Madison Square Garden Entertainment Corp. - MSGE STOCK NEWS

Madison Square Garden Entertainment Corp. (NYSE:MSGE) is exploring a potential sale of its majority interest in Tao Group Hospitality. Since MSG Entertainment acquired Tao Group in 2017, it has grown to over 70 locations in more than 20 markets worldwide. The company believes this is an opportune moment to consider divesting its interest, aiming to maximize shareholder value. However, there is no guarantee that this exploration will culminate in a transaction. MSG Entertainment continues to lead in live entertainment, hosting a diverse range of events across various venues, including Madison Square Garden and a new venue in Las Vegas.

Madison Square Garden Entertainment Corp. (NYSE: MSGE) will hold a conference call on February 9, 2023, at 10:00 a.m. ET to discuss its fiscal second quarter results for the period ending December 31, 2022. A press release with the financial results will be issued prior to the market opening. Participants can dial 888-660-6386 and use conference ID 8020251 to join. A recording will be available from 1:00 p.m. ET on February 9 until February 16, 2023. MSGE is a leader in live entertainment, offering events across various venues, including Madison Square Garden and Radio City Music Hall.

The Radio City Rockettes are collaborating with Boston Conservatory at Berklee to introduce a new for-credit course, Rockettes Precision Dance Technique, starting Spring 2023. This unique course will be taught by a current Rockette and will focus on the signature precision dance style rooted in tap, ballet, and jazz. The initiative aims at promoting diversity, equity, and inclusion in dance education, welcoming students from all backgrounds. This partnership follows the successful Rockettes Conservatory program, enhancing educational opportunities for aspiring dancers and reinforcing the Rockettes' commitment to accessible dance training.

Madison Square Garden Entertainment Corp. (NYSE: MSGE) is advancing its spin-off of the live entertainment business, projected for completion by the end of March 2023. This tax-free spin-off will distribute approximately 67% economic interest in the new entity to MSGE shareholders. The live entertainment division will retain the MSGE name, while the parent company will be renamed MSG Sphere Corp. The transaction is pending various approvals, including SEC registration, tax opinions, and Board consent.

Madison Square Garden Entertainment Corp. (MSGE) announced a revised plan to spin off its traditional live entertainment business from MSG Sphere, MSG Networks, and Tao Group Hospitality. This potential tax-free spin-off aims to enhance shareholder value, offering both entities greater strategic flexibility. The live entertainment business will encompass iconic venues and productions like the Christmas Spectacular, while MSG Sphere will include the innovative venue under construction in Las Vegas and regional sports networks. Completion of the spin-off is subject to various approvals.

Mohegan Sun and Tao Group Hospitality announced the upcoming opening of the popular Beauty & Essex restaurant at Mohegan Sun in Fall 2023. This marks Tao Group's second partnership with Mohegan Sun and is expected to enhance the resort's dining offerings, which already includes the acclaimed TAO Asian Bistro & Lounge. Beauty & Essex will feature a menu that mixes global cuisine with classic cocktails, alongside exclusive dishes for the location. This collaboration aims to solidify Mohegan Sun's status as a premier dining and entertainment destination on the East Coast.

Tao Group Hospitality has announced plans to open its first TAO-branded resort in Orlando, FL, in partnership with Unicorp National Developments. The $1 billion project will be the centerpiece of the O-Town West development, covering 350 acres. Tao Group, a leader in the culinary and entertainment industry, operates over 70 locations globally and is expanding with nine openings planned for 2022 and more in 2023. The TAO Hotel, designed by Rockwell Group, will feature a TAO Asian Bistro and luxury amenities, set to open in 2025.

Madison Square Garden Entertainment Corp. (MSGE) reported a 36% increase in fiscal Q1 2023 revenues, totaling $401.2 million, boosted by strong event activity and hospitality performance. The company incurred an operating loss of $44.8 million but showed a 46% improvement year-over-year. MSGE plans a spin-off of its live entertainment and MSG Networks businesses, aiming to enhance shareholder value. Notably, MSG Networks saw a 13% revenue decline, countered by 11% growth in Tao Group Hospitality. MSG Sphere in Las Vegas remains on track for a late 2023 opening, with revised construction costs of $2.175 billion.

Madison Square Garden Entertainment Corp. (NYSE: MSGE) will host a conference call on November 9, 2022 at 10:00 a.m. ET to discuss its fiscal Q1 results for the period ending September 30, 2022. The results will be announced prior to market opening. Participants can join via telephone by calling 888-660-6386 and entering conference ID 8020251. A replay will be available from 1:00 p.m. ET on the same day until November 16, 2022.

Madison Square Garden Entertainment is known for its live entertainment across multiple venues, including Madison Square Garden, Radio City Music Hall, and more.