Dolan Buys MSG Entertainment Stake Just in Time

It’s still early in the game, but so far it’s looking like a member of Madison Square Garden
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The entertainment company’s board of directors bought the company’s stock just in time a few days ago.

snapped by thomas charles dolan 322,580 shares The price of MSGE on June 27 was $31. Since then, the stock has risen 8% (last reported at $33.85), compared with a 3% gain for the S&P 500 . Dolan now owns a total of 369,708 MSGE shares worth $12.5 million.

MSGE is home to Madison Square Garden (home to the New York Knicks and Rangers), the Madison Square Garden Theatre, Radio City Music Hall, the Beacon Theater and the Chicago Theatre.MSGE completed two months ago spin off From Sphere Entertainment Co. (NYSE: SPHR) and Sphere retains the MSG network
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The hotel business of Hedao Group. A week ago, MSGE) Announce Sphere’s secondary offering of 5,250,000 MSGE shares was priced at $31.00 each, with Sphere retaining 24.7% of MSGE shares.

For the third quarter of fiscal 2023, the company generated revenue of $201.2 million, an increase of $7.2 million, or 4%, over the same period last year. Revenue related to the company’s arena licensing agreements with the Knicks and Rangers increased $11.7 million.income from presentations Christmas party Production increased by $3.5 million, reflecting seven results for the quarter compared to no results for the year-ago period. The increase in revenue was partially offset by a decrease in advertising sales commissions of $9.6 million for the year due to the termination of the MSG Networks advertising sales agency agreement.

For the fiscal year ending June 2023, revenue is expected to be in the range of $835 million to $845 million and adjusted operating income (profit before interest, taxes, depreciation, amortization and other non-cash charges) will be in the range of 1.45 between $100 million and $155 million, adjusted to treat MSGE as a separate entity from the start of the fiscal year (July 1, 2022).

But MSGE’s ultimate performance will depend on the success of the Knicks and Rangers next year’s playoffs, as the Gardens enter into a revenue-sharing licensing agreement with both teams. For example, MSGE derives 65 percent of its suite and club seating revenue from NBA games and 67.5 percent from NHL games.

Concerts also bring in a lot of money. Gardens leads the deal in 2022, with $241 million in total revenue, according to Billboard.

Arenas top concert revenue (millions, gross)

1. Madison Square Garden, New York: $241.3
2. London O2 Arena $177.0
3. Kia Forum, Inglewood $156.8
4. T-Mobile Arena Las Vegas: $124.7
5. Crypto.com Arena, Los Angeles: $89.8
6. American Airlines Center in Dallas: $87.7
7. Chicago United Center: $87.6
8. Bridgestone Arena, Nashville: $84.1
9. FTX Arena, Miami: $80.1
10. Newark Prudential Center: $79.9