Business
Tix Corporation Reports First Quarter 2018 Results
Tix Corporation Reports First Quarter 2018 Results.
About this update from Tix Corporation
[{"type":"text","content":"\nSTUDIO CITY, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX:TIXC), a leading provider of discount ticketing services, today reported results for the first quarter ended March 31, 2018.  \n The Company’s first quarter 2018 operating results were lower than the same period in the prior year as the Company believes it continued to be adversely impacted by the following external factors, which were previously reported: Increased aggressive competition from online ticket sellers, show producers, and hotel properties. MGM opened, for the first time, five of their own discount ticket booths on their properties in Las Vegas beginning in September 2017.MGM withdrew tickets of four of their Cirque du Soleil (“Cirque”) shows from Tix4Tonight booths in October 2017.  Cirque’s Mystère (owned by Treasure Island and Cirque), the Company’s best-selling Cirque show, continues to be offered at the Company’s booths. Increase in hotel rooms reserved for Las Vegas conventions, whose participants, the Company believes, attend fewer shows than casual tourists.Las Vegas tourism in general experienced a significant and sustained decline in its business since the October 1, 2017, Las Vegas Strip mass shooting.  Public data confirms that visitation and tourism fell materially and that revenues on the Las Vegas strip and casinos fell significantly since that shooting. The Company has been diligently focused on addressing the changing landscape, by implementing various growth and cost saving initiatives, including but not limited to the following: The Company launched its first ever full-service Las Vegas ticketing website, Tix4.com, offering discount show tickets, attractions, tours, and dining.  Tix4.com also includes MGM’s Cirque du Soleil shows withdrawn from our booths mentioned above.  Tix4.com opened in late 2017 and during the first quarter of 2018, represented approximately 5% of total tickets sold during the period.  The Company is encouraged by the potential revenue growth within the online space and is working to add additional offerings.The Company redesigned its discount Las Vegas dining program and relaunched it in mid-2017 as the Vegas Dining Card with approximately 60 discounted restaurant offerings. Din...