Why Madison Square Garden Entertainment (MSGE) Shares Are Gaining Today - Madison Square Garden (NYSE:MSGE)

Madison Square Garden Entertainment Corp MSGE reported fourth-quarter FY22 revenue growth of 74% year-on-year to $453.5 million, beating the consensus of $412.6 million.
Tao Group Hospitality segment generated revenues of $139.8 million, up 101% Y/Y. MSG Networks generated total revenues of $139.1 million, down 16% Y/Y.
Entertainment segment revenues surged from $31.1 million Y/Y to $179 million.
The adjusted operating income was $0.7 million. EPS loss was $(3.00) versus $(1.12) last year.
Madison Square Garden held $0.84 billion in cash and equivalents.
Chair and CEO James L. Dolan said, "The past year demonstrated the resiliency of our business and the robust demand for our portfolio of live experiences. We continue to make significant progress on the construction of MSG Sphere in Las Vegas, which remains on track to open in the second half of calendar 2023. We are also now exploring a potential separation of our live entertainment and MSG Networks businesses from MSG Sphere and Tao Group Hospitality, which we believe would best position the two companies to drive long-term value for shareholders."
Price Action: MSGE shares traded higher by 5.18% at $65.95 in the premarket on the last check Friday.
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Madison Square Garden Entertainment Shares Gain On Q4 Revenue Beat, Potential Spin-Off Of Businesses