The following is a summary of the Madison Square Garden Entertainment Corp. (MSGE) Q1 2025 Earnings Call Transcript:

Financial Performance:

• Madison Square Garden Entertainment Corp. reported Q1 2025 revenues of $138.7 million, a decrease from $142.2 million in the previous year, mainly due to lower concert-related revenues and fewer concerts at the theaters.

• First quarter adjusted operating income increased by $2.1 million compared to the prior year quarter, primarily reflecting a decrease in direct operating and SG&A expenses.

• The company's debt balance stood at $677 million, with $622 million under the term loan and $55 million drawn on the revolving credit facility, which was fully repaid post-quarter.

Business Progress:

• MSG Entertainment saw a record number of concerts at the Garden in Q1, hosting nearly 800,000 guests across 120 events.

• Notable growth in the Christmas Spectacular, with plans to welcome over one million guests this season, reflecting strong tourism return and increased ticket sales.

• Announced several new marketing partnership deals and expanded premium hospitality offerings, including renovated suites contributing to revenue.

• Anticipate delivering a mid to high single-digit percentage increase in adjusted operating income for fiscal 2025.

Opportunities:

• Strong demand for in-person shared experiences continues, with sold-out concerts and robust advanced sales for the Christmas Spectacular.

• Positive momentum in family shows, special events, and marquee sports bookings indicating potential revenue growth.

• Partnerships with major brands like Lenovo, Motorola, and Verizon demonstrate the attractiveness of MSGE's platform for corporate collaborations.

Risks:

• Recent slowing in concert bookings could impact anticipated revenues, compounded by a noted scarcity of supply for arena-level shows in the spring and an increase in event cancellations.

• Potential operational risks linked to bringing sponsorship sales back in-house after ending the agreement with Oak View Group's Crown Properties Collection.

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