Hall of Fame Resort & Entertainment Co (HOFV) 2024 Q2 法說會逐字稿

Good morning. Welcome to the Hall of Fame Resort & Entertainment company's second quarter 2024 earnings conference call. This conference call is being recorded, and all participants are in a listen-only mode. We will open up the conference for question and answers following the prepared remarks. I will now turn the conference over to Anne Graffice, Executive Vice President, Global Marketing and Public Affairs. Thank you. You may begin.

早安.歡迎參加名人堂度假村及娛樂公司 2024 年第二季財報電話會議。此電話會議正在錄音，所有參與者均處於僅聽模式。在準備好發言後，我們將開放會議進行問答。我現在將會議交給全球行銷和公共事務執行副總裁 Anne Graffice。謝謝。你可以開始了。

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.

早安，感謝您參加我們的 2024 年第二季財報電話會議。我們最新的新聞稿和補充幻燈片於昨天晚上盤後發布。這些文件可以在我們網站 hosreco.com 的投資者關係部分找到。

After my brief introduction, Michael Crawford, our President and CEO, will give an update on the company 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.

在我的簡短介紹之後，我們的總裁兼執行長 Michael Crawford 將介紹公司策略和前景的最新情況；隨後，副總裁兼公司財務總監 John van Buten 將提供本季財務業績分析以及公司 2024 財年財務前景的最新資訊。

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.

在今天的電話會議中，我們將做出前瞻性聲明，反映公司目前對未來計畫和績效的預期。這些陳述依賴假設和估計，實際結果可能因風險和不確定性而有重大差異。

I encourage each of 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 our press release. It's now my pleasure to turn the call over to Michael Crawford. Mike?

我鼓勵大家閱讀收益新聞稿中有關前瞻性陳述的完整揭露內容。此外，請注意，本公司使用非公認會計準則結果來內部評​​估業績，如我們的新聞稿中詳述。現在我很高興將電話轉給邁克爾·克勞福德。麥克風？

Thanks Anne. Good morning, everyone. I thought before jumping into Q2 highlights, I just sort of recap a couple of thoughts on what 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, regional, theme destination-based assets, media and gaming.

謝謝安妮。大家早安。我想在進入第二季度的亮點之前，我只是回顧一下我們過去幾天和過去幾週的一些想法。你知道，當我反思我們作為一家公司的定位時，我們有三個不同的垂直業務：區域、基於主題目的地的資產、媒體和遊戲。

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.

當你看看市場上正在發生的事情，看看迪士尼等公司的報告，再看看他們的主題樂園部門，你就會開始看到消費者支出的一些回落。現在這是不可否認的。

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 slowdown spending in certain bigger goods or commodities and not sacrifice experiences like going to entertainment venues, dining out, et cetera.

對我們來說，最重要的是體驗仍然是消費者支出的首要因素，消費者的偏好是放慢對某些較大商品或商品的支出，而不是犧牲體驗，例如去娛樂場所、外出就餐等。

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.

我認為我們處於有利位置，將名人堂村作為一個區域目的地，在宏觀經濟環境困難時期仍然可以吸引消費者，並且我們在娛樂方面成為他們的答案，並且能夠讓自己擺脫很多麻煩。著沉重的負擔。

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 communities sold out in Stark County 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.

我們剛剛結束了，我認為是令人難以置信的四個星期。我們舉辦的 NFL FLAG 橄欖球活動、我們舉辦的青少年活動，為期一周，有 2,800 名參與者，斯塔克縣所有帶有社區的酒店房間都已售空。這是一次非常大的活動，使我們與 NFL 的關係更加緊密。我們的團隊執行得非常高。

It was a great opportunity for us to also test what we've talked about before, our synergy model. The campus was really activated. Crossover from one venue to the next, the experiences. We had record weeks in 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 into the property to the other, allowing them to experience everything that we had going on.

這對我們來說也是一個很好的機會來測試我們之前討論過的協同模型。校園真的活躍起來了。從一個場地到下一個場地的交叉，體驗。我們的 Play-Action Plaza 的餐飲和遊樂設施收入週週創歷史新高。看到它變成現實真的很有趣。坦白說，這是第一批大型活動之一，我認為我們成功地將客人從一個酒店轉移到另一個酒店，讓他們體驗我們所發生的一切。

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 there, all weekend long, nationally televised on ESPN playing Cornhole. And so very different type of entertainment/sports opportunity being hosted on our campus. At the same exact time, we were hosting the large-scale NFL flag events.

現在，我們不僅挑戰自己在周末舉辦這項賽事，還舉辦了美國康霍爾聯盟錦標賽。因此，在我們的圓頂表演中心，我們有數百名參與者，整個週末，ESPN 都在全國電視轉播 Cornhole 比賽。我們的校園裡舉辦了非常不同類型的娛樂/體育活動。同時，我們正在舉辦大型 NFL 國旗活動。

Enshrinement, 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 Enshrinement 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 lovely lady, really put on an incredible show, sold out, the audience was into it.

當然，祭祀活動取得了巨大的成功。我們遇到了一些下雨的問題，但同樣，熊隊和德州人隊非常成功，我認為這場比賽很棒。祭祀活動辦得非常好。然後是我們與八屆格萊美獎得主Carrie Underwood 的傳奇音樂會，我親自見到了她，一位非常可愛的女士，真的上演了一場令人難以置信的演出，門票全部售完，觀眾很喜歡。

And so when you look at all of those events, combined 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.

因此，當您查看所有這些賽事時，再加上女子足球聯盟錦標賽，再加上我們最大的品牌遊戲錦標賽 Gridiron Gateway。我們現在舉辦的活動的多樣性確實在增加。這些活動的出席人數創下了歷史記錄。這些活動帶來的收入。協同模型確實處於高水準。

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

當你想到飯店住宿、餐飲、乘車收入、遊戲收入現在都因為我們能夠舉辦和舉辦的活動類型而發揮作用時，我感到非常興奮。順便說一下，ESPN、NBC、ESPN2 上有超過 70 小時的全國電視轉播賽事報導。

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 and highlight all the great experiences that we can allow guests to have.

我們這種規模的公司無法購買這樣的行銷價值。對於我們作為一家體育和娛樂公司來說，這是一個絕佳的機會，可以從媒體的角度真正展示我們的形象，並強調我們可以為客人提供的所有精彩體驗。

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.

