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Revenue Up Sharply For MSGE In Q2 2022

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(CelebrityAccess) — Madison Square Garden Entertainment Corp has revealed the financial results for their second fiscal quarter of 2022 with significant increases in both revenue and adjusted operating income.

According to MSGE, the recovery from COVID is in swing and the company reported a quick ramp up of events at the venue, including both sports and live entertainment.

For the second fiscal quarter, MSG reported revenues of $516.4 million, an increase of $347.7 million as compared with the prior year quarter.

MSGE also reported operating income of $35.4 million and adjusted operating income of $76.1 million for the fiscal 2022 second quarter, as compared to an operating loss of $46.8 million and adjusted operating income of $9.8 million from the same period in 2021.

MSGE attributed their performance to a “busy schedule” of sports, including New York Knicks and Rangers games, as well as concerts and live events, including the return of the Christmas Spectacular to Radio City Music Hall.

The company’s Tao Group Hospitality also reported strong consumer demand, led by the Las Vegas and New York markets but did acknowledge some impact from the Omicron wave of COVID-19 that impacted some shows, including the early closure of the Christmas Spectacular production as well as the postponement or cancellation of a number of other events.

“The fiscal second quarter reflected the ramp up of live events at our venues, as well as continued activity in marketing partnerships and strong performance at Tao Group Hospitality. Looking ahead, we believe the positive momentum being generated across our business and the ongoing construction progress of MSG Sphere in Las Vegas position us well to create long-term shareholder value,” said Executive Chairman and CEO James L. Dolan.

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