared to $6.9 million at the end of the prior quarter.

John Van Buten: And I'll stop there and welcome John, Van buten to give you our financial overview.

Speaker Change: We expect the revenue streams will grow and broaden in future years as we approach stabilization.

Speaker Change: Second quarter adjusted EBITDA was minus $4.2 million compared to minus $6.2 million in the same period last year.

John Van Buten: And then we'll take questions and I'll come back for some Marks. So it turned over you, John.

John Van Buten: Thanks, Mike, and good morning, everyone. Moving on to our financial results, the second quarter total revenue was $4.7 million compared to $6.1 million in the second quarter last year. The revenue decline quarter over quarter was primarily driven by the mix of events at the Hall of Fame Village.

Speaker Change: The change was driven by decreased operating expenses related to event-related costs, reduced compensation-related expenses, and further expense management.

Speaker Change: The company posted a net loss of $15.8 million in the quarter. Interest expense increased to $6.5 million, resulting from higher debt balances and lower capitalized interest as assets are placed into service.

John Van Buten: Total company revenue diversification continues to improve from events, rentals, and tentative through our destination and addition to synergistic revenue. For example, our gold summit gaming vertical hosted the Great Lakes eSports Conference Championships at our Tom Benson Hall of Fame Stadium and generated significant hotel business at our double tree hotel. We expect the revenue streams will grow and broaden in future years as we approach stabilization. Second quarter adjusted EBITDA was minus $4.2 million compared to minus $6.2 million in the same period last year.

Speaker Change: Moving to the balance sheet, we finished the quarter with a cash and liquid investment balance of approximately $6.4 million compared to $6.9 million at the end of the prior quarter.

John Van Buten: The company's usage of cash was primarily attributed to our operating activities. During the quarter, we re-structured $21 million of debt with the City of Can, Stark County, and our local community foundations. Our net notes payable balance slightly increased to $229 million compared to $222 million at the end of the prior quarter. The increase in notes payable during the quarter was primarily due to accruals of paid-in-kind interest and the recapitalization of the restructured loans.

Speaker Change: The company's usage of cash was primarily attributed to our operating activities.

Speaker Change: During the quarter, we restructured $21 million of debt with the City of Canton, Stark County, and our local community foundations.

John Van Buiten: Our net notes payable balance slightly increased to $229 million, compared to $222 million at the end of the prior quarter. The increase in notes payable during the quarter was primarily due to accruals of paid in-kind interest and the recapitalization of the restructured loans. 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 toward its stabilization of all facets of our stated business model.

John Van Buten: The change was driven by decreased operating expenses related to event-related costs, reduced compensation related expenses, and further expense management. The company posted a net loss of $15.8 million in the quarter. Interest expense increased to $6.5 million, resulting from higher debt balances and lower capitalized interest as assets are placed in the service. Moving to the balance sheet, we finished the quarter with a cash and liquid investment balance of approximately $6.4 million compared to $6.9 million at the end of the prior quarter.

Speaker Change: Our net notes payable balance slightly increased to $229 million compared to $222 million at the end of the prior quarter.

Speaker Change: The increase in notes payable during the quarter was primarily due to accruals of paid-in-kind interest and the recapitalization of the restructured loans.

John Van Buten: 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 for its stabilization of all facets of our stated business model. We continue to work towards closing all of the necessary financing required for the remaining face-to-construction, including multiple financing transactions related to our game-day bay water park and onsite Tapestry hotel. We're 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.

Speaker Change: 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 for its stabilization of all facets of our stated business model.

John Van Buiten: 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 water park and on-site tapestry hotel. 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. Moving to 2024 Financial Guidance, we are revising our revenue expectations to be in the range of $20 to $22 million and reiterating our previously stated adjusted EBITDA loss in the mid-teens million range.

Speaker Change: 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.

John Van Buten: The company's usage of cash was primarily attributed to our operating activities. During the quarter, we re-structured $21 million of debt with the City of Can, Stark County, and our local community foundations. Our net notes payable balance slightly increased to $229 million compared to $222 million at the end of the prior quarter. The increase in notes payable during the quarter was primarily due to accruals of paid-in-kind interest and the recapitalization of the restructured loans.

Speaker Change: We're 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.

John Van Buten: Moving to 2024 financial guidance, we are revising our revenue expectations to be in the range of $20 to $22 million and reiterating our previously stated adjusted EBITDA loss in the mid-teen millions range. As we have highlighted, the company is in the early growth stages. The company is intensely focused on revenue growth and expense management, saying the lien where possible, while at the same time balancing the need to invest in order to support our growth. We have stated earlier we are investing in our sales and marketing efforts to support this growth. We expect increased diversification of revenue and even across multiple streams, with each one driving synergies to support the ecosystem that we are working to build.

Speaker Change: Moving to 2024 Financial Guidance.

Speaker Change: We are revising our revenue expectations to be in the range of $20 to $22 million, and reiterating our previously stated adjusted EBITDA loss in the mid-teens-millions range.

John Van Buten: 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 for its stabilization of all facets of our stated business model. We continue to work towards closing all of the necessary financing required for the remaining face-to-construction, including multiple financing transactions related to our game-day bay water park and onsite tapestry hotel. We're 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.

John Van Buiten: As we have highlighted, the company is in the early growth stage. The company is intensely focused on revenue growth and expense management, staying lean where possible, while at the same time balancing the need to invest in order to support its growth. As stated earlier, we are investing in our sales and marketing efforts to support this 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,

Speaker Change: As we have highlighted, the company is in the early growth stages.

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

Speaker Change: As stated earlier, we are investing in our sales and marketing efforts to support this 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.

John Van Buten: In closing, the company is mindful of the current economic environment, and we remain intensely focused on driving profitability through diversified revenue streams and disciplined cost management. While making strategic investments to support our growth, and finally, as you come to expect, we will continue to provide transparent and timely updates to our shareholders as we move ahead.

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

John Van Buiten: The company is mindful of the current economic environment, and we remain intensely focused on driving profitability through diversified revenue streams and disciplined cost management while making strategic investments to support our growth. And 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 like now to open the line for any questions. Thank you. If you would like to ask a question, please press star one on your telephone. An information tone will indicate where your line is. Press Star 2 if you would like to remove your question from the queue.

John Van Buten: Moving to 2024 financial guidance, we are revising our revenue expectations to be in the range of $20 to $22 million and reiterating our previously stated adjusted EBITDA loss in the mid-teen millions range. As we have highlighted, the company is in the early growth stages. The company is intensely focused on revenue growth and expense management, saying the lien where possible while at the same time balancing the need to invest in order to support our growth.

Speaker Change: And finally, as you've come to expect, we will continue to provide transparent and timely updates to our shareholders as we move ahead.

Unknown Executive: Operator, we would like now to open the line for any questions. Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue, and for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

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

Speaker Change: [inaudible]

Speaker Change: [inaudible]

John Van Buten: We have stated earlier we are investing in our sales and marketing efforts to support this growth. We expect increased diversification of revenue and even across multiple streams with each one driving synergies to support the ecosystem that we are working to build.

Speaker Change: Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. And for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Jack Van Aard with Maxim Group. Please proceed.

Operator: Speaker Equipment, it may be necessary to pick up your handset before pressing the star. Our first question is from Jack Van Aarde with Maxim Group. Okay, great. Good morning. I appreciate the update, including your comment on the phase two construction and recent financing progress. So, Michael, I'll focus my questions on a couple other items. You referenced the broader overall macro environment. They have an impact on consumer spending trends. I've seen that in my own coverage and throughout the market as well.

John Van Buten: In closing, the company is mindful of the current economic environment and we remain intensely focused on driving profitability through diversified revenue streams and discipline cost management. While making strategic investments to support our growth, and finally as you come to expect, we will continue to provide transparent and timely updates to our shareholders as we move ahead.

Jack Van Aard: Our first question is from Jack Van Aard with Maxim Group. Please proceed. Okay, great. Good morning. I appreciate the update, including your comments on the phase two construction and recent financing progress. Michael, I'll focus my questions on a couple of other items. You referenced the broader overall macro environment, having the impact on consumer spending trends. I've seen that in my own coverage throughout the market as well, so that's very much true. Has this had a meaningful impact on your campus attendance in foot traffic in 2024 to date? I believe it's still been up substantially from last year, but just how is that impact, is kind of how has it or is it impacting your campus traffic and your plans or kind of target for campus attendance going forward?

Speaker Change: Okay, great. Good morning. I appreciate the update, including your comment on the phase two construction and in recent financing progress.

