Closed Circuit Fights

[blazinrook]

How do "Closed Circuit Fights" work?

I'm planning on going to vegas the weekend of the Pacquiao Cotto fight and my cousin just asked me if i wanted to buy tix to this event?

I was looking at the prices and i'm not quite clear on what goes on during these events.

I'm told your not at the actual boxing arena

but for the prices what do you get and what does a "closed circuit event" consist of?

any experiences? pros cons?