再說一次，執行力很高，我們為團隊感到非常自豪。多元化活動持續成長，我對我們公司的發展方向感到興奮。

Having said that, it's important to remember that we're still an early-stage company. We literally launched as we built assets in 2022. Our capability of hosting these multi diverse types of events throughout in our dome ForeverLawn Sports Complex and Tom Benson Hall of Fame Stadium, at Play Action Plaza to feed guests, to entertain guests.

話雖如此，重要的是要記住我們仍然是一家早期公司。我們在 2022 年建立資產時就正式推出了。我們有能力在我們的圓頂 ForeverLawn 體育中心和湯姆本森名人堂體育場、Play Action 廣場舉辦這些多種類型的活動，為客人提供美食、娛樂客人。

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.

因此，我們的活動組合中仍然存在一些我所說的可變性。我們在第二季度看到了這一點。第二季度，營收比去年同期低於前一年，很大程度是因為我們在村莊目的地舉辦的活動和活動類型不同。

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. 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.

順便說一句，我們對這些機會變得越來越聰明。因此，以 23 年第二季為例，我們推出了一部大型單一喜劇表演。雖然那是一項有利可圖的活動，但今年我們舉辦了一場大型喜劇節，伯特·克萊舍爾(Bert Kreischer) 的到來強調了這一點，實際上，我們通過租賃場地並與他們合作的模式賺了更多錢，而不是擁有和經營場地上一年活動的整個類別。

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 close the gap towards profitability. And you'll have seen that in our results that we reported for Q2.

因此，雖然收入下降了，但我想說，由於營運效率的提高以及我們在校園舉辦的活動類型上變得更加聰明，我們縮小了盈利能力的差距。您會在我們報告的第二季結果中看到這一點。

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 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.

現在一切都在審查中。我們始終專注於營運效率。我們一直在考慮充分利用這些活動。我們現在已經開始進行更高等級的包裝。您可以購買飯店房間作為娛樂套餐的一部分。您也可以購買停車位作為娛樂套餐的一部分。

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 of this year. Our goal is to optimize every event that we do; and our goal is to stabilize as a destination.

它有兩件事。它提高了賓客滿意度，也提高了營運效率，從而為我們公司帶來了更大的獲利能力。因此，我們不斷提高效率。我認為我們將在第三季度看到這一點。希望我們能繼續進入今年第四季。我們的目標是優化我們所做的每一項活動；我們的目標是穩定目的地。

Now 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 by one of those other entertainment programs.

現在需要注意的是，您將從活動程式設計的角度考慮目的地，並且您會想到 Live Nation 和 Caesars 以及其他大型娛樂程式設計公司。我們不是其他娛樂節目之一擁有和經營的公司。

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 timing and types of events that we're going to be hosting.

所以我們現在擁有一個獨立的設施。我認為這是一個積極的機會，是與每個人合作的機會。因此，當我們這樣做並在娛樂業建立我們的聲譽時，坦率地說，在體育行業，我們將舉辦的活動的時間和類型仍然存在一些波動。

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.

好消息是我們確實思考過如何平衡事件以獲得更大的風險回報機會。我這是什麼意思？我們現在有很多模式，我們可以擁有一個活動、支付活動費用並經營活動。

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.

我們有一個利潤分享模式。我們有一種租賃模式，娛樂或體育賽事進來並租用我們的設施。我們有機會透過優惠、停車或其他方式創造收入，但他們佔據了大門。因此，我們的目標是平衡活動策略，以最大限度地提高公司的整體回報。我認為我們已經在這樣做了。我認為這種情況只會繼續增長。

So those two things clearly have been highlights from Q2. 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 with a new company, early-stage company profile that is very complicated.

因此，這兩件事顯然是第二季的亮點。我認為第二季的另一個亮點確實值得注意，您會記得我在第一季談到這一點。當我們去年第四季結束時，我們的資產負債表是我們一直非常關注的事情。我們知道，在過去的三年裡，我們不得不在全球健康大流行的情況下建立資產負債表，貸款環境非常有限，新公司的早期公司概況非常複雜。

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.

因此，我們的目標是完善複雜的本質並使其變得更簡單。如果你看看我們最近所做的事情，我們重組了五筆當地社區貸款、社區城市和縣貸款，總計 2,100 萬美元，從而對公司更加有利。

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.

它們不再是短期債務。它們是長期債務。隨著我們穩定收入並實現盈利，它變得更易於管理。

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.

我們還額外獲得了 1100 萬美元的融資。我們從州政府獲得了近 1000 萬美元的撥款，也從斯塔克社區基金會獲得了 50 萬美元的撥款。因此，資產負債表一直是我們關注的焦點，稍後我將對此進行更多討論。

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 greater guest experience but also allows our guests greater access to all of the things that we have to offer.

我談到收入成長是 2024 年的首要任務。雖然第二季的營收環比下降，但我們顯然在協同效應的背景下實現了營收成長。協同作用使我們能夠創造更好的賓客體驗，同時也讓我們的賓客能夠更好地享受我們所提供的所有服務。

And I just talked about hotel stays being packaged and food and beverage being package, parking rides and gaming also becoming packaged. Events on campus, not only drive revenue directly from the event, but from that synergy model that I spoke about as well.

我剛剛談到酒店住宿正在打包，食品和飲料正在打包，停車遊樂設施和遊戲也正在打包。校園活動不僅可以直接從活動中獲得收入，還可以從我談到的協同模式中獲得收入。

We're focused on improving bundling. I think we're getting better. I think we have more work to do in early-stage companies. 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 toward stabilization. Again, the predictability of win events, win sponsors, how we open new assets, the impact of those types of things on our revenue modeling and on our growth model.

我們專注於改善捆綁銷售。我想我們正在變得更好。我認為我們在早期公司還有更多工作要做。我們正在部署一個校園系統範圍內的作業系統，這將使我們能夠為我們的客人帶來更多的捆綁機會，從而為我們作為一家公司帶來更大的回報。我們正在繼續努力實現穩定。同樣，獲勝事件的可預測性、獲勝贊助商、我們如何開放新資產、這些類型的事情對我們的收入模型和成長模型的影響。

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.