Speaker Change: So, Michael, I'll focus my questions on a couple other items.

Unknown Executive: Operator, we would like now to open the line for any questions. Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue and for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Jack Van Aarde: So it's very much true. Has this had a meaningful impact on your campus attendance and foot traffic in 2024 so far? I believe it's still been up substantially from last year, but just how that has or is impacting your campus traffic and your plans or kind of a target for campus attendance going forward? Thanks. Yeah, thanks, Jack. I think it's a great question. We didn't highlight attendance.

Speaker Change: You referenced the broader overall macro environment having an impact on consumer spending trends. I've seen that in my own coverage and throughout the market as well, so it's very much true. Has this had a meaningful impact on your campus attendance and foot traffic in 2024 to date? I believe it's still been.

Speaker Change: Up substantially from last year, but just how has that impacted kind of

Speaker Change: How has it or is it impacting your campus traffic and your plans or kind of a target for campus attendance going forward? Thanks.

Michael Crawford: Thanks. Yeah, thanks, Jack. I think it's a great question. We didn't highlight attendance, but here's what I would tell you. We expect attendance for this year to be year over year greater than last year. I think there are a lot of things that we're doing differently. We're balancing out the seasonality of events, pushing more into Q1, Q4, but we're also bringing things in like what we're doing this weekend. We're hosting a Division One college football team. It happens to be my undergrad on the modern Bowling Green State University for a showcase. It's free for people to come out, but it generates traffic on campus where they can then experience Top Golf or they can go on rides or they can have a meal or any number of different things.

Michael Crawford: But here's what I would tell you. We expect attendance for this year to be higher year over year than last year. I think there are a lot of things that we're doing differently. We're balancing out the seasonality of events, pushing more into Q1, Q4, but we're also bringing things in like what we did this weekend. We're hosting a Division I college football team, which happens to be my undergrad alma mater, Bowling Green State University, for a showcase. It's free for people to come out, but it generates traffic on campus where they can then experience Topgolf, or they can go on rides, or they can have a meal or any number of different things.

Jack Van Aard: Our first question is from Jack Van Aard with Maxim Group, please proceed. Okay, great.

Speaker Change: Yeah, thanks, Jack. I think it's a great question. We didn't highlight attendance, but here's what I would tell you. We expect attendance for this year to be year-over-year greater than last year. I think there are a lot of things that we're doing differently. We're balancing out the seasonality of events.

Jack Van Aard: Good morning. I appreciate the update, including your comments on the phase two construction and recent financing progress. Michael, I'll focus my questions on a couple of other items. You referenced the broader overall macro environment, having the impact on consumer spending trends. I've seen that in my own coverage throughout the market as well, so that's very much true. Has this had a meaningful impact on your campus attendance in foot traffic in 2024 to date?

Speaker Change: Pushing more into Q1, Q4, but we're also bringing things in like what we're doing this weekend. We're hosting a Division One college football team happens to be my undergrad, alma mater, Bowling Green State University for a showcase. It's free for people to come out.

Jack Van Aard: I believe it's still been up substantially from last year, but just how is that impact is kind of how has it or is it impacting your campus traffic and your plans or kind of target for campus attendance going forward? Thanks. Yeah, thanks, Jack. I think it's a great question. We didn't highlight attendance, but here's what I would tell you. We expect attendance for this year to be year over year greater than last year.

Speaker Change: But it generates traffic on campus where they can then experience Topgolf or they can go on rides or they can have a meal or, you know, any number of different things.

Michael Crawford: And so what we're trying to do is provide value, and we're trying to provide value across the board. I reference bundling and packaging, and that's certainly another way that we provide value to the consumer. Having been in this business a long time, I can tell you that regional destinations where you can get to those within an hour, maybe a two hour drive radius, allows for mom and dad, date nights, you know, whatever the case may be, to come experience entertainment. That they don't have the money to go to Florida or California or overseas, and so we fully expect that types of events, the types of offerings that we have, you know, food and beverage, rides, entertainment will have a very value-focused target towards the environment that everybody is racing today.

Michael Crawford: And so, what we're trying to do is provide value, and we're trying to provide value across the board. And I mentioned bundling and packaging, and that's certainly another way that we provide value to the consumer. Having been in this business a long time, I can tell you that regional destinations where you can get to those within an hour, maybe a two-hour drive radius, allow us for mom and dad, date nights, whatever the case may be, to come experience entertainment that they don't have the money to go to Florida or California or overseas.

Speaker Change: And so what we're trying to do is...

Speaker Change: provide value. And we're trying to provide value across the board. And I reference bundling and packaging. And that's certainly another way

Speaker Change: that we provide value to the consumer. Having been in this business a long time, I can tell you that regional destinations where you can get to those within an hour, maybe a two-hour drive radius,

Jack Van Aard: I think there are a lot of things that we're doing differently. We're balancing out the seasonality of events, pushing more into Q1, Q4, but we're also bringing things in like what we're doing this weekend. We're hosting a division one college football team happens to be my undergrad on the modern Bowen Green State University for a showcase. It's free for people to come out, but it generates traffic on campus where they can then experience top golf or they can go on rides or they can have a meal or any number of different things.

Speaker Change: Allow us for mom and dad date nights, you know, whatever the case may be to come experience entertainment

Speaker Change: that they don't have the money to go to Florida or California or overseas. And so we fully expect that the types of events, the types of offerings that we have, food and beverage, rides, entertainment,

Michael Crawford: And so we fully expect that the types of events, the types of offerings that we have, food and beverage, rides, entertainment, will have a very value-focused Narayan Naidu and Simon Cho Mahotra. The Experience: Okay, great. I appreciate the color there.

Speaker Change: will have a very value-focused

Michael Crawford: You know, in the consumer baskets that we're all spending on are much more expensive, and yet we, you know, all research and studies show us that experiences like what we can create here with sports and entertainment are going to be highly valued. So I do expect attendance to be up year over year. We're seeing it already compared to this time last year.

Speaker Change: target towards the environment that everybody is facing today, you know, in the consumer baskets.

Jack Van Aard: And so what we're trying to do is provide value and we're trying to provide value across the board and I reference bundling and packaging and that's certainly another way that we provide value to the consumer. Having been in this business a long time, I can tell you that regional destinations where you can get to those within an hour, maybe a two hour drive radius, allows for mom and dad, date nights, you know, whatever the case may be to come experience entertainment.

Speaker Change: that we're all spending on are much more expensive and yet we, you know, all research and studies show us that experiences like what we can create here with sports and entertainment are going to be highly valued. So I do expect attendance to be up year-over-year. We're seeing it already.

Michael Crawford: We're just not reporting on it yet, but expect that to be something that we'll talk about later in the year. here. Okay, great. I appreciate the color there. And then, you know, Michael, you touched on the media segment; you know, 50% more projects in the pipeline. So that's an obvious positive. But maybe what about from a monetization perspective with these media projects? Are you sort of still testing the waters with new concepts? Or do you, and or do you see kind of these generating meaningful revenue in the foreseeable future? Thanks. Well, first I think it's the opportunity for us to tell great stories and unique opportunities for us to highlight all the famers, other great athletes, and we're doing that in the content that we're producing.

Speaker Change: compared to this time last year. We're just not reporting on it yet, but expect that to be something that we'll talk about later in the year.

Michael Crawford: And then, you know, Michael, you touched on in the media segment, you have 50% more projects in the pipeline. So that's an obvious positive. But maybe what about from a monetization perspective with these media projects? Are you sort of still testing the waters with new concepts? or do you and or do you see kind of these generating meaningful revenue in the foreseeable future? Well, first, I think it's the opportunity for us to tell great stories and unique opportunities for us to highlight Hall of Famers, other great athletes, and we're doing that in the content that we're producing.

Jack Van Aard: That they don't have the money to go to Florida or California or overseas and so we fully expect that types of events, the types of offerings that we have, you know, food and beverage, rides, entertainment will have a very value focused target towards the environment that everybody is racing today. You know, in the consumer baskets that we're all spending on are much more expensive, and yet we, you know, all research and studies show us that experiences like what we can create here with sports and entertainment are going to be highly valued.

Speaker Change: Okay, great. I appreciate the color there.

Michael Crawford: And then, you know, Michael, you touched on the media segment, you have 50% more projects in the pipeline. So that's an obvious positive. But maybe what about from a monetization perspective with these media projects? Are you sort of still testing the waters with new concepts?

Speaker Change: or do you and or do you see kind of these generating meaningful revenue in the foreseeable future?

Speaker Change: Well, first, I think it's the opportunity for us to tell great stories and unique opportunities for us to highlight.

