The press conference formally announcing the fight between Floyd Mayweather Jr. and Manny Pacquiao slated for May 2 at the MGM Grand in Las Vegas, Nevada happened on March 11 at the Nokia Theater in Los Angeles.
When the fight was announced by Mayweather last month, ticket prices for the 16,000 seats available at the MGM Grand vary from $1,000, $2,000, $3,000 and $5,000 depending on how far they will be from the ringside of course.
However, moments after the formal announcement and the official face-off between Mayweather and Pacquiao, ticket prices have already shoot up to $1,500, $3,000, $5,000 and $7,500 as each price went up by 50% or more, notes ESPN Boxing.
Those are the legal or permissible rates for the fight. But almost everyone is highly doubtful at this point if anyone can simply secure a ticket at the given raised prices considering the limited number of slots for the mega-fight. While 16,000 is a huge number for slots in the fight, it is likely that it’s already sold out at this point as the big guns already beat everyone else to the draw.
As a matter of fact, ticket prices are now reported to be going as high as 10 times its standard jacked up rates. While the price seems absurd at this point, there are expected to be takers nonetheless along the way considering the magnanimity and the history that the fight is bringing to the boxing world.
Record gate sales
While the mega-fight between Pacquiao and Mayweather is currently pegged at $300 million which is the biggest ever in boxing history, the venue MGM Grand Garden Arena is actually bidding to make a new record for itself as well.
MGM Grand currently holds the record of over $20 million worth of ticket sales for the fight between Floyd Mayweather Jr. and Canelo Alvarez in 2013. The venue expects that record to be easily eclipse by the upcoming Pacquiao vs. Mayweather fight and is actually projecting $40 million in gate receipts for the fight.
Again, $40 million is if tickets are sold at their public prices of from $1,500 to $7,500. So if ticket prices are raised further to 10 times than its standard rates, then more cash registers will be ringing not only for the venue but for the enterprising individuals or businesses that are likely to capitalize on this record-breaking boxing bout.
While Top Rank CEO Bob Arum said that the increase in the ticket prices have been agreed upon in order to generate money and put in it the gate rather than on the hands of scalpers, it is very unlikely that the promoters and the venue would have control of the ticket prices situation eventually.
Because at the end of the day, people and boxing aficionados will come to see the historic fight to finally happen right before their eyes. No matter what the cost is.