我們是村裡的一個多用途、多用途的目的地，這是我們引以為傲的事。但這也使我們能夠為客人提供非常多樣化的體驗。我們仍然是首選目的地。

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 and beer tasting event that highlights entertainment with Shibuzzi Charlie on a Friday. Great entertainment throughout the night. It's going to be the biggest party of the fall.

您可以在我們的活動日曆中看到這一點。舉個例子，我們剛剛添加了一個大型的，我稱之為波本威士忌和啤酒品嚐活動，重點是週五與 Shibuzzi Charlie 的娛樂活動。整個晚上都有很棒的娛樂活動。這將是秋季最大的聚會。

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 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 to make those events even bigger and better.

我們一個月前就預訂了。因此，預訂仍處於近期階段，這就是我們希望在進入 2025 年時能夠實現的發展。更先進的娛樂預訂使我們能夠穩定下來，也使我們能夠為每種類型的活動做出更大的營銷和銷售努力，坦率地說，也使我們能夠與其他行業專家合作，使這些活動變得更大更好。

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 and John will talk about that revenue for this year versus last, but slightly more profitable this year versus last as well.

我們確實預計 24 年的收入將低於去年，但仍有機會實現與該預測相比的回報。我們正在尋找其他贊助機會、新的活動機會。但現在，從我們所看到的來看，我們的指導方向略低，約翰將談論今年與去年相比的收入，但今年的利潤也比去年略高。

And we expect to increase the growth rates of the synergy as we bring on our Gameday Bay Waterpark and our on-site hotel. We're already gaining those synergies with our off-site hotel. We full well expect to be able to drive greater synergistic revenue with those two remaining assets.

隨著我們推出 Gameday Bay 水上樂園和酒店，我們預計將提高協同效應的成長率。我們已經與我們的場外酒店獲得了這些協同效應。我們完全期望能夠利用這兩項剩餘資產帶來更大的協同收入。

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.

營運效率一直是我們的首要任務，我認為我們正在展示這一點。我們先前對設備和資源的投資使我們能夠更好地完成我們正在做的事情，並且在成本與收入方面更有效率。我們預計，隨著我們的穩定，這一點將繼續得到最佳化，並且我們了解目的地在完全建成階段如何全面運作。

We're learning from everything we do. If you look at over the last couple of years, 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.

我們正在從所做的一切中學習。如果你看看過去幾年，安葬期間的大周末，我們在賓客服務方面變得越來越好。我們在為客人提供更好的包裝機會方面做得越來越好。

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. We're doing all of this still with an eye towards customer satisfaction.

因此，我們相信，隨著我們增加 NFL FLAG 等大型活動的數量，或者我們增加上個月舉辦的大型活動，這種情況有機會繼續增長。我們做這一切仍然著眼於客戶滿意度。

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.

我們擁有的一切和我們所做的一切都必須創造良好的賓客體驗。因此我們更加關注測量。我們更加關注調查工作，以便我們能夠繼續完善我們現有的產品。

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.

我談了一些關於費用管理的話題。我們現在正在運行更嚴格的採購流程，因此當我們購買或簽訂合約時，我們不僅會真正評估功能或產品，還會根據我們將產生的收入評估該產品的成本來自我們將要舉辦的任何資產或任何活動。

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, 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, 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.

這是一種投資報酬率心態。我們正在實現這一目標，但還沒有完全實現，因為我們的環境正在不斷發展和變化。因此，在各個方面，從開發轉向運營，從創收轉向費用管理，再到盈利、客戶滿意度，並在我們作為一家公司、媒體和遊戲以及託管遊戲充分發揮作用時真正嘗試參與所有垂直領域錦標賽、飯店住宿、乘車收入、食品和飲料遊戲收入，我認為我們將能夠繼續增加這些類型的收入。

Now, let me turn to the Phase 2 development efforts. And I realize that we've been talking a lot about finishing the waterpark -- Gameday Bay water park and our on-site hotel. And that is priority number one, and it has continued to be priority number one.

現在，讓我談談第二階段的開發工作。我意識到我們一直在討論如何完成水上樂園——Gameday Bay 水上樂園和我們的酒店。這是第一要務，而且一直是第一要務。

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 Gameday Bay water park. That is exciting, but we need to complete. And then the hotel can break ground.

正如我之前所說，我們非常接近最終確定這兩項資產的資本結構。我們正在與俄亥俄州密切合作。我們希望能夠在短期內完成這兩家公司的資本結構。我們的 Gameday Bay 水上樂園已建成 51%。這很令人興奮，但我們需要完成。然後飯店就可以破土動工了。

Both of these assets, we still anticipate being completed in '25, hopefully in mid '25 to late '25. As we complete the final financing will focus on generating the exact timing of those things.

我們仍然預期這兩項資產將在 25 年完成，希望在 25 年中期到 25 年末完成。當我們完成時，最終融資將集中於確定這些事情的確切時間。

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.

媒體，這是我們公司正在經歷巨大成長的領域。與 23 年第二季相比，我們正在拍攝、製作、完成後製、銷售和發行的項目數量增加了約 50%。

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, second season of the GOAT Code featuring in 2024, the first episode featuring Dwight Freeney.

舉個例子，《家鄉英雄》將於 9 月在 Reach Television 上首播，第一集是道格威廉斯 (Doug Williams)。我們有《GOAT Code》，《GOAT Code》第二季將於 2024 年播出，第一集由德懷特·弗里尼 (Dwight Freeney) 主演。

We sort of preview this during enshrinement. There is 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 of development and production. And so we're looking forward to continuing to update you all on how that progress will continue.

我們在祭祀期間預演了這一點。周圍有很多令人興奮的事情。它也將於九月在 Brinks 電視台首播。我們有很多專案處於不同的開發和生產階段。因此，我們期待繼續向大家通報這項進展將如何持續。

And frankly, I'm excited about some of our partners in the media space as well. Some are very high-profile, former athletes, some really high-profile production companies, and obviously, companies like NFL Network, FOX, and others.

坦白說，我也對我們在媒體領域的一些合作夥伴感到興奮。有些是非常引人注目的前運動員，有些是非常引人注目的製作公司，顯然還有 NFL Network、FOX 等公司。

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 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.

說到 FOX，我們已經結束了與 FOX 一起舉辦的 Perfect 10 的第一次主要比賽。這是非常成功的。他們有史以來觀看次數最多的紀錄片之一。我們現在對第二個視窗感到興奮，這是該節目在不同平台上銷售和放映的第二次機會，可以是串流媒體，也可以是傳統的。我們也很高興有機會在國際上進行這項活動。

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 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.

