NASCAR Hall of Fame wants $25M from Charlotte. It’s still behind attendance goals
Annual attendance at the NASCAR Hall of Fame continues to trail initial goals for visitors as the facility seeks millions from the city of Charlotte for renovations.
The Charlotte City Council’s economic development committee voted unanimously Monday to advance a plan to invest $25 million in the facility to a deciding vote by the full council. Hall of Fame officials said the renovations are needed to keep up with growth, especially with school groups.
Attendance and revenue are both on the rise in recent years at the Hall of Fame, according to data from the Charlotte Regional Visitors Authority, which operates the facility.
But the number of people visiting the uptown location still trails initial estimates from when the city-owned facility was developed. Low attendance and revenue raised concerns with city leaders during the Hall of Fame’s early years.
NASCAR Hall of Fame plans $25 million renovation project
The $25 million Hall of Fame renovation would include relocating the facility’s gift shop and cafe, more event space, new security screening equipment and a new dedicated education space for school groups.
It would be the biggest upgrade to the facility since it opened 15 years ago, officials said during the City Council’s first discussion of the project in June.
The project cost includes $12 to $15 million for construction, according to the June presentation. Remaining money would cover design, permitting, furniture and other expenses.
The project would be paid for out of the city’s hospitality fund — revenue from hotel occupancy, rental car and prepared food and beverage taxes that can be spent only on certain tourism-related projects. Construction and maintenance at the Hall of Fame is specifically funded by a 2% hotel occupancy tax.
Charlotte originally paid to build the $150 million hall using the 2% tax and two loans for about $20 million each, the Observer reported previously.
Past NASCAR Hall of Fame problems
The Hall of Fame started facing attendance and revenue problems soon after opening in 2010.
Officials projected the facility would see 800,000 visitors in its first fiscal year, and 400,000 in its second, The Charlotte Observer reported previously. But actual attendance in its first two years was 272,000 and 197,000, respectively.
The Hall of Fame also missed early revenue targets. Before opening in May 2010, the CRVA projected the Hall would have a surplus of about $700,000 for its first year. But by early 2011, that budget was revised down to forecast a loss of $1.29 million for fiscal year 2011.
In 2015, the Observer reported the facility was still “losing more than $1 million a year.”
That year, the city made a one-time payment of $5 million to Bank of America and Wells Fargo on a construction loan for the Hall of Fame on the condition the banks write off the rest of a $19.1 million loan. NASCAR also agreed as part of the plan to waive $3.2 million in past royalties it was supposed to receive from the facility.
Latest NASCAR Hall of Fame attendance numbers, revenue
Attendance has grown at the Hall of Fame in recent years, according to CRVA data.
The agency reported 201,840 people visited the hall in fiscal year 2024, up from 184,366 in fiscal year 2023 and 148,763 in fiscal year 2022.
The CRVA is still finalizing numbers for fiscal year 2025, which ended June 30, but projected attendance was 202,160.
Revenue is up and exceeds expenses, according to the CRVA. Projected revenue for fiscal year 2025 is $10.9 million, up from $10.8 million in 2024, $10.5 million in 2023 and $6.8 million in 2022.
CRVA spokeswoman Gina Sheridan said the numbers “reflect real performance and consistent year-over-year growth, rather than projections based on market assumptions made nearly two decades ago.”
The “growth in visitation and revenue reinforces the NASCAR Hall of Fame’s increasing relevance and impact,” Hall of Fame Executive Director Winston Kelley told the Observer.
“As we move forward with our space optimization initiative, we’re focused on transforming the guest experience, expanding access to educational opportunities and enhancing our ability to host impactful events. This is more than an upgrade — it’s a long-term investment in ensuring the Hall continues to deliver value for Charlotte and its visitors for years to come,” Kelley said in a statement.
Council member Ed Driggs, who voted in favor of the Hall of Fame plan in committee, said at Monday’s meeting he was initially concerned about the finances of the deal. But Driggs said he was convinced by the latest attendance and revenue numbers as well as assurances the 2% hotel occupancy tax can generate enough revenue to cover the cost of the renovations.
“I‘m comfortable about the capacity, and I wouldn’t want to second guess the judgment of the people running the Hall in terms of the suitability of these improvements,” he said.
This story was originally published August 4, 2025 at 2:01 PM.
