We operate four ticket facilities in Las Vegas where we sell more than 2000 tickets every day, and for next year we anticipate selling about a million tickets. The idea is that we sell the leftover seats that the show has not been able to sell, just hours before the show time, and there are thousands of such unsold seats every day because Las Vegas currently has about 85 shows, and we sell 70 shows every day. We open at 11 every morning with lines down the street at all of our locations. It’s actually very exciting to see.
For the six months ended June 30 of this year, we at Tix4Tonight did $15.4 million dollars of gross ticket sales, and we would project that into about $32 million dollars for the year because the second half of our year is usually typically better than the first six months. For all of last year, we did $23.2 million dollars in gross ticket sales. That represents a 38 percent growth.
We’re working right now on getting a fifth location in Las Vegas, a very major location if we’re able to obtain it, and if we do, we think that for the rest of the year it would add about another $3 million dollars in gross ticket sales so that we’d have about $35 million dollars in gross ticket sales, which would represent about a 51 percent growth factor over last year.
Typically our revenues are higher this year than last year, so our revenues, we would think, would go up at an even higher percentage than the 51 percent growth.
Please note that when we report to the SEC, we’re only able to report commissions and service fees that we charge because our gross revenue when reporting to the SEC is that we only pay for tickets that we sell, so SEC only lets us report those commissions and service fees, which are typically about 24 percent of our gross ticket sales.
We have approximately 3000 people at our booths in Las Vegas every day, and realize that we could be selling them additional complimentary discount products. We developed Tix4Dinner, which offers up to 50 percent off entrees at Vegas restaurants and buffets, and we’re already doing approximately 300 to 500 dinner reservations every day. Typically we send people to a hotel for shows and offer restaurants in those hotels the discounts, so that basically we are able to keep people in those hotels for the whole evening, which obviously increases gambling for those hotels. They love it. That’s actually their mantra to keep people there all day and all night.
