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Madison Square Garden Entertainment Corp. (MSG Entertainment) (NYSE: MSGE) is a premier leader in live entertainment, delivering memorable experiences and cultivating profound connections with a broad spectrum of enthusiastic audiences. The company's distinguished portfolio comprises iconic venues such as New York's Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, Beacon Theatre, and The Chicago Theatre. These venues host a diverse range of events, including sports, concerts, family shows, and special events, attracting millions of guests annually.
One of MSG Entertainment's hallmark productions is the Christmas Spectacular Starring the Radio City Rockettes, a cherished holiday tradition for 90 years, captivating over one million attendees with its stunning performances and intricate choreography. MSG Entertainment continuously evolves, recently announcing a new partnership with Beyond Meat to introduce plant-based meat products at Madison Square Garden, enhancing the fan experience with sustainable and nutritious food options.
Financially, MSG Entertainment has been proactive, showcased by its recent underwritten secondary offering and strategic share repurchase, aimed at optimizing capital allocation and enhancing shareholder value. The company reported a robust fiscal 2024 second quarter, marked by a record-setting Christmas Spectacular season and a significant increase in bookings, underpinning its strong market position and growth trajectory.
Looking ahead, MSG Entertainment remains committed to expanding its live entertainment offerings, leveraging its iconic venues and innovative partnerships to deliver unparalleled experiences. The company's focus on strategic initiatives and operational excellence positions it well for sustained growth and long-term shareholder value.
Madison Square Garden Entertainment Corp. (MSGE) reported financial results for Q4 and fiscal year ended June 30, 2021. Revenues were $99.8 million for Q4, a significant increase from $9.0 million the previous year, but annual revenues fell to $180.4 million from $762.9 million. The company faced an operating loss of $450.2 million for FY 2021. The return of live events and easing restrictions helped drive Q4 revenue increases. MSGE's unrestricted cash balance stood at $1.17 billion, with total combined cash of $1.52 billion. The acquisition of MSG Networks was completed on July 9, 2021.
Madison Square Garden Entertainment Corp. (NYSE:MSGE) will hold a conference call on August 23, 2021, at 10:00 a.m. ET to discuss its fourth-quarter and fiscal year results ending June 30, 2021. A press release detailing these results will be issued prior to market opening. Participants can join via telephone by calling 888-421-7163 and using conference ID 2256668, or through a live webcast available on the company’s investor website.
Madison Square Garden Entertainment Corp. announces that Cirque du Soleil's family holiday theatrical, ‘Twas the Night Before…, is returning to The Chicago Theatre and Hulu Theater at Madison Square Garden. The Chicago run will feature 17 performances from November 26 to December 5, 2021, while the Hulu Theater will host 28 performances from December 9 to December 27, 2021. Tickets, starting at $30 and $40 respectively, will go on sale on August 4, 2021. The production is noted for its acclaim and popularity, having sold out previous engagements, marking a significant holiday offering for families.
Madison Square Garden Entertainment Corp. announced the return of the Christmas Spectacular Starring the Radio City Rockettes, set to perform from November 5, 2021, to January 2, 2022, at Radio City Music Hall. After its cancellation in 2020 due to the pandemic, this beloved holiday tradition returns to delight audiences, having been seen by over 69 million people since 1933. Tickets start at $49, and Chase cardholders will have access to preferred seating. The show emphasizes safety protocols for guests, performers, and staff.
Madison Square Garden Entertainment Corp. (MSGE) has successfully acquired MSG Networks Inc., enhancing its position as a leading entertainment and media entity. This merger promotes revenue diversity and provides a robust platform for growth, particularly in mobile sports gaming and the new MSG Sphere venue in Las Vegas. The transaction is structured as tax-free for U.S. federal income tax purposes, with MSG Networks shareholders receiving 0.172 shares of MSG Entertainment stock per MSG Networks share owned. The combined organization aims for cost synergies and improved financial flexibility.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) has appointed Paul Westbury as Executive Vice President of Development and Construction, promoting him from Senior Vice President. With over 25 years in the global construction industry, Westbury has significantly influenced the MSG Sphere initiative, which aims to create immersive entertainment venues. The first venue, MSG Sphere at The Venetian in Las Vegas, is under construction and expected to open in 2023, with plans for a second venue in London. Westbury will lead a global construction team to ensure project success.
The Boston Calling music festival returns to Allston, MA from May 27-29, 2022, marking its first event since the pandemic. Foo Fighters and Rage Against the Machine are set to headline, alongside over 60 additional performers. Early bird tickets are available, with prices starting at $299.99. This year, VIP experiences are enhanced, featuring a new VIP lounge and upgraded viewing areas. The festival is produced by Boston Calling Events, owned by Crash Line Productions and Madison Square Garden Entertainment.
The New York Knicks reported the sale of all tickets for their first two playoff games against the Atlanta Hawks, set at a 15,000 capacity under Covid-19 guidelines. Nearly 90% of attendees are expected to be fully vaccinated, making these events the largest indoor gatherings in New York State since the pandemic began. Tickets went on sale on May 18 for Season Ticket Members and were sold out by May 20. The playoff series begins on May 23, with safety measures in place for vaccinated and unvaccinated attendees.
Madison Square Garden Entertainment Corp. has established a multi-year marketing partnership with Molekule, designating them as the Official Air Purification Partner of Madison Square Garden Arena. As part of this collaboration, Molekule's FDA-cleared air purification devices will be installed throughout the venue. The partnership aims to enhance guest safety and comfort, while Molekule will also contribute to the Garden of Dreams Foundation by donating air purifiers to community partners in New York City.
Madison Square Garden Entertainment Corp. (MSGE) reported a fiscal third-quarter revenue of $43.1 million, down $138.8 million year-over-year, with an operating loss of $108.6 million. The pandemic significantly impacted revenues across its Entertainment and Tao Group Hospitality segments, reflecting a 76% decrease in revenues. The company anticipates capacity limits easing for events, aiming to capitalize on pent-up demand. MSGE plans to acquire MSG Networks in a tax-free all-stock merger, expected to enhance its market position and enable future growth, especially in mobile sports gaming.
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