Las Vegas ticketing group Tix Corporation’s net loss for the first nine months of 2020 to September 30 has reached $3.3m (£2.5m/€2.8m), compared to $985,000 in 2019.
The operator, which provides discount ticketing services for concerts and shows via its Tix4Tonight brand, has closed all nine ticket booths of the business that is geographically concentrated in the Las Vegas marketplace, via MGM Resorts and Cirque du Soleil shows.
Due to efforts to mitigate the impact of COVID-19, virtually all Las Vegas entertainment, restaurants, and bars, have closed, with Tix generating no revenues in the third quarter of 2020.
In March, Tix Corp laid off the majority of its employees and suspended sales to shows, attractions and tours due to the coronavirus. This has caused the firm to report an 80 per cent drop in revenue for the first nine months of 2020 to $1.96m compared to $9.7m in the same period last year.
Since April 2020, Tix has not made the majority of its lease payments, and is in default on the majority of its operating leases due to the impact on the business related to COVID-19. As of September 30, the total amount of past due lease payments was approximately $810,000 and the company said it is in discussions with its landlords to restructure its leases.
Following months of closure due to the pandemic, most hotel properties in Las Vegas have recently reopened and some shows, attractions and dining have recently opened with limitations on their capacities and operations. Shows can be permitted to open with up to 50 per cent occupancy or 250 customers, along with a pre-approved COVID-19 prevention plan.
The firm said it is addressing each property’s COVID-19 ticket sales protocols, coupled with their timing and availability of ticket inventory. It said in a statement: “We are continually monitoring the Las Vegas entertainment marketplace to determine when and if we will be able to commence viable operations again.
“We plan to seek additional available disaster assistance, as well as other forms of financing to help with liquidity during this disruption to our business.”