Speaker Change: Paula Famers, other great athletes, and we're doing that in the content that we're producing. I think

Michael Crawford: I think, you know, The Goat Code is a fantastic show, obviously going into its second season, highlighting what made the greatest to ever play the game of professional football who they are and giving the viewers glimpses into their lives and their training and their diets and other things.

Michael Crawford: I think, you know, the GOAT code is a fantastic show, obviously going into its second season, highlighting what made the greatest ever play the game of professional football, who they are. And giving the viewers highlights into their lives and their training and their diets and other things. I think it's a great show. Home town heroes, athletes doing phenomenal things for their communities. This is this is what athletes do. Right. And so our focus on telling great stories is a big part of our identity, and creating those stories has been a key part of our mission.

Jack Van Aard: So I do expect attendance to be up year over year. We're seeing it already compared to this time last year. We're just not reporting on it yet, but expect that to be something that we'll talk about later in the year, here. Okay, great. I appreciate the color there. And then you know, Michael, you touched on the media segment, you know, 50% more projects in the pipeline. So that's an obvious positive. But maybe what about from a monetization perspective with these media projects?

Speaker Change: The Goat Code is a fantastic show, obviously going into its second season.

Speaker Change: Highlighting what made the greatest to ever play the game of professional football who they are and giving the viewers highlights into their lives and their training and their diets and other things. I think it's a great show.

Michael Crawford: I think it's a great show. Hometown Heroes, athletes doing phenomenal things for their communities, this is what athletes do, right? And so, our focus on telling great stories is a big part of our identity, and creating those stories has been a key part of our mission. Now, monetization. Look, we're not a production company; we're a content company. Can we generate meaningful revenue through production?

Speaker Change: Home Town Heroes.

Speaker Change: athletes doing phenomenal things for their communities. This is this is what athletes do, right? And so

Speaker Change: Our focus on telling great stories is a big part of our identity, and creating those stories has been a key part of our mission. Now, monetization. Look, we're not a production company. We're a content company.

Jack Van Aard: Are you sort of still testing the waters with new concepts? Or do you and or do you see kind of these generating meaningful revenue in the foreseeable future? Thanks. Well, first I think it's the opportunity for us to tell great stories and unique opportunities for us to highlight all the famers, other great athletes, and we're doing that in the content that we're producing. I think, you know, the goat code is a fantastic show, obviously going into it's second season, highlighting what made the greatest ever play the game of professional football, who they are.

Michael Crawford: Now monetization. Look, we're not a production company. We're a content company. Can we generate meaningful revenue through production? Yes, I think we can as a partner to the production companies that we're working with. Can we generate revenue through selling sponsorships for any number of these shows? Yes, I think we can, and we're starting to gain traction on that. Can we generate revenue selling shows? Absolutely. And I think, you know, the perfect 10 will be another example of that as we enter into another phase of show distribution there. So we look to monetize these multiple fronts.

Speaker Change: Can we generate meaningful revenue through production? Yes, I think we can, as a partner to the production companies that we're working with.

Michael Crawford: Yes, I think we can, as a partner to the production companies that we're working with. Can we generate revenue through selling sponsorships for any number of these shows? Yes, I think we can. And we're starting to gain traction on that. Can we generate revenue by selling shows? Absolutely.

Speaker Change: Can we generate revenue through selling sponsorships for any number of these shows? Yes, I think we can and we're starting to gain traction on that.

Jack Van Aard: And giving the viewers highlights into their lives and their training and their diets and other things. I think it's a great show. Home town heroes, athletes doing phenomenal things for their communities. This is this is what athletes do. Right. And so our focus on telling great stories is a big part of our identity and creating those stories has been a key part of our mission. Now monetization. Look, we're not a production company.

Speaker Change: Can we generate revenue selling shows? Absolutely. And I think, you know, the Perfect Ten will be another example of that as we enter into another phase of show distribution there. So we look to monetize these on multiple fronts.

Michael Crawford: And I think, you know, the perfect 10 will be another example of that as we enter into another phase of show distribution there. So we look to monetize these on multiple fronts. And I think we're going to start showing profitability in our media division in the very near term. You know, we've made it lean and mean, but we're partnering with highly capable athletes, and highly capable production and distribution companies. And so in the early days, we're going to sacrifice some revenue in order to get the right profile of partnership in place to then allow us, as we continue to push things through the pipeline, to generate more meaningful revenue in the categories that I just spoke about. But I do think, look, year over year, absolutely, revenue and media has and will continue to grow. And we'll report on that as a vertical towards the end of the year. Got it.

Michael Crawford: And I think we're going to start showing profitability in our media division in the very near term. You know, we've made it lean and mean, but we're partnering with highly capable athletes, highly capable production and distribution companies. And so in the early days, we're going to sacrifice some revenue in order to get the right profile of partnership in place to then allow us, as we continue to push things through the pipeline, to generate more meaningful revenue in the categories that I just spoke about. But I do think look year over year, absolutely the revenue and media has and will continue to grow and will report on that as a vertical towards the end of the year.

Speaker Change: I think we're going to start showing profitability in our media division in the very near term. We've made it lean and mean, but we're partnering with highly capable athletes, highly capable production and distribution companies.

Jack Van Aard: We're a content company. Can we generate meaningful revenue through production? Yes, I think we can as a partner to the production companies that we're working with. Can we generate revenue through selling sponsorships for any number of these shows? Yes, I think we can and we're starting to gain traction on that. Can we generate revenue selling shows? Absolutely. And I think, you know, the perfect 10 will be another example of that as we enter into another phase of show distribution there.

Speaker Change: And so in the early days, we're going to sacrifice.

Speaker Change: Some revenue

Speaker Change: in order to get the right profile of partnership in place.

Speaker Change: to then allow us, as we continue to push things through the pipeline, to generate more meaningful revenue in the categories that I just spoke about. But I do think, look, year over year, absolutely the revenue in media has, and will continue to grow, and we'll report on that as a vertical towards the end of the year.

Michael Crawford: Got it. I appreciate that. And then maybe just one moral touch on this with regard to some of the unique you guys are putting in a lot of unique events. You've planned, you've already hosted, you have more plans, such as, you know, the gaming gridiron gateway gaming tournaments, the flag football tournaments, the fancy football event, etc. How are these or how have these events been kind of shaping up relative to your initial expectations from even a year ago? What's the feedback then? What are you learning from these experiences to drive for the business success in the future?

Michael Crawford: I appreciate that. And then, maybe just one more, I'll touch on. Just with regard to some of the unique events. You guys are putting on a lot of unique events. You've planned, you've already hosted, you have more plans, such as, you know, the Gaming Gridiron Gateway Gaming Tournament, the Flag Football Tournament, the Fantasy Football Event, etc. How are these, or how have these events been kind of shaping up relative to your initial expectations from even a year ago? You know, what's the feedback been?

Speaker Change: Got it. I appreciate that. And then maybe just one more I'll touch on.

Speaker Change: with regard to some of the unique, you guys are putting on a lot of unique events. You've planned, you've already hosted, you have more plans such as, you know, the

Jack Van Aard: So we look to monetize these multiple fronts. And I think we're going to start showing profitability in our media division in the very near term. You know, we've made it lean and mean, but we're partnering with highly capable athletes, highly capable production and distribution companies. And so in the early days, we're going to sacrifice some revenue in order to get the right profile of partnership in place to then allow us as we continue to push things through the pipeline to generate more meaningful revenue in the categories that I just spoke about.

Speaker Change: The Gaming Gridiron Gateway Gaming Tournament, the flag football tournaments, the fantasy football event, etc. How are these or how have these events been kind of shaping up relative to your initial expectations from even a year ago?

Michael Crawford: What are you learning from these experiences to drive further business success? Thanks. That's it for me.

Speaker Change: What's the feedback been, what are you learning from these experiences to drive further business success in the future? Thanks. That's it for me.

Michael Crawford: Thanks. That's it for making sure. Yeah, well, the good news here is we have a really unique set of assets, right? There's not many cities in the world that have a large dome facility, an NFL certified stadium, a major sports complex, outdoor gaming areas, outdoor food and beverage areas, really high profile restaurant, Top Golf, you know, what we're able to do and the feedback we're getting from any. I spoke with Jerry Underwood; I spoke with Berk Christchurch. These are high profile talents, and they say, wow, this is a phenomenal venue to perform in. And by the way, thank you for hosting all the extra events that we wanted to do, rooftop parties and dinners that we can't do if we're performing in a standalone arena or football stadium.