因此，我們現在正在建立合作夥伴關係，這將使我們能夠做到這一點。但同樣，我們用 Perfect 10 製作的第一部紀錄片非常成功，現在當我們關閉 FOX 時，它為我們提供了下游收入機會。與福克斯的關係也帶來了額外的收入，我們將在不久的將來認識到這一點。

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've hosted college tournaments.

在遊戲方面，我們聘請了一位外部顧問，他是一位全球知名的顧問，可以幫助加速我們遊戲垂直領域的發展。我們在那裡有一支非常敬業的團隊，他們真正專注於正確類型的活動，在那裡發展我們的品牌。我談到 Gridiron Gateway 是我們主辦的最大的品牌活動之一。我們舉辦過大學錦標賽。

We're looking -- we just hosted this past weekend, the largest fantasy football expo in the country. Our mobile betting partner continues to grow, and 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.

我們正在尋找——我們剛剛在上週末舉辦了全國最大的夢幻足球博覽會。我們的行動博彩合作夥伴持續成長，我們對他們的投資仍然保持不變。因此，我們預計該投資的價值也會成長，這就是我們最初在那裡持有所有權的原因。

And while not giving up on retail sportsbook, 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 mobily. And so regional sportsbook for me is more about creating a guest experience.

雖然我們沒有放棄零售體育博彩，但我們確實意識到零售體育博彩的機會比最初想像的要少得多。這意味著 97% 的人都在移動下注。因此，對我來說，區域體育博彩更多的是創造賓客體驗。

And we're looking to potentially couple that with a food and beverage experience, and 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.

我們希望將其與食品和飲料體驗以及商品銷售體驗結合起來，從而產生一個多用途的目的地。我們繼續與潛在合作夥伴進行對話，但目前沒有什麼值得強調的。

Sponsorship deals, our strategy is working. We talked a long time ago about delaying certain categories of sponsorship until we grew as a company until those types of product or service that they offered could be utilized more fully. And we're seeing that in the deals.

贊助交易，我們的策略正在發揮作用。很久以前，我們就討論過推遲某些類別的贊助，直到我們作為一家公司發展壯大，直到他們提供的這些類型的產品或服務可以得到更充分的利用。我們在交易中看到了這一點。

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 continuing their partnership with us is a multi-use company in terms of destination media and gaming.

交易類型不斷增加。交易的價值正在增長。好消息是我們之前的幾個合作夥伴已經再次簽約，因為他們現在看到了成長，並且繼續與我們合作的優勢是在目的地媒體和遊戲方面是一家多用途公司。

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.

因此，交易的期限變得越來越長。交易規模不斷擴大。再說一次，我們只是觸及表面，隨著我們繼續建立我們的目的地、我們的媒體和我們的遊戲能力，我看到了很大的成長。

On 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.

最後幾件事。在資產負債表重組方面，我談到了 2,100 萬美元，但我們也在第一季將 4,900 萬美元的債務期限延長至 2025 年 3 月。這裡要注意的是，非常重要的是，我們最大的股東 Industrial Realty Group 和我們最大的貸方之一持有 4,900 萬美元的債務。

And so their interests are 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. You would have also seen that they filed a Schedule 13D. We talked about that before.

因此，他們的利益與我們的利益一致，以確保公司長期成功。我們已經看到了；我們已經對此進行了報道；我們當然常常感受到這一點。您還會看到他們提交了附表 13D。我們之前談過這個。

And what that does is it really notifies our shareholders 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.

這樣做的目的是真正通知我們的股東與公司、領導層和董事會合作，當然，他們的目的是探索所有機會，幫助我們公司取得成功。來自最大股東和我們最大的貸方之一，這是一個非常重要的聲明。

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 continue to support us with lending, with project completion guarantees, with extending that, 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.

我可以在與 IRG 負責人 Stuart Lichter 的談話中告訴你，他和他們都非常致力於這個長期的成功故事。這就是為什麼他們繼續透過貸款、專案完成擔保和延期來支持我們，現在他們自己走出去，尋找其他機會來幫助引入潛在的新投資者、潛在的債務重組以及許多其他解決方案這將有助於該公司取得成功。

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.

這證明了他們對我們商業模式的信心。他們親眼目睹了行刑；他們看到了成長。這就是為什麼他們願意在這方面付出更多努力，並以我剛才談到的方式幫助我們。

Also, it's important to note and say thank you to our city, or county, and our local community. 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 Stark County, but Northeast Ohio.

此外，重要的是要向我們的城市、縣和當地社區表示感謝。我們向他們重組了價值數百萬、數千萬美元的債務。他們對此非常支持。他們了解這個目的地不僅對坎頓、俄亥俄州和斯塔克縣，而且對俄亥俄州東北部所代表的經濟成長的價值。

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. But 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.

州政府撥款 1000 萬美元作為對公司更多股權的獎勵，也顯示了他們對我們正在做的事情的信心。NFL，帶來大型賽事。這裡的故事是我們正在成長，但我們還處於早期階段。但由於執行力、策略和團隊，我們擁有的主要合作夥伴將繼續支持我們並進行投資。

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. The unique experiences that we can derive out of the finishing, the completion of the waterpark 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 to construction on the hotel and complete the construction on the waterpark in 2025.

我將第二階段資產的開發稱為優先 1A，將我們的資產負債表稱為優先 1B。我們從水上樂園和掛毯的裝修、完工中獲得的獨特體驗遠遠超出了收入。它們延伸到更好的賓客服務、更好的賓客包裝。我很高興能夠在 2025 年完成酒店建設和水上樂園建設所需的資金。

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. There have been a lot of bankruptcies over the last several years due to the very difficult environments that these companies have faced.

我們的長期策略保持不變。我們遇到了很多挑戰，但我們能夠發揮創造力並且在高水準執行。當你看看我們規模的上市公司時，我們一直在克服非常困難的環境。由於這些公司面臨非常困難的環境，過去幾年已經有許多公司破產。

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.

我非常感謝我們的團隊，也非常感謝我們的合作夥伴、股東和貸方，他們了解我們是如何克服困難的。我們對新合作關係的時機非常明智。我們明智地對待價值主張並擁有投資回報率心態，同時將賓客和賓客體驗作為我們所做的一切的焦點。

And so while our revenue for Q2 is down slightly, we close the gap on profitability or 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 relieve themselves of the everyday burden that they carry.

