CANTON — By 2023, Johnson Controls Hall of Fame Village is expected to attract 4 million people a year and yield $130 million in revenue.
Village CEO Mike Crawford shared those projections Tuesday during an investor call about the expected merger between Gordon Pointe Acquisition Corp. and the Village company.
The deal would create a new publicly traded company, pay down the Village’s debt, and relocate Gordon Pointe’s headquarters to Canton. It’s expected to close sometime before the end of the year.
Gordon Pointe is expected to have $114.3 million in its trust account by the time the deal closes. That money will be put toward the second phase of development and will possibly to help pay down the Village’s debt.
The current Village ownership will have a 60% share in the new company, which will be called “The Hall of Fame Resort and Media Company” and will be listed on the NASDAQ as “HOFV.”
Crawford said he expects annual revenue of $130 million by 2023. Sources of that revenue were broken down like this:
• 23% from the to-be-constructed indoor water park.
• 21% from Tom Benson Hall of Fame Stadium.
• 19% from corporate partners and sponsorships.
• The remaining 37% from the media company, hotels, field house, youth sports, Center for Excellence, and retail.
Construction on the next phase of the Village will begin either at the end of this year or early next.
The second phase will include:
• The hotel attached to the indoor water park, slated to open in early 2021.
• A retail promenade, finished in early-to-mid 2021.
• The Center for Excellence medical and office building, scheduled to open in summer 2021.
• An indoor water park opening in early-to-mid 2022.
• A field house and convention center, scheduled to finish in early-to-mid 2022.