Madison Square Garden Entertainment (MSG Entertainment) has announced a widened fiscal first-quarter loss as revenue dropped before the busy winter season for its iconic venues. The New York-based company, which operates renowned establishments like Madison Square Garden and Radio City Music Hall, reported a loss of $50.7 million, or $1 per share, for the quarter ending in September. This is a significant widening from the $17.9 million loss, or 35 cents per share, from the same period last year.
After excluding certain items, MSG Entertainment revealed a fiscal first-quarter adjusted operating loss of $700,000. First-quarter revenue also saw a decline of 3%, totaling $142.2 million. This figure fell short of the average Wall Street target of $156.8 million, according to FactSet data.
In 2023, the Dolan family, who are the controlling shareholders of MSG Entertainment, made the decision to split the company into three separate public firms. These entities include MSG Networks, a regional sports media firm; Sphere Entertainment, which owns the new Las Vegas attraction called the Sphere; and Madison Square Garden Entertainment itself.