因此，儘管我們第二季的收入略有下降，但我們在獲利能力或管理成本方面縮小了差距。我們正在從整體上看待這個問題。我認為，即使在困難時期，我們也有能力實現成長，正如我之前提到的，作為一家體育和娛樂公司的區域目的地，人們期待體育，人們期待娛樂和體驗，就像我們必須提供其中之一一樣-一種減輕日常負擔的方法。

So we appreciate everybody's ongoing support, certainly that of our largest shareholder. We look forward to talking about new events, new tenants, and the conversion of the media pipeline in 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. So I'll turn it over to you, John.

因此，我們感謝大家的持續支持，尤其是我們最大股東的支持。我們期待談論新活動、新租戶以及遊戲垂直領域媒體管道的轉換，從而擴大規模。我就到此為止，歡迎 John Van Buiten 向您介紹我們的財務概況。然後我們會回答問題，我會回來做一些結束語。所以我會把它交給你，約翰。

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.

謝謝麥克，大家早安。接下來是我們的財務業績，第二季的總收入為 470 萬美元，而去年第二季的總收入為 610 萬美元。收入環比下降主要是由名人堂村發生的一系列事件造成的。

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 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.

除了協同收入之外，公司總收入的多元化持續改善，包括我們目的地的活動、租賃和租賃。例如，我們的 Gold Summit Gaming Vertical 在 Tom Benson 名人堂體育場舉辦了五大湖電競大會錦標賽，並在我們的逸林酒店創造了重要的酒店業務。我們預計，隨著我們趨於穩定，未來幾年收入來源將會成長並擴大。

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.

第二季調整後 EBITDA 為負 420 萬美元，而去年同期為負 620 萬美元。這項變更是由於與活動相關成本相關的營運費用減少、薪酬相關費用減少以及進一步的費用管理所致。

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.

該公司公佈該季度淨虧損 1,580 萬美元。由於債務餘額增加和資產投入使用後資本化利息減少，利息支出增加至 650 萬美元。

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

轉向資產負債表，本季末我們的現金和流動投資餘額約為 640 萬美元，而上一季末為 690 萬美元。公司現金使用主要歸因於我們的經營活動。

During the quarter, we restructured $21 million of debt with the City of Canton, 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 loan.

本季度，我們與坎頓市、斯塔克縣和當地社區基金會重組了 2,100 萬美元的債務。與上一季末的 2.22 億美元相比，我們的應付票據淨額略有增加，達到 2.29 億美元。本季應付票據的增加主要是由於實物支付利息的應計和重組貸款的資本重組。

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

正如我們在前幾個季度所指出的，我們正在努力重組和優化我們的整體資本結構，為公司提供最佳機會，以有效地實現我們既定業務模式各個方面的穩定。

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 Gameday 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.

我們將繼續努力完成第二期剩餘建設所需的所有必要融資，包括與我們的 Gameday Bay 水上樂園和現場 Tapestry 酒店相關的多項融資交易。我們正處於一個非常具有挑戰性和限制性的信貸環境中，但我們正在努力完成為這些關鍵資產提供資金所需的剩餘建設融資。

Moving to 2024 financial guidance, we are revising our revenue expectations to be in the range of $20million to $22 million. We are reiterating our previously stated adjusted EBITDA loss in the mid teen millions range.

轉向 2024 年財務指導，我們將收入預期修改為 2,000 萬美元至 2,200 萬美元。我們重申先前所說的調整後 EBITDA 損失在 100 萬左右。

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

正如我們所強調的，該公司正處於早期成長階段。該公司高度專注於收入成長和費用管理，盡可能保持精簡，同時平衡投資需求以支持我們的成長。

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.

如前所述，我們正在投資銷售和行銷工作以支持這一成長。我們預期多個管道的收入和 EBITDA 會更加多元化，每個管道都會產生協同效應，以支持我們正在努力建立的生態系統。

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 ensure transparent and timely updates to our shareholders as we move ahead. Operator, we would like now to open the line for any questions.

最後，公司專注於當前的經濟環境，我們仍然專注於透過多元化的收入來源和嚴格的成本管理來提高獲利能力，同時進行策略性投資以支持我們的成長。最後，正如您所期望的那樣，隨著我們的前進，我們將繼續確保向股東提供透明和及時的更新。接線員，如果有任何問題，我們現在願意接通。

(Operator Instructions) Jack Vander Aarde, Maxim Group.

（操作員說明）Jack Vander Aarde，Maxim Group。

Okay. Great morning. I appreciate the update, including your comments on the Phase 2 construction and recent financing progress. So Michael, I'll focus my questions on a couple of other items. You referenced the broader overall macro environment having an impact on consumer spending trends. I've seen that my own coverage throughout the market as well. So it's very much true.

好的。早安.我感謝您的更新，包括您對二期建設和最近融資進展的評論。邁克爾，我將把我的問題集中在其他幾個問題上。您提到了更廣泛的整體宏觀環境對消費者支出趨勢的影響。我也看到了我自己對整個市場的報導。所以這是非常正確的。

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 has that impacted 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.?

到目前為止，這對您校園 2024 年的人流有有意義的影響嗎？我相信它仍然比去年大幅上升，但這對您的校園交通以及您未來校園出勤的計劃或目標有何影響？謝謝。

Yes, thanks, Jack. I think it's a great question. We didn't highlight it tenants, 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.

是的，謝謝，傑克。我認為這是一個很好的問題。我們沒有向租戶強調這一點，但我要告訴你的是。我們預計今年的出席人數將比去年多。我認為我們正在做很多不同的事情。我們正在平衡事件的季節性，將更多時間推入第一季度和第四季度，但我們也引入了像本週末所做的事情。

We're hosting Division 1. 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. But it generates traffic on campus where they can then experience Topgolf, where they can go on rides or they can have a meal, any number of different things.

我們主辦第一分區。大學橄欖球隊恰好是我本科生的母校鮑靈格林州立大學進行展示。人們出來是免費的。但它會在校園內產生流量，在那裡他們可以體驗頂級高爾夫，在那裡他們可以騎車或吃飯，等等。

And so what we're trying to do is provide value. And we're trying to provide value across the board. And I referenced bundling and packaging. And that's certainly another way that we provide value to the consumer.

