NASCAR Hall of Fame losses mount

The NASCAR Hall of Fame announced Wednesday that it lost $258,522 in September, bringing its total loss for the first three months of the fiscal year to roughly $448,000.

Despite the red ink, the hall is optimistic that it has a plan to improve financially.

October attendance, boosted by the Bank of America 500, will likely be around 30,000 people, and the hall may turn a profit for the month. In addition, the hall has started an aggressive marketing effort to locals, including a number of promotions that reduce the price of tickets.

"We definitely feel like we are on the right track," said hall spokesperson Kimberly Meesters. "We're not sitting still."

The hall's original budget -- which will be revised later this year -- projected a $853,000 operating profit from July to September. It then projected a profit in October, and then six straight months of operating losses in the winter and spring. After that, there would be large surpluses in May and June to finish the fiscal year in the black.

The hall's challenge is to cut expenses and attract more visitors to keep its loss from growing.

There are some signs the hall is having success.

Early this month, the racing shrine was boosted by the World of Outlaws races at the Charlotte Motor Speedway Dirt Track. Enough fans came to the hall that there was a lengthy line for entrance.

"We talk about the Charlotte Motor Speedway being the Big 3 (Sprint Cup events)," Meesters said. "But there are other events as well."

September attendance was 16,327, after August drew 23,534 fans.

September revenue was $612,680, and was slightly higher than August revenue of $607,827. Despite drawing more than 6,000 fewer fans, the hall was boosted by a large number of groups renting the hall after hours.

Expenses for September were $871,202, and were $888,336 in August.

The Charlotte Regional Visitors Authority, which manages the hall, has said the hall could finish the fiscal year with a loss. If it did, the CRVA would use some of its $3.4 million reserve fund to cover the deficit. The CRVA tapped that fund earlier this year, when the hall finished fiscal year 2010 with an operating deficit of roughly $80,000.

Ovens, Bojangles

CRVA officials also detailed the financial performance of Ovens Auditorium and Bojangles Coliseum Wednesday, two other venues the CRVA operates.

Ovens and Bojangles typically operate at a loss, and the city of Charlotte gives the two venues a nearly $600,000 subsidy to balance their budgets.

This fiscal year, however, there are signs that the two east Charlotte venues are struggling more than usual. After three months, Bojangles has an operating deficit of $323,357, more than the budgeted loss of $200,656. Ovens has posted a loss of $198,395, only slightly more than its budgeted loss of $193,634.

Combined, the two buildings are in the red by $521,000. If the venues exceed the city subsidy, the CRVA has said it would also use the $3.4 million reserve.

Average stay

The hall also released Wednesday that 84 percent of its visitors have come from at least 50 miles away, and they stay for roughly 2.1 days. The hall also said its surveys show that the average visitor is spending $191 on their visit.

"That's what this is about," Meesters said. "Heads in (hotel) beds."

Some of the hall's upcoming events include Military Appreciation Week through Sunday, with half-price tickets for retired or active military; a "Black Friday" promotion on Nov. 26, with free simulator rides from noon to 2 p.m.; and a "HALLidays at the Hall kick off day on Dec. 11, with a Santa appearance, a snow machine, and "How the Grinch Stole Christmas" showing in the theater.