Madison Square Garden Entertainment Corp.

Madison Square Garden Entertainment Corp. owns and operates a portfolio of iconic live entertainment venues, including Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre. It also produces and presents recurring entertainment content such as the Christmas Spectacular Starring the Radio City Rockettes and books concerts, family shows, sporting events, and special events across its venues.

18,6 %

6,2 %

+12,5 %

0.70

0.69

— Madison Square Garden Entertainment Corp.
%
Venue operations and licensing35% Revenue from hosting third-party events and licensing use of the company's venues.
Entertainment productions20% Wholly owned live productions, especially the Christmas Spectacular.
Bookings and event promotion20% Concerts, family shows, sporting events, and special events produced or promoted by the company.
Premium hospitality15% Suite licenses, club seats, and corporate hospitality products sold primarily to businesses.
Ancillary revenue10% Concessions, merchandise, sponsorships, signage, tours, and lease-related income.

The company sells to a mix of consumers, corporate clients, promoters, and sports/entertainment partners...

  • Consumer ticket buyersprimary

    Individuals and families buying tickets for concerts, shows, sports, and the Christmas Spectacular.

  • Corporate hospitality clientsprimary

    Companies licensing suites and club spaces for entertaining clients, employees, and partners.

  • Event promoters and artistsprimary

    Third-party promoters and performers booking venues for concerts, tours, and special events.

  • Sports-related partnerssecondary

    MSG Sports and related event stakeholders using The Garden for Knicks and Rangers games.

  • Tourists and seasonal audiencessecondary

    Visitors drawn to iconic venues and the holiday-driven Christmas Spectacular.

The company’s revenues and assets are attributed to or located in the United States, with operations primarily...

  • •All revenues and assets are located in the United States
  • •Business is primarily concentrated in the New York City metro area
  • •Key venues include Manhattan and New York City locations
  • •The Chicago Theatre provides a secondary market presence
  • •New York exposure makes demand sensitive to local event activity

Management is focused on maximizing the value of its iconic venues and live entertainment brands by attracting more...

01
Expand premium hospitality offeringsmedium-term

Suite and club licenses provide recurring, high-value corporate revenue with renewal potential.

02
Drive more bookings and higher event utilizationshort-term

More concerts and events improve venue monetization and spread fixed venue costs.

03
Strengthen direct customer relationships and data usemedium-term

A larger proprietary database supports targeted marketing, cross-promotion, and better booking decisions.

04
Protect flagship content and venue brandslong-term

The Christmas Spectacular and iconic venues are core differentiators that support demand and pricing.

The business depends on event demand, the popularity of the Christmas Spectacular, and the ability to attract top...

high

Event and attendance concentration

Revenue depends on attracting concerts, shows, and sports events to a limited set of venues.

Scope
Venue utilization and ticket-driven revenue
Materiality
high
high

Christmas Spectacular dependence

A large portion of seasonal demand and profitability is tied to one recurring production.

Scope
Holiday production revenue and operating income
Materiality
high
medium

Competitive pressure

The company competes with other venues and alternative entertainment options for consumer spending and bookings.

Scope
Pricing power, booking volume, and attendance
Materiality
high
medium

Affiliate dependence

Commercial arrangements with Sphere Entertainment and MSG Sports are important to operations and can be affected by relationship changes.

Scope
Arena license agreements, services, and subleases
Materiality
medium
medium

Cybersecurity and intellectual property

The company stores customer and sponsor data and monetizes brands and content that must be protected.

Scope
Data, content, and brand assets
Materiality
medium
Revenue recognition for multi-element arrangements
Can shift revenue timing across periods
Seasonality
Quarterly results are not evenly comparable
Lease and straight-line revenue accounting
Affects reported revenue and operating margins
Impairment of long-lived assets
Can create non-cash charges if utilization weakens

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: 28/04/2026