所以我們要做的就是提供價值。我們正在努力提供全面的價值。我還提到了捆綁和包裝。這當然是我們為消費者提供價值的另一種方式。

Having been in this business a long time, I can tell you that regional destinations where you can get to those within an hour or maybe a two-hour drive radius allow us for mom and dad date nights or whatever the case may be to come experience entertainment. But they don't have the money to go to Florida or California or overseas.

在這個行業工作了很長時間，我可以告訴你，你可以在一個小時或兩個小時的車程半徑內到達的區域目的地，讓我們可以參加爸爸媽媽的約會之夜或任何可能的情況來體驗娛樂。但他們沒有錢去佛羅裡達州、加州或海外。

And so we fully expect that the types of events, the types of offerings that we have, food and beverage, rides, entertainment. We have a very value focused target towards the environment that everybody is facing today. You know, and the consumer baskets that we're all spending on are much more expensive and yet we -- all research and studies show us that experiences like what we can create here with sports and entertainment are going to be highly valued.

因此，我們完全期望活動的類型、我們提供的產品類型、食品和飲料、遊樂設施、娛樂。我們對每個人今天面臨的環境都有一個非常注重價值的目標。你知道，我們花在上面的消費籃子要貴得多，但我們所有的研究都表明，我們在這裡透過體育和娛樂創造的體驗將受到高度重視。

So I do expect attendants 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.

因此，我確實預計服務員數量會逐年增加。與去年這個時候相比，我們已經看到了這一點。我們只是還沒有對此進行報告，但預計我們將在今年稍後討論這個問題。

Okay, great. I appreciate the color there. And then, Mike, could you touch on the media segment. You're 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? And are you and or do you see kind of these generating meaningful revenue in the foreseeable future?

好的，太好了。我很欣賞那裡的顏色。然後，麥克，您能談談媒體領域嗎？正在籌備中的項目增加了 50%，因此這是一個明顯的積極因素。但也許從這些媒體項目的貨幣化角度來看又如何呢？您還在嘗試新概念嗎？您是否或您是否認為這些在可預見的未來會產生有意義的收入？

Well, first, I think it's the opportunity for us to tell great stories and unique opportunities for us to highlight hall of famer’s, other great athletes and we're doing that in the content that we're producing. I think, 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.

嗯，首先，我認為這是我們講述精彩故事的機會，也是我們突出名人堂成員和其他偉大運動員的獨特機會，我們正在製作的內容中這樣做。我認為，《山羊密碼》是一部精彩的節目，顯然已經進入了第二季，重點介紹了職業足球史上最偉大的球員是什麼，他們是誰，並讓觀眾重點關注他們的生活、訓練、飲食和其他事情。我認為這是一場很棒的演出。

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.

家鄉英雄，運動員為他們的社區做出了非凡的事情。這就是運動員所做的，對嗎？因此，我們專注於講述精彩故事是我們身分認同的重要組成部分，而創造這些故事是我們使命的關鍵部分。

Now monetization, look, we are 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.

現在貨幣化了，你看，我們不是製作公司。我們是一家內容公司。我們能否透過生產產生有意義的收入？是的，我認為我們可以作為與我們合作的製作公司的合作夥伴。

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.

我們可以透過出售任意數量的這些節目的贊助來產生收入嗎？是的，我認為我們可以，而且我們已經開始在這方面取得進展。我們可以透過銷售節目獲得收入嗎？絕對地。我想你知道，當我們進入那裡的節目發行的另一個階段時，完美 10 將是另一個例子。

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. We've made it lean and mean, but we're partnering with highly capable athletes, highly capable production and distribution companies.

因此，我們希望在多個方面將這些貨幣化。我認為我們的媒體部門將在短期內開始顯示獲利能力。我們讓它變得精簡而刻薄，但我們正在與高能力的運動員、高能力的製作和發行公司合作。

And so in the early days, we're going to sacrifice some revenue in order to get the right profile and 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 in media has and will continue to grow and we'll report on that as a vertical towards the end of the year.

因此，在早期，我們將犧牲一些收入，以獲得正確的形象和合作夥伴關係，然後讓我們繼續推動事情通過管道，在我剛才提到的類別中產生更有意義的收入。但我確實認為，逐年來看，媒體的收入絕對已經並將繼續增長，我們將在年底將其作為垂直方向的報告。

Got it. I appreciate that. And then maybe just one more I'll touch on. Just 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 the gaming Gridiron, gateway gaming tournaments, the flag football tournaments, the fantasy football events, et cetera

知道了。我很欣賞這一點。然後也許我還會會談一談。就一些獨特的事情而言——你們舉辦了很多獨特的活動。您已經計劃、您已經主辦、您還有更多計劃，例如 Gridiron 遊戲、網關遊戲錦標賽、腰旗橄欖球錦標賽、夢幻足球賽事等

How are these or how have these events shaping up relative to your initial expectations from even a year ago? What's the feedback been? What are you learning from these experiences to drive further business success in the future?

與您一年前的最初預期相比，這些事件或這些事件的進展如何？反饋如何？您從這些經驗中學到了什麼來推動未來業務取得進一步成功？

Yes. 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, Topgolf.

是的。好消息是我們擁有一套非常獨特的資產，對嗎？世界上擁有大型圓頂設施、NFL 認證體育場、大型體育場館、戶外遊戲區、戶外餐飲區、真正高調的餐廳 Topgolf 的城市並不多。

What we're able to do and the feedback we're getting from any -- I spoke with Carrie 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 standalone arena or football stadium.

我們能夠做些什麼以及我們從任何人那裡得到的反饋——我與 Carrie Underwood 進行了交談，我與 Bert Kreischer 進行了交談。這些都是備受矚目的人才，他們說，哇，這是一個非凡的表演場地。順便說一句，感謝你們主辦了我們想做的所有額外活動，屋頂派對和晚宴，如果我們在獨立的競技場或足球場表演，我們就無法做到這些。

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.

所以我認為我們的模型是一個非常綜合的模型。我的意思是，總有與活動相關的直接收入。有大門，有特許權，有停車場，還有我們舉辦的私人活動。然後是間接的，它帶來的贊助，它產生的餐食，乘車收入，博彩收入，酒店收入，所有這些都真正為我們公司創造了增長。

Now, 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. 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 waterpark, you can start to really drive length of stay. And that's what we're already seeing.

