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© Reuters. Investing.com – Madison Square Garden (NYSE 🙂 collapsed on Tuesday after fourth-quarter earnings in fiscal year failed to meet expectations due to weak activity athletic.
The owner of this iconic place, as well as the New York Knicks and the New York Rangers, reported a loss per share of $ 3.08 on a turnover of $ 263.6 million, against an estimated loss at 2.64 USD on a turnover of 270.1 million USD.
MSG Entertainment 's business figure decreased by 6% over last year, to $ 174 million, while MSG Sports' sales revenue was up. dropped 32% to $ 90 million.
Shares fell by nearly 8% in the midday session.
The company said its revenue decline was mainly due to a new contract-related accounting standard, which was offset by revenue from other live sports events.
"In the future, we remain confident in the strength of our core businesses and expect that fiscal year 2020 will be an important year, as we work to carry out the proposed sports spin-off and begin to usher in the next chapter of the company, with MSG Sphere in Las Vegas. is starting to take shape, "said CEO James Dolan in a press release.
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