Additionally, the company said its upcoming MSG Sphere in Las Vegas will feature a “debut original attraction from a leading Hollywood director.'
Madison Square Garden Entertainment also provided an update on the MSG Sphere, saying that it is expected to open in September and that the company is in “active discussions” with artists for residencies and is targeting four to six headliners a year. The company said it will also share details on its “debut original attraction from a leading Hollywood director” in the coming weeks.
For the second quarter, the company reported revenue of $642.2 million, up from $516.5 million a year earlier, and operating income of $74.0 million, up from $35.4 million in the year earlier period. The growth was driven by higher revenue in its live entertainment business, compared to last year which was impacted by interruption from the Omicron variant. Radio City Music Hall Christmas Spectacular saw its revenue increase by $71.
“Our fiscal second quarter results reflect ongoing operating momentum across our portfolio of live experiences. With our proposed spin-off expected to be completed by the end of March, and the anticipated opening of MSG Sphere in Las Vegas in September, we remain confident that the Company is well-positioned to drive long-term shareholder value,” executive chairman and CEO James L. Dolan said in the press release. Dolan did not participate in the earnings call.
This comes as the company faces criticism from city officials and lawmakers over its barring of attorneys involved in litigation against the company from entering the areas and its use of facial recognition technology to identify them. The policy has now been lifted against lawyers involved in litigation involving the Tao Group, given its potential sale.
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