現在，我們必須更好地為客人提供在抵達之前預先包裝和捆綁的機會。這就是我們對科技的關注，並將繼續如此。然後，正如我所提到的，行銷和銷售這些套餐和捆綁包的機會只會增加，當您獲得現場酒店、現場水上樂園時，您就可以開始真正延長停留時間。這就是我們已經看到的。

The feedback that we're getting through our survey work is guests are coming earlier for events. They're staying later after the event is over. They're coming earlier for big sporting competitions to experience the types of products and entertainment we have. They're staying longer.

我們透過調查工作得到的回饋是，客人會提前來參加活動。活動結束後他們會待得更晚。他們會提前來參加大型體育比賽，以體驗我們擁有的產品和娛樂類型。他們停留的時間更長。

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 great guest experience. 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.

因此，這對我們來說是一個巨大的好處，隨著時間的推移，我們將繼續能夠貨幣化。但更重要的是，它創造了良好的賓客體驗。我相信，如果你有很棒的產品，無論是遊戲產品、媒體產品還是目的地，都會有需求，客人會一次又一次地回來，在非常困難的環境中花掉他們辛苦賺來的錢。

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. 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

我們看到，我們提供的活動類型在某些情況下再次具有價值，它們具有高品質和機會，可以與其他體驗產生更大的協同作用。因此，我對今年已經舉辦的活動所看到的情況感到非常鼓舞。我們還有更多即將推出，還有更多要宣布

I appreciate the color, Michael. Thank you.

我很欣賞這個顏色，麥可。謝謝。

Thanks, Jack.

謝謝，傑克。

David Marsh, Singular Research.

大衛馬什，奇異研究。

Hey, good morning, guys, and thanks for taking the questions. I just wanted to start on the guidance on the top line. You guys brought it down pretty significantly. And if you 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 the USFL. Can you just talk about why -- what's leading to kind of a year-over-year projected decline in revenue in the back half of the year, please?

嘿，早上好，夥計們，感謝您提出問題。我只想從最重要的指導開始。你們大大降低了它。如果你逐年回顧上半年，你會發現，儘管你失去了 USFL，但事實上你並沒有下降太多。您能談談為什麼嗎？

Sure. Thanks, David. And you referenced USFL, so let me start there. And again, I'm going to go back to the fact that we are 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 are 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. I look at as an advantage.

當然。謝謝，大衛。你提到了 USFL，所以讓我從這裡開始。再次，我要回到這樣一個事實，即我們仍在努力穩定並創建一個我們可以年復一年發展的活動組合。目前，Live Nation 不是一家擁有和經營的場館，也不是由凱撒或米高梅等知名度較高的公司之一進行規劃，有些人可能會認為這是一種劣勢。我認為這是一個優勢。

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 in the venues that we have to offer.

但它所做的是創造機會。坦白說，我們有義務向所有這些不同的活動程式設計師展示我們可以創造的體驗類型。所以我們還很新，對吧？我的意思是，在創建這些資產兩年後，我們仍然有活動經理；我們還有程式設計師；我們仍然有代理商來到這裡，並對我們的目的地感到驚訝，因為我們的能力以及我們如何在我們必須提供的場地中執行任務。

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.

因此，指導意見很簡單，我們尚未處於穩定狀態。因此，雖然我們試圖在下半年繼續舉辦和規劃更多活動，但我們希望小心不要在這方面做出過度承諾。

And the other piece to this is we really believe that at one point in time, we'd have our waterpark 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 nonexistent. And so we've had to explore alternative models, public private financing models that we believe will benefit us.

另一方面，我們真的相信在某個時間點，我們的水上樂園將會啟動並運行。我們的指引較低，因為我們仍在努力完成一個非常複雜的資本結構，在困難時期，對像我們這樣的早期公司的貸款受到極大限制，幾乎不存在。因此，我們必須探索替代模式，我們相信這將使我們受益的公私融資模式。

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, and the waterpark not being online at the point in time that we felt like it was going to be there.

但這是一個需要時間的終點。我已經說過一遍又一遍，我們已經很接近了，但我們還沒完成。因此，我們的指導方針是在活動中創造更多的穩定性，創造銷售長期贊助的機會，它們只是需要比你預期的時間更長的時間，而且水上樂園在我們想要的時間點沒有上線本來會在那裡的。

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.

我想說的是，有機會超越我們的指導，但這是我們團隊目前正在努力的事情。但我們不能保證這一點。這就是我們降低今年指導的原因。

Okay. Thank you. And then just wanted to ask a couple of questions around the financing and just the 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 second quarter closed or was that a third quarter activity to that committed money come into the third quarter?

好的。謝謝。然後只想問幾個有關融資的問題，以便更好地了解資金流入的時間。我想從國家的撥款開始，我的意思是，截至第二季結束時，你們都收到了國家的撥款嗎？

And then with regards to the Constellation financing, guide us a little bit on the 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 out, please?

然後，關於星座融資，請指導我們了解融資的時間，還是更多地對購買的設備進行信貸？請和我們談談結果如何，好嗎？

Sure, So from the State grants, it was approved in Q2. We received the money literally this week. So that grant has been received and being leveraged to continue to pay for operating costs, construction costs, et cetera. The Efficiency Made Easy loan from Constellation Energy, which we have, by the way, leveraged that program to other times and paid off.

當然，從國家撥款來看，它在第二季度獲得了批准。這週我們確實收到了錢。因此，這筆補助金已經收到，並被用來繼續支付營運成本、建築成本等。順便說一句，我們已經利用星座能源公司的 Efficiency Made Easy 貸款在其他時間利用了該計劃並還清了貸款。

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. 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 is 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.

其中一筆貸款在第二筆貸款時幾乎還清了。我們已經開始了，我們收到了現金。它的運作方式是基於設備採購，這些設備採購是我們已經購買的節能設備。幾個月前我們就用股權實現了這個目標。事實上，所有這些東西現在都已準備好現場安裝。因此，這是我們之前用於購買該設備的資金的回填。Constellation 是一個很好的合作夥伴，看到了這一點，並為我們提供了用從他們的貸款中獲得的新資金來補充我們使用的現金的機會。

So both of those have been recognized and have hit the accounts. And we continue to assess 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.

