Madison Square Garden Entertainment Shares Rally On Q4 Revenue Beat

Madison Square Garden Entertainment Corp MSGE reported fourth-quarter FY21 revenues of $99.80 million, beating the analyst consensus of $60.20 million. It reported revenues of $9.0 million in Q4 FY20.
Tao Group Hospitality segment generated revenues of $69.7 million versus $1.3 million last year. Tao Group Hospitality acquired Hakkasan Group on April 27, 2021, and, as a result, revenues in the current year quarter included $27.6 million from Hakkasan Group in the post-acquisition period.
Entertainment segment revenues surged 262% to $31.1 million Y/Y, reflecting various commercial arrangements with MSG Sports.
The operating expenses climbed 59.8% Y/Y to $66.7 million.
The company incurred an operating loss of $(102.4) million compared to an operating profit of $94.4 million.
Madison Square Garden held $1.2 billion in cash and equivalents as of June 30, 2021.
Loss per share was $(4.87) versus EPS of $5.27 last year.
"And while we continue to operate in a fluid environment, we remain cautiously optimistic as we prepare to meet the pent-up demand for live experiences and, after the MSG Networks acquisition, move forward with greater scale and enhanced financial flexibility to pursue growth opportunities and deliver long-term value for shareholders," said CEO James L. Dolan.
Madison Square Garden completed its acquisition of MSG Networks on July 9, 2021.
Price Action: MSGE shares are trading higher by 8.63% at $67.82 on the last check Monday.

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