SBD/June 2, 2011/Facilities

NASCAR HOF Predicts 20% Increase In Admissions Revenue During Year Two

NASCAR HOF expected to end first fiscal year with $1.29M operating loss
The NASCAR HOF's draft budget “predicts revenue from admissions will increase” nearly 20% next year, an “optimistic projection that runs counter to the experience of many similar attractions,” according to Steve Harrison of the CHARLOTTE OBSERVER. The city-owned facility “projected 800,000 visitors for its first year,” but “attendance was roughly 274,000, including 12,000 free visits during an open house in January.” The draft budget “calls for $4.88 million in admission revenue next fiscal year, while this year's admissions revenue is expected to be $4.15 million.” A memo from the Charlotte Regional Visitors Authority, which operates the HOF, said that the admissions projections “are based on a ‘stretch’ target.” NASCAR HOF External Relations Manager Kimberly Meesters said that the HOF has had “no discussion about raising its ticket price.” The CRVA board is “set to vote on the budget at its meeting next week.” The HOF's first fiscal year, which ends June 30, is “expected to end with a $1.29 million operating loss.” The CRVA has said that “it will cover that loss from its reserves.” The projected increase for the upcoming fiscal year of more than $700,000 in admissions revenue “helped show no loss in its draft budget.” The HOF also is “slated to receive a $1.044 million operating subsidy from the city of Charlotte for the first time” (CHARLOTTE OBSERVER, 6/2).
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