The stands at Allegiant Stadium on a Sunday in September featured many fans wearing black and yellow.
The Las Vegas Raiders were playing a home game, but supporters of the Pittsburgh Steelers had traveled to town and occupied many of the seats.
Vivid Seats, the online ticket marketplace, is looking to capitalize on Las Vegas’ thriving sports tourism industry with the purchase of the Vegas.com travel site in a cash and stock transaction valued around $240 million. The sale was announced this morning.
The acquisition better positions Vivid Seats ito compete against Ticketmaster and StubHub for event sales in Las Vegas, the company said.
“We are thrilled to announce the acquisition of this strategic asset that will enhance our scale and reach in the entertainment capital of the U.S. and beyond,” Stan Chia, Vivid Seats CEO, said in a statement.
The Las Vegas market is unique in that it has more than the city’s sports teams: the Raiders, Golden Knights and likely Las Vegas A’s. It also hosts events, from the Super Bowl in February to a Formula One race in November and for the next 10 years to the college basketball Final Four in 2028.
“It has never been more clear that demand for live events is strong and that we are capturing that strength at Vivid Seats,” Chia said.
Vegas.com, in addition to booking flights and hotel rooms, provides a complete inventory of shows, attractions and tours in Las Vegas, Vivid Seats said in a news release.
Vegas.com works with more than 400 airlines from 1,700 departure cities on packages.
Vivid Seats said the transaction would increase its total addressable market (TAM) by more than $6 billion. It acquired Japanese ticketing platform Wavedash in August for $61 million, with an eye on expanding its international footprint.
“This transaction will increase our scale and reach in this key market, bring incremental unique inventory through strategic partnerships and offer long-term synergistic upside, while increasing our TAM by over $6 billion,” Chia said.
“As we continue to expand our reach and capabilities as a leading global marketplace, we are pleased that our strong balance sheet and robust cash flow are enabling multiple strategic investments,” he said.