NASCAR Shrine losses mount

The $200M publicly-funded NASCAR HOF “turned two this month with shrinking expectations on the horizon," as the early returns from the facility have been "sobering," according to Erik Spanberg of the CHARLOTTE BUSINESS JOURNAL. For the first nine months of this fiscal year, “losses totaled $684,000, well above the budget estimate of $387,000." Charlotte Deputy City Manager Ron Kimble and other backers contend that the HOF “has delivered, helping attract conventions, generating hotel and restaurant business and cementing the region as the home of the annual all-star race at Charlotte Motor Speedway."

The Charlotte Regional Visitors Authority, which operates the HOF, “projected an operating profit of $800,000 in the first full year and instead" lost $1.5M. CRVA Board Chair Joe Hallow said, “I think break-even would be a terrific win. The question is, if we are able to get the business to operate needing a subsidy of half a million dollars a year, is it worth it? In my personal opinion, it would be." CRVA CEO Tom Murray “vows to at least reduce the deficits as part of a broader reorganization and cost-cutting campaign." Spanberg notes sales, marketing and PR, “among other areas, will be consolidated so staffers work on more projects." The HOF will enter its third year “likely 30% behind already downsized revenue projections" CHARLOTTE BUSINESS JOURNAL

Leave a Reply