Madison Square Garden Entertainment (MSGE) 10-Q 9 May 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41627
Entity Registrant Name	MADISON SQUARE GARDEN ENTERTAINMENT CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-0318813
Entity Address, Address Line One	Two Penn Plaza
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10121
City Area Code	(212)
Local Phone Number	465-6000
Title of 12(b) Security	Class A Common Stock
Trading Symbol	MSGE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001952073
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		41,158,016
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,866,754

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2024	Jun. 30, 2023
Current Assets:
Cash, cash equivalents, and restricted cash		$ 28,308	$ 84,355
Accounts receivable, net		108,560	63,898
Related party receivables, current		29,690	69,466
Prepaid expenses and other current assets		89,240	77,562
Total current assets		255,798	295,281
Non-Current Assets:
Property and equipment, net		636,014	628,888
Right-of-use lease assets		307,435	235,790
Goodwill		69,041	69,041
Indefinite-lived intangible assets		63,801	63,801
Other non-current assets		126,482	108,356
Total assets		1,458,571	1,401,157
Current Liabilities:
Accounts payable, accrued and other current liabilities		205,076	214,725
Related party payables, current		46,596	47,281
Long-term debt, current		16,250	16,250
Operating lease liabilities, current		31,570	36,529
Deferred revenue		251,270	225,855
Total current liabilities		550,762	540,640
Non-Current Liabilities:
Long-term debt, net of deferred financing costs		602,468	630,184
Operating lease liabilities, non-current		330,902	219,955
Deferred tax liabilities, net		24,151	23,518
Other non-current liabilities		44,851	56,332
Total liabilities		1,553,134	1,470,629
Commitments and contingencies (see Note 9)
Deficit:
Additional paid-in-capital		29,656	17,727
Treasury stock at cost (4,365 and 840 shares outstanding as of March 31, 2024 and June 30, 2023, respectively)		(140,512)	(25,000)
Retained earnings (deficit)		48,676	(28,697)
Accumulated other comprehensive loss		(32,907)	(34,021)
Total deficit		(94,563)	(69,472)
Total liabilities and deficit		1,458,571	1,401,157
Common Class A
Deficit:
Class A and Class B Common Stock	[1]	455	450
Treasury stock at cost (4,365 and 840 shares outstanding as of March 31, 2024 and June 30, 2023, respectively)		(115,512)
Common Class B
Deficit:
Class A and Class B Common Stock	[2]	$ 69	$ 69
[1]Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 45,523 and 45,024 shares issued as of March 31, 2024 and June 30, 2023, respectively.[2]Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued as of March 31, 2024 and June 30, 2023.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Jun. 30, 2023
Treasury stock at cost (in shares)	4,365,000	840,000
Common Class A
Treasury stock at cost (in shares)	3,525
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares, issued (in shares)	45,523,000	45,024,000
Common Class B
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares, issued (in shares)	6,867,000	6,867,000

Condensed Consolidated And Comb

Condensed Consolidated And Combined Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenues	[1]	$ 228,313	$ 201,229	$ 773,191	$ 703,561
Direct operating costs	[1]	(142,021)	(115,133)	(446,459)	(397,398)
Selling, general and administrative expenses	[1]	(53,945)	(44,122)	(151,156)	(127,537)
Depreciation and amortization		(13,182)	(14,798)	(39,972)	(46,369)
(Loss) gains, net on dispositions		0	(51)	0	4,361
Restructuring charges		(2,362)	(2,461)	(14,803)	(9,820)
Operating income		16,803	24,664	120,801	126,798
Interest income	[1]	341	2,482	2,275	5,804
Interest expense		(14,425)	(13,423)	(43,761)	(38,055)
Other income (expense), net		78	8,070	(1,545)	6,784
Income from operations before income taxes		2,797	21,793	77,770	101,331
Income tax expense		(2)	(73)	(397)	(804)
Net income		2,795	21,720	77,373	100,527
Less: Net loss attributable to nonredeemable noncontrolling interest		0	0	0	(553)
Net income attributable to MSG Entertainment’s stockholders		$ 2,795	$ 21,720	$ 77,373	$ 101,080
Income per share attributable to MSG Entertainment’s stockholders:
Basic (in dollars per share)		$ 0.06	$ 0.42	$ 1.59	$ 1.95
Diluted (in dollars per share)		$ 0.06	$ 0.42	$ 1.58	$ 1.95
Weighted-average number of shares of common stock:
Basic (in shares)	[2]	48,109	51,768	48,675	51,768
Diluted (in shares)	[2]	48,447	51,768	48,883	51,768
Revenues from entertainment offerings
Revenues	[1]	$ 146,221	$ 129,260	$ 581,025	$ 524,331
Entertainment offerings, arena license fees, and other leasing direct operating expenses
Direct operating costs	[1]	(112,997)	(90,296)	(375,786)	(332,290)
Food, beverage, and merchandise revenues
Revenues	[1]	45,380	39,954	127,379	112,412
Direct operating costs	[1]	(29,024)	(24,837)	(70,673)	(65,108)
Arena license fees and other leasing revenue
Revenues	[1]	$ 36,712	$ 32,015	$ 64,787	$ 66,818
[1] See Note 14 . Related Party Transactions for further information on related party arrangements. On April 20, 2023, 51,768 common shares were distributed to Sphere Entertainment Co. stockholders in the MSGE Distribution (as defined in Note 1. Description of Business and Basis of Presentation). This share amount is being utilized for the calculation of basic and diluted loss per common share attributable to Madison Square Garden Entertainment Corp.’s stockholders for the three and nine months ended March 31, 2023 because the Company was not a standalone public company prior to the MSGE Distribution.

Condensed Consolidated And Co_2

Condensed Consolidated And Combined Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,795	$ 21,720	$ 77,373	$ 100,527
Other comprehensive income, before income taxes:
Amortization of net actuarial loss included in net periodic benefit cost	450	323	1,350	1,063
Other comprehensive income, before income taxes	450	323	1,350	1,063
Income tax expense	(78)	(56)	(236)	(185)
Other comprehensive income, net of income taxes	372	267	1,114	878
Comprehensive income	3,167	21,987	78,487	101,405
Less: Comprehensive loss attributable to nonredeemable noncontrolling interest	0	0	0	(553)
Comprehensive income attributable to MSG Entertainment	$ 3,167	$ 21,987	$ 78,487	$ 101,958

Condensed Consolidated And Co_3

Condensed Consolidated And Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES:
Net income	$ 77,373	$ 100,527
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	39,972	46,369
Share-based compensation expense	26,186	24,273
Deferred income tax expense	397	0
Provision for doubtful accounts	158	0
Amortization of deferred financing costs	2,508	2,409
Related party paid in kind interest	(512)	(2,939)
Net unrealized and realized gains on equity investments with readily determinable fair value	(391)	(4,307)
Gains, net on dispositions	0	(4,361)
Change in assets and liabilities:
Accounts receivable, net	(44,820)	(27,890)
Related party receivables and payables, net	39,091	(5,292)
Prepaid expenses and other current and non-current assets	(41,434)	(29,855)
Accounts payable, accrued and other current, and non-current liabilities	(18,687)	(20,812)
Deferred revenue	25,415	56,531
Operating lease right-of-use assets and lease liabilities	5,798	(2,312)
Net cash provided by operating activities	111,054	132,341
INVESTING ACTIVITIES:
Capital expenditures	(19,646)	(12,187)
Proceeds from dispositions, net	0	27,904
Proceeds from sale of investments	13,484	4,244
Loans to related parties	(65,000)	(6,700)
Other investing activities	(1,463)	0
Net cash (used in) provided by investing activities	(72,625)	13,261
FINANCING ACTIVITIES:
Proceeds from revolving credit facility	73,000	168
Principal repayments on term loan and revolving credit facilities	(102,288)	(6,063)
Repayments on related party loan, net	(304)	0
Payments for debt financing costs	(632)	0
Taxes paid in lieu of shares issued for equity-based compensation	(13,378)	0
Stock repurchases	(50,874)	0
Net transfers to Sphere Entertainment and Sphere Entertainment’s subsidiaries	0	(79,299)
Net cash used in financing activities	(94,476)	(85,194)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(56,047)	60,408
Cash, cash equivalents, and restricted cash, beginning of period	84,355	62,573
Cash, cash equivalents, and restricted cash, end of period	28,308	122,981
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid or paid by landlord	29,389	504
Non-cash stock repurchases in lieu of payment of loan due from related party	$ 65,512	$ 5,350

Condensed Consolidated And Co_4

Condensed Consolidated And Combined Statements Of (Deficit) Equity (Unaudited) - USD ($) $ in Thousands	Total	Total Madison Square Garden Entertainment Corp. Stockholders’ (Deficit) Equity	Common Stock	Sphere Entertainment Co. Investment	Additional Paid- Capital	Treasury Stock	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss	Nonredeemable Noncontrolling Interest
Balance at the beginning of the period at Jun. 30, 2022	$ (1,589)	$ (1,475)	$ 0	$ 33,265	$ 0	$ 0	$ 0	$ (34,740)	$ (114)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	100,527	101,080		101,080					(553)
Other comprehensive income	878	878						878
BCE Disposition	667								667
Comprehensive income	102,072	101,958							114
Comprehensive income	101,958
Net increase (decrease) in Sphere Entertainment Co.	(56,980)	(56,980)		(56,980)
Balance at the end of the period at Mar. 31, 2023	43,503	43,503	0	77,365	0	0	0	(33,862)	0
Balance at the beginning of the period at Dec. 31, 2022	98,889	98,889	0	133,018	0	0	0	(34,129)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,720	21,720		21,720
Other comprehensive income	267	267						267
BCE Disposition	0								0
Comprehensive income	21,987	21,987
Comprehensive income	21,987
Net increase (decrease) in Sphere Entertainment Co.	(77,373)	(77,373)		(77,373)
Balance at the end of the period at Mar. 31, 2023	43,503	43,503	0	77,365	0	0	0	(33,862)	0
Balance at the beginning of the period at Jun. 30, 2023	(69,472)	(69,472)	519	0	17,727	(25,000)	(28,697)	(34,021)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,373	77,373					77,373
Other comprehensive income	1,114	1,114						1,114
Comprehensive income	78,487	78,487
Share-based compensation	26,186	26,186			26,186
Tax withholding associated with shares issued for share-based compensation	(13,378)	(13,378)	5		(13,383)
Stock repurchases, inclusive of tax	(116,386)	(116,386)			(874)	(115,512)
Balance at the end of the period at Mar. 31, 2024	(94,563)	(94,563)	524	0	29,656	(140,512)	48,676	(32,907)	0
Balance at the beginning of the period at Dec. 31, 2023	(102,047)	(102,047)	524	0	25,339	(140,512)	45,881	(33,279)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,795	2,795					2,795
Other comprehensive income	372	372						372
Comprehensive income	3,167	3,167
Share-based compensation	5,448	5,448			5,448
Tax withholding associated with shares issued for share-based compensation	(1,131)	(1,131)			(1,131)
Balance at the end of the period at Mar. 31, 2024	$ (94,563)	$ (94,563)	$ 524	$ 0	$ 29,656	$ (140,512)	$ 48,676	$ (32,907)	$ 0

Condensed Consolidated And Co_5

Condensed Consolidated And Combined Statements Of Operations (Unaudited) (Parenthetical) shares in Thousands	Apr. 20, 2023 shares
Sphere Entertainment Stockholders
Common shares distributed to Sphere Entertainment Co. stockholders (in shares)	51,768

