You can have the same sub routine handle all of the seat label click events by casting the sender parameter as a Label:
Private Sub HandleSeatClick(sender As Object, e As EventArgs) Handles Seat1.Click, Seat2.Click, Seat3.Click
Dim lblTarget As Label = CType(sender, Label)
If lblTarget.BackColor = Color.White Then
lblTarget.BackColor = Color.Red
Else
lblTarget.BackColor = Color.White
End If
End Sub
If all of your seat labels are named in the same way (example = Seat5, Seat6, Seat7, ... , Seat48) then you can leverage AddHandler so you don't have to wire up the 48 labels with the Handles in the HandleSeatClick routine definition:
Private Sub Form1_Load(sender As Object, e As EventArgs) Handles MyBase.Load
Dim intCursor As Integer = 1
Do Until intCursor = 48
Dim lblTarget As Label = CType(Me.Controls.Find("Seat" & intCursor.ToString(), False).First(), Label)
AddHandler lblTarget.Click, AddressOf HandleSeatClick
intCursor += 1
Loop
End Sub