The newly-spun off company's fiscal third quarter earnings show a 20% drop in revenue following the coronavirus-induced shutdown of live events in mid-March.
Madison Square Garden Entertainment experienced a predictable hit to earnings in the quarter ending March 31, posting a 20% drop in revenue and writing down its investment in the dining and nightlife business.
After suspending concerts on March 12 in reaction to the spread of the coronavirus, MSGE’s revenue sank from $250 million to $199.9 million.
Any company that relies on people gathering in a confined space for multiple hours could not avoid poor quarterly earnings. Promoter Live Nation’s Q1 concert revenue fell 24%.