This primarily reflects a decrease in marketing costs of $3.4 million, as well as a decrease in employee compensation and related benefits of $1.5 million and other net decreases. In addition, the cost of food and beverage decreased $10.7 million, a result of the temporary closure of Tao Group Hospitality’s venues. Ticketholders for rescheduled events have primarily opted to retain their tickets, and the Company is providing ticket refunds as appropriate. For the fiscal 2020 fourth quarter, the Company reported revenues of $9.0 million, a decrease of 96% as compared with the prior year quarter. The stock slipped 0.4% in morning trading. Madison Square Garden Entertainment Corp. (NYSE:MSGE) will host a conference call to discuss results for its fourth quarter and fiscal year ended June … Current portion of long-term debt, net of deferred financing costs Dolan has also served as a director and the Executive Chairman of Madison Square Garden Sports Corp. since 2015 and MSG Networks Inc. since 2009. Net income (loss) attributable to Madison Square Garden Entertainment Corp.’s stockholders The FactSet consensus for net losses per share as $2.14. The Company’s MSG Sphere venue in Las Vegas is also impacted. This was partially offset by an increase in venue operating expenses of $5.8 million, primarily due to the Company’s decision to pay certain event-level employees through May 2020. The increased adjusted operating loss primarily reflects the decrease in revenues and, to a lesser extent, higher selling, general and administrative expenses, partially offset by lower direct operating expenses. ET on GlobeNewswire MSG Entertainment Becomes New Public Company Class B common stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of June 30, 2020

The Company had an operating loss of $59.8 million and an adjusted operating loss of $43.3 million in fiscal 2020, compared to an operating loss of $45.6 million and adjusted operating income of $103.9 million in fiscal 2019. The COVID-19 pandemic significantly impacted the Company’s fiscal 2020 results, and also led to significant non-cash impairment charges related to Tao Group Hospitality. Madison Square Garden Entertainment Corp. Stockholders’ Equity: Class A common stock, par value $0.01, 120,000 shares authorized; 19,493 shares outstanding as of June 30, 2020 195 By using this site you agree to the Investments and loans to nonconsolidated affiliates Debt outstanding consisted of a $33.8 million bank term loan at Tao Group Hospitality.

It operates through the following segments: Madison Square Garden (MSG) Entertainment, MSG Sports, and Corporate and Others. Effect of exchange rates on cash, cash equivalents and restricted cash Diluted weighted-average number of common shares outstanding Madison Square Garden Sports and DraftKings reported quarterly results, detailing the drag the suspension of sports amid the Covid-19 pandemic had on business.Tracking Prem Watsa's Fairfax Financial Holdings Portfolio - Q2 2020 UpdateTop 2nd-Quarter Buys of John Rogers' Ariel InvestmentsMario Gabelli Comments on Madison Square Garden SportsMario Gabelli's Gabelli Value 25 Fund 2nd-Quarter Shareholder CommentaryHere are 3 stocks added to the Zacks Rank #5 (Strong Sell) List todayHow the Tokenization May Level the Sports Playing FieldMadison Square Garden Sports Corp. (MSGS) Q4 2020 Results - Earnings Call TranscriptMSG Sports improves losses despite negative revenues in quarterly earningsMadison Square Garden Sports and DraftKings reported quarterly results, detailing the drag the suspension of sports amid the Covid-19 pandemic had on business.The Madison Square Garden Company (MSGS) delivered earnings and revenue surprises of -84.18% and -142.27%, respectively, for the quarter ended June 2020. Net decrease in cash, cash equivalents and restricted cash For fiscal 2020, the Company generated $762.9 million in revenues, a 27% decrease as compared to fiscal 2019. The company said it had $293 million of liquidity as of June 30 while total debt outstanding was $350 million.

Why he likes Pfizer, Madison Square Garden, and several other stocks.Madison Square Garden Sports Corp. reported Friday a wider-than-expected fiscal fourth-quarter loss and a surprise negative revenue, as parent of the New York Knicks and New York Rangers sports teams had their seasons suspended as a result of the COVID-19 pandemic. A Look At Madison Square Garden Entertainment's Liabilities. Less: Net loss attributable to redeemable noncontrolling interests

This primarily reflects the decrease in revenues, partially offset by lower direct operating expenses and, to a lesser extent, lower selling, general and administrative expenses. The Company has taken these steps to conserve cash and believes it is well positioned to navigate the temporary shutdown. The Company’s cash and cash equivalents at fiscal year-end included approximately $200 million in deferred revenue and collections due to promoters, primarily related to tickets, suites and sponsorships – all of which will be addressed, to the extent necessary, through credits, make-goods, refunds and/or rescheduled dates. Its sports franchises include the New York Knicks (Knicks), National Basketball Association (NBA), New York Rangers (Rangers), National Hockey League (NHL), New York Liberty (Liberty), Women's National Basketball Association (WNBA), Hartford Wolf Pack of the American Hockey League (AHL), Westchester Knicks of the NBA G League (NBAGL), and Counter Logic Gaming (CLG).

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