Tix Corp. said the Las Vegas shooting and new ticket policies at the MGM hotel chain have impacted its revenue.
The Studio City company, which sells discount tickets for Las Vegas shows, reported net income of $240,000 (1 cent a share) during the third quarter ended Sept. 30, compared to income of $455,000 (3 cents) for the same quarter a year ago. Revenue declined 10 percent to $4.8 million.
The company said MGM has opened its own discount ticket booths at its hotel properties in Las Vegas and has restricted Tix’s ability to sell certain Cirque du Soleil tickets. MGM, which has four Cirque shows on its properties, effected the change in September. MGM now sells the tickets on its website and at its booths.
Tix said that after the quarter ended, revenues continued to drop.
“The company experienced a significant and unusual decline in the volume of tickets sold during the month of October 2017,” Tix said in a statement. “While difficult to assess, the company believes the recent Oct. 1 Las Vegas Strip shooting and to a lesser extent, the opening of MGM booths discussed above, contributed to the decline.”
Tix announced results after market close on Tuesday. Shares of Tix (TIXC) closed Wednesday down 6 cents, or 13.3, to 41 cents on the over-the-counter market.