Here are 1-2 brief analogies for Madison Square Garden Entertainment (MSGE):

• Live Nation for iconic entertainment venues and its own major stage productions.
• AMC Theatres for iconic live entertainment venues, also producing its own renowned shows.

• Venue Management: Operation of iconic entertainment venues such as Madison Square Garden, Radio City Music Hall, and The Beacon Theatre.
• Live Event Production & Promotion: Creation and presentation of concerts, family shows, and a diverse range of other live entertainment events.
• Hospitality & Food Services: Provision of premium food, beverage, and hospitality experiences within their managed venues.

Madison Square Garden Entertainment (symbol: MSGE) primarily sells to individuals. Its major customer categories include:

• Live Event Attendees: Individuals and groups who purchase tickets to attend a wide array of events, including concerts, comedy shows, theatrical productions, and other live performances hosted at MSGE's iconic venues such as the MSG Sphere, Radio City Music Hall, Beacon Theatre, and The Chicago Theatre. This category encompasses both local residents and domestic/international tourists seeking premier entertainment experiences.
• Hospitality and Nightlife Patrons: Individuals who frequent MSGE's Tao Group Hospitality venues, which comprise a global portfolio of luxury restaurants, nightclubs, and dayclubs. These customers are typically seeking high-end dining experiences, social gatherings, and nightlife entertainment.
• Seasonal Entertainment Seekers: A distinct segment primarily targeting the annual "Christmas Spectacular Starring the Radio City Rockettes." This category largely consists of families, tourists, and locals seeking traditional holiday entertainment and festive, family-friendly experiences.

• Live Nation Entertainment (LYV)
• Aramark (ARMK)
• SACO Technologies
• Christie Digital Systems

James L. Dolan, Executive Chairman and Chief Executive Officer

James L. Dolan founded Dolan Family Ventures LLC and has led ten different companies. He currently serves as Executive Chairman and Chief Executive Officer of Madison Square Garden Entertainment Corp., Sphere Entertainment Co., and Madison Square Garden Sports Corp. He is also the Non-Executive Chairman of AMC Networks Inc. Previously, Mr. Dolan was the CEO of Cablevision Systems Corp. from 1995 until its sale to Altice in 2016 for $17.7 billion. He also held the role of CEO at Rainbow Media Holdings LLC (now AMC Networks) from 1992 to 1995. Mr. Dolan sold the New York Liberty WNBA team in 2019. The Dolan Family Office, which manages the family's fortune, invests in media, entertainment, and sports, including private equity.

David Collins, Executive Vice President, Chief Financial Officer

David Collins joined MSG Entertainment in April 2025. Before this, he served as Chief Financial Officer and Executive Vice President for Harris Blitzer Sports and Entertainment (HBSE) from November 2015 to April 2025, where he was responsible for finance, accounting, strategy & analytics, IT, and ticket operations for the Prudential Center, the Philadelphia 76ers, and the New Jersey Devils. His experience also includes serving as Senior Vice President and CFO at Base Entertainment, a private entertainment and venue services company. Mr. Collins also previously served as CFO of Vannin Capital, a litigation funder that was acquired by Fortress Investment Group in 2019. He began his career at Ernst & Young as a senior auditor and Certified Public Accountant.

Stephanie Andino, Executive Vice President, People Practices

Stephanie Andino leads the People Practices function across the MSG Family of Companies, including MSG Entertainment, Madison Square Garden Sports Corp., and Sphere Entertainment Co. She joined MSG Entertainment from Crate & Barrel Holdings, Inc., where she held the position of Chief Human Resources Officer. Ms. Andino's prior experience includes senior human resources leadership roles at Victoria's Secret and serving as Human Resources Lead at Legends Hospitality. Her earlier career involved positions at PepsiCo, Fox, J. Walter Thompson, and Gap Inc.

James J. Claffey Jr., Executive Vice President, Venue Management

James J. Claffey Jr. oversees all venue operations for MSG Entertainment's portfolio, including Madison Square Garden, Radio City Music Hall, Beacon Theatre, and The Chicago Theatre. Before joining MSG Entertainment in 2022, he served for nearly 20 years as President of Local One, the stagehand union of the International Alliance of Theatrical Stage Employees (IATSE), and was also named International Vice President of IATSE in 2017. Mr. Claffey began his career with MSG in 1983 as part of the stage crew at The Garden, progressing to various roles at Radio City Music Hall.

