By Rob Curran
Madison Square Garden Entertainment posted a widened fiscal first-quarter loss as revenue slipped ahead of the busy winter season for its iconic venues.
The New York operator of prominent venues such as Madison Square Garden and Radio City Music Hall posted a loss for the quarter ended in September of $50.7 million, or $1 a share, wider than $17.9 million, or 35 cents a share, a year earlier. Excluding certain items, Madison Square posted a fiscal first-quarter adjusted operating loss of $700,000.
First-quarter revenue fell 3% to $142.2 million, shy of the average Wall Street target of $156.8 million, as per FactSet.
In 2023, the Dolan family, which controls Madison Square Garden Entertainment, separated the enterprise into three publicly traded firms. These comprise the regional-sports media firm MSG Networks; Sphere Entertainment, which owns a new Las Vegas attraction the Sphere; and Madison Square Garden Entertainment itself.
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