Madison Square Garden Entertainment Corp. (NYSE: MSGE) is an entertainment venue company that owns and operates live entertainment properties, anchored by Madison Square Garden in New York City. Revenue is generated through a mix of event-driven streams including suite license fees, ticket sales, concessions, and sponsorships tied to concerts, sporting events, and other live productions hosted at its venues. The company operates what it calls its National Properties portfolio, financed with a dedicated credit facility referred to in the FY2025 10-K as the National Properties Facilities, which was refinanced during FY2025, resulting in a $6.1 million loss on extinguishment of debt. Interest expense on that debt totaled $50.5 million in FY2025, down from $58.0 million in FY2024, reflecting lower average borrowings and rates. The company carries long-term debt and operates in a stockholders' deficit position as of June 30, 2025. MSGE is affiliated with MSG Sports Corp. and Sphere Entertainment Co. through related-party relationships, sharing governance and certain operational arrangements. Its philanthropic arm, the Garden of Dreams Foundation, has donated nearly $81 million since 2006.

Revenue model

Transactional and recurring revenue from live events hosted at owned venues, including suite license fees (recognized on a deferred and billed basis), event-night ticket sales, food and beverage concessions, and corporate sponsorships. Suite license revenue is a recurring contracted stream; event-driven revenue varies with booking activity.

Products and services

Live entertainment venues, principally Madison Square Garden; suite license agreements; event promotion and hosting; corporate sponsorships; concession operations. The company's National Properties portfolio encompasses its venue assets, financed through the National Properties Facilities credit arrangement.

Customers and end markets

Corporate suite licensees, event promoters, concert and sporting event attendees, and corporate sponsors. End markets include live music, boxing and combat sports, and other ticketed live events. Related-party transactions with MSG Sports Corp. and Sphere Entertainment Co. are material to working capital flows.

Value-chain role

Venue owner and operator. MSGE sits at the venue infrastructure layer of the live entertainment value chain, hosting events produced by third-party promoters as well as affiliated entities. It does not primarily promote or produce content but provides the physical platform and related services.

Geographic exposure

Operations are concentrated in New York City, the primary location of Madison Square Garden. The 10-K does not disclose material international revenue.

Source: SEC 10-K, filed 2025-08-13

Industry: Services-Miscellaneous Amusement & Recreation Peers: Walt Disney Co