Richard Constable, Executive Vice President, Global Head of Government Affairs and Social Impact

Richard Constable serves as MSG Entertainment's chief strategist, responsible for all legislative, community, and inclusion initiatives. He joined MSG in 2018 after a career spanning corporate, governmental, and legal sectors. Prior to MSG, he was a senior executive at Wyndham Worldwide Corporation, where he played a leadership role in the spin-off of its hotel division. He also served as Commissioner of the New Jersey Department of Community Affairs, overseeing post-Hurricane Sandy recovery efforts, and previously worked as a federal prosecutor and a litigation associate at Sullivan & Cromwell LLP.

Madison Square Garden Entertainment Corp. (MSGE) operates primarily in two main addressable markets: live entertainment and regional sports and entertainment broadcasting.

Live Entertainment and Venues

MSGE owns and operates iconic venues such as Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre, where it hosts a variety of events including concerts, theatrical productions like the Christmas Spectacular Starring the Radio City Rockettes, and family shows.

• U.S. Live Events Market: The U.S. Live Events Market is estimated to be valued at approximately $466.13 billion in 2025. The entertainment segment within this market is projected to constitute 33.2% of the total in 2025, which translates to an addressable market of approximately $154.6 billion.
• U.S. Online Event Ticketing Market: A component of live entertainment revenue, the online event ticketing market in the U.S. is projected to reach $12.5 billion in 2025.

Regional Sports and Entertainment Networks (MSG Networks)

MSGE's MSG Networks operates regional sports and entertainment networks, including MSG Network and MSG+, which primarily serve the New York Designated Market Area. These networks broadcast exclusive live local games of NBA and NHL franchises, alongside other sports-related programming.

• North America Sports Teams Market: The broader North America sports teams market, which includes revenue from media rights crucial to regional sports networks, is valued at $49.38 billion in 2025. The United States accounted for 89.10% of the revenue in this market in 2024. The overall professional sports market in the United States is approximately $69 billion.

Madison Square Garden Entertainment (MSGE) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Increased Number of Concerts and Live Events: The company consistently reports record or near-record numbers of concerts and live events at its iconic venues, particularly Madison Square Garden. Management commentary indicates a positive outlook with anticipated growth in the number of events and guest attendance in fiscal years 2025 and 2026. This growth is a primary contributor to increased revenue from entertainment offerings.
2. Growth and Enhancement of the Christmas Spectacular Production: MSGE projects revenue growth for its Christmas Spectacular, driven by an increased number of performances and higher per-show revenue. The company also plans to incorporate new technology and immersive elements to enhance the guest experience, which could further boost demand and pricing.
3. Higher Per-Event Revenue (Ticket Pricing and Ancillary Spending): Revenue growth is also anticipated from increased per-concert and per-event revenues. This includes both ticket pricing and growth in food, beverage, and merchandise sales per attendee at concerts and other live entertainment and sporting events.
4. Stable and Escalating Arena License Fees: Long-term arena license agreements with MSG Sports for the New York Knicks and New York Rangers provide a consistent and growing revenue stream. These 35-year deals, which commenced in fiscal year 2021, include annual 3% escalators, offering predictable revenue growth.
5. Optimized Venue Utilization and Fan Engagement: MSGE is focused on maximizing the utilization of its venues and enhancing fan engagement. This involves securing a diverse range of high-quality live entertainment options and continuously exploring ways to improve the guest experience, which can lead to increased attendance and higher spending per guest across all events.

Share Repurchases

• Madison Square Garden Entertainment (MSGE) has repurchased approximately $205 million of its Class A common stock, totaling 6,106,239 shares, since its spin-off from Sphere Entertainment Co. in April 2023.
• From August 20, 2025, through September 11, 2025, the company repurchased approximately $25 million of Class A common stock.
• As of September 30, 2025, MSGE has approximately $45 million remaining under its current share repurchase authorization.

Share Issuance

• In July 2021, Madison Square Garden Entertainment Corp. completed the acquisition of MSG Networks Inc. in an all-stock deal, valued at approximately $920 million.

Outbound Investments

• In July 2021, Madison Square Garden Entertainment Corp. acquired MSG Networks Inc. in an all-stock transaction.

Capital Expenditures

• Capital expenditures for the last 12 months (ending around late 2025) were approximately $15.19 million to $22.27 million.
• For fiscal year 2026, capital expenditures are expected to include incremental spending on certain suite renovations at Madison Square Garden.
• Further enhancements at the Beacon Theatre and Radio City Music Hall, including the installation of Sphere Immersive Sound, are also a focus for fiscal 2026 capital expenditures.