Michael Crawford: Sure. Yeah, well, the good news here is we have a really unique set of assets, right? There are not many cities in the world that have a large dome facility, an NFL-certified stadium, a major sports complex, outdoor gaming areas, outdoor food and beverage areas, and a really high-profile restaurant, Topgolf.

Speaker Change: Yeah, well, the good news here is we have a really unique set of assets, right? There's not many cities in the world that have a

Jack Van Aard: But I do think look year over year, absolutely the revenue and media has and will continue to grow and will report on that as a vertical towards the end of the year. Got it. I appreciate that. And then maybe just one moral touch on this with regard to some of the unique you guys are putting in a lot of unique events. You've planned you've already hosted you have more plans, such as, you know, the gaming gridiron gateway gaming tournaments, the flag football tournaments, the fancy football event, etc.

Speaker Change: a large dome facility, an NFL certified stadium, a major sports complex.

Speaker Change: Outdoor gaming areas, outdoor food and beverage areas, really high-profile restaurant.

Michael Crawford: You know, what we're able to do and the feedback we're getting from any... I spoke with Kerry Underwood. I spoke with Bert Kreischer. These are high-profile talents, and they say, wow, this is a phenomenal venue to perform in. And, by the way, thank you for hosting all the extra events that we wanted to do, rooftop parties and dinners that we can't do if we're performing in a stand-alone arena or a football stadium.

Speaker Change: Topgolf, you know what we're able to do and the feedback we're getting from any

Speaker Change: I spoke with Kerry Underwood. I spoke with Bert Kreischer. These are high profile talents and they say, wow, this is a phenomenal venue to perform in.

Jack Van Aard: How are these or how have these events been kind of shaping up relative to your initial expectations from even a year ago? What's the feedback then? What are you learning from these experiences to drive for the business success in the future? Thanks. That's it for making sure. Yeah, well, the good news here is we have a really unique set of assets, right? There's not many cities in the world that have a large dome facility, an NFL certified stadium, a major sports complex, outdoor gaming areas, outdoor food and beverage areas, really high profile restaurant, top golf, you know, what we're able to do and the feedback we're getting from any, I spoke with Jerry Underwood, I spoke with Berk Christchurch.

Speaker Change: And by the way, thank you for hosting all the extra events that we wanted to do, rooftop parties and dinners that we can't do if we're performing in a standalone arena or a football stadium.

Michael Crawford: And so I think our model here is a very integrated model. And what I mean by that is there's always direct revenue associated with the event; there's the gate, there's the concessions, there's the parking, there's the private events that we do. And then there's the indirect, the sponsorships that it brings in, the meals that it generates, the ride revenue, the gaming revenue, the hotel revenue; all of those things really create the growth for us as a company. Now, you know, we got to get better at giving guests the opportunity to pre-package and bundle before they get here.

Michael Crawford: And so I think our model here is a very integrated model. And what I mean by that is there's always direct revenue associated with the event. There's the gate, there's the concessions, there's the parking, there's the private events that we do. And then there's the indirect, the sponsorships that it brings in, the meals that it generates, the ride revenue, the gaming revenue, the hotel revenue. All of those things really create growth for us as a company.

Speaker Change: I think our model here is a very integrated model and what I mean by that is there's always direct revenue associated with the event. There's the gate. There's the concessions. There's the parking. There's the private events that we do.

Speaker Change: and then there's the indirect, the sponsorships that it brings in, the meals that it generates.

Speaker Change: The Ride Revenue, the Gaming Revenue, the Hotel Revenue, all of those things really create

Michael Crawford: Now, you know, we have got to get better at giving guests the opportunity to prepackage and bundle before they get here. And that was our focus on technology and continues to be. And then the opportunity to market and sell those packages and bundles only increases, as I referenced, as you get an on-site hotel, as you get an on-site water park. You can start to really drive length of stay, and that's what we're already seeing. The feedback that we're getting through our survey work is that guests are coming earlier for events and they're staying later after the event is over.

Speaker Change: the growth for us as a company. Now, you know, we got to get better at giving guests the opportunity to prepackage and bundle before they get here. And that was our focus on technology and continues to be.

Michael Crawford: And that was our focus on technology and continues to be. And then the opportunity to market and sell those packages and bundles only increases as I referenced. As you get an onsite hotel, as you get an onsite water park, you can start to really drive link to stay. And that's what we're already seeing. The feedback that we're getting through our survey work is yes, they're coming earlier for events; they're staying later for after the events is over. They're coming earlier for big sporting competitions to experience the types of product and entertainment we have; they're staying longer.

Jack Van Aard: These are high profile talents and they say, wow, this is a phenomenal venue to perform in. And by the way, thank you for hosting all the extra events that we wanted to do, rooftop parties and dinners that we can't do if we're performing in a standalone arena or football stadium. And so I think our model here is a very integrated model. And what I mean by that is there's always direct revenue associated with the event, there's the gate, there's the concessions, there's the parking, there's the private events that we do.

Speaker Change: and then the opportunity to market and sell those packages and bundles only increases as I referenced as you get an on-site hotel, as you get an on-site water park.

Speaker Change: you can start to really drive length of stay.

Speaker Change: And that's what we're already seeing. The feedback that we're getting through our survey work is, yes, they're coming earlier for events. They're staying later for after the events is over.

Michael Crawford: They're coming earlier for big sporting competitions to experience the types of products and entertainment we have. And they're staying longer. And so that's a huge benefit for us that we'll continue to be able to monetize over time. But more importantly, it just creates a great guest experience. And I'm of the belief that if you have a great product, whether it's a gaming product, a media product, the destination, it will be demanded, and guests will come back over and over and spend their hard-earned money in very difficult environments. And we're seeing that with the types of events that we're offering. Again, value in some cases, high quality, and opportunities to drive greater synergy with other experiences as they come out.

Speaker Change: They're coming earlier for big sporting competitions to experience the types of product and entertainment we have. They're staying longer. And so that's a huge benefit for us that we'll continue to be able to monetize.

Michael Crawford: And so that's a huge benefit for us that will continue to be able to monetize over time. But more importantly, it just creates a great guest experience. And I'm of the belief that if you have a great product, whether it's a gaming product, a media product, the destination, it will be demanded, and guests will come back over and over and spend their hard-earned money in very difficult environments. And we're seeing that with the types of events that we're offering. Again, value in some cases, high quality and opportunities to drive greater synergy with other experiences as it come out.

Jack Van Aard: And then there's the indirect, the sponsorships that it brings in, the meals that it generates, the ride revenue, the gaming revenue, the hotel revenue, all of those things really create the growth for us as a company. Now, you know, we got to get better at giving guests the opportunity to pre-package and bundle before they get here. And that was our focus on technology and continues to be. And then the opportunity to market and sell those packages and bundles only increases as I referenced as you get an onsite hotel, as you get an onsite water park, you can start to really drive, link to stay.

Speaker Change: Over time, but more importantly, it just creates great guest experience. And I'm of the belief that if you have great product.

Speaker Change: whether it's gaming product, media product, the destination, it will be demanded and guests will come back over and over and spend their hard earned money in very difficult environments. And we're seeing that with the types of events that we're offering. Again, value in some cases.

Speaker Change: High Quality and opportunities to drive greater synergy with other experiences as they come out. So, I'm really encouraged by what we're seeing through the events we've already hosted this year. We've got more coming and we've got more to announce.

Jack Van Aard: So I'm really encouraged by what we're seeing through the events we've already hosted this year. We've got more coming, and we've got more to announce. Excellent. I appreciate the color, Michael. Thank you. Thanks, Jack.

Jack Van Aard: And that's what we're already seeing. The feedback that we're getting through our survey work is yes, they're coming earlier for events, they're staying later for after the events is over. They're coming earlier for big sporting competitions to experience the types of product and entertainment we have, they're staying longer. And so that's a huge benefit for us that will continue to be able to monetize over time. But more importantly, it just creates great guest experience.

Michael Crawford: So I'm really encouraged by what we're seeing through the events we've already hosted this year. We've got more coming, and we've got more to announce. Excellent. I appreciate the call, Michael.

Speaker Change: Excellent. I appreciate the call, Michael. Thank you.

David Marsh: Our next question is from David Marsh with Singular Research. Please proceed. Good morning, guys. Thanks for taking the questions. Just wanted to start, you know, on the guidance on the top line. You guys brought it down pretty significantly, and we look at the first half year of the year. You weren't; you were actually not that much at all.

