MSGE - MSG Entertainment sees events revenue spring back to life
Madison Square Garden Entertainment (NYSE:MSGE) is 4.3% lower along with a broadly lower market following a rebound earnings report for fiscal Q3, where financial metrics for live entertainment jumped from a year-ago pandemic comparison. Revenue more than doubled to $460.1 million from a year-ago total where the entertainment and Tao Group Hospitality segments were heavily depressed. Its TV networks revenues dropped about 6% to partly offset the gains. Adjusted operating income more than doubled as well, to $46.5 million from a prior-year $20.9 million. Executive Chairman/CEO James Dolan says he's pleased with positive momentum amid the return to live experiences. "At the same time, we continue to prepare for the opening of MSG Sphere in Las Vegas in the second half of calendar 2023, which we believe will set the stage for long-term value creation for our shareholders.” "Despite the impact of the Omicron variant, which resulted in the postponement
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MSG Entertainment sees events revenue spring back to life