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Madison Square Garden Entertainment Corp. (together with its subsidiaries, as applicable, the “Company” or “MSG Entertainment”), is a live entertainment company comprised of iconic venues and marquee entertainment content. Utilizing the Company’s powerful brands and live entertainment expertise, the Company delivers unique experiences that set the standard for excellence and innovation while forging deep connections with diverse and passionate audiences. The Company operates and reports financial information in one reportable segment. The Company’s portfolio of venues includes: Madison Square Garden (“The Garden”), The Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre. The Company also owns and produces the original production, the Christmas Spectacular Starring the Radio City Rockettes (the “ Christmas Spectacular ”). The Company also has an entertainment and sports bookings business, which showcases a broad array of compelling concerts, family shows and special events, as well as a diverse mix of sporting events, for millions of guests annually. MSG Entertainment Distribution On April 20, 2023 (the “MSGE Distribution Date”), Sphere Entertainment Co. (together with its subsidiaries, as applicable, “Sphere Entertainment”), distributed approximately 67% of the outstanding common stock of the Company to its stockholders (the “MSGE Distribution”), with Sphere Entertainment retaining approximately 33% of the outstanding common stock of the Company in the form of Class A common stock, $0.01 par value per share (“Class A Common Stock”) immediately following the MSGE Distribution. As a result, the Company became an independent publicly traded company on April 21, 2023 through the MSGE Distribution. Following the completion of the secondary offering by Sphere Entertainment of the Company’s Class A Common Stock on September 22, 2023, Sphere Entertainment no longer owns any of the Company’s outstanding common stock. See Note 1. Description of Business and Basis of Presentation to the Company’s audited consolidated and combined financial statements and notes thereto as of June 30, 2023 and 2022 and for the three years ended June 30, 2023, 2022 and 2021 (the “Audited Consolidated and Combined Annual Financial Statements”) included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023 filed with the Securities and Exchange Commission (the “SEC”) on August 18, 2023 (the “2023 Form 10-K”) for more information regarding the MSGE Distribution. Basis of Presentation The Company reports on a fiscal year basis ending on June 30 th (“Fiscal Year”). In these unaudited condensed consolidated and combined financial statements, the years ending and ended on June 30, 2024 and 2023, respectively, are referred to as “Fiscal Year 2024” and “Fiscal Year 2023,” respectively. The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and Article 10 of Regulation S-X of the SEC, and should be read in conjunction with the Company’s Audited Consolidated and Combined Annual Financial Statements. Subsequent to the MSGE Distribution, the Company’s balance sheets as of March 31, 2024 and June 30, 2023 and the statements of operations for the three and nine months ended March 31, 2024 are presented on a consolidated basis, as the Company became a standalone public company on April 21, 2023. The Company’s financial statements prior to April 21, 2023 that are included in the results of operations for the three and nine months ended March 31, 2023 were prepared on a stand-alone basis derived from the consolidated financial statements and accounting records of Sphere Entertainment. These financial statements reflect the combined historical results of operations, financial position and cash flows of the Company in accordance with GAAP and SEC Staff Accounting Bulletin Topic 1-B, Allocation of Expenses and Related Disclosure in Financial Statements of Subsidiaries, Divisions or Lesser Business Components of Another Entity , and Article 10 of Regulation S-X of the SEC for interim financial information. References to GAAP issued by the Financial Accounting Standards Board (“FASB”) in these footnotes are to the FASB Accounting Standards Codification, also referred to as “ASC.” Management believes the assumptions underlying the combined financial statements, including the assumptions regarding allocating general corporate expenses, are reasonable. Nevertheless, the combined financial statements may not include all of the actual expenses that would have been incurred by the Company and may not reflect its combined results of operations, financial position and cash flows had it been a stand-alone company during the periods presented on a combined basis. Actual costs that would have been incurred if the Company had been a stand-alone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. The Company is unable to quantify the amounts that it would have recorded during the historical periods on a stand-alone basis. See Note 17. Related Party Transactions in the Audited Consolidated and Combined Annual Financial Statements for further details regarding allocations of certain costs from the Company to Sphere Entertainment. In the opinion of the Company, the accompanying financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2024 and its results of operations for the three and nine months ended March 31, 2024 and 2023 and cash flows for the nine months ended March 31, 2024, and 2023. The condensed consolidated balance sheets were derived from the Audited Consolidated and Combined Annual Financial Statements but do not contain all of the footnote disclosures from the Audited Consolidated and Combined Annual Financial Statements. The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year. As a result of the production of the Christmas Spectacular , arena license fees in connection with the use of The Garden by the New York Knicks (the “Knicks”) of the National Basketball Association (the “NBA”) and the New York Rangers (the “Rangers”) of the National Hockey League (the “NHL”), the Company generally earns a disproportionate share of its annual revenues in the second and third quarters of its fiscal year. Reclassifications For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with GAAP. The accompanying unaudited condensed consolidated and combined financial information for the three and nine-month periods ended March 31, 2024, and 2023 have been revised to change the presentation of our revenue and direct operating expenses from an aggregated to a disaggregated basis.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies A. Principles of Consolidation and Combination All significant intracompany accounts and balances within the Company’s consolidated businesses have been eliminated. For the periods prior to the MSGE Distribution Date, the combined financial statements include certain assets and liabilities that were historically held at Sphere Entertainment’s corporate level but were specifically identifiable or otherwise attributable to the Company. Certain historical intercompany transactions between Sphere Entertainment and the Company have been included as components of Sphere Entertainment’s investment in the condensed consolidated and combined financial statements, as they are considered to be effectively settled upon effectiveness of the MSGE Distribution and were not historically settled in cash. Certain other historical intercompany transactions between Sphere Entertainment and the Company have been classified as related party, rather than intercompany, in the condensed consolidated and combined financial statements as they were historically settled in cash. Expenses related to corporate allocations from the Company to Sphere Entertainment prior to the MSGE Distribution are considered to be effectively settled in the condensed consolidated and combined financial statements at the time the transaction is recorded, with the offset recorded against Sphere Entertainment’s investment. See Note 14. Related Party Transactions, for further information on related party arrangements. The Company disposed of its controlling interest in Boston Calling Events, LLC on December 2, 2022 (the “BCE Disposition”) and these condensed consolidated and combined financial statements reflect the results of operations of BCE until the BCE Disposition. See Note 3. Dispositions for further information on the BCE disposition. B. Use of Estimates The preparation of the accompanying condensed consolidated and combined financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the provision for credit losses, goodwill, intangible assets, other long-lived assets, deferred tax assets, pension and other postretirement benefit obligations and the related net periodic benefit cost, and other liabilities. In addition, estimates are used in revenue recognition, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the financial statements to be reasonable. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and, as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s condensed consolidated financial statements in future periods. C. Revenue Recognition and Direct Operating Expenses The following reflects an update to the Company’s comprehensive revenue recognition and direct operating expense accounting policies to align with the disaggregation of revenue and direct operating expenses as presented on the condensed consolidated and combined statements of operations. The Company generates revenue from the provision of services and sale of tangible products, as well as leasing transactions. Revenues are presented under these three categories in the condensed consolidated and combined statements of operations, as described below. Service revenue, presented as “Revenues from entertainment offerings” primarily includes: • Ticket sales and other ticket-related revenue • Venue license fees for events held at the Company’s venues that the Company does not produce or promote/co-promote • Sponsorship and signage • Suite licenses and single night suite rentals • Advertising commissions and related service fees • Commissions related to the sale of merchandise for which the Company is not the principal in the underlying transaction Direct operating expenses related to the provision of services and leasing, presented as “Entertainment offerings, arena license fees, and other leasing direct operating expenses”, primarily include: (a) • Event production costs including direct personnel expenses • Venue operations and infrastructure costs (a) • Venue rental costs for venues not owned by the Company • Sponsorship and signage fulfillment costs • Contractual revenue sharing expenses related to suite licenses and certain internal signage • Event-related marketing and advertising costs Product revenue, presented as “Food, beverage, and merchandise revenues”, includes: • Sales of food and beverage during events held at the Company’s venues • Sales of the Company’s merchandise at the Company’s venues and via traditional retail channels Direct operating expenses related to the sale of products, presented as “Food, beverage, and merchandise direct operating expenses” include: • Costs of goods sold including direct personnel expenses • Contractual revenue sharing expenses related to food and beverage sold at events held by Madison Square Garden Sports Corp. (together with its subsidiaries, as applicable, “MSG Sports”) at The Garden Lease revenue, presented as “Arena license fees and other leasing revenue”, includes: • Rental fees related to the arena license agreements that require the Knicks and the Rangers to play their home games at The Garden (the “Arena License Agreements”) with MSG Sports • Sublease income _________________ (a) Venue operations and infrastructure costs are not specifically allocated to each revenue category, but are instead attributed in their entirety to service revenue, which is the Company’s principal revenue category. Leasing direct operating expenses materially consist of venue operations and infrastructure costs. As a result, the Company combines service and leasing direct operating expenses within “Entertainment offerings, arena license fees, and other leasing direct operating expenses” for presentation purposes. The Company recognizes revenue when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of promised goods or services is transferred to customers. Revenue is measured as the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services (“transaction price”). To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and the determination of whether to include such estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and excludes these amounts from revenues. In addition, the Company defers certain costs to fulfill the Company’s contracts with customers to the extent such costs relate directly to the contracts, are expected to generate resources that will be used to satisfy the Company’s performance obligations under the contracts, and are expected to be recovered through revenue generated under the contracts. Contract fulfillment costs are expensed as the Company satisfies the related performance obligations. Arrangements with Multiple Performance Obligations The Company enters into arrangements with multiple performance obligations, such as multi-year sponsorship agreements, which may derive revenues for the Company, as well as Sphere Entertainment and MSG Sports within a single arrangement. The Company also derives revenue from similar types of arrangements which are entered into by MSG Sports. Payment terms for such arrangements can vary by contract, but payments are generally due in installments throughout the contractual term. The performance obligations included in each sponsorship agreement vary and may include advertising and other benefits such as, but not limited to, signage at The Garden and the Company’s other venues, digital advertising, event or property-specific advertising, as well as non-advertising benefits such as suite licenses and event tickets. To the extent the Company’s multi-year arrangements provide for performance obligations that are consistent over the multi-year contractual term, such performance obligations generally meet the definition of a series as provided for under the accounting guidance. If performance obligations are concluded to meet the definition of a series, the contractual fees for all years during the contract term are aggregated and the related revenue is recognized proportionately as the underlying performance obligations are satisfied. The timing of revenue recognition for each performance obligation is dependent upon the facts and circumstances surrounding the Company’s satisfaction of its respective performance obligation. The Company allocates the transaction price for such arrangements to each performance obligation within the arrangement based on the estimated relative standalone selling price of the performance obligation. The Company’s process for determining its estimated standalone selling prices involves management’s judgment and considers multiple factors including company specific and market specific factors that may vary depending upon the unique facts and circumstances related to each performance obligation. Key factors considered by the Company in developing an estimated standalone selling price for its performance obligations include, but are not limited to, prices charged for similar performance obligations, the Company’s ongoing pricing strategy and policies, and consideration of pricing of similar performance obligations sold in other arrangements with multiple performance obligations. The Company may incur costs such as commissions to obtain its multi-year sponsorship agreements. The Company assesses such costs for capitalization on a contract by contract basis. To the extent costs are capitalized, the Company estimates the useful life of the related contract asset, which may be the underlying contract term or the estimated customer life depending on the facts and circumstances surrounding the contract. The contract asset is amortized over the estimated useful life. Principal versus Agent Revenue Recognition The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service. Contract Balances Amounts collected in advance of the Company’s satisfaction of its contractual performance obligations are recorded as a contract liability within deferred revenue, and are recognized as the Company satisfies the related performance obligations. Amounts collected in advance of events for which the Company is not the promoter or co-promoter do not represent contract liabilities and are recorded within accrued and other current liabilities on the accompanying consolidated and combined balance sheets. Amounts recognized as revenue for which the Company has a right to consideration for goods or services transferred to customers and for which the Company does not have an unconditional right to bill as of the reporting date are recorded as contract assets. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional. Production Costs for the Company’s Original Productions The Company defers certain costs of productions such as creative design, scenery, wardrobes, rehearsal and other related costs for the Company’s proprietary shows. Deferred production costs are amortized on a straight-line basis over the course of a production’s performance period using the expected life of a show’s assets and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s condensed consolidated and combined statement of operations. Deferred production costs are subject to recoverability assessments whenever there is an indication of potential impairment. Revenue Sharing Expenses Revenue sharing expenses are determined based on contractual agreements between the Company and MSG Sports, primarily related to suite licenses, certain internal signage and in-venue food and beverage sales and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s condensed consolidated and combined statement of operations. D. Recently Issued and Adopted Accounting Pronouncements Recently Issued Accounting Pronouncements In November 2023 , the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Improvement to Reportable Segment Disclosures . This ASU aims to improve segment disclosures through enhanced disclosures about significant segment expenses. The standard requires disclosure of significant expense categories and amounts for such expenses, including those segment expenses that are regularly provided to the chief operating decision maker, easily computable from information that is regularly provided, or significant expenses that are expressed in a form other than actual amounts. This standard will be effective for the Company in Fiscal Year 2025 and is required to be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s condensed consolidated and combined financial statements . In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , a final standard on improvements to income tax disclosures which applies to all entities subject to income taxes. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be helpful to understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, assess income tax information that affects cash flow forecasts and capital allocation decisions, and identify potential opportunities to increase future cash flows. This standard will be effective for the Company in Fiscal Year 2026 and should be applied prospectively. The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s condensed consolidated and combined financial statements .

Dispositions

Dispositions	9 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions The Company has not had any dispositions during Fiscal Year 2024. Disposition of Our Interest in Boston Calling Events The Company entered into an agreement on December 1, 2022 to sell its controlling interest in BCE. The transaction closed on December 2, 2022, resulting in a total gain on sale of $8,744, net of transaction costs. BCE meets the definition of a business under SEC Regulation S-X Rule 11-01(d)-1 and ASC Topic 805 — Business Combinations . The BCE Disposition did not represent a strategic shift with a major effect on the Company’s operations, and as such, has not been reflected as a discontinued operation under ASC Subtopic 205-20 — Discontinued Operations . The gain on the BCE Disposition was recorded in (Loss) gains, net on dispositions in the condensed consolidated and combined statements of operations. Disposition of Corporate Aircraft On December 30, 2022, the Company sold its owned aircraft for $20,375. In connection with the sale, the Company recognized a loss of $4,383, net of transaction costs. The loss on the aircraft disposition was recorded in (Loss) gains, net on dispositions in the condensed combined statements of operations.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Contracts with Customers All revenue recognized in the condensed consolidated and combined statements of operations is considered to be revenue from contracts with customers in accordance with ASC Topic 606, Revenue From Contracts with Customers , except for revenues from the Arena License Agreements, leases and subleases that are accounted for in accordance with ASC Topic 842, Leases . Disaggregation of Revenue The following table disaggregates the Company’s revenue by major source based upon the timing of satisfaction of the Company’s performance obligations to the customer for the three and nine months ended March 31, 2024 and 2023: Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Event-related offerings (a) $ 113,165 $ 95,634 $ 501,211 $ 432,729 Sponsorship, signage, and suite licenses (b) 68,695 64,079 182,339 172,708 Other (c) 9,741 9,501 24,854 31,306 Total revenues from contracts with customers 191,601 169,214 708,404 636,743 Arena license fees and other leasing revenue 36,712 32,015 64,787 66,818 Total revenues $ 228,313 $ 201,229 $ 773,191 $ 703,561 _________________ (a) Event-related and entertainment offerings revenues are recognized at a point in time. (b) See Note 2. Summary of Significant Accounting Policies and Note 4. Revenue Recognition, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for further details on the pattern of recognition of sponsorship, signage, and suite license revenues. (c) Primarily consists of (i) revenues from sponsorship sales and representation agreements with MSG Sports and (ii) advertising commission revenues recognized under the advertising sales representation agreement (the “Networks Advertising Sales Representation Agreement”) between the Company and Sphere Entertainment’s subsidiary, MSGN Holdings, L.P. (“MSG Networks”). The Networks Advertising Sales Representation Agreement was terminated as of December 31, 2022. In addition to the disaggregation of the Company’s revenue by major source as disclosed above, the following table disaggregates the Company’s revenues by revenue category in accordance with the required entity-wide disclosure requirements of ASC Subtopic 280-10-50-38 to 40, Segment Reporting , and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5, Revenue From Contracts with Customers-Overall-Disclosures, for the three and nine months ended March 31, 2024 and 2023. Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Ticketing and venue license fee revenues (a) $ 64,859 $ 48,179 $ 361,458 $ 304,637 Sponsorship and signage, suite, and advertising commission revenues (b) 80,269 79,493 214,873 216,788 Food, beverage, and merchandise revenues 45,380 39,954 127,379 112,412 Other 1,093 1,588 4,694 2,906 Total revenues from contracts with customers 191,601 169,214 708,404 636,743 Arena license fees and other leasing revenue 36,712 32,015 64,787 66,818 Total revenues $ 228,313 $ 201,229 $ 773,191 $ 703,561 _________________ (a) Amounts include ticket sales, including other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) the presentation of the Christmas Spectacular and (iii) other live entertainment and sporting events. (b) Amounts include (i) revenues from sponsorship sales and representation agreements with MSG Sports and (ii) advertising commission revenues from MSG Networks until the termination of the Networks Advertising Sales Representation Agreement as of December 31, 2022. Contract Balances The following table provides information about the opening and closing contract balances from the Company’s contracts with customers as of March 31, 2024 and June 30, 2023: As of March 31, June 30, Receivables from contracts with customers, net (a) $ 110,480 $ 69,295 Contract assets, current (b) $ 8,584 $ 11,254 Deferred revenue, including non-current portion (c) $ 251,270 $ 226,029 ________________ (a) Receivables from contracts with customers, net, which are reported in Accounts receivable, net and Related party receivables, current in the Company’s condensed consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of March 31, 2024 and June 30, 2023, the Company’s receivables from contracts with customers above included $4,309 and $5,397, respectively, related to various related parties. See Note 14. Related Party Transactions for further details on related party arrangements. (b) Contract assets, current, which are reported as Prepaid expenses and other current assets in the Company’s condensed consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional. (c) Deferred revenue primarily relates to the Company’s receipt of consideration from customers in advance of the Company’s transfer of goods or services to the customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer. Revenue recognized for the three and nine months ended March 31, 2024 relating to the deferred revenue balance as of June 30, 2023 was $23,006 and $158,715, respectively. Transaction Price Allocated to the Remaining Performance Obligations As of March 31, 2024, the Company’s remaining performance obligations under contracts were approximately $493,000, of which 43% is expected to be recognized over the next two years and an additional 57% of the balance is expected to be recognized thereafter. This primarily relates to performance obligations under sponsorship and suite license agreements that have original expected durations longer than one year and for which the consideration is not variable. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