Operator: Thank you. Our next question is from David Marsh with Singular Research. Hey, good morning, guys, and thanks for taking the questions. I just wanted to start, you know, on the guidance on top. You guys brought it down pretty significantly. If we look at the first half of the year, you weren't, you were actually not down much at all, despite the fact that you lost the USFL.

Jack: Thanks, Jack.

Speaker Change: Our next question is from David Marsh with Sangular Research. Please proceed.

David Marsh: You know, can you just talk about why, you know, what's leading to kind of a year over year projected decline in revenue in the back half of the year, please? Sure, thanks, David. And you referenced USFL.

Speaker Change: [inaudible]

David Marsh: Hey, good morning, guys, and thanks for taking the questions. I just wanted to start, you know, on the guidance on the top line.

Jack Van Aard: And I'm of the belief that if you have great product, whether it's gaming product, media product, the destination, it will be demanded and guests will come back over and over and spend their hard-earned money in very difficult environments. And we're seeing that with the types of events that we're offering. Again, value in some cases, high quality and opportunities to drive greater synergy with other experiences as it come out. So I'm really encouraged by what we're seeing through the events we've already hosted this year. We've got more coming and we've got more to announce. Excellent. I appreciate the color, Michael. Thank you. Thanks, Jack. Our next question is from David Marsh with singular research. Please proceed.

David Marsh: You guys brought it down pretty significantly, and we look at the first half, year-over-year, you weren't, you were actually not down much at all, despite the fact that you lost USFL. You know, can you just talk about why, you know, what's leading to kind of a year-over-year projected decline in revenue in the back half of the year, please?

John Van Buten: Despite the fact that you lost the USFL, can you just talk about why, you know, what's leading to kind of a year-over-year projected decline in revenue in the back half of the year, please? James. Sure. Thanks, David. And you referenced USFL. So let me start there. And again, I'm going to, I'm going to go back to the fact that we're still trying to stabilize and create a portfolio of events that year over year we can build off of. Right now, not being an owned and operated Live Nation venue or being programmed by one of the higher profile seizures or MGM or whatever the case may be.

Michael Crawford: So let me start there. And again, I'm going to go back to the fact that we're still trying to stabilize and create a portfolio of events that, year over year, we can build off of right now, not being an owned and operated Live Nation venue or being programmed by one of the higher profile Caesars or MGM or whatever the case may be. Some may look at that as a disadvantage.

David Marsh: Sure.

Speaker Change: Thanks, David. And you referenced USFL. So let me start there. And again, I'm going to I'm going to go back to the fact that

Speaker Change: We are still.

Speaker Change: trying to stabilize.

Speaker Change: and create a portfolio of events that year over year we can build off of. Right now...

David Marsh: Good morning, guys. Thanks for taking the questions. Just wanted to start, you know, on the guidance on the top line. You guys brought it down pretty significantly and we look at the first half year of the year. You weren't, you were actually not that much at all. Despite the fact that you lost the USFL, can you just talk about why, you know, what's leading to kind of a year over here projected decline in revenue in the back half of the year, please?

Speaker Change: Not being an owned and operated live nation venue or being programmed by one of the higher

Michael Crawford: I look at it as an advantage. But what it does is it creates the opportunity and, frankly, the obligation to showcase for all of these different event programmers the type of experience that we can create. And so we're still very new, right? I mean, two years into this, after creating these assets, we still have event managers, we still have programmers, we still have agents that will come here and be amazed at our destination as to our capabilities and how we can execute and the venues that we have to offer.

Michael Crawford: Some may look at that as a disadvantage. I look at it as an advantage. But what it does is it creates the opportunity and frankly, the obligation to showcase for all of these different event programmers the type of experience that we can create. And so we're still very new, right? I mean, two years into this, after creating these assets, we still have event managers. We still have programmers. We still have agents that will come here and be amazed at our destination as to our capabilities and how we can execute and the venues that we have to offer.

Speaker Change: Profile, Caesars, or MGM, or whatever the case may be.

Speaker Change: Some may look at that as a disadvantage. I look at it as an advantage.

Speaker Change: But what it does is it creates.

Speaker Change: The opportunity and frankly, the obligation to showcase for all of these different event programmers, the type of experience that we can create. And so we're still very new, right? I mean, two years into this.

Michael Crawford: And so the guidance is simply that we're not in a place of being stabilized yet. And so while we're trying to continue to build and program more events in the second half of the year, we want to be careful not to over promise on this front. And the other piece to this is that we really believe that at one point in time, we'd have our water park up and running.

Speaker Change: After creating these assets, we still have event managers, we still have programmers, we still have agents that will come here and be amazed at our destination as to our capabilities and how we can execute and the venues that we have to offer.

David Marsh: James. Sure. Thanks, David. And you referenced USFL. So let me start there. And again, I'm going to, I'm going to go back to the fact that we're still trying to stabilize and create a portfolio of events that year over year we can build off of. Right now, not being an owned and operated live nation venue or being programmed by one of the higher profile seizures or MGM or whatever the case may be.

Michael Crawford: And so the guidance is simply we're not in a place of being stabilized yet. And so, while we're trying to continue to build and program more events in the second half of the year, we want to be careful not to over-promise on this front. And the other piece to this is we really believe that at one point in time, we'd have our water park up and running. And we've guided lower, given the fact that we're still trying to complete a very complicated capital structure for that in a difficult time where lending has been incredibly restrictive into early stage companies like us, almost non-existent.

Speaker Change: and so

Speaker Change: The guidance is simply, we're not in a place of being stabilized yet. And so while we're trying to continue to build and program

Speaker Change: More events in the second half of the year.

Speaker Change: We want to be careful not to over promise on this front. And the other piece to this is we really believe that at one point in time, we'd have our water park up and running. And we've we've guided lower, given the fact that we're still trying to complete a very complicated capital structure for that.

David Marsh: Some may look at that as a disadvantage. I look at it as an advantage. But what it does is it, it creates the opportunity and frankly, the obligation to showcase for all of these different event programmers the type of experience that we can create. And so we're still very new, right? I mean, two years into this, after creating these assets, we still have event managers. We still have programmers. We still have agents that will come here and be amazed at our destination as to our capabilities and how we can execute and the venues that we have to offer.

Michael Crawford: And we've guided lower given the fact that we're still trying to complete a very complicated capital structure for that in a difficult time where lending has been incredibly restrictive for early stage companies like us, almost non-existent. And so we've had to explore alternative models, public and private financing models that we believe will benefit us, but it's a process that takes time. And I've said that over and over again: we're close, we're not done.

Speaker Change: in a difficult time where lending has been incredibly restrictive.

Michael Crawford: And so we've had to explore alternative models, public-private financing models that we believe will benefit us. But it's a close that takes time. And I've said that over and over again. We're close; we're not done. And so we're sort of guiding down based on creating more stability in events, creating opportunities to sell longer-term sponsorships. And they just take longer than what you expect in the water park, not being online at the point in time that we felt like it was going to be there. I will say there is opportunity to go beyond our guidance. But that is something that our team is working hard on right now.

Speaker Change: and to early stage companies like us, almost non-existent. And so we've had to explore alternative models, public-private financing models that we believe will benefit us. But it's a close that takes time. And I've said that over and over again.

Michael Crawford: And so we're sort of guiding down based on creating more stability in events, creating opportunities to sell longer-term sponsorships, and they just take longer than you expect, and the water park not being online at the point in time that we felt like it was going to be there. I will say there is opportunity to go beyond our guidance, but that is something that our team is working hard on right now, but we can't promise that, and so that's why we've lowered the guidance for this year. Okay, thank you.

David Marsh: And so the guidance is simply we're not in a place of being stabilized yet. And so while we're trying to continue to build and program more events in the second half of the year, we want to be careful not to over promise on this front. And the other piece to this is we really believe that at one point in time, we'd have our water park up and running. And we've guided lower given the fact that we're still trying to complete a very complicated capital structure for that in a difficult time where lending has been incredibly restrictive into early stage companies like us almost non-existent.

Speaker Change: We're close. We're not done. And so we're sort of guiding down based on creating more stability in events.

Speaker Change: creating opportunities to sell longer-term sponsorships and they just take longer than what you expect.

Speaker Change: and the water park not being online at the point in time that we felt like it was going to be there. I will say there is opportunity to go beyond our guidance.

John Van Buten: But we can't, we can't promise that. And so that's why we've lowered the guidance for this year.

Speaker Change: But that is something that our team is working hard on right now, but we can't, we can't promise that. And so that's why we've lowered the guidance for this year.

David Marsh: Okay, thank you.

