MGM Resorts International (MGM) is pinning its hopes on possibly the most awaited boxing bout of this generation. Last month, boxers Floyd Mayweather and Manny Pacquiao finally sealed a deal for a match on May 2 in Las Vegas’ MGM Grand and the record demand for tickets has resulted in exorbitantly priced tickets.
Although tickets are not yet available for sale to the public, Forbes says the starting price is expected to be roughly $1,000 with ringside seats carrying a price tag of $5,000. Reportedly, this translates to nearly $40 million in revenue for the MGM Grand Garden Arena, which has a capacity of 16,800 seats.
Top Rank head Bob Arum estimates that the pay-per-view buys for the May 2 showdown between Manny Pacquiao and Floyd Mayweather will be much more than the standing record of 2.4 million.
Arum, 83, feels it can hit 5 million owing to the tremendous response to the much-awaited welterweight bout that takes place at the MGM Grand in Las Vegas.
Mayweather and Pacquiao are top PPV draws and their decision to fight each other would further enhance the sales even if it would retail at close to $100.
“Never seen anything like it,” said Arum, who began promoting in 1966 and was involved in numerous epic fights the last 50 years.
NO MASS AUDIENCE
HBO boxing announcer Jim Lampley said on Thursday’s SI Now. that he doesn’t believe the fight will bring boxing back to a mass audience because it will be pay-per-view.
“This is not a mass audience event,” he said. “This is another large pay-per-view event. And if you think carefully about it, the fundamental essence of pay-per-view is that to a certain degree, you’re saying we shrink the audience to maximize the economic impact.”
Lampley said he believes the fight “will expand the degree to which boxing impacts the public discussion” and the number of people thinking about boxing for the next several months, but not necessarily expand the audience.
Courtesy of Nick Giongco of the Manila Bulletin. Follow Nick on Twitter @NickSpeaks