Because It's The Cup: StubHub Ticket Prices Go From Record Highs To Major Selloff
The New York Rangers are on the brink of elimination and fans are starting to cash in.
The Los Angeles Kings on Monday night defeated the Rangers 3-0 in Game 3 of the Stanley Cup Finals. After blowing two-goal leads in the first two games of the series, the Rangers quest for their first Cup in 20 years is left with little hope.
The other loser (or winner)? Paying customers.
StubHub tickets for Game 4 dropped over 30 percent overnight, according to DW Events. Prices range from $470-$10,500 and are trending farther apart Tuesday morning. There is one VIP rink-side package currently going for over $25,000.
DW Events is a premium ticket agency based in the New York/New Jersey area.
At time of writing, there were 1,980 tickets up for sale. Madison Square Garden (NASDAQ: MSG) can seat just over 18,000 people for Ranger games. Face value for most Rangers Cup final tickets start at $450 with an average of $750, according to SeatGeek.
The Garden was just host to the highest-selling NHL game in StubHub history. A spokesman for the online ticket marketplace said last Friday that Monday's game in New York set a StubHub hockey record for gross sales. The average ticket price sold for the game on StubHub was $1,800.
"I have had a few customers fly from New York to Los Angeles," Daryl Warmbrand of DW Events told Benzinga. "There was a point that tickets and plane fare to Los Angeles was cheaper than tickets to the New York game... We send people away for a whole weekend and airfare, hotel and tickets are less than price of tickets in New York."
Reports earlier in the year saw StubHub sales reportedly drop up to 50 percent. This was due to an “all-in” pricing model model change. No longer would customers see hidden fees when checking out; instead, the price of the ticket, along with any tax and other fees, was lumped into one.
AllShows.com CEO Jason Berger told Benzinga back in March that he expected the initial drop in sales from the pricing change to subside once customers understood the all-in pricing model.
“Eventually, I believe it will be more prevalent in the marketplace and provide consumers a better understanding of the prices they are being charged,” he said. The Garden's Game 3 sales appears to be proof of that.
Stay tuned to see how the price fluctuates in the run up to Wednesday night's game.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.