David Marsh: Um, and then just wanted to ask a couple of questions about the financing and just better understand the timing of the inflows. And I guess I'll start with the grant from the state. I mean, have you all received the grant from the state as of the second quarter closed? Or was that an activity in the third quarter?

John Van Buten: And then just one to ask a couple of questions about the financing and just better understand the timing of the inflows. And I guess just start with the grant from the state. I mean, have you all received the grant from the state as of the second quarter close? There was that a third quarter activity, did that commit money, committed in the third quarter. And then with regards to the constellation financing, you just kind of guide us a little bit on timing of how that comes in or is it more of a credit on purchased equipment, just kind of talk to us about how that plays.

Speaker Change: Okay, thank you. And then just wanted to ask a couple of questions about the financing and just

David Marsh: And so we've had to explore alternative models, public private financing models that we believe will benefit us. But it's a close that takes time. And I've said that over and over again, we're close, we're not done. And so we're sort of guiding down based on creating more stability in events, creating opportunities to sell longer term sponsorships. And they just take longer than what you expect in the water park, not being online at the point in time that we felt like it was going to be there.

Speaker Change: better understand the timing of the

Speaker Change: of the inflows.

Speaker Change: And I guess just start with the grant from the state. I mean, have you all received the grant from the state as of the

Michael Crawford: Did that come in with money come into the third quarter? And then, with regard to the constellation financing, can you just, you know, kind of guide us a little bit on the timing of how that comes in? Or is it more of a credit on purchased equipment?

Speaker Change: Second quarter close or was that a third quarter activity? Did that come in money come into the third quarter?

Speaker Change: And then with regards to the Constellation financing,

David Marsh: Just kind of talk to us about, you know, how that plays out. Sure. So from the state grant, which was approved in Q2, we received the money literally this morning. So that grant has been received and is being leveraged to continue to pay for operating costs, construction costs, etc. The Efficiency Made Easy loan from Constellation Energy, which we have, by the way, leveraged that program two other times and paid off one of those loans that are nearly paid off on the second one.

Speaker Change: You know, kind of guide us a little bit on, you know, timing of, of how that comes in or, or is it more of a credit on purchased equipment, just kind of talk to talk to us about, you know, how that plays out, please.

David Marsh: I will say there is opportunity to go beyond our guidance. But that is something that our team is working hard on right now. But we can't we can't promise that. And so that's why we've lowered the guidance for this year. Okay, thank you.

John Van Buten: out, please. Sure. So, from the state grant, it was approved in Q2. We received the money literally this week. So, that grant has been received and, you know, being leveraged to continue to pay for operating costs, construction costs, etc. The efficiency made easy alone from constellation energy, which we have, by the way, leveraged that program two other times and paid off one of those loans that are nearly paid off on the second one. We have started; we received the cash, and how that works is it's based on equipment purchases that are energy-efficient equipment purchases that we've already made.

Speaker Change: Sure, so from the from the state grant it was approved in Q2, we received the money literally this week.

David Marsh: And then just one to ask a couple of questions about the financing and just better understand the timing of the inflows. And I guess just start with the grant from the state. I mean, have you all received the grant from the state as of the second quarter close? There was that a third quarter activity, did that commit money, committed in the third quarter. And then with regards to the constellation financing, you just kind of guide us a little bit on timing of of how that comes in or is it more of a credit on purchased equipment, just kind of talk to us about how that plays, out, please.

Speaker Change: So, that grant has been received and, you know, being leveraged to continue to pay for operating costs, construction costs, etc.

Speaker Change: The Efficiency Made Easy loan from Constellation Energy, which we have, by the way, leveraged that program two other times.

Speaker Change: and paid off one of those loans that are nearly paid off on the second one. We have started, we received the cash. And how that works is it's based on equipment purchases that are energy efficient equipment purchases that we've already made.

Michael Crawford: We have started, we received the cash, and how that works is it's based on equipment purchases that are energy-efficient equipment purchases that we've already made, and we made with equity several months ago. And in fact, all of that stuff is now onsite, ready for installation.

John Van Buten: And we made with equity several months ago. And in fact, all of that stuff now is on site, ready for installation. And so, that was sort of a backfill of funding that we used previously to purchase that equipment and constellation as a great partner saw that and offered us the opportunity to backfill the cash that we used with the new funding that we brought in from their loans. So, both of those have recognized and have hit the accounts. And we continue to, as has the $500,000 grant from the Start Community Foundation. And we continue to look for, you know, other opportunities partnering with the state and the community to ensure that we're maximizing any available types of funds that would suit our type of development or our type of company.

Speaker Change: and we made with equity several months ago. And in fact, all of that stuff now is on site ready for installation. And so that was sort of a backfill of

David Marsh: Sure. So, from the state grant, it was approved in Q2, we received the money literally this week. So, that grant has been received and, you know, being leveraged to continue to pay for operating costs, construction costs, etc. The efficiency made easy alone from constellation energy, which we have, by the way, leveraged that program two other times and paid off one of those loans that are nearly paid off on the second one.

Michael Crawford: And so that was sort of a backfill of funding that we used previously to purchase that equipment, and Constellation, as a great partner, saw that and offered us the opportunity to backfill the cash that we used with the new funding that we brought in from our loan. So both of those have been recognized and have hit the accounts, and we continue to, as has the $500,000 grant from the Stark Community Foundation, and we continue to look for other opportunities, partnering with the state and the community, to ensure that we're maximizing any available types of funds that would suit our type of development or our type of company.

Speaker Change: Funding that we used.

Speaker Change: previously to purchase that equipment. And Constellation, as a great partner, saw that and offered us the opportunity to backfill the cash that we used with the new funding that we brought in from their loan. So both of those have been recognized and have hit the accounts.

Speaker Change: and we continue to, as has the $500,000 grant from the Stark Community Foundation, and we continue to look for, you know, other opportunities partnering with.

David Marsh: We have started, we received the cash and how that works is it's based on equipment purchases that are energy efficient equipment purchases that we've already made. And we made with equity several months ago. And in fact, all of that stuff now is on site ready for installation. And so, that was sort of a backfill of funding that we used previously to purchase that equipment and constellation as a great partner saw that and offered us the opportunity to backfill the cash that we used with the new funding that we brought in from their loans.

Speaker Change: The State and the community to ensure that we are maximizing any available types of funds that would suit our type of development or our type of company.

Michael Crawford: The other thing that I would just note is, from a financing point of view, I think it's really important that what we're doing with this short-term debt while we're continuing to build and grow revenue and stabilize in moving that out, it really does balance our debt profile in a way where the company can handle the repayment of that debt. And so, as we committed earlier in the year, restructuring or rebalancing the balance sheet continues to be a focus of ours. Again, if you look at the 49 million, we moved out and the 21 million that we moved out, that's significant.

Michael Crawford: The other thing that I would just note from a financing point of view is that, while we're continuing to build and grow revenue and stabilize in moving that out, it really does balance our debt profile in a way where the company can handle the repayment of that debt. As we committed earlier in the year, restructuring or rebalancing the balance sheet continues to be a focus of ours. Again, if you look at the 49 million we moved out and the 21 million that we left behind, that's significant.

Speaker Change: The other thing that I would just note is, from a financing point of view, I think it's really important that what we're doing with this short-term debt

Speaker Change: While we're continuing to build and grow revenue and stabilize in moving that out It really does balance our debt profile in a way where the company can handle the repayment of that debt

David Marsh: So, both of those have recognized and have hit the accounts. And we continue to, as has the $500,000 grant from the start community foundation. And we continue to look for, you know, other opportunities partnering with the state and the community to ensure that we're maximizing any available types of funds that would suit our type of development or our type of company. The other thing that I would just note is, from a financing point of view, I think it's really important that what we're doing with this short-term debt while we're continuing to build and grow revenue and stabilize in moving that out, it really does balance our debt profile in a way where the company can handle the repayment of that debt.

Speaker Change: And so, as we committed earlier in the year,

Speaker Change: restructuring or rebalancing the balance sheet.

Speaker Change: continues to be a focus of ours.

Speaker Change: Again, if you look at the $49 million we moved out and the $21 million that we moved out.

Michael Crawford: And working with our largest shareholder to continue to look for ways to balance the balance sheet is a key priority for them and for us. And so, while I'm confident that we'll get there, it's a very difficult environment right now. And I think everybody will admit to that. And especially for an early stage company, our shareholders have to, I hope, be patient and understand we're working every lever we can to not only restructure our balance sheet, but to bring in the right type of debt and equity to make sure that we're setting ourselves up for longer-term success.