Restructuring Charges

Restructuring Charges	9 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges During the nine months ended March 31, 2024, the Company recorded restructuring charges related to termination benefits for certain corporate executives and employees. The Company recorded restructuring charges of $2,362 and $14,803 for the three and nine months ended March 31, 2024, respectively, inclusive of $0 and $6,788, respectively, of share-based compensation expenses, which are accrued in accounts payable, accrued and other current liabilities and additional paid-in capital on the condensed consolidated balance sheet. The Company recorded restructuring charges of $2,461 and $9,820, net of contributory credits from the Company to Sphere Entertainment for the Company’s corporate employees, during the three and nine months ended March 31, 2023, respectively. Restructuring charges are inclusive of $0 and $2,293 of share-based compensation expenses for the three and nine months ended March 31, 2023, respectively. Changes to the Company’s restructuring liability through March 31, 2024 were as follows: Restructuring Liability June 30, 2023 $ 2,530 Restructuring charges (excluding share-based compensation expense) 11,378 Payments (3,130) March 31, 2024 $ 10,778

Investments

Investments	9 Months Ended
	Mar. 31, 2024
Investments in and Advances to Affiliates [Abstract]
Investments	Investments As of March 31, 2024, the Company held an investment in Townsquare Media, Inc. (“Townsquare”) and as of June 30, 2023, also held an investment in DraftKings Inc. (“DraftKings”), which was subsequently sold during the first quarter of Fiscal Year 2024. • Townsquare is a media, entertainment and digital marketing solutions company that is listed on the New York Stock Exchange (“NYSE”) under the symbol “TSQ.” • DraftKings is a fantasy sports contest and sports gambling provider that is listed on the NASDAQ Stock Market (“NASDAQ”) under the symbol “DKNG.” • Other equity investments held in trust under the Company’s Executive Deferred Compensation Plan. Refer to Note 11. Pension Plans and Other Postretirement Benefit Plans for further details regarding the plan On March 1, 2024, the Company converted all shares of Class C common stock of Townsquare into an equal number of shares of Class A common stock of Townsquare, subject to restrictions set forth in Townsquare’s certificate of incorporation. The fair value of the Company’s investments in Class A common stock of Townsquare and Class A common stock of DraftKings is determined based on quoted market prices in active markets on the NYSE and NASDAQ, respectively, which are classified within Level I of the fair value hierarchy. The carrying fair value of these investments, which is reported under Other non-current assets in the accompanying condensed consolidated balance sheets as of March 31, 2024 and June 30, 2023, is as follows: As of Ownership Percentage as of March 31, 2024 March 31, June 30, Equity investments with readily determinable fair values: Townsquare Class A common stock $ 18,755 $ 6,945 Townsquare Class C common stock — 13,399 DraftKings Class A common stock — 11,297 Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan 4,566 2,954 Equity method investments: Crown Properties Collection (a) 8 % 51 — Equity investments without readily determinable fair values 596 475 Total investments $ 23,968 $ 35,070 _______________ (a) In March 2024, the Company paid $51 for an 8.3% investment in Oak View Group’s Crown Properties Collection, LLC ("CPC"). The investment in CPC is accounted for as an equity method investment, with MSGE's share of CPC results recorded on a three‐month lag. The impact of recording results on a three-month lag is not material. The following table summarizes the realized and unrealized gain (loss) on equity investments with readily determinable fair value, which is reported in Other income (expense), net for the three and nine months ended March 31, 2024 and 2023: Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Unrealized gain (loss) — Townsquare $ 717 $ 2,406 $ (1,589) $ (609) Unrealized gain — DraftKings — 5,104 — 4,916 Unrealized gain — Executive Deferred Compensation Plan 233 129 432 135 Realized gain from shares sold — DraftKings — 214 1,548 1,703 Total realized and unrealized gain $ 950 $ 7,853 $ 391 $ 6,145 Supplemental information on realized gain: Shares of common stock sold — DraftKings — 29 425 229 Cash proceeds from common stock sold — DraftKings $ — $ 550 $ 12,844 $ 4,369

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net As of March 31, 2024 and June 30, 2023, property and equipment, net consisted of the following: As of March 31, June 30, Land $ 62,768 $ 62,768 Buildings 1,010,034 999,205 Equipment, furniture, and fixtures 358,693 351,596 Leasehold improvements 105,885 105,877 Construction in progress (a) 31,971 2,828 Total Property and equipment $ 1,569,351 $ 1,522,274 Less: accumulated depreciation and amortization (933,337) (893,386) Property and equipment, net $ 636,014 $ 628,888 _________________ (a) In October 2023, the Company took possession of certain floors in the New York corporate office space and will be relocating from the space that the Company currently occupies to newly renovated office space within the same building. The Company was not involved in the design or construction of the new space for purposes of the Company’s build out prior to obtaining possession. The increase in construction in progress primarily relates to build out costs incurred after possession. Upon obtaining possession of the space, the Company recognized an additional lease obligation of $96,334 and a right-of-use (“ROU”) lease asset of $88,602, net of tenant improvement incentives received on the possession date. While lease payments under the new lease agreement will be recognized as a lease expense on a straight-line basis over the lease term, the Company will begin paying full rent starting in the second half of Fiscal Year 2026 due to certain tenant incentives included in the arrangement. Base rent payments will increase every five years beginning in Fiscal Year 2031 in accordance with the terms of the lease. In January 2024, the Company recognized an additional lease obligation and ROU lease asset of $5,408 as the Company took possession of additional space in the New York corporate office. The Company recorded depreciation expense on property and equipment of $13,182 and $39,972 for the three and nine months ended March 31, 2024, respectively, and $14,798 and $45,615 for the three and nine months ended March 31, 2023, respectively, which is recognized in Depreciation and amortization in the condensed consolidated and combined statements of operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets As of March 31, 2024 and June 30, 2023, the carrying amount of goodwill was $69,041. The Company’s indefinite-lived intangible assets as of March 31, 2024 and June 30, 2023 were as follows: As of March 31, June 30, Trademarks $ 61,881 $ 61,881 Photographic related rights 1,920 1,920 Total indefinite-lived intangible assets $ 63,801 $ 63,801 During the first quarter of Fiscal Year 2024, the Company performed its annual impairment test of goodwill and indefinite-lived intangible assets and determined that there were no impairments of goodwill and indefinite-lived intangibles identified as of the impairment test date.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments See Note 11. Commitments and Contingencies, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for details on the Company’s commitments. The Company’s commitments as of June 30, 2023 included a total of $926,466 (primarily related to contractual obligations). During the nine months ended March 31, 2024, the Company did not have any material changes in its non-cancelable contractual obligations (other than activities in the ordinary course of business). See Note 10. Credit Facilities for details of the principal repayments required under the Company’s credit facilities. Delayed Draw Term Loan Facility On April 20, 2023, a subsidiary of the Company, MSG Entertainment Holdings, LLC (“MSG Entertainment Holdings”), entered into a delayed draw term loan facility (the “DDTL Facility”) with Sphere Entertainment. Pursuant to the DDTL Facility, MSG Entertainment Holdings committed to lend up to $65,000 in delayed draw term loans to Sphere Entertainment on an unsecured basis until October 20, 2024. See Note 11. Commitments and Contingencies to the Company’s Audited Consolidated and Combined Annual Financial Statements for more information regarding the DDTL Facility. On July 14, 2023, Sphere Entertainment drew down the full amount of $65,000 under the DDTL Facility. On August 9, 2023, Sphere Entertainment repaid the full principal amount of the DDTL Facility and accrued interest and commitment fees by delivering 1,923 shares of the Company’s Class A Common Stock held by Sphere Entertainment, as permitted as payment under the DDTL Facility. Such shares have been classified by the Company pursuant to the Stock Repurchase Program (as defined and further explained in Note 13. Stockholders’ Equity) as treasury shares and are no longer outstanding on the date of repayment. Legal Matters The Company is a defendant in various lawsuits. Although the outcome of these lawsuits cannot be predicted with certainty (including the extent of available insurance, if any), management does not believe that resolution of these lawsuits will have a material adverse effect on the Company.

Credit Facilities

Credit Facilities	9 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Credit Facilities	Credit Facilities See Note 12. Credit Facilities, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for more information regarding the Company’s credit facilities. The following table summarizes the presentation of the outstanding balances under the Company’s credit and other debt agreements as of March 31, 2024 and June 30, 2023: As of March 31, June 30, Current Portion National Properties Term Loan Facility $ 16,250 $ 16,250 Current portion of long-term debt $ 16,250 $ 16,250 As of March 31, 2024 June 30, 2023 Principal Unamortized Deferred Financing Costs Net Principal Unamortized Deferred Financing Costs Net Non-current Portion National Properties Term Loan Facility $ 613,437 $ (10,424) $ 603,013 $ 625,625 $ (12,845) $ 612,780 National Properties Revolving Credit Facility — (545) (545) 17,100 — 17,100 Other debt — — — 304 — 304 Long-term debt, net of deferred financing costs $ 613,437 $ (10,969) $ 602,468 $ 643,029 $ (12,845) $ 630,184 National Properties Facilities General. MSG National Properties, LLC (“MSG National Properties”), MSG Entertainment Holdings and certain subsidiaries of MSG National Properties are party to a credit agreement dated June 30, 2022 (as amended, the “National Properties Credit Agreement”) with JP Morgan Chase Bank, N.A., as administrative agent and the lenders and L/C issuers party thereto, providing for a five-year, $650,000 senior secured term loan facility (the “National Properties Term Loan Facility”) and a five-year, $100,000 revolving credit facility (the “National Properties Revolving Credit Facility” and, together with the National Properties Term Loan Facility, the “National Properties Facilities”). On September 15, 2023, the National Properties Credit Agreement was amended to, among other things, increase the National Properties Revolving Credit Facility by $50,000 to $150,000. Up to $25,000 of the National Properties Revolving Credit Facility is available for the issuance of letters of credit. As of March 31, 2024, outstanding letters of credit were $17,726 and the remaining balance available under the National Properties Revolving Credit Facility was $132,274. Interest Rates. Borrowings under the current National Properties Facilities bear interest at a floating rate, which at the option of MSG National Properties may be either (a) a base rate plus an applicable margin ranging from 1.50% to 2.50% per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries (the “National Properties Base Rate”), or (b) adjusted Term SOFR (i.e., Term SOFR plus 0.10%) plus an applicable margin ranging from 2.50% to 3.50% per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries (the “National Properties SOFR Rate”). The National Properties Credit Agreement requires MSG National Properties to pay a commitment fee ranging from 0.30% to 0.50% in respect of the daily unused commitments under the National Properties Revolving Credit Facility. MSG National Properties is also required to pay customary letter of credit fees, as well as fronting fees, to banks that issue letters of credit pursuant to the National Properties Credit Agreement. The interest rate on the National Properties Facilities as of March 31, 2024 was 7.93%. Principal Repayments . Subject to customary notice and minimum amount conditions, the Company may voluntarily repay outstanding loans under the National Properties Facilities or terminate commitments under the National Properties Revolving Credit Facility, at any time, in whole or in part, subject only to customary breakage costs in the case of prepayment of Term SOFR loans. The National Properties Facilities will mature on June 30, 2027. The principal obligations under the National Properties Term Loan Facility are to be repaid in quarterly installments beginning with the fiscal quarter ending March 31, 2023, in an aggregate amount equal to 2.50% per annum (0.625% per quarter), stepping up to 5.0% per annum (1.25% per quarter) in the fiscal quarter ending September 30, 2025, with the balance due at the maturity of the facility. The principal obligations under the National Properties Revolving Credit Facility are due at the maturity of the facil ity. Under certain circumstances, MSG National Properties is required to make mandatory prepayments on loans outstanding, including prepayments in an amount equal to the net cash proceeds of certain sales of assets or casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights), subject to certain exceptions. Covenants. The National Properties Credit Agreement includes financial covenants requiring MSG National Properties and its restricted subsidiaries to maintain a specified minimum liquidity level, a specified minimum debt service coverage ratio and specified maximum total leverage ratio. The minimum liquidity level is set at $50,000, and is tested based on the level of average daily liquidity, consisting of cash and cash equivalents and available revolving commitments, over the last month of each quarter over the life of the National Properties Facilities. The debt service coverage ratio covenant began testing in the fiscal quarter ended December 31, 2022, and is set at a ratio of 2:1 before stepping up to 2.5:1 in the fiscal quarter ending September 30, 2024. The leverage ratio covenant began testing in the fiscal quarter ended June 30, 2023. It is tested based on the ratio of MSG National Properties and its restricted subsidiaries’ consolidated total indebtedness to adjusted operating income, with an initial maximum ratio of 6:1, stepping down to 5.5:1 in the fiscal quarter ending June 30, 2024 and 4.5:1 in the fiscal quarter ending June 30, 2026. As of March 31, 2024, MSG National Properties and its restricted subsidiaries were in compliance with the covenants of the National Properties Credit Agreement. In addition to the financial covenants discussed above, the National Properties Credit Agreement and the related security agreement contain certain customary representations and warranties, affirmative and negative covenants and events of default. The National Properties Credit Agreement contains certain restrictions on the ability of MSG National Properties and its restricted subsidiaries to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the National Properties Credit Agreement, including the following: (i) incur additional indebtedness; (ii) create liens on certain assets; (iii) make investments, loans or advances in or to other persons; (iv) pay dividends and distributions or repurchase capital stock (which will restrict the ability of MSG National Properties to make cash distributions to the Company); (v) repay, redeem or repurchase certain indebtedness; (vi) change its lines of business; (vii) engage in certain transactions with affiliates; (viii) amend their respective organizational documents; (ix) merge or consolidate; and (x) make certain dispositions. Guarantors and Collateral. All obligations under the National Properties Facilities are guaranteed by MSG Entertainment Holdings and MSG National Properties’ existing and future direct and indirect domestic subsidiaries, other than the subsidiaries that own The Garden and certain other excluded subsidiaries (the “Subsidiary Guarantors”). All obligations under the National Properties Facilities, including the guarantees of those obligations, are secured by certain of the assets of MSG National Properties and the Subsidiary Guarantors (collectively, “Collateral”) including, but not limited to, a pledge of some or all of the equity interests held directly or indirectly by MSG National Properties in each Subsidiary Guarantor. The Collateral does not include, among other things, any interests in The Garden or the leasehold interests in Radio City Music Hall and the Beacon Theatre. Interest payments and loan principal repayments made by the Company under the National Properties Credit Agreement were as follows: Interest Payments Principal Repayments Nine Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 National Properties Facilities $ 40,742 $ 35,283 $ 102,288 $ 6,063 The carrying value and fair value of the Company’s debt reported in the accompanying condensed consolidated balance sheets were as follows: As of March 31, 2024 June 30, 2023 Carrying Value (a) Fair Value Carrying Value (a) Fair Value Liabilities: National Properties Facilities $ 629,687 $ 620,242 $ 658,975 $ 655,509 Other debt — — 304 304 Total Long-term debt $ 629,687 $ 620,242 $ 659,279 $ 655,813 ________________ (a) The total carrying value of the Company’s debt as of March 31, 2024 and June 30, 2023 is equal to the current and non-current principal payments for the Company’s credit agreements excluding unamortized deferred financing costs of $10,969 and $12,845, respectively. The Company’s long-term debt is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar instruments for which the inputs are readily observable.

