LEvent company IVE Madison Square Garden Entertainment (MSGE) has improved its revenues by $ 6% to $ 243 million in the third tax quarter closed on March 31, the company announced on Tuesday May 6. The operating profit of $ 27.3 million marked an improvement of 63%.
The results “reflect a high demand for consumption and continuous business as well as a wide variety of live events in our places”, CEO James Dolan said in a press release. “We stay on the right track to offer solid growth in adjusted operating income this exercise and think that we are well placed to stimulate the long -term value of our shareholders.”
For the nine -month period completed on March 31, revenues increased by 2% to $ 789 million and adjusted operating profit increased by $ 13% to $ 224 million.
MSGE has and operates New York Madison Square Garden sites, the Théâtre de Madison Square Garden, Radio City Music Hall and the Beacon Theater, as well as the Chicago Theater and The Christmas Spectacular featuring City Rockettes radio.
Income from entertainment offers increased by $ 10% to $ 160 million mainly due to the increase in income from Arena license agreements with MSG Sports, higher income from the Spectacular Christmas Production and more income from sponsorship, signaling and sequences linked to the place.
The events related to the event dropped $ 3.6 million mainly due to the drop in revenues from concerts. The company has assigned the decline to more rentals and less promoted events and a decrease in the number of concerts in MSGE sites.
Arena license fees dropped from $ 36.4 million due to the quarter mainly with two Knicks in New York and New York games compared to the quarter of the previous year.
Food, drinks and goods income increased by $ 45.8 million by $ 1%. Sa higher food and drinking sales in other live entertainment and sport events were partially offset by a drop in sales during concerts due to the decrease in the number of concerts during the quarter.
After the announcement of profits on Tuesday, MSGE stocks increased by $ 36.17, up 6.4% and increased by 5% to $ 35.67 in mid-afternoon negotiations.