Michael Crawford: Working with our largest shareholder to continue to look for ways to balance the balance sheet is a key priority for them and for us. While I'm confident that we'll get there, it's a very difficult environment right now. I think everybody will admit to that, and especially for an early stage company. Our shareholders have to, I hope, be patient and understand we are working at every level we can to not only restructure our balance sheet but to bring in the right type of debt and equity to make sure that we're setting ourselves up for a longer-term success. So that's kind of where it's at right now. Okay, that's very helpful. Thank you. And then, just as a follow-on to that, Michael.

Speaker Change: That's significant.

Speaker Change: and working with our largest shareholder.

Speaker Change: to continue to look for ways to balance the balance sheet is a key priority for them and for us. And so while I'm confident that we'll get there, it's a very difficult environment right now. And I think everybody will admit to that, and especially for an early stage company.

Speaker Change: our shareholders have to, I hope, be patient and understand we are working every level we can to not only restructure our balance sheet, but to bring in the right type of debt and equity to make sure that we're setting ourselves up for a longer term success. So that's kind of where it's at right now.

Michael Crawford: So, that's kind of where it's right now. Okay, that's very helpful. Thank you. And then just as a follow-on to that, Michael. So, you know, almost 20 million between those two, the two, the two bi-ansings announced in the quarterly release.

David Marsh: And so, as we committed earlier in the year, restructuring or rebalancing the balance sheet continues to be a focus of ours. Again, if you look at the 49 million, we moved out and the 21 million that we moved out, that's significant. And working with our largest shareholder to continue to look for ways to balance the balance sheet is a key priority for them and for us. And so, while I'm confident that we'll get there, it's a very difficult environment right now.

Speaker Change: That was very helpful. Thank you. And then just as a follow on to that, Michael.

David Marsh: So, almost $20 million between the two financings announced in the quarterly release. Can you just tell us, once you look at the stack and what your remaining need is, what's the incremental capital raised needed to complete construction of the remaining onsite? Yeah, I can't go into the exact amounts.

Speaker Change: So, you know, almost 20 million between those, the two, the two financings announced in the

Michael Crawford: Can you just tell us, you know, once you look at the stack and what your remaining need is, what's the incremental capital rate needed to complete construction of their remaining on-site? Yeah, I can't go into the exact amounts, but here's what I'll say. The capital stacks are created out of obviously equity, senior lending, and then public private financing vehicles like bonding, tax increment financing, tourism development revenue bonding, PACE lending. We have the pace lender, we have the TIFF bonding purchaser, we have TDD bonding, we have $15 million of a grant from the State of Ohio in transformational mixed use development that we believe all of those pieces now are ready to close.

Speaker Change: in the quarterly release. Can you just tell us, you know,

Speaker Change: Once you look at the stack and what your remaining need is, what's the incremental capital raised needed to complete construction of the remaining on-site asset?

Michael Crawford: But here's what I'll say. The capital stacks are created out of, obviously, equity, senior lending, and then public and private financing vehicles like bonding, tax increment financing, tourism development, revenue bonding, and PACE lending. We have The Pace Lender, we have the TIFF bonding purchaser, we have TDD bonding, we have $15 million of a grant from the state of Ohio for a transformational mixed-use development that we believe all of those pieces are now ready to close.

David Marsh: And I think everybody will admit to that. And especially for an early stage company, our shareholders have to, I hope, be patient and understand we're working every lever we can to not only restructure our balance sheet, but to bring in the right type of debt and equity to make sure that we're setting ourselves up for longer-term success. So, that's kind of where it's right now. Okay, that's very helpful. Thank you. And then just as a follow-on to that, Michael.

Speaker Change: I can't go into the exact amounts, but here's what I'll say.

Speaker Change: created out of

Speaker Change: Obviously, equity, senior lending.

Speaker Change: And then public private financing vehicles like bonding, tax increment financing, tourism development, revenue bonding, PACE lending. We have

Michael Crawford: And the remaining two pieces are the senior loan on the hotel and the bond purchase, the TDD bond purchase for the water park. And when you think about what I just said, the complexity of that all needing to close at the same time with all the different lawyers, all the different financial folks involved, and all the different public entities and private entities. It's a negotiation, it is a very complicated structure to close, but we're making good progress on it.

Speaker Change: The Pace Lender, we have the TIFF Bonding Purchaser, we have TDD Bonding, we have $15 million of a grant from the state of Ohio in transformational mixed-use development.

David Marsh: So, you know, almost 20 million between those two, the two, the two bi-ansings announced in the quarterly release. Can you just tell us, you know, once you look at the stack and what your remaining need is, what's the incremental capital rate needed to complete construction of the their remaining on-site? Yeah, I can't go into the exact amounts, but here's what I'll say. The capital stacks are created out of obviously equity, senior lending, and then public private financing vehicles like bonding, tax increment financing, tourism development revenue bonding, pace lending.

Speaker Change: that we believe all of those pieces now are ready to close.

Michael Crawford: And the remaining two pieces are the senior loan on the hotel and the bond purchase, the TDD bond purchase for the water park. And when you think about what I just said, the complexity of that all needing to close at the same time with all the different lawyers, all the different financial folks involved, and all the different public entities and private entities. It's a negotiation; it is a very complicated structure to close, but we're making good progress on it. And it just takes time, as you have one conversation; you have to go back and have multiple others to make sure that everybody else in the capital stack is comfortable with the direction that the new group coming in is asking to go.

Speaker Change: And the remaining two pieces are the senior loan on the hotel and the bond purchase, the TDD bond purchase for the water park. And when you think about what I just said, the complexity of that all needing to close at the same time with

Speaker Change: All the different lawyers, all the different financial folks involved, and all the different public entities and private entities.

Speaker Change: It's a, it's a negotiation.

Speaker Change: It is a very complicated structure to close, but we're making good progress on it. And it just takes time. As you have one conversation, you have to go back and have multiple others to make sure that everybody else in the capital stack is comfortable with the direction that the new group coming in is asking to go. So thank you.

Michael Crawford: And it just takes time; as you have one conversation, you have to go back and have multiple others to make sure that everybody else in the capital stack is comfortable with the direction that the new group coming in is asking to go. So I would say it's in the tens of millions still to be closed, but we're getting very close on those remaining two pieces, and once those remaining two pieces are in place and we've got the final approvals, we will start closing everything together, and then the funding can come in. Our goal is to have the funding coming in by the end of Q3 this year, Q4 earlier. All right, guys.

David Marsh: We have the pace lender, we have the TIFF bonding purchaser, we have TDD bonding, we have $15 million of a grant from the state of Ohio in transformational mixed use development that we believe all of those pieces now are ready to close. And the remaining two pieces are the senior loan on the hotel and the bond purchase, the TDD bond purchase for the water park. And when you think about what I just said, the complexity of that all needing to close at the same time with all the different lawyers, all the different financial folks involved, and all the different public entities and private entities.

Michael Crawford: So it's, I would say it's in the tens of millions still to be closed, but we're getting very close on those remaining two pieces. And once those remaining two pieces are in place and we've got the final approvals, we will, we will start down the close of everything together, and then the funding can come in. Our goal is to have the funding coming in by into Q3 this year, Q4 earliest.

Speaker Change: It's, it's, I would say it's in the tens of millions still to be closed.

Speaker Change: But we're getting very close on those remaining two pieces and once those remaining two pieces are in place and we've got the final approvals

Speaker Change: We will start down the close of everything together and then the funding can come in. Our goal is to have the funding coming in by end of Q3 this year, Q4 earliest.

Unknown Executive: Sounds good.

Operator: I wish you the best. Thank you. Thank you. At this time, I would like to turn the call back over to Michael Crawford for closing. Sure, thank you.

Unknown Executive: All right, guys. I wish you the best. Thank you.

Speaker Change: Sounds good. All right, guys. I wish you the best. Thank you.

David Marsh: It's a negotiation, it is a very complicated structure to close, but we're making good progress on it. And it just takes time, as you have one conversation, you have to go back and have multiple others to make sure that everybody else in the capital stack is comfortable with the direction that the new group coming in is asking to go. So it's, I would say it's in the tens of millions still to be closed, but we're getting very close on those remaining two pieces.

Michael Crawford: At this time, I would like to turn the call back over to Michael Crawford for closing remarks. Sure, thank you. Look, I won't repeat a lot of what's been said, but here's how I'll close it. You look at a company that is in an early stage closing the gap on profitability, meaning less loss. You look at a company that is really diversifying the types of events that we're having on campus and the types of partners that we have that are willing to invest and stand behind and restructure and continue to support us as a company.

Speaker Change: Thanks Billy.

