Las Vegas has quickly become an epicenter of the business of sports, the latest evidence being Formula 1’s upcoming grand prix.
Now, one of the leading ticket marketplaces is looking to enhance its presence there.
Vivid Seats — backed and led in part by Chelsea owner and Los Angeles Dodgers and Lakers co-owner Todd Boehly — has purchased Vegas.com in a $240 million cash-and-stock deal. Vegas.com provides a range of information on entertainment and attractions in Las Vegas, as well as flight and hotel bookings.
The deal is projected to increase the company’s domestic addressable market by more than $6 billion.
“If you look at the inaugural Formula 1 race that’s happening there this month, the Super Bowl coming next year, new venues standing up, artist residencies — we love the tailwinds there,” said Stan Chia, Vivid Seats CEO, in a call with analysts.
“We also think this is a wonderful, synergistic opportunity to use Las Vegas and that domain authority to acquire all of these visitors, introduce them to Vivid Seats, and have them go back to their home markets.”
Bullish Earnings
The Vegas.com deal was one of the highlights of a robust earnings report for Vivid Seats, as the Chicago-based company continues to enjoy the fruits of a broad consumer embrace of live events.
Vivid Seats reported a 20% boost in revenues for the third quarter to $188.1 million compared to the same period a year ago, as well as an 18% rise in adjusted earnings to $33.4 million. Marketplace gross-order volume increased 28% to a quarterly company record of $998.9 million.
More must-reads: