Madison Square Garden Entertainment Post Strict Earnings Report – Diversity2 min read
Although the queer virus shutdown began just three weeks before the end of the quarter, Madison Square Garden Entertainment’s revenue fell 20% to $ 199.9 million from last year, according to results released Monday.
The company recently split its entertainment and sports operations into two categories, operating losses for the three months ended March 31 rose to ১৪ 145.5 million this year from $ 16.6 million in the same quarter last year, and its consolidated operating income fell. $ 25.2 million is a $ 7.2 million loss
MSGE said the operating loss included ১০ 102.2 million for the Tao Group’s hospitality dining and nightlife department “for non-cash disruption”, which was severely damaged by the shutdown and permanently closed a space.
The company has closed all of its venue shutters, including Madison Square Garden, the Chicago Theater and the Tao Group, and has leased Radio City Music Hall and Beacon Theater in New York. As a result, its operating costs also dropped significantly, from ২ 28 million to $ 132.6 million.
The agency added that the ambitious and future MSG Sparrow arena in Las Vegas is not expected to open as planned in 2021 due to epidemic-related construction delays. The company announced the sphere and another in London pending approval in a wide-ranging presentation in 2013.
The company said its cash and cash equivalents and short-term investments in May were about ৪ 1.4 billion, including net expenses from Steve Ballmer, owner of Clips in Englewood, California, from the sale of the forum arena.
The company did not respond to a call for revenue, but CEO and CEO James L. Dolan said in a statement: . Our organization has been in the business of gathering people for decades and we are sure that we are in a good position for the weather at this uncertain time. We believe the public’s sincere desire to be part of a shared experience will continue and we are still looking forward to opening our doors to unforgettable events. “