Monday, June 27, 2011

Projections soared during race for NASCAR Hall

Charlotte Regional Visitors Authority officials rejected early, more modest attendance projections for the NASCAR Hall of Fame as competition to host the facility intensified between Charlotte, Atlanta and Daytona.

"It is not clear what, if any, due diligence was conducted in support of these upward revisions," concluded a report released today from a consultant who studied the authority.

Click here to read the Pricewaterhouse Coopers report.

The report said it is possible that the hall's failure to hit its projected first-year attendance of 800,000 - 274,000 visited in its first year - resulted from the weak economy.

But the CRVA chief executive and its board of directors should have clearly identified the potential lack of supporting evidence for the projections at the tax-supported project, the report said.

- Doug Miller

9 comments:

Larry said...

BAM (Boron Aluminium Magnesium). It is a ceramic alloy discovered in 1999 by Bruce Cook. It has a coefficient of friction of 0.02. Teflon has a coefficient of 0.05.

And is thought to be the most slippery substance on Earth.

However after reading this report we may have a new contender.

Anyone notice they did not even mention the real numbers like say the actual attendance?

Someone should have sent that back and said hey a College Student must have done this report.

MeckDeck said...

Wow, a rare quad scandal:

1) Kickbacks/free tix associated with high dollar events.

2) Promise of an audit to ID financial issues.

3) No acutal audit produced for $25K, board/CRVA execs say no written report exists.

4) $25K written report DOES exist, consists of clip job of October 2010 ESPN reporting.

Why does Tim Newman still have a job? Why don't we have a new CRVA board -- with NO links to "hospitality" industry -- in the wings?

Because we are Charlotte, AKA Detroit-on-the-Catawba.

Anonymous said...

I have an idea for a CRVA-sponsored tourist attraction that would exceed attendance estimates:

A Tim Newman Dunking Booth filled with tabasco sauce and bleach.

Wiley Coyote said...

You get what you vote for....

City Council could put an end to this mess, but we all know how that will turn out.

jenifer daniels - the friendraiser said...

@MeckDeck - Charlotte is not Detroit. Why don't you ask an actual Detroiter about possible comparisons.

But yes, as a taxpayer, I am adamant that we need more answers.

Anonymous said...

The Observer's editorial board were predictable cheerleaders for the NASCAR HOF during the entire time that l'il Timmy "what me worry" Newman was lying through his teeth.

Let's see Ed Williams and Taylor Batten and Mary Schulken fess up along with l'il Timmy.

Anonymous said...

so what. they just wanted something thats still white downtown. cant blame them can you?

what about a 2nd nashville for country music on w trade since its the #1 music in america? clean up this joint b4 its too late plus cowboys & cowgirls are armed & loaded & do shoot to kill in self defense.

Anonymous said...

Say what you want about Newman as you will on the outside looking in. Go ahead and fire the man for:

- Bringing the CIAA to your city having a bottom line affect of $40 million
- Having something to do with 3% in hospitality revenues leaping five times in a years time to 18%
- Bringin in the NRA and other sporting related events that have netted you all gains

What planet can one be from not to know that even in Raleigh when they had that CIAA tournament that the young lady there was taking in $120k? Granted the manangement at CRVA should have had there person take a leave and be outsourced for doing the work for Charlotte, but there's no real harm nor foul or under the table anything there. That's a perception thing. However, if you know nothing about operations in business what else can be made but an ignorant statement?

The guy met someone in house, they got together, she worked tiers down under him, she's gone from the organization. Okay so, and now what? What company doesn't have employees seeing one another, married or otherwise? Even old folks in an old folks home get together, but I guess you want to put them outdoors also given the level of intellect here being posted.

This report shares nothing. If you want to have a report that reflects something then you ask for one around the management, operations, and structure of the organization and then ask for recommendations from the auditor. Geez!

www.muebles.pl said...

It won't work in actual fact, that is exactly what I suppose.