Struggling with declining attendance, the NASCAR Hall of Fame said Wednesday it may cut between $2.5 million and $3 million in annual expenses to balance its budget.
The hall lost $280,509 in August, which some had expected to be one of its strongest months because children are out of school for most of that time. That loss, coupled with overall revenue coming in far short of projections, has led the Charlotte Regional Visitors Authority to ask the hall to consider additional budget cuts, including layoffs.
Since its May opening, the hall has already undergone some belt-tightening, including cutting back on day-to-day expenses and cutting the hours of part-time employees.
“We have asked that the hall look at all aspects of its operations,” said CRVA chief executive Tim Newman. “Labor is one area we are looking at.”
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