Pension Plans and Other Postret

Pension Plans and Other Postretirement Benefit Plans	9 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Pension Plans and Other Postretirement Benefit Plans	Pension Plans and Other Postretirement Benefit Plans Prior to the MSGE Distribution, Sphere Entertainment sponsored both funded and unfunded and qualified and non-qualified defined benefit plans (the “Pension Plans”), as well as a postretirement benefit plan (the “Postretirement Plan”), covering certain full-time employees and retirees of the Company. In connection with the MSGE Distribution, the sponsorship of the Pension Plans and Postretirement Plan was transferred to the Company. See Note 13. Pension Plans and Other Postretirement Benefit Plans, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for more information regarding the Pension Plans, Postretirement Plan, the Madison Square Garden 401(k) Savings Plans, together with the associated excess savings plan, and the Madison Square Garden 401(k) Union Plan. Defined Benefit Pension Plans and Other Postretirement Benefit Plans The following table presents components of net periodic benefit cost (benefit) for the Pension Plans and Postretirement Plan included in the accompanying condensed consolidated and combined statements of operations for the three and nine months ended March 31, 2024 and 2023. Service cost is recognized in direct operating expenses and selling, general and administrative expenses. All other components of net periodic benefit cost (benefit) are reported in Other income (expense), net. Pension Plans Postretirement Plan Three Months Ended Three Months Ended March 31, March 31, 2024 2023 2024 2023 Service cost $ 17 $ 30 $ 6 $ 8 Interest cost 1,469 927 24 11 Expected return on plan assets (1,090) (1,504) — — Recognized actuarial loss 450 314 — 9 Net periodic cost (benefit) $ 846 $ (233) $ 30 $ 28 Pension Plans Postretirement Plan Nine Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Service cost $ 51 $ 90 $ 18 $ 24 Interest cost 4,407 2,781 72 33 Expected return on plan assets (3,273) (4,512) — — Recognized actuarial loss 1,350 1,036 — 27 Net periodic cost (benefit) $ 2,535 $ (605) $ 90 $ 84 Contributions for Qualified Defined Benefit Pension Plans During the three and nine months ended March 31, 2024, the Company contributed $0 and $12,250 to the Cash Balance Pension Plan. Defined Contribution Plans For the three and nine months ended March 31, 2024 and 2023, expenses related to the Savings Plans and Union Savings Plan included in the accompanying condensed consolidated and combined statements of operations are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Savings Plans $ 1,526 $ 1,367 $ 5,825 $ 3,553 Union Savings Plan $ 490 $ 371 $ 621 $ 409 Executive Deferred Compensation See Note 13. Pension Plans and Other Postretirement Benefit Plans, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for more information regarding the Company’s Executive Deferred Compensation Plan (the “Deferred Compensation Plan”). The Company recorded compensation expense of $233 and $432 for the three and nine months ended March 31, 2024, respectively, and $129 and $135 for the three and nine months ended March 31, 2023, respectively, within Selling, general, and administrative expenses to reflect the remeasurement of the Deferred Compensation Plan liability. In addition, the Company recorded gains of $233 and $432 for the three and nine months ended March 31, 2024 and $129 and $135 for the three and nine months ended March 31, 2023, respectively, within Other income (expense), net to reflect remeasurement of the fair value of assets under the Deferred Compensation Plan. The following table summarizes amounts recognized related to the Deferred Compensation Plan in the condensed consolidated and combined balance sheets: As of March 31, June 30, Non-current assets (included in Other non-current assets) $ 4,566 $ 2,954 Non-current liabilities (included in Other non-current liabilities) $ (4,593) $ (2,976)

Share-based Compensation

Share-based Compensation	9 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation The Company has two share-based compensation plans: the 2023 Employee Stock Plan and the 2023 Stock Plan for Non-Employee Directors. See Note 14. Share Based Compensation, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for more information on these plans. Share-based compensation expense for the Company’s restricted stock units (“RSUs”) and performance stock units (“PSUs”) are recognized in the condensed consolidated and combined statements of operations as a component of direct operating expenses or selling, general, and administrative expenses. The share-based compensation expense recorded by the Company in Fiscal Year 2023 includes the expenses associated with the employees attributable to the Company, net of contributory credits from the Company to Sphere Entertainment for the Company’s corporate employees. The following table summarizes the Company’s share-based compensation expense: Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Share-based compensation expense (a) $ 5,611 $ 8,014 $ 19,561 $ 21,979 Fair value of awards vested (b) $ 2,004 $ — $ 31,155 $ 2,867 ________________ (a) The expense shown excludes $0 and $6,788 for the three and nine months ended March 31, 2024 , respectively, and $0 and $2,293 for the three and nine months ended March 31, 2023, respectively, that was reclassified to Restructuring charges in the condensed consolidated and combined statements of operations a s detailed in Note 5. Restructuring Charges. (b) To fulfill required statutory tax withholding obligations for the applicable income and other employment taxes, RSUs and PSUs with an aggregate value of $993 and $13,222, and $0 and $1,147 were retained by the Company during the three and nine months ended March 31, 2024 and 2023, respectively. For the three and nine months ended March 31, 2024 , weighted-average shares used in the calculation for diluted earnings per share (“EPS”) consisted of 48,447 and 48,883 shares of Class A Common Stock for basic EPS, respectively, and the dilutive effect of 338 and 208 shares of Class A Common Stock issuable, respectively, under share-based compensation plans. For the three and nine months ended March 31, 2024 , weighted-average anti-dilutive shares primarily consisted of approximately 540 RSUs and stock options, and were excluded in the calculation of diluted EPS because their effect would have been anti-dilutive. On April 20, 2023, 51,768 shares of Class A Common Stock were distributed to Sphere Entertainment stockholders in the MSGE Distribution. This share amount is being utilized for the calculation of basic and diluted loss per share of Class A Common Stock attributable to the Company’s stockholders for the three and nine months ended March 31, 2023 because the Company was not a standalone public company prior to the MSGE Distribution. As of March 31, 2024, there was $33,914 of unrecognized compensation cost related to unvested RSUs and PSUs held by the Company’s direct employees. The cost is expected to be recognized over a weighted-average period of approximately 2.0 years. Award Activity RSUs During the nine months ended March 31, 2024 and March 31, 2023 , 624 and 66 RSUs were granted and 688 and 40 RSUs vested, respectively. PSUs During the nine months ended March 31, 2024 and March 31, 2023, 506 and 60 PSUs were granted and 273 and 11 PSUs vested, respectively.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Stock Repurchase Program On March 29, 2023, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $250,000 of the Company’s Class A Common Stock (the “Stock Repurchase Program”). Pursuant to the Stock Repurchase Program, shares of Class A Common Stock may be purchased from time to time in open market or private transactions, block trades or such other manner as the Company may determine in accordance with applicable insider trading and other securities laws and regulations. The timing and amount of purchases will depend on market conditions and other factors. For the nine months ended March 31, 2024, the Company repurchased 3,525 shares of Class A Common Stock for $115,512. As of March 31, 2024, the Company had approximately $110,000 remaining available for repurchases. Accumulated Other Comprehensive Loss The following table details the components of accumulated other comprehensive loss: Pension Plans and Postretirement Plan Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Balance at beginning of period $ (33,279) $ (34,129) $ (34,021) $ (34,740) Other comprehensive income: Amounts reclassified from accumulated other comprehensive loss (a) 450 323 1,350 1,063 Income tax expense (78) (56) (236) (185) Other comprehensive income, net of income taxes 372 267 1,114 878 Balance at end of period $ (32,907) $ (33,862) $ (32,907) $ (33,862) ________________ (a) Amounts reclassified from accumulated other comprehensive loss represent the amortization of net actuarial loss included in net periodic benefit cost, which is reflected under Other income (expense), net in the accompanying condensed consolidated and combined statements of operations (see Note 11. Pension Plans and Other Postretirement Benefit Plans).

Related Party Transactions

Related Party Transactions	9 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of March 31, 2024 , members of the Dolan family, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, and members of the Dolan family including trusts for the benefit of members of the Dolan family (collectively, the “Dolan Family Group”) collectively beneficially owned 100% of the Company’s outstanding Class B Common Stock, $0.01 par value per share (“Class B Common Stock”) and approximately 3.9% of the Company’s outstanding Class A Common Stock (inclusive of options exercisable within 60 days of March 31, 2024) . Such shares of Class A Common Stock and Class B Common Stock, collectively, represent approximately 63.7% of the aggregate voting power of the Company’s outstanding common stock. Members of the Dolan Family Group are also the controlling stockholders of Sphere Entertainment, MSG Sports, and AMC Networks Inc. See Note 17. Related Party Transactions, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for a description of the Company’s current related party arrangements. There have been no material changes in such related party arrangements except as described below. The Company has also entered into a commercial agreement with CPC, under which CPC provides sponsorship sales services. The Company recorded commission expense of $854 and $1,013 for the three and nine months ended March 31, 2024 , respectively. and did not record any commission expense for three and nine months ended March 31, 2023 as the arrangement was not yet in place during those periods . As of March 31, 2024 and June 30, 2023, prepaid expenses associated with this arrangement were $4,237 and $0, respectively, and are reported under Prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets. From time to time the Company enters into arrangements with 605, LLC (“605”). James L. Dolan, the Company’s Executive Chairman, Chief Executive Officer and a director, and his spouse, Kristin A. Dolan, owned 605 until September 13, 2023. Kristin A. Dolan is also the founder and was the Chief Executive Officer of 605. 605 provides audience measurement and data analytics services to the Company and its subsidiaries in the ordinary course of business. In August 2022, a subsidiary of Sphere Entertainment entered into a three-year agreement with 605, valued at $750, covering several customer analysis projects per year in connection with events held at our venues, which was assigned to the Company in connection with the MSGE Distribution. Pursuant to this arrangement, the Company recognized $0 and $34 of expense for the three and nine months ended March 31, 2024, respectively, and $68 and $204 of expense for the three and nine months ended March 31, 2023 , respectively. On September 13, 2023, 605 was sold to iSpot.tv, and James L. Dolan and Kristin A. Dolan now hold a minority interest in iSpot.tv. As a result, as of September 13, 2023, 605 is no longer considered to be a related party. During Fiscal Year 2023 and the first quarter of Fiscal Year 2024, MSG Sports made market rate interest-bearing advances to the Company in connection with the construction of new premium hospitality suites at The Garden. The advances were fully repaid (including interest) in the second quarter of Fiscal Year 2024. As of March 31, 2024 and June 30, 2023, the other debt balance was $0 and $304, respectively. Subsequent to June 30, 2023, the Company entered into arrangements with (i) MSG Sports, pursuant to which MSG Sports provides certain sponsorship, premium hospitality and other business operations services to the Company in exchange for service fees, (ii) Sphere Entertainment, pursuant to which the Company provides certain sponsorship account management services to Sphere Entertainment in exchange for service fees, and (iii) MSG Sports and Sphere Entertainment, pursuant to which the three companies have agreed to allocate expenses in connection with the use by each company of aircraft owned or leased by the Company and MSG Sports. Revenues and Operating Expenses The following table summarizes the composition and amounts of the transactions with the Company’s affiliates. The significant components of these amounts are discussed below. These amounts are reflected in revenues and operating expenses in the accompanying condensed consolidated and combined statements of operations for the three and nine months ended March 31, 2024 and 2023: Three Months Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Revenues $ 46,396 $ 41,594 $ 85,185 $ 96,805 Operating expenses (credits): Revenue sharing expenses $ 8,521 $ 7,353 $ 15,988 $ 15,639 Reimbursement under Arena License Arrangements (10,959) (8,911) (19,266) (18,761) Cost reimbursement from MSG Sports (9,483) (9,789) (28,871) (28,781) Cost reimbursement from Sphere Entertainment (after April 20, 2023) and Corporate allocations to Sphere Entertainment (before April 20, 2023) (27,494) (40,794) (84,171) (114,761) Other operating expenses, net 1,266 327 4,120 3,682 Total operating expenses (credits), net (a) $ (38,149) $ (51,814) $ (112,200) $ (142,982) _________________ (a) Of the total operating expenses (credits), net, $(1,661) and $895 for the three and nine months ended March 31, 2024, respectively, and $(804) and $(1,329) for the three and nine months ended March 31, 2023 , respectively, are included in direct operating expenses in the accompanying condensed consolidated and combined statements of operations, and $(36,488) and $(113,095) for the three and nine months ended March 31, 2024, respectively, and $(51,010) and $(141,653) for the three and nine months ended March 31, 2023 , respectively, are included in selling, general, and administrative expenses. (b) Other operating expenses, net, includes CPC professional expenses. Revenues The Company recorded $35,588 and $61,441 of revenues under the Arena License Agreements for the three and nine months ended March 31, 2024, respectively . In addition to the Arena License Agreements, during the three and nine months ended March 31, 2024, the Company’s revenues from related parties primarily reflected sponsorship sales and service representation agreements of $7,234 and $15,503, respectively, and merchandise sharing revenues of $2,789 and $5,087, respectively, with MSG Sports. The Company also earned sublease revenue from related parties of $761 and $2,258 during the three and nine months ended March 31, 2024 , respectively. The Company recorded $31,163 and $64,312 of revenues under the Arena License Agreements for the three and nine months ended March 31, 2023, respectively . In addition, during the three and nine months ended March 31, 2023, the Company recorded revenues under sponsorship sales and service representation agreements of $7,079 and $15,643, respectively, and merchandise sharing revenues of $2,160 and $4,451, respectively, with MSG Sports. The Company recorded revenues under the Networks Advertising Sales Representation Agreement of $0 and $8,802 for the three and nine months ended March 31, 2023 , respectively. The Networks Advertising Sales Representation Agreement was terminated effective as of December 31, 2022. As a result, after December 31, 2022, the Company no longer recognizes advertising sales commission revenue or the employee costs related to the Networks Advertising Sales Representation Agreement. The Company also earned sublease revenue from related parties of $716 and $2,100 during the three and nine months ended March 31, 2023, respectively . Other Related Party Matters Loans Receivable from Sphere Entertainment Prior to the MSGE Distribution, the Company’s captive insurance entity, Eden Insurance Company, Inc. (“Eden”), entered into a loan agreement with Sphere Entertainment (the “Eden Loan Agreement”), under which Eden granted Sphere Entertainment an unsecured loan bearing interest at a rate of SOFR plus 350 basis points with a principal amount not exceeding $60,000. This loan was in the form of a demand promissory note, payable immediately upon order from Eden. The loan payable to the Company held by Sphere Entertainment under the Eden Loan Agreement was assigned by Sphere Entertainment to the Company in connection with the MSGE Distribution, and has been eliminated in consolidation by the Company for periods subsequent to the MSGE Distribution. During Fiscal Year 2023, Eden declared and paid dividends to Sphere Entertainment through a reduction of the loan receivable from Sphere Entertainment. During Fiscal Year 2023, no interest or principal payments were received by Eden. Instead, the accrued but unpaid interest was added to the outstanding principal amount of the loan. The cash flows related to this loan receivable for periods prior to the MSGE Distribution are reflected as investing activities, as these balances represent amounts loaned by the Company to Sphere Entertainment. The Company recorded related party interest income of $0 and $0 related to the Eden Loan Agreement in the three and nine months ended March 31, 2024, respectively, and $1,121 and $2,925 in the three and nine months ended March 31, 2023, respectively.

