The latest remarks about the Hall's financial problems from the new head of the Charlotte Regional Visitor's Authority as reported by WSOC Television in Charlotte:
Posted: 4:15 p.m. Thursday, April 19, 2012
NASCAR Hall running $600K deficit for year, but hopeful for turnaround
By Jim Bradley
CHARLOTTE, N.C.
The man who heads Charlottes visitors authority said the NASCAR Hall of Fame cannot continue running deficits.
The latest numbers show the Hall of Fame has lost more than $500,000 already this year.
Its been nearly two years since the Hall of Fame opened its doors to fanfare. Unlike the fast cars it promotes, the halls budget seems stuck in reverse, running up deficits that are twice as high this year as originally projected.
From the start of the fiscal year last July through the end of February, the Hall of Fame projected a deficit of $308,000. However, number released this month show the actual deficit is more than $619,000.
Even Tom Murray, who heads the Charlotte Regional Visitors Authority, said that is not sustainable . The CRVA runs the Hall of Fame.
Well, you cant go on forever, obviously. But we think we can get it under control, Murray said when asked about running a $600,000 deficit.
The Hall of Fame said its projection of breaking even this year was too aggressive a goal to meet.
The hall has seen a big rise in revenue from groups renting the facility, but overall attendance numbers are also down this year.
City Councilman Warren Cooksey said the numbers are troubling, but out of the citys control.
That is the responsibility of the regional visitors association to manage on behalf of the city of Charlotte and thats my expectation, that they will manage it, he said.
Murray said hes already making organizational changes that will save money and funnel more visitors to the museum.
If we have 500,000 people coming through the convention center visiting our city, how many of these people can we get into the Hall of Fame? he asked.
The Hall of Fames revenue and attendance will almost certainly be higher in the next few months, with big races at Charlotte Motor Speedway bringing in huge crowds.
But Murray said the museums deficit may be even bigger than it is now by the end of the fiscal year in June.
He said hes working on a budget for next year he hopes will be more realistic.
LINK TO NEWS VIDEO :
http://www.wsoctv.com/news/news/local/nascar-hall-running-600k-deficit-year-hopeful-turn/nMdHM/
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updated by @dave-fulton: 12/05/16 04:02:07PM