Rick Smith Jr. pitched his new business idea, Vegas Magic Show, on Shark Tank Season 3. This show features multiple entertaining acts, including magicians, singers, dancers, and unique juggling artists.
Smith is a professional magician who has performed numerous magic shows. He is best known as a top card magician and holds the world record for the farthest throw of a playing card at 65.96 meters.
Did the Sharks invest in his business? Let’s find out what happened to his business in the end.
| Company Name | Vegas Magic Show | |
| Founder/Co-Founder | Rick Smith Jr. | |
| Founded | 1999 | |
| Product | Magic Show | |
| Asked For | $1.5M for 20% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode | S3 E2 | |
| Air Date | Jan 27th, 2012 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Broadview Heights, Ohio, United States | |
| Lifetime Worth (Sales) | $5M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Rick Smith Jr., who has been performing magic since the age of 7, appeared on Shark Tank with his girlfriend and assistant, Tiffany Smith, along with two other artists. He asked the Sharks for $1.5 million in exchange for 20% equity in his company, valuing it at $7.5 million.
He performed a brief magic show with his team to demonstrate his business idea. As part of the act, he handed Mark a piece of salad and then effortlessly sliced it in half with a thrown playing card, showcasing his exceptional card-throwing skills.
Kevin O’Leary asked why the company’s valuation was set at $7.5 million. In response, Smith explained that he was working with top publishers in Las Vegas, which secured him a prime venue with an average of 400 to 600 seats.
If they priced each ticket at $60 and held two shows daily, they could generate gross sales of $72,000 per day, leading to an estimated $12 million in gross revenue annually.
However, Smith has not yet produced a show in Las Vegas. Currently, he is traveling across the country, performing at corporate events and magic parties.
Last year, he generated $200,000 in revenue. Kevin O’Leary said that if he took on all the financial risks, he could produce the show himself and hire Smith for $300,000.
Daymond John felt that the business idea was too risky, so he decided to opt-out.
Kevin O’Leary mentioned that the business involved insane risk, so he decided to opt-out.
Mark Cuban felt that the business wasn’t worth $1.5 million, so he decided to opt-out.
Robert Herjavec decided not to invest in the business because he didn’t want to take on the risk.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | No Offer |
| Kevin O’Leary | No Offer |
| Robert Herjavec | No Offer |
| Barbara Corcoran | No Offer |
| Daymond John | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | No Deals |
Vegas Magic Show Shark Tank Update
Rick Smith Jr. had not yet performed a major show and requested a substantial investment from the Sharks, which led all of them to decline to invest in his business.
He achieved his dream by performing in a small venue in Vegas. Now, he performs at parties and corporate events, does magic shows in small venues across the country, and sells throwing cards on his ricksmithjr website.
Rick Smith Jr. earns revenue from YouTube monetization and his magic shows.
As of August 2024, his estimated net worth is $2.5 million.
Check out Shark Tank Season 3 Business Update.
Here are some updates on the progress of businesses from Season 3. Check them out!