Additional Financial Informatio

Additional Financial Information	9 Months Ended
	Mar. 31, 2024
Additional Financial Information [Abstract]
Additional Financial Information	Additional Financial Information The following table provides a summary of the amounts recorded as cash, cash equivalents, and restricted cash: As of March 31, June 30, Cash and cash equivalents $ 28,008 $ 76,089 Restricted cash 300 8,266 Total cash, cash equivalents, and restricted cash $ 28,308 $ 84,355 The Company’s cash, cash equivalents, and restricted cash are classified within Level I of the fair value hierarchy as it is valued using observable inputs that reflect quoted prices for identical assets in active markets. The Company’s restricted cash includes cash deposited in escrow accounts. The Company has deposited cash in an interest-bearing escrow account related to credit support, debt facilities, and collateral to workers compensation and general liability insurance obligations. Prepaid expenses and other current assets consisted of the following: As of March 31, June 30, Prepaid revenue sharing expense $ 42,530 $ 42,774 Other prepaid expenses 29,383 15,814 Current contract assets 8,584 11,254 Inventory (a) 4,314 2,557 Other 4,429 5,163 Total prepaid expenses and other current assets $ 89,240 $ 77,562 _________________ (a) Inventory is mostly comprised of food and liquor for venues. Other non-current assets consisted of the following: As of March 31, June 30, Unbilled lease receivable (a) $ 96,689 $ 67,325 Investments (b) 23,968 35,070 Deferred costs 3,984 4,120 Other 1,841 1,841 Total other non-current assets $ 126,482 $ 108,356 _________________ (a) Unbilled lease receivable relates to the amounts recorded under the Arena License Agreement. (b) See Note 6. Investments for more information on long-term investments. Accounts payable, accrued and other current liabilities consisted of the following: As of March 31, June 30, Accounts payable $ 23,498 $ 15,628 Accrued payroll and employee related liabilities 61,810 64,532 Cash due to promoters 69,658 90,538 Accrued expenses 50,110 44,027 Total accounts payable, accrued and other current liabilities $ 205,076 $ 214,725 Other income (expense), net includes the following: Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Gains from shares sold — DraftKings $ — $ 214 $ 1,548 $ 1,703 Net unrealized gains (loss) on equity investments with readily determinable fair value 950 7,639 (1,157) 4,442 Other (872) 217 (1,936) 639 Total other income (expense), net $ 78 $ 8,070 $ (1,545) $ 6,784 Income Taxes During the nine months ended March 31, 2024, the Company made income tax payments of $58 . During the nine months ended March 31, 2023, the Company received income tax refunds, net of payments, of $2,031.

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April and May 2024, the Company sold approximately 1,577 of its shares of Townsquare’s Class A common stock and received aggregate net cash proceeds of approximately $15,620. In April 2024, the Company recognized an additional lease obligation of $104,668 and ROU lease asset of $104,284 as the Company took possession of additional space in the New York corporate office.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company reports on a fiscal year basis ending on June 30 th (“Fiscal Year”). In these unaudited condensed consolidated and combined financial statements, the years ending and ended on June 30, 2024 and 2023, respectively, are referred to as “Fiscal Year 2024” and “Fiscal Year 2023,” respectively. The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and Article 10 of Regulation S-X of the SEC, and should be read in conjunction with the Company’s Audited Consolidated and Combined Annual Financial Statements. Subsequent to the MSGE Distribution, the Company’s balance sheets as of March 31, 2024 and June 30, 2023 and the statements of operations for the three and nine months ended March 31, 2024 are presented on a consolidated basis, as the Company became a standalone public company on April 21, 2023. The Company’s financial statements prior to April 21, 2023 that are included in the results of operations for the three and nine months ended March 31, 2023 were prepared on a stand-alone basis derived from the consolidated financial statements and accounting records of Sphere Entertainment. These financial statements reflect the combined historical results of operations, financial position and cash flows of the Company in accordance with GAAP and SEC Staff Accounting Bulletin Topic 1-B, Allocation of Expenses and Related Disclosure in Financial Statements of Subsidiaries, Divisions or Lesser Business Components of Another Entity , and Article 10 of Regulation S-X of the SEC for interim financial information. References to GAAP issued by the Financial Accounting Standards Board (“FASB”) in these footnotes are to the FASB Accounting Standards Codification, also referred to as “ASC.” Management believes the assumptions underlying the combined financial statements, including the assumptions regarding allocating general corporate expenses, are reasonable. Nevertheless, the combined financial statements may not include all of the actual expenses that would have been incurred by the Company and may not reflect its combined results of operations, financial position and cash flows had it been a stand-alone company during the periods presented on a combined basis. Actual costs that would have been incurred if the Company had been a stand-alone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. The Company is unable to quantify the amounts that it would have recorded during the historical periods on a stand-alone basis. See Note 17. Related Party Transactions in the Audited Consolidated and Combined Annual Financial Statements for further details regarding allocations of certain costs from the Company to Sphere Entertainment. In the opinion of the Company, the accompanying financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2024 and its results of operations for the three and nine months ended March 31, 2024 and 2023 and cash flows for the nine months ended March 31, 2024, and 2023. The condensed consolidated balance sheets were derived from the Audited Consolidated and Combined Annual Financial Statements but do not contain all of the footnote disclosures from the Audited Consolidated and Combined Annual Financial Statements. The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year. As a result of the production of the Christmas Spectacular , arena license fees in connection with the use of The Garden by the New York Knicks (the “Knicks”) of the National Basketball Association (the “NBA”) and the New York Rangers (the “Rangers”) of the National Hockey League (the “NHL”), the Company generally earns a disproportionate share of its annual revenues in the second and third quarters of its fiscal year.
Reclassifications	Reclassifications For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with GAAP. The accompanying unaudited condensed consolidated and combined financial information for the three and nine-month periods ended March 31, 2024, and 2023 have been revised to change the presentation of our revenue and direct operating expenses from an aggregated to a disaggregated basis.
Principles of Consolidation and Combination	Principles of Consolidation and Combination All significant intracompany accounts and balances within the Company’s consolidated businesses have been eliminated. For the periods prior to the MSGE Distribution Date, the combined financial statements include certain assets and liabilities that were historically held at Sphere Entertainment’s corporate level but were specifically identifiable or otherwise attributable to the Company. Certain historical intercompany transactions between Sphere Entertainment and the Company have been included as components of Sphere Entertainment’s investment in the condensed consolidated and combined financial statements, as they are considered to be effectively settled upon effectiveness of the MSGE Distribution and were not historically settled in cash. Certain other historical intercompany transactions between Sphere Entertainment and the Company have been classified as related party, rather than intercompany, in the condensed consolidated and combined financial statements as they were historically settled in cash. Expenses related to corporate allocations from the Company to Sphere Entertainment prior to the MSGE Distribution are considered to be effectively settled in the condensed consolidated and combined financial statements at the time the transaction is recorded, with the offset recorded against Sphere Entertainment’s investment. See Note 14. Related Party Transactions, for further information on related party arrangements. The Company disposed of its controlling interest in Boston Calling Events, LLC on December 2, 2022 (the “BCE Disposition”) and these condensed consolidated and combined financial statements reflect the results of operations of BCE until the BCE Disposition. See Note 3. Dispositions for further information on the BCE disposition.
Use of Estimates	Use of Estimates The preparation of the accompanying condensed consolidated and combined financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the provision for credit losses, goodwill, intangible assets, other long-lived assets, deferred tax assets, pension and other postretirement benefit obligations and the related net periodic benefit cost, and other liabilities. In addition, estimates are used in revenue recognition, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the financial statements to be reasonable. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and, as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s condensed consolidated financial statements in future periods.
Revenue Recognition	Revenue Recognition and Direct Operating Expenses The following reflects an update to the Company’s comprehensive revenue recognition and direct operating expense accounting policies to align with the disaggregation of revenue and direct operating expenses as presented on the condensed consolidated and combined statements of operations. The Company generates revenue from the provision of services and sale of tangible products, as well as leasing transactions. Revenues are presented under these three categories in the condensed consolidated and combined statements of operations, as described below. Service revenue, presented as “Revenues from entertainment offerings” primarily includes: • Ticket sales and other ticket-related revenue • Venue license fees for events held at the Company’s venues that the Company does not produce or promote/co-promote • Sponsorship and signage • Suite licenses and single night suite rentals • Advertising commissions and related service fees • Commissions related to the sale of merchandise for which the Company is not the principal in the underlying transaction Direct operating expenses related to the provision of services and leasing, presented as “Entertainment offerings, arena license fees, and other leasing direct operating expenses”, primarily include: (a) • Event production costs including direct personnel expenses • Venue operations and infrastructure costs (a) • Venue rental costs for venues not owned by the Company • Sponsorship and signage fulfillment costs • Contractual revenue sharing expenses related to suite licenses and certain internal signage • Event-related marketing and advertising costs Product revenue, presented as “Food, beverage, and merchandise revenues”, includes: • Sales of food and beverage during events held at the Company’s venues • Sales of the Company’s merchandise at the Company’s venues and via traditional retail channels Direct operating expenses related to the sale of products, presented as “Food, beverage, and merchandise direct operating expenses” include: • Costs of goods sold including direct personnel expenses • Contractual revenue sharing expenses related to food and beverage sold at events held by Madison Square Garden Sports Corp. (together with its subsidiaries, as applicable, “MSG Sports”) at The Garden Lease revenue, presented as “Arena license fees and other leasing revenue”, includes: • Rental fees related to the arena license agreements that require the Knicks and the Rangers to play their home games at The Garden (the “Arena License Agreements”) with MSG Sports • Sublease income _________________ (a) Venue operations and infrastructure costs are not specifically allocated to each revenue category, but are instead attributed in their entirety to service revenue, which is the Company’s principal revenue category. Leasing direct operating expenses materially consist of venue operations and infrastructure costs. As a result, the Company combines service and leasing direct operating expenses within “Entertainment offerings, arena license fees, and other leasing direct operating expenses” for presentation purposes. The Company recognizes revenue when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of promised goods or services is transferred to customers. Revenue is measured as the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services (“transaction price”). To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and the determination of whether to include such estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and excludes these amounts from revenues. In addition, the Company defers certain costs to fulfill the Company’s contracts with customers to the extent such costs relate directly to the contracts, are expected to generate resources that will be used to satisfy the Company’s performance obligations under the contracts, and are expected to be recovered through revenue generated under the contracts. Contract fulfillment costs are expensed as the Company satisfies the related performance obligations. Arrangements with Multiple Performance Obligations The Company enters into arrangements with multiple performance obligations, such as multi-year sponsorship agreements, which may derive revenues for the Company, as well as Sphere Entertainment and MSG Sports within a single arrangement. The Company also derives revenue from similar types of arrangements which are entered into by MSG Sports. Payment terms for such arrangements can vary by contract, but payments are generally due in installments throughout the contractual term. The performance obligations included in each sponsorship agreement vary and may include advertising and other benefits such as, but not limited to, signage at The Garden and the Company’s other venues, digital advertising, event or property-specific advertising, as well as non-advertising benefits such as suite licenses and event tickets. To the extent the Company’s multi-year arrangements provide for performance obligations that are consistent over the multi-year contractual term, such performance obligations generally meet the definition of a series as provided for under the accounting guidance. If performance obligations are concluded to meet the definition of a series, the contractual fees for all years during the contract term are aggregated and the related revenue is recognized proportionately as the underlying performance obligations are satisfied. The timing of revenue recognition for each performance obligation is dependent upon the facts and circumstances surrounding the Company’s satisfaction of its respective performance obligation. The Company allocates the transaction price for such arrangements to each performance obligation within the arrangement based on the estimated relative standalone selling price of the performance obligation. The Company’s process for determining its estimated standalone selling prices involves management’s judgment and considers multiple factors including company specific and market specific factors that may vary depending upon the unique facts and circumstances related to each performance obligation. Key factors considered by the Company in developing an estimated standalone selling price for its performance obligations include, but are not limited to, prices charged for similar performance obligations, the Company’s ongoing pricing strategy and policies, and consideration of pricing of similar performance obligations sold in other arrangements with multiple performance obligations. The Company may incur costs such as commissions to obtain its multi-year sponsorship agreements. The Company assesses such costs for capitalization on a contract by contract basis. To the extent costs are capitalized, the Company estimates the useful life of the related contract asset, which may be the underlying contract term or the estimated customer life depending on the facts and circumstances surrounding the contract. The contract asset is amortized over the estimated useful life. Principal versus Agent Revenue Recognition The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service. Contract Balances Amounts collected in advance of the Company’s satisfaction of its contractual performance obligations are recorded as a contract liability within deferred revenue, and are recognized as the Company satisfies the related performance obligations. Amounts collected in advance of events for which the Company is not the promoter or co-promoter do not represent contract liabilities and are recorded within accrued and other current liabilities on the accompanying consolidated and combined balance sheets. Amounts recognized as revenue for which the Company has a right to consideration for goods or services transferred to customers and for which the Company does not have an unconditional right to bill as of the reporting date are recorded as contract assets. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional. Production Costs for the Company’s Original Productions The Company defers certain costs of productions such as creative design, scenery, wardrobes, rehearsal and other related costs for the Company’s proprietary shows. Deferred production costs are amortized on a straight-line basis over the course of a production’s performance period using the expected life of a show’s assets and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s condensed consolidated and combined statement of operations. Deferred production costs are subject to recoverability assessments whenever there is an indication of potential impairment. Revenue Sharing Expenses Revenue sharing expenses are determined based on contractual agreements between the Company and MSG Sports, primarily related to suite licenses, certain internal signage and in-venue food and beverage sales and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s condensed consolidated and combined statement of operations.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements Recently Issued Accounting Pronouncements In November 2023 , the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Improvement to Reportable Segment Disclosures . This ASU aims to improve segment disclosures through enhanced disclosures about significant segment expenses. The standard requires disclosure of significant expense categories and amounts for such expenses, including those segment expenses that are regularly provided to the chief operating decision maker, easily computable from information that is regularly provided, or significant expenses that are expressed in a form other than actual amounts. This standard will be effective for the Company in Fiscal Year 2025 and is required to be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s condensed consolidated and combined financial statements . In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , a final standard on improvements to income tax disclosures which applies to all entities subject to income taxes. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be helpful to understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, assess income tax information that affects cash flow forecasts and capital allocation decisions, and identify potential opportunities to increase future cash flows. This standard will be effective for the Company in Fiscal Year 2026 and should be applied prospectively. The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s condensed consolidated and combined financial statements .
Revenue, Remaining Performance Obligation	In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates the Company’s revenue by major source based upon the timing of satisfaction of the Company’s performance obligations to the customer for the three and nine months ended March 31, 2024 and 2023: Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Event-related offerings (a) $ 113,165 $ 95,634 $ 501,211 $ 432,729 Sponsorship, signage, and suite licenses (b) 68,695 64,079 182,339 172,708 Other (c) 9,741 9,501 24,854 31,306 Total revenues from contracts with customers 191,601 169,214 708,404 636,743 Arena license fees and other leasing revenue 36,712 32,015 64,787 66,818 Total revenues $ 228,313 $ 201,229 $ 773,191 $ 703,561 _________________ (a) Event-related and entertainment offerings revenues are recognized at a point in time. (b) See Note 2. Summary of Significant Accounting Policies and Note 4. Revenue Recognition, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for further details on the pattern of recognition of sponsorship, signage, and suite license revenues. (c) Primarily consists of (i) revenues from sponsorship sales and representation agreements with MSG Sports and (ii) advertising commission revenues recognized under the advertising sales representation agreement (the “Networks Advertising Sales Representation Agreement”) between the Company and Sphere Entertainment’s subsidiary, MSGN Holdings, L.P. (“MSG Networks”). The Networks Advertising Sales Representation Agreement was terminated as of December 31, 2022. In addition to the disaggregation of the Company’s revenue by major source as disclosed above, the following table disaggregates the Company’s revenues by revenue category in accordance with the required entity-wide disclosure requirements of ASC Subtopic 280-10-50-38 to 40, Segment Reporting , and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5, Revenue From Contracts with Customers-Overall-Disclosures, for the three and nine months ended March 31, 2024 and 2023. Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Ticketing and venue license fee revenues (a) $ 64,859 $ 48,179 $ 361,458 $ 304,637 Sponsorship and signage, suite, and advertising commission revenues (b) 80,269 79,493 214,873 216,788 Food, beverage, and merchandise revenues 45,380 39,954 127,379 112,412 Other 1,093 1,588 4,694 2,906 Total revenues from contracts with customers 191,601 169,214 708,404 636,743 Arena license fees and other leasing revenue 36,712 32,015 64,787 66,818 Total revenues $ 228,313 $ 201,229 $ 773,191 $ 703,561 _________________ (a) Amounts include ticket sales, including other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) the presentation of the Christmas Spectacular and (iii) other live entertainment and sporting events. (b) Amounts include (i) revenues from sponsorship sales and representation agreements with MSG Sports and (ii) advertising commission revenues from MSG Networks until the termination of the Networks Advertising Sales Representation Agreement as of December 31, 2022.
Contract with Customer, Contract Assets and Liabilities	The following table provides information about the opening and closing contract balances from the Company’s contracts with customers as of March 31, 2024 and June 30, 2023: As of March 31, June 30, Receivables from contracts with customers, net (a) $ 110,480 $ 69,295 Contract assets, current (b) $ 8,584 $ 11,254 Deferred revenue, including non-current portion (c) $ 251,270 $ 226,029 ________________ (a) Receivables from contracts with customers, net, which are reported in Accounts receivable, net and Related party receivables, current in the Company’s condensed consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of March 31, 2024 and June 30, 2023, the Company’s receivables from contracts with customers above included $4,309 and $5,397, respectively, related to various related parties. See Note 14. Related Party Transactions for further details on related party arrangements. (b) Contract assets, current, which are reported as Prepaid expenses and other current assets in the Company’s condensed consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional. (c) Deferred revenue primarily relates to the Company’s receipt of consideration from customers in advance of the Company’s transfer of goods or services to the customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer. Revenue recognized for the three and nine months ended March 31, 2024 relating to the deferred revenue balance as of June 30, 2023 was $23,006 and $158,715, respectively.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Changes to the Company’s restructuring liability through March 31, 2024 were as follows: Restructuring Liability June 30, 2023 $ 2,530 Restructuring charges (excluding share-based compensation expense) 11,378 Payments (3,130) March 31, 2024 $ 10,778

