Madison Square Garden Entertainment Adds 3% As Quarterly Revenue Surges

(RTTNews) - Shares of Madison Square Garden Entertainment Corp. (MSGE) are rising more than 3% Friday morning after reporting more than 70% growth in fourth-quarter revenue.

Quarterly revenue increased to of $453.5 million from $260.6 million last year.

The company reported net loss of $99.94 million or $3.00 per share in the quarter, wider than $38.26 million or $1.12 per share in the same quarter a year ago, due to higher expenses.

Executive Chairman and CEO James L. Dolan said, "The past year demonstrated the resiliency of our business and the robust demand for our portfolio of live experiences. We continue to make significant progress on the construction of MSG Sphere in Las Vegas, which remains on track to open in the second half of calendar 2023. We are also now exploring a potential separation of our live entertainment and MSG Networks businesses from MSG Sphere and Tao Group Hospitality, which we believe would best position the two companies to drive long-term value for shareholders."

MSGE, currently at $65.04, has traded in the range of $48.07-$85.60 in the past 52 weeks.