Mid-September Marked Start of Ramp Up of Live Events at the Company’s Performance Venues
Christmas Spectacular Production Returned Last Week for 2021 Holiday Season Run
Tao Group Hospitality Achieves Second Consecutive Quarter of Profitability
NEW YORK, N.Y, November 9, 2021 – Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment”) today reported financial results for the fiscal first quarter ended September 30, 2021. While the Company completed the acquisition of MSG Networks on July 9, 2021, MSG Networks’ results are included on a combined basis with the Company for all periods presented.
The Company is seeing increased operating momentum across its entertainment businesses. Events at the Company’s performance venues began to ramp back up in mid-September, which was followed by a busy October that included concerts and the New York Rangers and New York Knicks, which are scheduled to play a combined 82 regular season home games at the Madison Square Garden Arena (“The Garden”) this fiscal year. In addition, MSG Networks has resumed airing full regular season telecast schedules for its five professional teams across both the NBA and NHL. And last week, theChristmas Spectacularproduction returned to Radio City Music Hall, kicking off the start of its 2021 holiday season run.
Tao Group Hospitality is continuing to operate without capacity restrictions in domestic and key international markets and, in the fiscal first quarter, continued to benefit from strong consumer demand in all of its major markets, led by Las Vegas.
For the fiscal 2022 first quarter, the Company reported revenues of $294.5 million, an increase of $124.0 million as compared with the prior year quarter. In addition, the Company reported an operating loss of $83.3 million and adjusted operating income of $10.3 million for the fiscal 2022 first quarter, as compared to an operating loss of $58.7 million and adjusted operating income of $6.7 million in the prior year quarter.(1)
Executive Chairman and CEO James L. Dolan said, “With the first quarter behind us, we’re starting to see some promising momentum in the marketplace as we begin to ramp up events across our venues and welcome back our Christmas Spectacular production. We’ve been pleased to see strong results at Tao Group Hospitality, as well as renewed engagement by marketing partners. This, along with our continued progress on MSG Sphere, makes us optimistic about where we’re headed in 2022, and we remain confident in our ability to create long-term value for our shareholders.”