Investments (Tables)

Investments (Tables)	9 Months Ended
	Mar. 31, 2024
Investments in and Advances to Affiliates [Abstract]
Cost And Equity Method Investments	The carrying fair value of these investments, which is reported under Other non-current assets in the accompanying condensed consolidated balance sheets as of March 31, 2024 and June 30, 2023, is as follows: As of Ownership Percentage as of March 31, 2024 March 31, June 30, Equity investments with readily determinable fair values: Townsquare Class A common stock $ 18,755 $ 6,945 Townsquare Class C common stock — 13,399 DraftKings Class A common stock — 11,297 Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan 4,566 2,954 Equity method investments: Crown Properties Collection (a) 8 % 51 — Equity investments without readily determinable fair values 596 475 Total investments $ 23,968 $ 35,070 _______________ (a) In March 2024, the Company paid $51 for an 8.3% investment in Oak View Group’s Crown Properties Collection, LLC ("CPC"). The investment in CPC is accounted for as an equity method investment, with MSGE's share of CPC results recorded on a three‐month lag. The impact of recording results on a three-month lag is not material.
Gain (Loss) on Securities	The following table summarizes the realized and unrealized gain (loss) on equity investments with readily determinable fair value, which is reported in Other income (expense), net for the three and nine months ended March 31, 2024 and 2023: Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Unrealized gain (loss) — Townsquare $ 717 $ 2,406 $ (1,589) $ (609) Unrealized gain — DraftKings — 5,104 — 4,916 Unrealized gain — Executive Deferred Compensation Plan 233 129 432 135 Realized gain from shares sold — DraftKings — 214 1,548 1,703 Total realized and unrealized gain $ 950 $ 7,853 $ 391 $ 6,145 Supplemental information on realized gain: Shares of common stock sold — DraftKings — 29 425 229 Cash proceeds from common stock sold — DraftKings $ — $ 550 $ 12,844 $ 4,369

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	As of March 31, 2024 and June 30, 2023, property and equipment, net consisted of the following: As of March 31, June 30, Land $ 62,768 $ 62,768 Buildings 1,010,034 999,205 Equipment, furniture, and fixtures 358,693 351,596 Leasehold improvements 105,885 105,877 Construction in progress (a) 31,971 2,828 Total Property and equipment $ 1,569,351 $ 1,522,274 Less: accumulated depreciation and amortization (933,337) (893,386) Property and equipment, net $ 636,014 $ 628,888 _________________ (a) In October 2023, the Company took possession of certain floors in the New York corporate office space and will be relocating from the space that the Company currently occupies to newly renovated office space within the same building. The Company was not involved in the design or construction of the new space for purposes of the Company’s build out prior to obtaining possession. The increase in construction in progress primarily relates to build out costs incurred after possession. Upon obtaining possession of the space, the Company recognized an additional lease obligation of $96,334 and a right-of-use (“ROU”) lease asset of $88,602, net of tenant improvement incentives received on the possession date. While lease payments under the new lease agreement will be recognized as a lease expense on a straight-line basis over the lease term, the Company will begin paying full rent starting in the second half of Fiscal Year 2026 due to certain tenant incentives included in the arrangement. Base rent payments will increase every five years beginning in Fiscal Year 2031 in accordance with the terms of the lease. In January 2024, the Company recognized an additional lease obligation and ROU lease asset of $5,408 as the Company took possession of additional space in the New York corporate office.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	The Company’s indefinite-lived intangible assets as of March 31, 2024 and June 30, 2023 were as follows: As of March 31, June 30, Trademarks $ 61,881 $ 61,881 Photographic related rights 1,920 1,920 Total indefinite-lived intangible assets $ 63,801 $ 63,801

Credit Facilities (Tables)

Credit Facilities (Tables)	9 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The following table summarizes the presentation of the outstanding balances under the Company’s credit and other debt agreements as of March 31, 2024 and June 30, 2023: As of March 31, June 30, Current Portion National Properties Term Loan Facility $ 16,250 $ 16,250 Current portion of long-term debt $ 16,250 $ 16,250 As of March 31, 2024 June 30, 2023 Principal Unamortized Deferred Financing Costs Net Principal Unamortized Deferred Financing Costs Net Non-current Portion National Properties Term Loan Facility $ 613,437 $ (10,424) $ 603,013 $ 625,625 $ (12,845) $ 612,780 National Properties Revolving Credit Facility — (545) (545) 17,100 — 17,100 Other debt — — — 304 — 304 Long-term debt, net of deferred financing costs $ 613,437 $ (10,969) $ 602,468 $ 643,029 $ (12,845) $ 630,184
Schedule of Cash Flow, Supplemental Disclosures	Interest payments and loan principal repayments made by the Company under the National Properties Credit Agreement were as follows: Interest Payments Principal Repayments Nine Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 National Properties Facilities $ 40,742 $ 35,283 $ 102,288 $ 6,063 The carrying value and fair value of the Company’s debt reported in the accompanying condensed consolidated balance sheets were as follows: As of March 31, 2024 June 30, 2023 Carrying Value (a) Fair Value Carrying Value (a) Fair Value Liabilities: National Properties Facilities $ 629,687 $ 620,242 $ 658,975 $ 655,509 Other debt — — 304 304 Total Long-term debt $ 629,687 $ 620,242 $ 659,279 $ 655,813 ________________ (a) The total carrying value of the Company’s debt as of March 31, 2024 and June 30, 2023 is equal to the current and non-current principal payments for the Company’s credit agreements excluding unamortized deferred financing costs of $10,969 and $12,845, respectively.

