Investment group Ares Capital has purchased the venue manager's parent company, American Capital, for a cash and stock transaction of over $3bn
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SMG's New Orleans venues have had a record-breaking 12 months, shifting $40m+ worth of tickets for live music events
By Jon Chapple on 16 Aug 2017
Three SMG venues in New Orleans sold more than US$40 million in concert tickets in the 12 months ending 30 June 2017, contributing to a record-breaking year for the company’s local operation.
Highlights at the Mercedes-Benz Superdome (76,468-cap.) included lucrative shows by Beyoncé and Guns N’ Roses and social-media sensation Essence Festival, while the Smoothie King Center (17,791-cap.) hosted more concerts than ever before – 25 – including sold-out shows by Drake, Maroon 5, Billy Joel, Radiohead, The Weeknd and Red Hot Chili Peppers. Rounding out the $40m-earning trio was outdoor festival site Champions Square (9,000-cap.), whose recent shows include Incubus, Solange and alt-J.
“This past year is further validation of how far New Orleans has come back from the devastation of Hurricane Katrina, and the vitality of our market,” comments Superdome general manager Alan Freeman.
“SMG’s live entertainment division did a fantastic job last year directing touring business to New Orleans”
“Our show numbers and grosses have shown sustained growth for several years. I want to thank all our promoters, with special thanks to Live Nation, Beaver Productions and AEG.”
SMG executive vice-president Doug Thornton adds: “Alan and our corporate staff in the SMG live entertainment division did a fantastic job last year directing touring business to New Orleans. The unprecedented results represent yet another milestone for these three great facilities and we are pleased that our corporate resources were able to help deliver significant results.
SMG is the world’s largest manager of venues and conferences centres, with 68 arenas in the US alone, and has subsidiaries in Europe, Canada and Latin America. Its parent company, American Capital, was acquired by private-equity firm Ares Capital for $3.43bn last June.
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