Rick Smith Jr. Vegas Magic Show
NO DEAL
EPISODE SUMMARY
🕓 Air Date: January 27, 2012
Asking For:
$1,500,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Rick Smith Jr. Entertainment aims to create a unique and family-friendly magic show in Las Vegas, featuring a blend of magic, illusions, singers, dancers, and a juggling act.
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Background Story
Rick Smith Jr., a professional magician from Cleveland, Ohio, sought a $1.5 million investment to bring his entertainment brand to Las Vegas. With a background in magic and a Guinness World Record under his belt for card throwing, Rick envisioned a captivating magic show for the Las Vegas strip. He had spent years refining his act and collaborating with top publicists to prepare for the venture.
The Product
The proposed magic show would incorporate Rick’s impressive illusions and talents with additional entertainment elements like singers, dancers, and a unique juggling act.
Rick demonstrated his skills during the pitch, showcasing feats like cutting a piece of celery with a thrown playing card and performing a comedic lighter trick.
Tickets for the Las Vegas show were projected to be priced at $60, with two shows a day, seven days a week, targeting seating capacities between 400 and 600.
How It Went
The company’s position before Shark Tank
Despite Rick’s confidence in the show’s potential profitability, the Sharks expressed concerns about the high risk involved. Rick had earned $200,000 the previous year from corporate events and trade shows but had not yet ventured into Las Vegas productions. The Sharks highlighted the significant financial investment required for a Las Vegas show, including venue rental costs ranging from $6,000 to $8,000 per week. They also questioned Rick’s lack of brand recognition in the highly competitive Las Vegas entertainment scene.
The Negotiations:
The Sharks were hesitant to invest $1.5 million in Rick’s venture, expressing concerns about the high risk and lack of proven success in Las Vegas. Despite Rick’s confidence in the show’s potential profitability and his extensive preparations, none of the Sharks were willing to make an offer. They advised Rick to start smaller and build his brand before attempting a Las Vegas show, emphasizing the challenging nature of the market and the need for a more gradual approach to success. Ultimately, Rick left the tank without a deal but remained determined to pursue his dream of bringing his magic show to Las Vegas.
