MSG Entertainment posts losses, lower revenue as venues remain closed.
Madison Square Garden Entertainment’s inaugural earnings since breaking off from its sporting side have the bad luck of also being the company's first since the COVID-19 pandemic shut its venues down. As a result of the ongoing health crisis, which kicked in roughly 18 days before the third quarter ended March 31, MSGE said on Monday that its revenues dipped 20% to $199.9 million, compared to $250 million in the prior-year quarter.
The company said the increase in operating loss includes the $102.2 million in non-cash impairment charges related to Tao Group Hospitality, its dining and nightlife unit that has had to temporarily shutter virtually all of its venues worldwide — in addition to one permanent closure. As of May 1, the company had approximately $1.4 billion in cash and cash equivalents and short-term investments, including the net proceeds from the sale of the Forum in Inglewood, Calif. to Clippers ownerAdjusted for the Forum sale, the company had roughly $220 million in advance cash proceeds, mostly tied to the completed sales of tickets and sponsorships — which will be addressed through refunds, credits or rescheduling.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
BTS' Jungkook and other K-Pop stars visited Itaewon area where South Korea's second wave of COVID-19 cases broke outThe K-pop artists were reported to have visited entertainment venues in the Itaewon neighborhood of Seoul from the evening of April 25 until dawn on April 26.
Weiterlesen »
Treasury yields rise as investors digest Powell's outlook for the economyU.S. government debt prices were slightly lower Monday morning as investors reacted to comments from Federal Reserve Chairman Jerome Powell following last week's market losses.
Weiterlesen »
'It means everything': Residents fear loss of community post offices to the coronavirusMost Americans give the U.S. Postal Service high marks for getting mail to far-flung corners of the country, but it's struggling from the coronavirus.
Weiterlesen »
Jack Ma quits SoftBank's board as its Vision Fund posts a record $18 billion lossJack Ma is stepping down after the SoftBank Vision Fund incurred huge losses on companies like Uber, WeWork, and Oyo.
Weiterlesen »
No spike in coronavirus in places reopening, U.S. health secretary saysAuthorities are not seeing spikes in coronavirus cases in places that are reopening but are seeking increases in some areas that remain closed, U.S. health secretary Alex Azar said on Sunday.
Weiterlesen »