Erik Spanberg relates that the July revenue figures for France Family Convention Center Annex only missed budget expectations by 50 percent. The NASCAR Hall pulled in $818,000 for the month, not even half of the $1.65m. officials expected. At the current rate, and accounting for slow winter months, the Hall could easily wind up $5m. in the hole at the end of this fiscal year considering expenses are budgeted at $15.3m.
Reaching even $10m. in revenue will be a challenge with something a shade over $9m. more likely. Although I haven seen attendance figures, it sure looks like the Hall is sticking to that 1000 per day average we predicted — or less than half the annual projection of 800,000 for the first year of operation.
Update: Steve Harrison adds these details:
The NASCAR Hall of Fame made $577,616 from ticket admissions from monthly attendance of 33,312 people. It also made $240,747 from other sources, including merchandise sales, hall rentals and a sponsorship payment of nearly $74,000.
The sponsorship payment will be sent to the city of Charlotte to repay a $5 million construction loan.
Yep, 1070 people per day, per person revenue holding at $24-25, admission revenue down to $17.33 per person. Also looks like Hall officials have already gutted promotion spending, which is a short-term remedy at best. Doesn’t look good.
