By: Sam Neumann
In 2006, when plans for the Nascar Hall of Fame were being made, the city of Charlotte was promised that the $160 million investment that it was about to make would be worth it. Eight years later, many Charlotteans worry that this assurance has not been met.
Charlotte, considered the “NASCAR Mecca,” has seen its Hall of Fame lose attendance and revenue. According to Charlotte Business Journal, the Hall has lost $1.6 million in revenue and its attendance has dropped by roughly 20,000 visitors in 2013.
Charlotte is an up-and-coming city, and the Hall of Fame should increase the number of tourists. The NASCAR Hall of Fame could be considered a failure because of the money and attendance losses, and if that doesn’t change soon, it will indeed be one.
The NASCAR Hall of Fame actually appears content with failing. Charlotte Regional Visitors Authority Director Tom Murray said, “The reality is we will never make the attendance numbers we set. We want to make sure that the facility is sustainable in the long term.” According to WSOCTV, a local news channel in Charlotte, NASCAR’s goal is to “be able to pay back their partners.” The Hall found other sources of revenue by hosting around 300 events in the last fiscal year. This helped the hall gain a good chunk of money back, but there is still a long way to go.
Building the NASCAR Hall of Fame was a smart idea, but when you look at the statistics, it hasn’t panned out like NASCAR and Charlotte would have liked it to. The situation is not good in reality or on paper. Yet the Hall of Fame has much to offer fans of all ages, such as driving simulations, plenty of hands on activities, and learning the history of NASCAR. If the Hall wants to make a better name for itself and the city it represents, there are specific steps it can take: it should lower admission prices and advertise more.
The NASCAR name alone is not enough to make a profit, but the Hall has opportunities in front of it to succeed in the future.
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