Pension Plans and Other Postr_2

Pension Plans and Other Postretirement Benefit Plans (Tables)	9 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following table presents components of net periodic benefit cost (benefit) for the Pension Plans and Postretirement Plan included in the accompanying condensed consolidated and combined statements of operations for the three and nine months ended March 31, 2024 and 2023. Service cost is recognized in direct operating expenses and selling, general and administrative expenses. All other components of net periodic benefit cost (benefit) are reported in Other income (expense), net. Pension Plans Postretirement Plan Three Months Ended Three Months Ended March 31, March 31, 2024 2023 2024 2023 Service cost $ 17 $ 30 $ 6 $ 8 Interest cost 1,469 927 24 11 Expected return on plan assets (1,090) (1,504) — — Recognized actuarial loss 450 314 — 9 Net periodic cost (benefit) $ 846 $ (233) $ 30 $ 28 Pension Plans Postretirement Plan Nine Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Service cost $ 51 $ 90 $ 18 $ 24 Interest cost 4,407 2,781 72 33 Expected return on plan assets (3,273) (4,512) — — Recognized actuarial loss 1,350 1,036 — 27 Net periodic cost (benefit) $ 2,535 $ (605) $ 90 $ 84
Defined Contribution Plan Disclosures	For the three and nine months ended March 31, 2024 and 2023, expenses related to the Savings Plans and Union Savings Plan included in the accompanying condensed consolidated and combined statements of operations are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Savings Plans $ 1,526 $ 1,367 $ 5,825 $ 3,553 Union Savings Plan $ 490 $ 371 $ 621 $ 409
Schedule of Defined Benefit Plans Disclosures	The following table summarizes amounts recognized related to the Deferred Compensation Plan in the condensed consolidated and combined balance sheets: As of March 31, June 30, Non-current assets (included in Other non-current assets) $ 4,566 $ 2,954 Non-current liabilities (included in Other non-current liabilities) $ (4,593) $ (2,976)

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	The following table summarizes the Company’s share-based compensation expense: Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Share-based compensation expense (a) $ 5,611 $ 8,014 $ 19,561 $ 21,979 Fair value of awards vested (b) $ 2,004 $ — $ 31,155 $ 2,867 ________________ (a) The expense shown excludes $0 and $6,788 for the three and nine months ended March 31, 2024 , respectively, and $0 and $2,293 for the three and nine months ended March 31, 2023, respectively, that was reclassified to Restructuring charges in the condensed consolidated and combined statements of operations a s detailed in Note 5. Restructuring Charges. (b) To fulfill required statutory tax withholding obligations for the applicable income and other employment taxes, RSUs and PSUs with an aggregate value of $993 and $13,222, and $0 and $1,147 were retained by the Company during the three and nine months ended March 31, 2024

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table details the components of accumulated other comprehensive loss: Pension Plans and Postretirement Plan Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Balance at beginning of period $ (33,279) $ (34,129) $ (34,021) $ (34,740) Other comprehensive income: Amounts reclassified from accumulated other comprehensive loss (a) 450 323 1,350 1,063 Income tax expense (78) (56) (236) (185) Other comprehensive income, net of income taxes 372 267 1,114 878 Balance at end of period $ (32,907) $ (33,862) $ (32,907) $ (33,862) ________________ (a) Amounts reclassified from accumulated other comprehensive loss represent the amortization of net actuarial loss included in net periodic benefit cost, which is reflected under Other income (expense), net in the accompanying condensed consolidated and combined statements of operations (see Note 11. Pension Plans and Other Postretirement Benefit Plans).

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the composition and amounts of the transactions with the Company’s affiliates. The significant components of these amounts are discussed below. These amounts are reflected in revenues and operating expenses in the accompanying condensed consolidated and combined statements of operations for the three and nine months ended March 31, 2024 and 2023: Three Months Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Revenues $ 46,396 $ 41,594 $ 85,185 $ 96,805 Operating expenses (credits): Revenue sharing expenses $ 8,521 $ 7,353 $ 15,988 $ 15,639 Reimbursement under Arena License Arrangements (10,959) (8,911) (19,266) (18,761) Cost reimbursement from MSG Sports (9,483) (9,789) (28,871) (28,781) Cost reimbursement from Sphere Entertainment (after April 20, 2023) and Corporate allocations to Sphere Entertainment (before April 20, 2023) (27,494) (40,794) (84,171) (114,761) Other operating expenses, net 1,266 327 4,120 3,682 Total operating expenses (credits), net (a) $ (38,149) $ (51,814) $ (112,200) $ (142,982) _________________ (a) Of the total operating expenses (credits), net, $(1,661) and $895 for the three and nine months ended March 31, 2024, respectively, and $(804) and $(1,329) for the three and nine months ended March 31, 2023 , respectively, are included in direct operating expenses in the accompanying condensed consolidated and combined statements of operations, and $(36,488) and $(113,095) for the three and nine months ended March 31, 2024, respectively, and $(51,010) and $(141,653) for the three and nine months ended March 31, 2023 , respectively, are included in selling, general, and administrative expenses. (b) Other operating expenses, net, includes CPC professional expenses.

Additional Financial Informat_2

Additional Financial Information (Tables)	9 Months Ended
	Mar. 31, 2024
Additional Financial Information [Abstract]
Schedule Of Cash, Cash Equivalents, And Restricted Cash	The following table provides a summary of the amounts recorded as cash, cash equivalents, and restricted cash: As of March 31, June 30, Cash and cash equivalents $ 28,008 $ 76,089 Restricted cash 300 8,266 Total cash, cash equivalents, and restricted cash $ 28,308 $ 84,355
Schedule of Other Current Assets	Prepaid expenses and other current assets consisted of the following: As of March 31, June 30, Prepaid revenue sharing expense $ 42,530 $ 42,774 Other prepaid expenses 29,383 15,814 Current contract assets 8,584 11,254 Inventory (a) 4,314 2,557 Other 4,429 5,163 Total prepaid expenses and other current assets $ 89,240 $ 77,562 _________________ (a) Inventory is mostly comprised of food and liquor for venues.
Schedule of Other Assets, Noncurrent	Other non-current assets consisted of the following: As of March 31, June 30, Unbilled lease receivable (a) $ 96,689 $ 67,325 Investments (b) 23,968 35,070 Deferred costs 3,984 4,120 Other 1,841 1,841 Total other non-current assets $ 126,482 $ 108,356 _________________ (a) Unbilled lease receivable relates to the amounts recorded under the Arena License Agreement. (b) See Note 6. Investments for more information on long-term investments.
Other Current Liabilities	Accounts payable, accrued and other current liabilities consisted of the following: As of March 31, June 30, Accounts payable $ 23,498 $ 15,628 Accrued payroll and employee related liabilities 61,810 64,532 Cash due to promoters 69,658 90,538 Accrued expenses 50,110 44,027 Total accounts payable, accrued and other current liabilities $ 205,076 $ 214,725
Schedule of Other Nonoperating Income (Expense)	Other income (expense), net includes the following: Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Gains from shares sold — DraftKings $ — $ 214 $ 1,548 $ 1,703 Net unrealized gains (loss) on equity investments with readily determinable fair value 950 7,639 (1,157) 4,442 Other (872) 217 (1,936) 639 Total other income (expense), net $ 78 $ 8,070 $ (1,545) $ 6,784

Description of Business and B_2

Description of Business and Basis of Presentation (Details)	9 Months Ended
	Mar. 31, 2024 segment $ / shares	Jun. 30, 2023 $ / shares	Apr. 20, 2023 $ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of reportable segments | segment	1
Common Class A
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par or stated value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Madison Square Garden Entertainment | Spinoff
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			33%
Madison Square Garden Entertainment | Spinoff | MSG Stockholders
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Noncontrolling interest, ownership percentage by parent			67%

Dispositions (Details)

Dispositions (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 02, 2022
BCE
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, not discontinued operation, gain (loss) on disposal		$ 8,744
The Aircraft
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, not discontinued operation, gain (loss) on disposal	$ (4,383)
Consideration to be received for disposal	$ 20,375

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		$ 191,601	$ 169,214	$ 708,404	$ 636,743
Arena license fees and other leasing revenue		36,712	32,015	64,787	66,818
Revenues	[1]	228,313	201,229	773,191	703,561
Event-related and entertainment offerings | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		113,165	95,634	501,211	432,729
Sponsorship, signage, and suite licenses | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		68,695	64,079	182,339	172,708
Arena license fees and other leasing revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		1,093	1,588	4,694	2,906
Arena license fees and other leasing revenue | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		9,741	9,501	24,854	31,306
Ticketing and venue license fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		64,859	48,179	361,458	304,637
Sponsorship and signage, suite, and advertising commission revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		80,269	79,493	214,873	216,788
Food, beverage, and merchandise revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer		45,380	39,954	127,379	112,412
Revenues	[1]	$ 45,380	$ 39,954	$ 127,379	$ 112,412
[1] See Note 14 . Related Party Transactions for further information on related party arrangements.

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Jun. 30, 2023
Capitalized Contract Cost [Line Items]
Contract with customer, deferred revenue, revenue recognized	$ 23,006	$ 158,715
Receivables from contracts with customers, net
Capitalized Contract Cost [Line Items]
Contracts with customers, assets, net	110,480	110,480	$ 69,295
Contract assets, current
Capitalized Contract Cost [Line Items]
Contracts with customers, assets, net	8,584	8,584	11,254
Deferred revenue, including non-current portion
Capitalized Contract Cost [Line Items]
Deferred revenue, including non-current portion	251,270	251,270	226,029
Other receivables, net, current | Related Party
Capitalized Contract Cost [Line Items]
Contracts with customers, assets, net	$ 4,309	$ 4,309	$ 5,397

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 493,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	43%
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	57%
Revenue, remaining performance obligation, expected timing of satisfaction, period

Restructuring Charges - Additio

Restructuring Charges - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 2,362	$ 2,461	$ 14,803	$ 9,820
Share-based compensation expense	$ 0	$ 0		$ 2,293

Restructuring Charges - Restruc

Restructuring Charges - Restructuring Liability Rollforward (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 2,530
Restructuring charges (excluding share-based compensation expense)	11,378
Payments	(3,130)
Restructuring reserve, ending balance	$ 10,778

Investments - Equity Securities

Investments - Equity Securities With Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Schedule of Investments [Line Items]
Investments	$ 23,968	$ 35,070
Equity Securities Investment With Readily Determinable Fair Values Held In Trust
Schedule of Investments [Line Items]
Investments	4,566	2,954
Equity Securities Investment Without Readily Determinable Fair Value
Schedule of Investments [Line Items]
Investments	596	475
Townsquare | Common Stock | Common Class A
Schedule of Investments [Line Items]
Investments	18,755	6,945
Townsquare | Common Stock | Townsquare Class C common stock
Schedule of Investments [Line Items]
Investments	0	13,399
Draftkings | Common Stock | Common Class A
Schedule of Investments [Line Items]
Investments	0	11,297
Crown Properties Collection
Schedule of Investments [Line Items]
Payments to acquire equity method investments	$ 51
Equity method investment, ownership percentage	8.30%
Equity method investment, share of results, duration of lag	3 months
Crown Properties Collection | Equity Method Investments
Schedule of Investments [Line Items]
Investments	$ 51	$ 0
Equity method investment, ownership percentage	8%

Investments - Schedule With Rea

Investments - Schedule With Readily Determinable Fair Values (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Schedule of Investments [Line Items]
Unrealized gain (loss)	$ 950	$ 7,639	$ (1,157)	$ 4,442
Total realized and unrealized gain	950	7,853	391	6,145
Supplemental information on realized gain:
Cash proceeds from common stock sold — DraftKings			13,484	4,244
Townsquare
Schedule of Investments [Line Items]
Unrealized gain (loss)	717	2,406	(1,589)	(609)
Draftkings
Schedule of Investments [Line Items]
Unrealized gain (loss)	0	5,104	0	4,916
Realized gain from shares sold — DraftKings	$ 0	$ 214	$ 1,548	$ 1,703
Supplemental information on realized gain:
Shares of common stock sold - DraftKings (in shares)	0	29	425	229
Cash proceeds from common stock sold — DraftKings	$ 0	$ 550	$ 12,844	$ 4,369
Executive Deferred Compensation Plan
Schedule of Investments [Line Items]
Unrealized gain (loss)	$ 233	$ 129	$ 432	$ 135

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jan. 31, 2024	Oct. 31, 2023	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 1,569,351		$ 1,569,351				$ 1,522,274
Less accumulated depreciation and amortization	(933,337)		(933,337)				(893,386)
Property and equipment, net	636,014		636,014				628,888
Right-of-use lease assets	307,435		307,435		$ 5,408		235,790
Lessee, operating lease, lease not yet commenced, rent payment increase, term						5 years
Depreciation and amortization	13,182	$ 14,798	39,972	$ 45,615
New York Corporate Office Space
Property, Plant and Equipment [Line Items]
Operating lease, liability					$ 5,408
New York Corporate Office Space
Property, Plant and Equipment [Line Items]
Operating lease, liability						$ 96,334
Right-of-use lease assets						$ 88,602
Land
Property, Plant and Equipment [Line Items]
Property and equipment	62,768		62,768				62,768
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment	1,010,034		1,010,034				999,205
Equipment, furniture, and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	358,693		358,693				351,596
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	105,885		105,885				105,877
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 31,971		$ 31,971				$ 2,828

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 69,041,000			$ 69,041,000		$ 69,041,000
Goodwill and intangible asset impairment		$ 0
Amortization of intangible assets	$ 0		$ 0	$ 0	$ 754,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 63,801	$ 63,801
Trademarks
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	61,881	61,881
Photographic related rights
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 1,920	$ 1,920

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) shares in Thousands, $ in Thousands	Aug. 09, 2023	Jul. 14, 2023	Jun. 30, 2023	Apr. 20, 2023
Other Commitments [Line Items]
Contractual obligation			$ 926,466
DDTL Facility | Sphere Entertainment | MSG Entertainment | Common Class A
Other Commitments [Line Items]
Debt conversion, converted instrument, shares issued (in shares)	1,923
Secured Debt | DDTL Facility | Line of Credit | Sphere Entertainment
Other Commitments [Line Items]
Proceeds from long-term lines of credit		$ 65,000
Sphere Entertainment | Secured Debt | DDTL Facility | Line of Credit | MSG Entertainment Holdings
Other Commitments [Line Items]
Loans receivable, maximum borrowing amount				$ 65,000

Credit Facilities - Debt Outsta

Credit Facilities - Debt Outstanding and Deferred Financing Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Long-term debt, current	$ 16,250	$ 16,250
Principal	613,437	643,029
Unamortized Deferred Financing Costs	(10,969)	(12,845)
Net	602,468	630,184
Secured Debt
Debt Instrument [Line Items]
Long-term debt, current	16,250	16,250
Other Debt Obligations
Debt Instrument [Line Items]
Principal	0	304
Unamortized Deferred Financing Costs	0	0
Net	0	304
National Properties Term Loan Facility | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Long-term debt, current	16,250	16,250
Principal	613,437	625,625
Unamortized Deferred Financing Costs	(10,424)	(12,845)
Net	603,013	612,780
National Properties Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Principal	0	17,100
Unamortized Deferred Financing Costs	$ (545)	0
Net		$ 17,100

