Vivid Seats Acquires Vegas.com for $240 Million
Vivid Seats, a prominent ticket exchange and the third-largest on the web, has recently purchased Vegas.com for $240 million in cash and stock. This acquisition significantly enhances their reach, increasing their total addressable market (TAM) by over $6 billion. This news was shared during their investors' call on Tuesday, as well as in a subsequent press release.
Vivid Seats' CEO, Stan Chia, expressed his excitement about this deal - "We couldn't be more thrilled to broaden our impact with the acquisition of Vegas.com. Our sheer growth in the market is a testament to the ever-increasing demand for live events, and we're excited to lead the charge at Vivid Seats."
By acquiring Vegas.com, Vivid Seats positions itself as a formidable competitor to Ticketmaster and StubHub in the Las Vegas market. Not only does Vegas.com provide flight and hotel booking options, but they also offer an extensive range of tickets to various shows, attractions, and tours in Sin City. This diverse inventory is a result of the unique relationships Vegas.com has forged with local event producers and resort operators since its inception in 1998, when it was founded by the Las Vegas Sun newspaper and its owner, the Greenspun Corporation.
Over the years, Vegas.com has earned recognition, as it was named among the 50 most popular travel websites by the Chicago Tribune in 2005. In 2015, it was acquired by Remark Holdings for $15.5 million in cash and additional stock options.
This is Vivid Seats' second expansion this year. In August, they bought the Japanese online ticketing platform Wavedash, valued at about $61 million in cash.
Vivid Seats, which trades on the NYSE and Nasdaq under the ticker symbol SEAT, was established in 2001 by Jerry Bednyak (head of technology) and Eric Vassilatos (handling finance). Since then, it has attracted investments from venture capital firms like Vista Equity Partners in 2016, and GTCR, which acquired a majority stake for $575M in 2017.
By November 3, 2023, the company had a market cap or net worth of $1.22 billion.
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Source: www.casino.org