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

Michael Crawford: Look, I won't repeat a lot of what's been said, but here's how I'll close it. You look at a company that is in an early stage, closing the gap on profitability, meaning less loss. You look at a company that is really diversifying the types of events that we're having on campus and the types of partners that we have that are willing to invest and stand behind and restructure and continue to support us as a company. That's what it takes.

Michael Crawford: Sure, thank you.

Michael Crawford: Look, I won't repeat a lot of what's been said, but here's how I'll close it.

Michael Crawford: You look at a company that is in an early stage, closing the gap on profitability, meaning less loss.

Michael Crawford: You look at a company that is really diversifying the types of events that we're having on campus and the types of partners that we have that are willing to invest and stand behind and restructure and continue to support us as a company. That's what it takes.

David Marsh: And once those remaining two pieces are in place and we've got the final approvals, we will, we will start down the close of everything together and then the funding can come in. Our goal is to have the funding coming in by into Q3 this year, Q4 earliest. Sounds good.

Michael Crawford: That's what it takes. As a company, you know, we're exploring every potential option we can, but we're being smart about it. We're looking at how we procure goods. We're looking at the ROI mindset that we have to have. We have to be responsible with shareholder money, and we are. But we continue to build, and we're building in every facet of what we do. We have to complete our water park hotel on site. We have to continue to build our event schedule. We have to continue to build our sponsor partners. We have to continue to build our media profile, which I hope you're seeing.

Michael Crawford: As a company, we're exploring every potential option we can, but we're being smart about it. We're looking at how we procure goods. We're looking at the ROI mindset that we have to have. We have to be responsible with shareholder money, and we are. But we continue to build, and we're building in every facet of what we do. We have to complete our Waterpark Hotel on-site.

Michael Crawford: As a company, you know, we're exploring every potential option we can, but we're being smart about it. We're looking at how we procure goods. We're looking at the ROI mindset that we have to have. We have to be responsible with shareholder money, and we are.

David Marsh: All right guys, I wish you the best. Thank you.

Michael Crawford: At this time, I would like to turn the call back over to Michael Crawford for closing remarks. Sure, thank you.

Michael Crawford: We have to continue to build our event schedule. We have to continue to build our sponsor partners. We have to continue to build our media profile, which I hope you're seeing we're doing. We have to continue to build our gaming portfolio, which I hope you're seeing we're doing as well. Two years of full operation.

Michael Crawford: But we continue to build and we're building in every facet of what we do. We have to complete our water park hotel on site. We have to continue to build our event schedule. We have to continue to build our sponsor partners.

Michael Crawford: Look, I won't repeat a lot of what's been said, but here's how I'll close it. You look at a company that is in an early stage closing the gap on profitability, meaning less loss. You look at a company that is really diversifying the types of events that we're having on campus and the types of partners that we have that are willing to invest and stand behind and restructure and continue to support us as a company.

Michael Crawford: We're doing. We have to continue to build our gaming portfolio, which I hope you're seeing. We're doing as well. Two years of full operation. I think people should take comfort in the fact that you have a team that is incredibly committed and focused on the right things. We talked about balance sheet restructuring. We're doing it. We talked about bringing a new money. We're doing it. This is a company that's focused on creating great guest experiences. At the same time, structuring itself for long-term success in its complicated. In today's world, to do that. These aren't excuses; they're just facts.

Michael Crawford: We have to continue to build our media profile, which I hope you're seeing we're doing. We have to continue to build our gaming portfolio, which I hope you're seeing we're doing as well.

Michael Crawford: I think people should take comfort in the fact that you have a team that is incredibly committed and focused on the right things. We talked about balance sheet restructuring. We're doing it. We talked about bringing in new money. We're doing it. This is a company that's focused on creating great guest experiences at the same time structuring itself for long-term success. And it's complicated in today's world to do that. But these aren't excuses. They're just facts,

Michael Crawford: Two years of full operation. I think people should take comfort in the fact that you have a team that is incredibly committed and focused on the right things. We talked about balance sheet restructuring, we're doing it. We talked about bringing in new money, we're doing it.

Michael Crawford: That's what it takes. As a company, you know, we're exploring every potential option we can, but we're being smart about it. We're looking at how we procure goods. We're looking at the ROI mindset that we have to have. We have to be responsible with shareholder money and we are. But we continue to build and we're building in every facet of what we do. We have to complete our water park hotel on site.

Michael Crawford: This is a company that's focused on creating great guest experiences at the same time structuring itself for long-term success, and it's complicated in today's world to do that. These aren't excuses, they're just facts.

Michael Crawford: Do I believe our company is undervalued? Absolutely. 400 plus million dollars of assets in the ground, 20 plus million dollars of revenue. And yet, the market cap is the market.

Michael Crawford: Do I believe our company is undervalued? I absolutely do. 400 plus million dollars of assets in the ground, 20 plus million dollars of revenue, and yet the market cap is the market cap. I can't comment on that. I would just say that as we restructure the balance sheet, as we continue to bring in and build new assets to generate revenue, media content, my expectation is the value of this company needs to go up. The feedback we get from everyone who experiences our product and any of our business verticals is fantastic. And if you keep that at the heart of everything you do and stay true to the mission, long-term we will be successful.

Michael Crawford: Do I believe our company is undervalued? I absolutely do. 400 plus million dollars of assets in the ground, 20 plus million dollars of revenue, and yet the market cap is the market cap.

Michael Crawford: I can't comment on that. I would just say that as we restructure the balance sheet, as we continue to bring in and build new assets that generate revenue, and media content, my expectation is the value of this company needs to go up. The feedback we get from everyone who experiences our product in any of our business verticals is fantastic. And if you keep that at the heart of everything you do and stay true to the mission, in the long term, we will be successful.

Michael Crawford: We have to continue to build our event schedule. We have to continue to build our sponsor partners. We have to continue to build our media profile, which I hope you're seeing. We're doing. We have to continue to build our gaming portfolio, which I hope you're seeing. We're doing as well. Two years of full operation. I think people should take comfort in the fact that you have a team that is incredibly committed and focused on the right things.

Speaker Change: I can't.

Speaker Change: Comment on that.

Speaker Change: I would just say that as we restructure Balance Sheet, as we continue to bring in and build new assets that generate revenue, media content, my expectation is the value of this company needs to go up.

Speaker Change: The feedback we get from everyone who experiences our product in any of our business verticals is fantastic. And if you keep that at the heart of everything you do and stay true to the mission, long-term we will be successful.

Michael Crawford: We talked about balance sheet restructuring. We're doing it. We talked about bringing a new money. We're doing it. This is a company that's focused on creating great guest experiences. At the same time, structuring itself for long-term success in its complicated in today's world to do that. These aren't excuses, they're just facts. Do I believe our company is undervalued? I absolutely do. 400 plus million dollars of assets in the ground, 20 plus million dollars of revenue, and yet the market cap is the market cap.

Michael Crawford: I just want to thank everybody. I want to thank everybody for their support. Certainly, we get a lot of it.

Michael Crawford: I just want to thank everybody. I want to thank everybody for their support. Certainly, we get a lot of it, and I want to thank our shareholders, our board, and especially our team. I wish everybody a great rest of the week, and we'll look forward to talking to you again as we report out Q3 earnings. Thank you.

Michael Crawford: And I want to thank our shareholders, our board, and especially our team. And I wish everybody a great rest of the week. And we'll look forward to talking to you again as we report our Q3 earnings. Thank you. Thank you. This will conclude today's conference.

Speaker Change: I just want to thank everybody. I want to thank everybody for their support. Certainly, we get a lot of it. And I want to thank our shareholders, our board, and especially our team. I wish everybody a great rest of the week, and we'll look forward to talking to you again as we report out Q3 earnings. Thank you.

Operator: You may disconnect your lines at this time and thank you for your, Unknown Speaker 05. 05. 05.

Unknown Executive: This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

Speaker Change: Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

Michael Crawford: I can't comment on that. I would just say that as we restructure balance sheet, as we continue to bring in and build new assets to generate revenue, media content, my expectation is the value of this company needs to go up. The feedback we get from everyone who experiences our product and any of our business verticals is fantastic. And if you keep that at the heart of everything you do and stay true to the mission, long-term we will be successful.

Speaker Change: [inaudible]

Michael Crawford: I just want to thank everybody. I want to thank everybody for their support. Certainly we get a lot of it and I want to thank our shareholders, our board, and especially our team. I wish everybody a great rest of the week and we'll look forward to talking to you again as we report out Q3 earnings. Thank you.

Unknown Executive: This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.