Madison Square Garden Entertainment (MSG) recently reported a decline in revenues and a loss in the quarter ending June 30, despite marking its first full year of live events since the Covid-19 pandemic began.
In the fourth quarter, the New York-based live entertainment company, which recently separated from its regional sports network in Las Vegas, recorded a loss of $24.48 million, equivalent to 47 cents per share. This compares to a loss of $73.76 million, or $1.38 per share, in the same period the previous year. Analysts surveyed by FactSet had predicted a loss of 63 cents per share.
Sales also saw a decrease, dropping from $178.34 million to $147.94 million. However, analysts anticipated sales to be lower, forecasting $140.5 million.
During the fourth quarter, advertising sales commissions saw a decline of $3.9 million due to the termination of MSG's advertising sales representation agreement with MSG Networks, which took effect on December 31, 2022.
Furthermore, revenues tied to MSG's arena license agreements with the New York Knicks and the New York Rangers fell by $15.5 million. This was primarily attributed to the timing of the NHL 2021-22 regular season in the previous year, resulting in the teams playing eight fewer regular season games at Madison Square Garden Arena. Additionally, there were two fewer playoff games.
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