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Tix Reports Widening Loss, Uncertainty About Future Operations

 Discount ticket service Tix Corp. reported a widening loss in its 2020 year-end results and expressed uncertainty about when it would resume operations.

The Studio City company operates seven Tix4Tonight kiosks in Las Vegas strip, selling discounted tickets for shows, attractions, tours and restaurants. When venues closed last March, Tix laid off a majority of its employees, closed its ticket booths and ceased payments on its leases. The company reported it is in default on most of its lease payments, with $1 million owed as of Dec. 31.

In a statement, the company said it is “continually monitoring the Las Vegas entertainment marketplace to determine when and if we will be able to commence viable operations again.”For the full year, the company reported a net loss of $4.72 million (-27 cents a share), compared to a net loss of $2.97 million in 2019. Revenue decreased 85 percent to $1.96 million.

“The company’s full year 2020 financial results were significantly impacted by the closure of entertainment on the Las Vegas Strip due to COVID-19,” the company’s statement read. “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.”The company announced results Wednesday. Shares of Tix Corp. (TIXC) closed Thursday down 14 percent to 15 cents on the over-the-counter market.

Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert is a Los Angeles-based reporter covering retail, hospitality and philanthropy for the San Fernando Valley Business Journal. In addition to her current beat, she is particularly interested in criminal justice topics, health and science stories and investigative journalism. She received her AA in Humanities from Moorpark College in 2016, her BA in Communication from Cal Lutheran University in 2019 and followed it up with a MA in Specialized Journalism from USC in the summer of 2020. Through her work, Katherine aspires to help strengthen the fragile trust between members of the media and the public.
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