August 5, 2021

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It’s been 707 days since the last NFL preseason games were played. Who knew we’d miss exhibition football so much? 

Hall of Fame Events Revised Due to COVID-19

Charles LeClaire-USA TODAY Sports/Design: Alex Brooks

Some events at the Pro Football Hall of Fame this week in Canton have been revised as a result of the COVID delta variant surge, an indicator that the NFL will have to muddle through another season dealing with the pandemic — which cost the league around $4 billion in lost revenues last season. 

Public health officials in Ohio’s Stark County have “recommended” masks for indoor events, no matter one’s vaccination status, as the county’s COVID count crept into the “substantial spread” range.

About 90% of NFL players have received at least one dose of the vaccine, a rate that’s higher than the national average of adults in the U.S. (70.1%). 

There’s no new mask recommendation for Thursday night’s Cowboys-Steelers preseason Hall of Fame Game, where a sellout crowd of 19,000 is expected to turn out — the first full-capacity crowd for an NFL game since Super Bowl LIV in February 2020. 

  • Per CDC guidance, teams in domed/retractable-roof stadiums recommend masks for fans no matter their vaccination status. 
  • Open-air stadiums don’t currently have a mask recommendation for those who are fully vaccinated. 
  • Teams would bear the financial burden and could be forced to forfeit if a scheduled game isn’t played. 
  • Players would not be paid if an unvaccinated outbreak causes a cancellation. 

COVID-19 forced the cancellation of the 2020 preseason and led to a nearly 93% drop in attendance as teams drastically reduced stadium capacity. All 32 NFL teams expect to allow full attendance this season.

BetMGM Recovers From Pandemic Lows

MGM Resorts/Design: Alex Brooks

MGM Resorts’ second-quarter earnings showed a strong recovery from the pandemic as it invests in sports betting and an overseas expansion. 

The gambling and casino operator posted net revenues of $2.3 billion – 683% above Q2 2020, but still 47.8% below the $3.2 billion the company earned in Q2 2019.

BetMGM, the company’s sports betting and iGaming venture, which it owns in a 50% split with Entain, continues to expand, but has not yet become profitable.

  • BetMGM lost $46 million in the quarter, compared to a $5.2 million loss in the same period last year.
  • The company partners with MLB, the NBA, WNBA, NASCAR, PGA Tour, MLS, and several media outlets.
  • BetMGM is active in 12 states and expects to be in 20 by the end of the year.

Meanwhile, MGM Resorts is shifting resources while plotting an expansion in Asia. MGM announced the sale of its real estate company MGM Growth Properties to VICI for $17.2 billion. MGM will receive $4.4 billion in cash in the deal.

That liquidity could help fund the $9 billion casino that MGM is planning to build in Osaka, Japan.

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Live Nation Rebounds With Return of Sports, Concerts

Stan Szeto-USA TODAY Sports/Design: Alex Brooks

The return of live fans to sports hasn’t just been a saving grace to teams and leagues — it has also revived the ticketing industry.

Ticketmaster owner Live Nation Entertainment saw revenue climb 677% year-over-year to $575.9 million in the second quarter. Ticketmaster is the official ticket exchange for the NFL, NBA, and NHL.

  • Ticketing brought in $244 million for Live Nation, compared to an $87 million loss in the same period last year.
  • Ticketmaster had its fourth-best month in company history in June, by ticket volume.
  • Live Nation sold 48.6 million tickets in Q2 — 26.3 million of which were fee-bearing. 

CEO Michael Rapino made the case that the company is on a strong trajectory, noting that July 12 was its highest resale day in history by gross ticket volume, “driven by the U.S. Open along with strong NBA, NFL, and concert resale volumes.”

While Live Nation’s revenue has climbed each quarter since its dismal Q2 2020, it still has some way to go to return to pre-pandemic levels. In the second quarter of 2019, the company brought in $3.2 billion, 556% above Q2 2021’s showing.

Fox Beats Estimates With $2.89B Quarter

Ron Chenoy-USA TODAY Sports

Fox generated $2.89 billion in revenue in fiscal Q4 2021 — a 20% increase compared to the same period a year ago.

The quarter was driven by revenue growth across all categories, but the company’s television business led the pack with a 51% increase year-over-year. 

Fox continues to diversify its live sports offerings. 

  • It inked an 11-year media rights deal with the NFL that’s worth about $2 billion per year. 
  • Outside of its traditional outlets, the deal will also bring NFL games to Fox’s free streaming service, Tubi. 
  • The USFL announced plans to return to the gridiron in the spring of 2022 with Fox as a broadcast partner.

Fox’s advertising revenue increased by 38% in Q4 to hit $982 million, up from $712 million during the company’s fiscal Q4 last year. Fox credited the spike to the return of live sports that were postponed last year.

Despite the financial success, Fox has also faced some challenges.

“Fox Bet Live,” an afternoon show on Fox Sports’s FS1 cable network, is in danger of being canceled, sources told Front Office Sports in June. The company also lost Hall of Fame tight end Tony Gonzalez as a studio analyst last month due to his desire to pursue other TV and film projects.

Fox’s full-year revenue reached $12.91 billion, a 5% increase compared to the previous year.

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Question of the Day

How much do you plan to spend on your next automobile purchase?

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Wednesday’s Answer
73% of respondents plan on staying at a hotel in the next six months.

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