Madison Square Garden Misses Q2 Consensus; Clocks 206% Revenue Growth Backed By Live Event Ramp Up, Tao Group

Madison Square Garden Entertainment Corp MSGE reported second-quarter FY22 revenue growth of 206% year-on-year to $516.4 million, missing the consensus of $538.98 million.
Tao Group Hospitality segment generated revenues of $117.1 million versus $10.5 million last year. MSG Networks generated total revenues of $160.0 million, increasing $13.7 million Y/Y.
Entertainment segment revenues surged $234.9 million Y/Y to $247.6 million.
The adjusted operating income was $76.1 million. EPS of $0.07 missed the consensus of $1.00.
Madison Square Garden held $1.3 billion in cash and equivalents.
Executive Chairman and CEO James L. Dolan said, "The fiscal second-quarter reflected the ramp-up of live events at our venues, as well as continued activity in marketing partnerships and strong performance at Tao Group Hospitality. Looking ahead, we believe the positive momentum being generated across our business and the ongoing construction progress of MSG Sphere in Las Vegas position us well to create long-term shareholder value."
Price Action: MSGE shares traded higher by 1.74% at $74.28 on the last check Wednesday.

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