’s revenues dropped 20% to $199.9 million compared with last year, according to results released Monday.
MSGE said the operating loss includes $102.2 million in “non-cash impairment charges” for its Tao Group Hospitality dining and nightlife division, which has been hit hard by the shutdown and closed one venue permanently. The company also said that the ambitious and futuristic MSG Sphere arena in Las Vegas is not expected to open as planned in 2021 due to construction delays related to the pandemic. The company announced the Sphere, and another in London that is pending approvals, in an elaborate presentation in 2018.
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