Madison Square Garden Entertainment Corp. Reports Fiscal 2023 Second Quarter Results
FY23 Second Quarter Revenues of $642.2 Million, Operating Income of $74.0 Million and AOI of $124.1 Million(1)
Proposed Spin-off of Live Entertainment Business Anticipated to be Complete by the End of March 2023
MSG Sphere in Las Vegas Expected to Open in September 2023
NEW YORK, N.Y., February 9, 2023 – Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment”) today reported financial results for the fiscal second quarter ended December 31, 2022.
The fiscal 2023 second quarter was highlighted by the successful 2022 holiday season run of the Christmas Spectacular production and ongoing positive momentum in the Company’s entertainment and sports bookings business. MSG Networks began its coverage of the NBA and NHL 2022-23 regular seasons, which included the return of the New York Knicks and New York Rangers to The Garden. In addition, Tao Group Hospitality continued to see strength across its existing venues, while also benefiting from the addition of new entertainment dining locations. The Company also recently announced that it is moving forward with the spin-off of its traditional live entertainment business.
In January, the Company confidentially submitted an Amended Form 10 Registration Statement with the U.S. Securities and Exchange Commission (“SEC”) for the proposed transaction and anticipates filing a publicly available Form 10 Registration Statement with the SEC this month. In addition, the Company expects to complete the spin-off by the end of March 2023. Completion of the transaction remains subject to various conditions, including final Board approval. For the fiscal 2023 second quarter, the Company reported revenues of $642.2 million, an increase of $125.8 million, or 24%, as compared to the prior year quarter. In addition, the Company reported operating income of $74.0 million, an increase of $38.6 million, or 109%, and adjusted operating income of $124.1 million, an increase of $48.0 million, or 63%, both as compared to the prior year period.(1)
Executive Chairman and CEO James L. Dolan said, “Our fiscal second quarter results reflect ongoing operating momentum across our portfolio of live experiences. With our proposed spin-off expected to be completed by the end of March, and the anticipated opening of MSG Sphere in Las Vegas in September, we remain confident that the Company is well-positioned to drive long-term shareholder value.”