Feb 07, 2020 (Baystreet.ca via COMTEX) -- Madison Square Garden Co. was weighed by second-quarter numbers, resulting in a downward finish to Friday trading.
The sports palace in the center of New York generated revenues of $628.8 million, a decrease of 1% as compared to the prior year quarter.
The Company also generated operating income of $80.8 million, an increase of 3%, and adjusted operating income of $126.9 million, a decrease of 3%, both as compared to the prior year quarter.
Friday's news release said the figures primarily reflect growth at both the MSG Sports and MSG Entertainment segments, offset by higher expenses in Corporate and Other, mainly the result of the MSG Sphere initiative and the proposed spin-off of the Company's Entertainment business, partially offset by a decrease in employee compensation and related benefits in Corporate.
CEO James L. Dolan said, "We are making significant progress in readying our Company for its next chapter as the proposed spin-off of our Entertainment business nears completion and MSG Sphere in Las Vegas continues to take shape.
"We remain confident that the execution of these strategic priorities, coupled with the ongoing strength of our underlying businesses, will set the stage for continued growth and long-term value creation for our shareholders."
The Company has made significant progress on MSG Sphere at The Venetian, its state-of-the-art entertainment venue currently under construction in Las Vegas.
The Company expects the venue to have a number of significant revenue streams, including a wide variety of content such as attractions, concert residencies, corporate and select sporting events, as well as sponsorship and premium hospitality opportunities
MSG stock fell $4.79, or 1.6%, to $293.20.