City Of Charlotte Expects Struggling NASCAR HOF To Break Even In FY ’16

After "racking up deficits" hovering around $1.5M annually for five of the past six years, the city of Charlotte expects the NASCAR HOF "to break even" in its FY '16, according to Julie Bird of the CHARLOTTE BUSINESS JOURNAL.

The deficit "had been falling in recent years," as losses totaled $1.4M in FY '14, down 14% from $1.6M in '13. Deputy City Manager Ron Kimble said the goal was to "be in a break-even position or better" by FY '16, and "we've got a great chance of doing that."

Kimble added that the HOF "met its target to cut the deficit to $500,000" for FY '15. He "credited revenue growth and cost containment for the turnaround." The key part of cost cuts "was a debt-restructuring agreement with Bank of America and Wells Fargo."

Operating revenue for FY '15 was about $6.6M — 9.8% above '14 and 6.7% "ahead of budget projections." Consumer revenue in '15 totaled $3.5M, up from $3.2M the previous year, as event bookings and food-and-beverage sales accounted for $1.6M "of the total."

The remainder "came from memberships and sponsorships, merchandise, parking fees and ancillary activities."

The HOF "booked 320 events" in '15, up from 300 the prior year. Paid admissions "topped out at 166,500" in '15, which is "down 1.8% from 169,724 visitors" in '14. But Charlotte Regional Visitors Authority CEO Tom Murray "calls it evidence that attendance has stabilized."

The CRVA "projected 800,000 people would go to the hall in its opening year with half that the following year," but the HOF "has never passed 275,000 in attendance." Meanwhile, sponsorships "continue to be sluggish," as revenue in '15 was "about $425,000, down from $573,000" in '14. CHARLOTTE BUSINESS JOURNAL