Vegas.com acquired by Remark Media
A global company that specializes in marketing to millennials has acquired a travel website based in Las Vegas.
Las Vegas-based Remark Media, which also has operations in Sao Paulo and Beijing, has purchased Vegas.com from the Greenspun Corp., a family-owned company that founded the website in 1998.
Terms of the transaction, which was announced Wednesday morning in a statement, were not disclosed. The deal is expected to close in mid-September.
Remark, which relocated its corporate headquarters to Las Vegas from Atlanta in 2013, was founded in 2006 and is overseen by 38-year-old chairman and CEO Kai-Shing Tao.
Tao hopes to expand Vegas.com's reach to millennial travelers.
"Since its inception, Vegas.com has acted as a trusted marketplace for travelers seeking a world-class experience in Las Vegas," Tao said in a statement announcing the transaction. "Remark will continue the tradition while also expanding the site's reach to include key partnerships targeted towards the millennial generation."
Remark's portfolio also includes personal finance through Banks.com and the US Tax Center at the irs.com website, young adult lifestyles through Bikini.com, entertainment through SlapTV.com and travel through the mobile hotel-booking application Roomlia.
The company also publishes through education portals BoWenWang in China and ComoTotoFunciona in Brazil. Remark also operates a social media aggregating app called KanKan.
A May investment presentation on Remark Media indicated the company had $18 million in assets, $12.8 million in liabilities and $9.4 million in debt as of Dec. 31. Its Dec. 31 income statement for the previous 12 months showed revenue of $1.8 million, but a net loss of $18.2 million for the year.
Officials at Vegas.com say its site receives 3.4 million visitors per month across all platforms, including Google and the iOS Las Vegas app.
Shares of Remark Media gained 5 cents, or 1.10 percent, to close at $4.14 on Wednesday.
Contact reporter Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Find @RickVelotta on Twitter.
