Vivid Seats Bets Big On Las Vegas With $240M Vegas.com Purchase
Portfolio Pulse from Shivani Kumaresan
Vivid Seats Inc (NASDAQ:SEAT), an online platform for event ticket sales, is acquiring Vegas.com for approximately $240 million. The deal includes $151.2 million in cash and $88.8 million in Class-A common stock of Vivid Seats. Vegas.com offers services to Las Vegas visitors such as show tickets, tour bookings, and travel accommodations. Vivid Seats has raised its 2023 revenue forecast to $685.0 million-$705.0 million from $630.0 million-$650.0 million and provided a 2024 outlook for revenues in the range of $810.0 million-$840.0 million.
November 07, 2023 | 4:44 pm
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POSITIVE IMPACT
Vivid Seats is acquiring Vegas.com, which could potentially increase its revenue and market share. The company has also raised its revenue forecast for 2023 and 2024.
The acquisition of Vegas.com by Vivid Seats could potentially increase its revenue and market share, as Vegas.com provides services that complement Vivid Seats' existing offerings. Additionally, Vivid Seats has raised its revenue forecast for 2023 and 2024, indicating confidence in its future performance. This news is likely to be viewed positively by investors, potentially leading to an increase in the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100