Business
Tix Corporation Reports Third Quarter and First Nine Months 2018 Results
Tix Corporation Reports Third Quarter and First Nine Months 2018 Results.
About this update from Tix Corporation
[{"type":"text","content":"\nSTUDIO CITY, CA, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX: TIXC), a leading provider of discount ticketing services, today reported results for the third quarter and first nine months ended September 30, 2018.  \n The Company’s operating results for the third quarter 2018 improved over the previous two quarters, however, the Company’s first nine months 2018 operating results remained lower than the same period a year ago 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 managing five of their own discount ticket booths and removing tickets of four of their Cirque du Soleil (“Cirque”) shows from Tix4Tonight booths in October 2017. Continued increase in hotel rooms reserved for Las Vegas conventions, whose participants, the Company believes, attend fewer shows than casual tourists. 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 is in the process of opening two new high pedestrian off-Strip locations at the Las Vegas North Premium Outlets and the McCarran International Airport baggage claim terminal. We anticipate both locations to open for business during the fourth quarter of 2018.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 Tix4.com also includes MGM’s Cirque du Soleil shows withdrawn from our booths mentioned above.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 nine months 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.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. The Company launched the Vegas Local Expert Planning Guide in early May 2018, an online tourist magazine, enabling Las Vegas tourists to easily navigate within their specific interests and view all cate...