Credit Facilities - Narrative (

Credit Facilities - Narrative (Details) - USD ($) $ in Thousands	Sep. 15, 2023	Jun. 30, 2022	Mar. 31, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Principal			$ 613,437	$ 643,029
MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Debt covenant, minimum consolidated liquidity			$ 50,000
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Long-term debt, percentage bearing variable interest rate, percentage rate			7.93%
National Properties Facilities | Debt Instrument, Redemption, Period One | Measurement Input, Leverage Ratio | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Debt instrument, measurement input			2
National Properties Facilities | Debt Instrument, Redemption, Period Two | Measurement Input, Leverage Ratio | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Debt instrument, measurement input			2.5
National Properties Facilities | Debt Instrument, Redemption, Period Three | Measurement Input, Leverage Ratio | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Debt instrument, measurement input			6
National Properties Facilities | Debt Instrument, Redemption, Period Four | Measurement Input, Leverage Ratio | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Debt instrument, measurement input			5.5
National Properties Facilities | Debt Instrument, Redemption, Period Five | Measurement Input, Leverage Ratio | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Debt instrument, measurement input			4.5
National Properties Facilities | Secured Overnight Financing Rate (SOFR) | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
National Properties Facilities | Minimum | Revolving Credit Facility | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Commitment fee percentage		0.30%
National Properties Facilities | Minimum | Base Rate | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
National Properties Facilities | Minimum | Secured Overnight Financing Rate (SOFR) | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
National Properties Facilities | Maximum | Revolving Credit Facility | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Commitment fee percentage		0.50%
National Properties Facilities | Maximum | Base Rate | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
National Properties Facilities | Maximum | Secured Overnight Financing Rate (SOFR) | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
National Properties Facilities | Secured Debt | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Prepayment premium, debt instrument, interest rate, stated percentage			2.50%
Prepayment premium, debt instrument, interest rate per quarter, stated percentage			0.625%
National Properties Facilities | Secured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Prepayment premium, debt instrument, interest rate, stated percentage			5%
Prepayment premium, debt instrument, interest rate per quarter, stated percentage			1.25%
National Properties Facilities | Line of Credit | Revolving Credit Facility | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Debt instrument term		5 years
Face amount	$ 150,000	$ 100,000
Debt instrument, increase	50,000
Line of credit facility, remaining borrowing capacity			$ 132,274
National Properties Facilities | Line of Credit | Secured Debt | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Debt instrument term		5 years
Face amount		$ 650,000
National Properties Facilities | Line of Credit | Letter of Credit | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000
Principal			17,726
National Properties Term Loan Facility | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Principal			$ 613,437	$ 625,625

Credit Facilities - Schedule of

Credit Facilities - Schedule of Credit Facilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Total long-term debt, carrying value	$ 629,687		$ 659,279
Total long-term debt, fair value	620,242		655,813
Debt issuance costs, net	10,969		12,845
National Properties Term Loan Facility | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Interest Payments	40,742	$ 35,283
Principal Repayments	102,288	$ 6,063
National Properties Term Loan Facility | Debt
Debt Instrument [Line Items]
Carrying Value	629,687		658,975
Fair Value	620,242		655,509
Other Debt Obligations | Debt
Debt Instrument [Line Items]
Carrying Value	0		304
Fair Value	$ 0		$ 304

Pension Plans and Other Postr_3

Pension Plans and Other Postretirement Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Recognized actuarial loss	$ (233)	$ (129)	$ (432)	$ (135)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	17	30	51	90
Interest cost	1,469	927	4,407	2,781
Expected return on plan assets	(1,090)	(1,504)	(3,273)	(4,512)
Recognized actuarial loss	450	314	1,350	1,036
Net periodic cost (benefit)	846	(233)	2,535	(605)
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	6	8	18	24
Interest cost	24	11	72	33
Expected return on plan assets	0	0	0	0
Recognized actuarial loss	0	9	0	27
Net periodic cost (benefit)	$ 30	$ 28	$ 90	$ 84

Pension Plans and Other Postr_4

Pension Plans and Other Postretirement Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Deferred compensation arrangement with individual, compensation expense	$ 233	$ 129	$ 432	$ 135
Defined benefit plan, amortization of gain (loss)	233	$ 129	432	$ 135
Cash Balance Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, contributions by employer	$ 0		$ 12,250

Pension Plans and Other Postr_5

Pension Plans and Other Postretirement Benefit Plans - Schedule of Defined Contribution Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Savings Plans
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan (benefit) cost	$ 1,526	$ 1,367	$ 5,825	$ 3,553
Union Savings Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan (benefit) cost	$ 490	$ 371	$ 621	$ 409

Pension Plans and Other Postr_6

Pension Plans and Other Postretirement Benefit Plans - Schedule of Deferred Compensation Plan Amounts Recognized On Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Non-current assets (included in Other non-current assets)	$ 4,566	$ 2,954
Non-current liabilities (included in Other non-current liabilities)	$ (4,593)	$ (2,976)

Share-based Compensation - Rest

Share-based Compensation - Restricted Stock Units Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0		$ 2,293
Severance costs			$ 6,788
Tax withholding associated with shares issued for share-based compensation	1,131		13,378
Performance Stock Units and Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	5,611	8,014	19,561	21,979
Fair value of awards vested	2,004	0	31,155	2,867
Tax withholding associated with shares issued for share-based compensation	$ 993	$ 0	$ 13,222	$ 1,147

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) $ in Thousands			3 Months Ended		9 Months Ended
		Apr. 20, 2023 shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 shares	Mar. 31, 2024 USD ($) plan shares	Mar. 31, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of share-based compensation plans | plan					2
Diluted (in shares)	[1]		48,447,000	51,768,000	48,883,000	51,768,000
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)			338		208
Sphere Entertainment Stockholders
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued during period, shares, new issues (in shares)		51,768,000
Restricted Stock Units And Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			540		540
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)					624,000	66,000
Awards vested (in shares)					688,000	40,000
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)					506,000	60,000
Awards vested (in shares)					273,000	11,000
Employee | Performance Stock Units and Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost | $			$ 33,914		$ 33,914
Period for recognition					2 years
[1] On April 20, 2023, 51,768 common shares were distributed to Sphere Entertainment Co. stockholders in the MSGE Distribution (as defined in Note 1. Description of Business and Basis of Presentation). This share amount is being utilized for the calculation of basic and diluted loss per common share attributable to Madison Square Garden Entertainment Corp.’s stockholders for the three and nine months ended March 31, 2023 because the Company was not a standalone public company prior to the MSGE Distribution.

Stockholders_ Equity - Addition

Stockholders’ Equity - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023	Mar. 29, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Treasury stock at cost (in shares)	4,365,000	840,000
Treasury stock, common, value	$ 140,512	$ 25,000
Common Class A
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock repurchase program, authorized amount			$ 250,000
Treasury stock at cost (in shares)	3,525
Treasury stock, common, value	$ 115,512
Stock repurchase program, remaining authorized repurchase amount	$ 110

Stockholders_ Equity - Accumula

Stockholders’ Equity - Accumulated Other Comprehensive Income Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at the beginning of the period	$ (102,047)	$ 98,889	$ (69,472)	$ (1,589)
Other comprehensive income:
Balance at the end of the period	(94,563)	43,503	(94,563)	43,503
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at the beginning of the period	(33,279)	(34,129)	(34,021)	(34,740)
Other comprehensive income:
Amounts reclassified from accumulated other comprehensive loss	450	323	1,350	1,063
Income tax expense	(78)	(56)	(236)	(185)
Other comprehensive income, net of income taxes	372	267	1,114	878
Balance at the end of the period	$ (32,907)	$ (33,862)	$ (32,907)	$ (33,862)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		9 Months Ended
		Dec. 31, 2023	Aug. 31, 2022	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023	Apr. 20, 2023	Apr. 19, 2023
Related Party Transaction [Line Items]
Principal				$ 613,437		$ 613,437		$ 643,029
Revenues	[1]			228,313	$ 201,229	773,191	$ 703,561
Other Debt Obligations
Related Party Transaction [Line Items]
Principal				0		0		304
605 LLC | Audience Measurement And Data Analytics Services
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 750
MSG Sports | Merchandise Sales Revenue Sharing Arrangement
Related Party Transaction [Line Items]
Revenues				2,789	2,160	5,087	4,451
MSG Sports | Sponsorship Sales And Service Representation Agreements
Related Party Transaction [Line Items]
Revenues				7,234	7,079	15,503	15,643
MSG Networks | Networks Advertising Sales Representation Agreement
Related Party Transaction [Line Items]
Revenues					0		8,802
Chief Executive Officer | 605 LLC | Audience Measurement And Data Analytics Services
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction				0	68	34	204
Related Party
Related Party Transaction [Line Items]
Sales commissions and fees				854	0	1,013	0
Prepaid expense				4,237		4,237		0
Revenue not from contract with customer, other				35,588	31,163	61,441	64,312
Revenues				46,396	41,594	85,185	96,805
Sublease income				761	716	2,258	2,100
Related Party | Eden Loan Agreement
Related Party Transaction [Line Items]
Interest and fee income, loans and leases				0	$ 1,121	0	$ 2,925
Related Party | 605 LLC
Related Party Transaction [Line Items]
Subsidiary, related party contract agreement, term			3 years
Related Party | MSG Sports | Other Debt Obligations
Related Party Transaction [Line Items]
Principal				$ 0		$ 0		$ 304
Related Party | Sphere Entertainment | Eden Loan Agreement | Secured Overnight Financing Rate (SOFR)
Related Party Transaction [Line Items]
Basis spread on variable rate		3.50%
Related Party | Sphere Entertainment | Eden Loan Agreement | Notes Payable, Other Payables
Related Party Transaction [Line Items]
Notes receivable, maximum lending capacity										$ 60
Common Class B
Related Party Transaction [Line Items]
Common stock, par or stated value per share (in dollars per share)				$ 0.01		$ 0.01		$ 0.01
Common Class A
Related Party Transaction [Line Items]
Common stock, par or stated value per share (in dollars per share)				$ 0.01		$ 0.01		$ 0.01	$ 0.01
Dolan Family Group
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent				63.70%		63.70%
Common stock exercisable term						60 days
Dolan Family Group | Common Class B
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent				100%		100%
Dolan Family Group | Common Class A
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent				3.90%		3.90%
[1] See Note 14 . Related Party Transactions for further information on related party arrangements.

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions by Type (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Revenues	[1]	$ 228,313	$ 201,229	$ 773,191	$ 703,561
Operating expenses (credits):
Operating income		16,803	24,664	120,801	126,798
Related party expense	[1]	142,021	115,133	446,459	397,398
Selling, general and administrative expenses	[1]	(53,945)	(44,122)	(151,156)	(127,537)
Related Party
Related Party Transaction [Line Items]
Revenues		46,396	41,594	85,185	96,805
Operating expenses (credits):
Operating income		(38,149)	(51,814)	(112,200)	(142,982)
Related party expense		(1,661)	(804)	895	(1,329)
Selling, general and administrative expenses		(36,488)	(51,010)	(113,095)	(141,653)
Related Party | Revenue sharing expenses
Operating expenses (credits):
Related party costs and expenses		8,521	7,353	15,988	15,639
Related Party | Reimbursement under Arena License Arrangements
Operating expenses (credits):
Related party costs and expenses		(10,959)	(8,911)	(19,266)	(18,761)
Related Party | Cost reimbursement from MSG Sports
Operating expenses (credits):
Related party costs and expenses		(9,483)	(9,789)	(28,871)	(28,781)
Related Party | Cost reimbursement from Sphere Entertainment (after April 20, 2023) and Corporate allocations to Sphere Entertainment (before April 20, 2023)
Operating expenses (credits):
Related party costs and expenses		(27,494)	(40,794)	(84,171)	(114,761)
Related Party | Other operating expenses, net
Operating expenses (credits):
Related party costs and expenses		$ 1,266	$ 327	$ 4,120	$ 3,682
[1] See Note 14 . Related Party Transactions for further information on related party arrangements.

Additional Financial Informat_3

Additional Financial Information - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Additional Financial Information [Abstract]
Cash and cash equivalents	$ 28,008	$ 76,089
Restricted cash	300	8,266
Total cash, cash equivalents, and restricted cash	$ 28,308	$ 84,355	$ 122,981	$ 62,573

Additional Financial Informat_4

Additional Financial Information - Schedule of Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Additional Financial Information [Abstract]
Prepaid revenue sharing expense	$ 42,530	$ 42,774
Other prepaid expenses	29,383	15,814
Current contract assets	8,584	11,254
Inventory	4,314	2,557
Other	4,429	5,163
Total prepaid expenses and other current assets	$ 89,240	$ 77,562

Additional Financial Informat_5

Additional Financial Information - Schedule of Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Additional Financial Information [Abstract]
Unbilled lease receivable	$ 96,689	$ 67,325
Investments	23,968	35,070
Deferred costs	3,984	4,120
Other	1,841	1,841
Total other non-current assets	$ 126,482	$ 108,356

Additional Financial Informat_6

Additional Financial Information - Schedule of Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Additional Financial Information [Abstract]
Accounts payable	$ 23,498	$ 15,628
Accrued payroll and employee related liabilities	61,810	64,532
Cash due to promoters	69,658	90,538
Accrued expenses	50,110	44,027
Total accounts payable, accrued and other current liabilities	$ 205,076	$ 214,725

Additional Financial Informat_7

Additional Financial Information - Schedule of Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Compensating Balances [Line Items]
Net unrealized gains (loss) on equity investments with readily determinable fair value	$ 950	$ 7,639	$ (1,157)	$ 4,442
Other	(872)	217	(1,936)	639
Total other income (expense), net	78	8,070	(1,545)	6,784
Draftkings
Compensating Balances [Line Items]
Realized gain from shares sold — DraftKings	0	214	1,548	1,703
Net unrealized gains (loss) on equity investments with readily determinable fair value	$ 0	$ 5,104	$ 0	$ 4,916

Additional Financial Informat_8

Additional Financial Information - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Additional Financial Information [Abstract]
Income taxes paid	$ 58
Income tax refunds, net of payments		$ 2,031

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Cash proceeds from common stock sold — DraftKings		$ 13,484	$ 4,244
Right-of-use lease assets		$ 307,435		$ 5,408	$ 235,790
New York Corporate Office Space
Subsequent Event [Line Items]
Operating lease, liability				$ 5,408
Subsequent Event | New York Corporate Office Space
Subsequent Event [Line Items]
Operating lease, liability	$ 104,668
Right-of-use lease assets	104,284
Subsequent Event | Townsquare
Subsequent Event [Line Items]
Cash proceeds from common stock sold — DraftKings	$ 15,620
Subsequent Event | Townsquare | Common Class A
Subsequent Event [Line Items]
Sale of equity securities (in shares)	1,577