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NASCAR Hall of Fame reports $1.6M loss in FY 2012

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CHARLOTTE, NC (AP) — The NASCAR Hall of Fame lost $1.6 million in the fiscal year that ended in June, but tourism officials in Charlotte say they think the museum’s financial performance is improving.

The Charlotte Observer reports the hall’s operating loss was $900,000, which was paid for by reserves from the Charlotte Regional Visitors Authority. But the larger deficit includes so-called “accrued debt,” mostly to pay off construction loans and royalties to NASCAR. That “accrued debt” hasn’t been paid.

CRVA chief executive Tom Murray says he thinks the financial situation with the museum has stabilized. Murray said the CRVA is focusing not so much on attendance, but on getting visitors to spend more on secondary purchases such as simulator rides and audio-guide tours.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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