Madison Square Garden Sports Corp. (MSGS) and Madison Square Garden Entertainment Corp. (MSGE) forged a multi-year marketing partnership with BetMGM, naming the sports betting and gaming entertainment company an Official Sports Betting Partner of the New York Knicks, New York Rangers, and Madison Square Garden Arena.
Madison Square Garden Entertainment reported first-quarter FY22 revenue growth of 73 percent year-on-year to $294.5 million, beating the consensus of $281.2 million.
Tao Group Hospitality segment generated revenues of $119.5 million versus $7.2 million last year. MSG Networks revenue declined 10 percent Y/Y to $141.5 million.
Entertainment segment revenues surged from $7.6 million to $34.2 million Y/Y, reflecting various commercial arrangements with MSG Sports.
The adjusted operating income rose 52 percent Y/Y to $10.3 million. EPS loss was $(2.55) versus $(1.06) last year.
Madison Square Garden held $1.4 billion in cash and equivalents and used $2.3 million in operating cash flow.
“With the first quarter behind us, we’re starting to see some promising momentum in the marketplace as we begin to ramp up events across our venues and welcome back our Christmas Spectacular production. We’ve been pleased to see strong results at Tao Group Hospitality, as well as renewed engagement by marketing partners. This, along with our continued progress on MSG Sphere, makes us optimistic about where we’re headed in 2022, and we remain confident in our ability to create long-term value for our shareholders,” said Executive Chairman and CEO James L. Dolan.
MSGE shares closed 0.63 percent higher at $77.22 on Thursday.
By Anusuya Lahiri
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