Veteran Investor and Widely Followed Market Analyst Shah Gilani Calls VENU Stock “Significantly Undervalued”

In a new investor Q&A, the four-decade market veteran lays out a simple case: VENU may be “significantly undervalued” in the market and VENU’s real estate portfolio on an as-completed basis is worth far more than reflected on VENU’s books

COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Venu Holding Corporation ("VENU" or the "Company") (NYSE AMERICAN: VENU), an owner, operator, and developer of premium live entertainment destinations, today released a recorded investor Q&A between Founder, Chairman, and CEO J.W. Roth and veteran investor, retired hedge fund manager, and widely followed market analyst Shah Gilani, Founder and Chief Investment Strategist at ANNSR Market Analytics. You can watch the interview here.

In the conversation, Gilani, a VENU shareholder and frequent commentator on Fox Business, Bloomberg, and CNBC, presents his analytical case that he believes the Company is “significantly undervalued.” Gilani’s observations focus in large part on the fact that VENU owns hundreds of millions of dollars in prime real estate and its balance sheet does not reflect the full value of those assets.

The proof is in real transactions. Land under VENU’s Ford Amphitheater was carried on VENU’s books at approximately $8 million; whereas in a recently completed sale-leaseback it was valued at roughly $49.7 million, about six times higher. A potential $80 million sale-leaseback is planned on just the parking asset at the Company’s Sunset Amphitheater development in McKinney, Texas, which remains under construction. And looking ahead, independent third-party appraisals previously valued VENU’s fully built-out portfolio at approximately $1.24 billion at the time of those appraisals.⁽¹⁾

“I think the stock is significantly undervalued. I think the company is amazing,” said Gilani. “I’m an investor in the stock and I want to see it go where it’s capable of going, which is, I think, to the moon.”

“We believe Wall Street is pricing VENU off a balance sheet that understates what these assets are actually worth and will be worth to us once we complete our in-development projects,” said Roth. “The market hasn’t caught up to the math yet. But more and more investors are seeing what Shah sees in VENU.”

Watch the full investor Q&A with Shah Gilani: here

About Venu Holding Corporation

Venu Holding Corporation ("VENU") (NYSE American: VENU) is a premier owner, developer, and operator of luxury, experience-driven entertainment destinations. Founded by Colorado Springs entrepreneur J.W. Roth, VENU has a portfolio of premium brands that includes Ford Amphitheater, Sunset Amphitheaters, Phil Long Music Hall, The Hall at Bourbon Brothers, Bourbon Brothers Smokehouse and Tavern, Aikman Owners Clubs, and Roth’s Sea & Steak. With venues operating and in development across Colorado, Georgia, Oklahoma, and Texas and a nationwide expansion underway, VENU is setting a new standard for live entertainment.

VENU has been recognized nationally by The Wall Street Journal, The New York Times, Billboard, VenuesNow, and Variety for its innovative and disruptive approach to live entertainment. Through strategic partnerships with industry leaders such as AEG Presents, NFL Hall of Famer and Founder of EIGHT Elite Light Beer, Troy Aikman, Billboard, Aramark Sports + Entertainment, Tixr, Boston Common Golf, Niall Horan, and Dierks Bentley, VENU continues to shape the future of the entertainment landscape. For more information, visit VENU’s website, Instagram, LinkedIn, or X.

Forward Looking Statements

This press release, and the investor Q&A with Shah Gilani, contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including the risk that one or more future sale-leaseback transaction may not be entered into or completed on the terms contemplated, the risk that actual proceeds may be materially less than anticipated, assumptions related to the completion of the Company’s in-development projects, or the risk that the appraised values of any Company parcels may not reflect the amount at which they could be sold to a third-party at any point in time. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the sections titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, on file with the SEC, as well as in reports subsequently filed by the Company with the SEC. Forward-looking statements contained in this announcement and in the investor Q&A with Shah Gilani, are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Important Information Regarding Shah Gilani: Shah Gilani is a VENU shareholder who has publicly disclosed that he purchased VENU stock prior to this interview and received no compensation from VENU for his participation. The valuation views expressed by Mr. Gilani represent his own personal analytical opinions, are based on VENU’s public filings, and are not statements, projections, or guidance of VENU Holding Corporation. Investors should not rely on Mr. Gilani’s opinions as a basis for any investment decision and are encouraged to review the Company’s public filings and conduct their own analysis.

(1) Appraisal Disclosures

These appraisals used the cost basis, income, and comparable sales approaches to valuation and, after reconciliation, came to the appraised values of the properties. These approaches to valuation are commonly used approaches to value for appraisal of commercial properties, as opposed to assigning a valuation on the properties based solely on the cost basis of the properties. The total appraisal for the Colorado Springs campus includes a 5.5-acre parking lot that was later sold through a sale-leaseback transaction in November 2025 for $14 million. At the time of the original appraisal, that parcel was valued at $9.2 million. In addition, the total appraisal included the parcels sold by Venu in a sale-leaseback transaction completed in June 2026 that, at the time of the appraisal, was valued at $49.7 million.

It is important to understand that the appraisal of VENU’s properties takes into account, among other factors, the valuation of the Company’s real estate and developments at a specific point in time (in this case being October 8, 2025), and the appraised value is subject to (and likely to) change at any time, whether it increases or decreases, and such changes could be caused by macro and micro factors over which we have no control. The appraisal of the property portfolio is only an estimate of its value as to the date of the appraisal and based only on the specific appraisal methodologies and should not be relied upon as a measure of its realized value or the value at which any property could be sold to a third party. Other appraisal methodologies may yield materially different appraised value. Furthermore, the appraised value of the properties differs from the values assigned to it under generally accepted accounting principles in the United States (“GAAP”), which require the values of the properties to be valued at their cost basis for financial presentation purposes, and therefore the appraised values represent an unaudited measure that may not represent fair value, as defined under GAAP, and such values and appraisals are not, and will not be, subject to audit or other review procedures by our outside independent accountants.

The opinions expressed in the appraisal are based on estimates and forecasts that are prospective in nature and subject to certain risks and uncertainties. Events may occur that could cause the performance of the properties to materially differ from the estimates utilized by the appraiser, such as changes in the economy, interest rates, capitalization rates, the financial strength of the live-music and entertainment industries, and the behavior of event attendees, investors, lenders, and municipalities. The Company reviews each appraisal of its properties to confirm that the information provided to the appraiser is accurately reflected in the appraisal, but it does not validate the methodologies, inputs, and professional judgment utilized by the certified appraiser.