Everybody’s losing money on the NASCAR Hall of Fame
The Story
The numbers don’t look so good for the NASCAR Hall of Fame, evidenced by the bailing out by the city, the banks and NASCAR.
The Facts
The numbers tell it all here:
– The city of Charlotte is proposing a one-time payment of $5 million to Bank of America and Wells Fargo on a construction loan for the hall. The money would come from the hospitality tax on hotels, restaurants and bars.
– In turn, the banks would be required to write off the rest of a $19.1 million loan that was supposed to be paid off through commemorative bricks and corporate sponsorships. Didn’t happen.
– NASCAR will waive $3.2 million in royalties it was supposed to get from the hall that never materialized.
– The hall has been losing $1 million a year since opening five years ago.
– Even with all this loan forgiveness, the hall’s still predicted to lose $200K-$500K a year
– Price for an adult admission: $19.95.
The Quotes
NASCAR Hall of Fame averaged 470 people a day last year. A Pizza Hut Express would have done better business there. https://t.co/GtkaqLt44N
— Uncredentialed (@uncredentialed) January 5, 2015
The deal to build the #nascar Hall of Fame was done in 2005-2006. Back when the economy was good and most thought NASCAR would roll in $$. — Bob Pockrass (@bobpockrass) January 5, 2015
The Hall of Fame is worth a visit — once. Unless you just love racing and have to see the exhibits again and again, the admission price just isn’t worth a repeat visit. But hey, we love the checkered flag crosswalk and clever architecture.
Photos: Jeff Siner & John D Simmons / Charlotte Observer
This story was originally published January 6, 2015 at 1:12 AM with the headline "Everybody’s losing money on the NASCAR Hall of Fame."