It . . . x?

Hello. I know 'x' can be referred to as 'it' after the first mention. For example:

This place [x] is fantastic; it [this place] has not only a beautiful view but also a very comfortable sofa.

But can ‘it’ anticipate something expressed by ‘x’? For example:

Because everybody likes it, soccer [x] is the most profitable sport in the world.

Thank you!