因此，這兩件事都已被認可並已計入帳目。我們將繼續評估斯塔克社區基金會提供的 50 萬美元補助。我們繼續尋找其他機會，與州和社區合作，以確保我們最大限度地利用適合我們的開發類型或公司類型的任何可用類型的資金。

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.

我要指出的另一件事是，從融資的角度來看，我認為我們對短期債務的處理非常重要，同時我們繼續建立和增加收入並穩定地擺脫債務，它確實平衡了我們的債務狀況，使公司能夠償還債務。因此，正如我們今年早些時候所承諾的那樣，重組或重新平衡資產負債表仍然是我們的重點。

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.

再說一次，如果你看看我們搬出的 4900 萬美元和我們搬出的 2100 萬美元，那就很重要了。與我們最大的股東合作，繼續尋找平衡資產負債表的方法，是他們和我們的首要任務。

And so long, 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 are 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 a longer-term success. So that's that's kind of where it's at right now.

長期以來，我相信我們會實現這一目標。現在的環境非常困難。我想每個人都會承認這一點。我希望，特別是對於一家處於早期階段的公司，我們的股東必須保持耐心，並了解我們正在盡一切努力，不僅重組我們的資產負債表，而且引入正確類型的債務和股權，以確保我們正在為取得長期成功做好準備。這就是現在的情況。

Okay. That's very helpful. Thank you. And then just as a follow on to that, Michael. So almost $20 million between those -- 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 raise needed to complete construction of the remaining on-site assets?

好的。這非常有幫助。謝謝。然後，麥可。因此，季度發布中宣布的兩項融資之間的金額接近 2000 萬美元。您能否告訴我們，一旦您查看了堆疊以及您的剩餘需求是什麼，完成剩餘現場資產的建設所需的增量資金籌集是多少？

Yes, 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, a tax increment financing, tourism development revenue bonding, PACE lending.

是的，我無法透露確切的金額，但我會說的是。資本堆疊顯然是由股權、高級貸款以及債券、稅收增量融資、旅遊發展收入債券、PACE 貸款等公私融資工具創建的。

We have the PACE lender. We have the TIF bonding purchaser. We have TDD bonding. We have $15 million of the grant from the State of Ohio in transformational mixed-use development that we believe all of those pieces now are ready to close.

我們有 PACE 貸款機構。我們有 TIF 黏合買家。我們有 TDD 綁定。我們從俄亥俄州獲得了 1500 萬美元的撥款，用於轉型混合用途開發，我們相信所有這些項目現在都已準備好完成。

And the remaining two pieces are the senior loan on the hotel and the bond purchase, the TDD bond purchase for the waterpark. 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.

剩下的兩部分是酒店的高級貸款和債券購買，即水上樂園的 TDD 債券購買。當你想到我剛才所說的，事情的複雜性，所有這些都需要與所有不同的律師、所有不同的財務人員以及所有不同的公共實體和私人實體同時完成，這是一場談判。這是一個非常複雜的結構來關閉。但我們正在這方面取得良好進展。

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 stock is comfortable with the direction that the new group coming in is asking to go.

這只是需要時間。當你進行一次談話時，你必須回去進行多次其他談話，以確保資本存量中的其他人都對新加入的團隊要求走的方向感到滿意。

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 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.

所以我想說還有數千萬的項目有待完成，但我們已經非常接近剩下的兩個部分了。一旦剩下的兩部分就位並且我們獲得了最終批准，我們將開始共同完成所有工作，然後資金就可以到位。我們的目標是在今年第三季末（最早是第四季）獲得資金。

Sounds good. All right, guys. I wish you best.

聽起來不錯。好吧，夥計們。我祝你一切順利。

Thank you.

謝謝。

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

謝謝。現在，我想將電話轉回給邁克爾·克勞福德（Michael Crawford），讓其致閉幕詞。

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 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.

當然。謝謝。聽著，我不會重複已經說過的很多內容，但我將以此結束它。你看看一家處於早期階段的公司，獲利能力的差距正在縮小，這意味著損失更少。你會看到一家真正使我們在校園舉辦的活動類型多樣化的公司，以及我們擁有的願意投資、支持和重組並繼續支持我們作為一家公司的合作夥伴類型。這就是它所需要的。

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.

作為一家公司，我們正在探索每一個可能的選擇，但我們對此很聰明。我們正在研究如何採購貨物。我們正在研究我們必須具備的投資報酬率心態。我們必須對股東的資金負責，而我們確實做到了。但我們仍在繼續建設，我們正在我們所做工作的各個方面進行建設。

We have to complete our waterpark 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 we're doing. We have to continue to build our gaming portfolio, which I hope you're seeing we're doing as well.

我們必須在現場完成我們的水上樂園酒店。我們必須繼續制定我們的活動時間表。我們必須繼續建立我們的贊助商合作夥伴。我們必須繼續建立我們的媒體形象，我希望您看到我們正在做的事情。我們必須繼續打造我們的遊戲產品組合，我希望您也能看到我們正在做的事情。

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. 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.

全面營運兩年。我認為人們應該感到欣慰的是，您擁有一支非常忠誠並專注於正確事情的團隊。我們談到了資產負債表重組；我們正在做。我們談到引入新資金；我們正在做。這是一家致力於創造卓越賓客體驗的公司。同時，為長期成功而建構自身，在當今世界做到這一點很複雜。

These aren't excuses, they're just facts. Do I believe our company is undervalued? I absolutely do. $400-plus million of assets in the ground, $20-plus million of revenue, and yet the market cap is the market cap.

這些不是藉口，只是事實。我認為我們公司的價值被低估了嗎？我絕對願意。地下資產超過 4 億美元，收入超過 2,000 萬美元，但市值就是市值。

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 that 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 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.

我無法對此發表評論。我只想說，隨著我們重組資產負債表，隨著我們繼續引進並建立能夠產生收入的新資產、媒體內容，我的預期是這家公司的價值需要上升。我們從在任何垂直業務領域體驗過我們產品的每個人那裡得到的回饋都非常好。如果你將這一點作為你所做的一切的核心並忠於使命，從長遠來看，我們將會取得成功。

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. And 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.

我只想感謝大家。我要感謝大家的支持。當然，我們得到了很多，我要感謝我們的股東、董事會，尤其是我們的團隊。祝大家本週休息愉快。我們期待在報告第三季收益時再次與您交談。謝謝。

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

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。