Hall of Fame Resort & Entertainment Company

Q1 2021 Earnings Conference Call

5/17/2021

spk02: Good morning, and welcome to the Hall of Fame Resort and Entertainment Company's first quarter 2021 earnings conference call. This conference call is being recorded in all participants or any listen-only mode. We will open the conference up for questions and answers following the prepared remarks. I would now like to turn the conference over to Anne Grafis, Executive Vice President of Public Affairs. Please proceed.
spk01: Good morning, and thank you for joining us for our first quarter 2021 earnings conference call. Our latest press release, supplemental slides, and 10Q were posted Friday evening after market hours. These documents can be found in the investor relations section of our website at hofreco.com. After this brief introduction, Michael Crawford, President and CEO, will give us an overview of the quarter's results and update on our fiscal year priorities. Jason Crum, our CFO, will then provide detailed analysis of the quarter's financial results an update of our fiscal 2021 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 you to read the full disclosure concerning forward-looking statements in the earnings press release. Additionally, please note that the company uses non-GAAP results to evaluate performance internally as detailed in the press release. We have posted a supplementary side deck summarizing the quarterly results. These slides can be accessed on our website as well and will be archived there along with the replay of this call. If you have additional questions after today's call, please contact me directly. It is now my pleasure to turn the call over to President and CEO Michael Crawford.
spk00: Thank you, Anne. Good morning, everybody. Great to be with you today. I thought I'd start by speaking to just some broader business indicators we've experienced throughout Q1 and into Q2 that really continue to allow me to have a very positive outlook on the future of our company. Firstly, in Q1 and Q2, we're seeing significant improvement in leisure travel, which we had hoped would be the case. The US Travel Association is reporting Nine out of ten people surveyed plan on taking a trip over the next six months. Hotel operators are reporting improving trends in rev par, occupancy, advanced bookings for leisure travel and some business travel as well. Live entertainment and events are coming back strong. Bookings are happening. They're being sold out in locations that are now allowing max capacity. I was very pleased last week to hear Governor Mike DeWine, the Governor of Ohio, talk about eliminating all of the COVID-19 health restrictions, related restrictions, the mask mandates, the reductions of capacity on indoor and outdoor events. This is all very positive for a couple of reasons. One, for our business, we're clearly wanting to welcome back and engage with guests and in social environments. seeing the COVID cases being reduced, watching vaccines being rolled out, and frankly, getting excited about people having the opportunity to protect their health is something that we're thrilled to see and excited to welcome those types of fans and activities back to our property. You'll recall a couple of weeks ago, I talked a little bit about the NFL draft and how successful that was, having a chance to meet with Commissioner Roger Goodell beforehand and talking about future partnership opportunities. And, in fact, in the coming days, we plan on meeting again to discuss those even further. But, you know, very proud of the fact that the NFL had an incredible 2020 season, playoffs, Super Bowl. The popularity of football has never been stronger, and we intend to leverage that in our business as we go forward. Also worth reminding everybody, we are a sports and entertainment company focused on investing at this time. We're investing in product, we're investing in experiences, relationship, partnerships, physical and virtual assets that will drive incredible new guests and fan engagement and shareholder value. You know, we entered 2021 with some very specific stated goals. We wanted to strengthen our balance sheet. We obviously wanted to obtain a construction location
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