- Earnings call transcript Q1 2023

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Operator

Good morning! Thank you for standing by and welcome to the Madison Square Garden Entertainment Corp, Fiscal 2023 First Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers remarks there will be a question-and-answer session. [Operator Instructions]. I would now like to turn the call over to Ari Danes, Senior Vice President, Investor Relations, Financial Communications and Treasury. ahead. go Please

Ari Danes

an with morning our first Good EVP to Entertainment’s as call MSG Chief spin-off company’s Thank as and transaction, earnings our and MSG an Greenberg, President conference XXXX Andrea results well with today’s Group begin This quarter Officer, discussion Networks. will our on call. period. Fiscal prepared TAO the Dave from After Financial segments. of proposed call will open of you. remarks a will welcome update update be entertainment questions. a Dave then the and Byrnes, for we conclude CEO financial up followed of review for by our and the will

will the earnings over operating income AOI, measure. or release, corporate provide available of of that, And and may filings financial discussion release, are Private statements the operating that for from now you Investors Securities of actual of be section the Act the Please company the risks adjusted Any or website. today’s and call of to discussed may disclaims it refer of future could income a within XXXX. this Litigation to with is uncertainties. the six statements. Please the we forward-looking forward-looking Reform to If have turn statements contain today’s in and materially not risks a do following: during differ the our consolidated that On Dave. in and reconciliation The meaning any note update a any not company’s results SEC I and performance operations discussion cause to uncertainties guarantees take of copy of five those non-GAAP results a statements pages forward-looking of Today’s forward-looking involve earnings statements obligation call. to such with of

David Byrnes

we call share companies. have the on our businesses pleased potential and made you, our I’m separation traded Since that progress Ari, good publicly morning. of to last Thank significant two into

August the initial exploration of that know, an live Board the proposed and company our with our the submitted Form-XX you free statement announced month traditional of registration in entertainment our Last As confidential we media a tax transaction. of businesses. SEC spin-off potential regarding Directors authorized

continuing number We the are progress and potential areas, division structure between also evaluating of the overhead corporate make to companies. in a organizational two of including

and our renamed parent Madison Entertainment potential Assuming set Group the including forward entertainment final MSG media MSG which this we of time on businesses completion would be the Garden board we Sphere transaction, of move for timetable this to subject various the company and would Square not be consisting Sphere Corp. TAO with remaining would the At conditions, approval. a while name spin-off, take live company Corp., have

Sphere, venue display where be This from We on will at visibility immersive the display includes ways. in would growth over Las the with distinct to artists in an a the confident of allocation of this resolution Vegas of feet Venetian The track the flexibility progressing interior ‘XX. square pursue canvas led with separation we installation calendar capital partners the been XXX,XXX creating in greater MSG the top some continuing remain screen the to and fully football continues the of venue each visual the and spaces, audience, the and continue that with we in behind or down. and crews hospitality second this And than of strategies, includes as wrap on mega at prepare the their inside, exterior out Sphere showcase exosphere, on than MSG storytelling powerful own to scale, prospects. be have which open a signature technology to create environment business LED the Work new panels where opportunity providing highest have and the the investors half the to build enhanced more the including while businesses unique companies This we up At and areas unparalleled content will for company’s into bigger both of for interior are fields, for immersive the three world. atrium plane, captivating we features. installation and venues

primarily project. the impact chain As which final overall complexity we approximately project estimate we and the of well from as cost the of $X pressures, prior phases billion estimate of through have inflation to ongoing of adjusted our construction, move $X.XXX supply as reflects forward billion, our dollars, global the

expect to continue cost flow from our construction reduce our cash-on-hand from plans impact includes cash a projects. remaining businesses to This operations. and certain discretionary costs implement fund reduction capital defer across and We the of the program and/or to

available us needed. capacity to continue also have We if revolver to

closer in have drawing the and with MSG projects the remain are ever Vegas confident opportunity AOI Las to construction we costs the that of Sphere. we have While and as increased, in as completion revenue

will our We progress. continue to on update you

performance of our than of operational from Garden. Ticket quarter to to across quarter Now, concerts concerts starting want Styles, million since first XXX our and fiscal strong of venues events quarter, expected events residency, favorite sold-out and the Robust in sales at by record got included runs This first has remained X at significant first we see the multi-night more quarter, who the been review demand like in is highlighted XXXX majority a highlights hosting with be a in first fast off XX venues. our guests to segment. fans Fiscal start the from full Harry from play and shows over helped number ‘XX, contribute our at I’d eagerness venues the were a promoters which matched to Entertainment year in venues their our our out. by to held sold night person. first to number artists and The of quarter

Garden, busy for up bookings seasons spanned bookings for at our Championship, calendar to to three events continues meeting fill the our The sports to Hulu our for grossing Knicks projected XX a events the Theater includes the Arena’s one what’s coming year. World schedule targets the for kicked ahead, be we the while return set Legends ‘XX their And ‘XX which history. fiscal Last Rangers the across of off is ‘XX, welcomed the tracking and This this weekends. of are in League towards and Looking top month, Saturday, the UFC Garden to business. robust

to which last of continue production last This year ensure excited for by impacted this production Spectacular XXX was short this pandemic, as integrate technology feature been honored tourism, the that run to are for ways operational on After productions. to company. are year asset cut will year’s sales time holiday our to vibrant year. explore was the ahead show XX remains on we improving significantly well the new from performing the XXth Turning per-show by Christmas Advanced at basis, we challenges pacing for to time unique its to ticket have and helped return a season tradition last due pandemic. for November elements immersive a

the later that wider will at performance includes this opportunities new Holiday unique Rockettes month. audience, showcase A feature Channel’s in all stage year numbers Hallmark to to this the the which for This Spectacular movie, on look also City. Radio film Rockettes various premiere We brand a set

We with are Hallmark the bring two iconic pleased brands. Channel these holiday to be together to partnering

Turning to marketing partnerships.

HUB partner Christmas Our first as our time, roster as a insurance International, into the with signature Spectrum. forming Spectacular. with At we as have well firm, categories, same partner significant is expanded quarter the the presenting highlighted agreements multi-year was QVC, by renewals which and global partners, new brokerage such leading Verizon for brands new

off continued is improvements also business start, New to hospitality in strong City by office premium occupancy. a Our York helped

a suite already Just a fiscal for The on full we revenue renewals target have ‘XX, annual renewing few the year our us and firmly of has for closing and recent for our before results fiscal had into partners sales exceed licenses. sponsorship pandemic. ‘XX, exceeded in months success placed in we adding for are and path last our corporate months on have new in to goal suites

in quarter impressive the markets. benefited the from Las entertainment considering and in Group, enthusiasm performance which Turning quarter, to of around the York our ago TAO strong reflected with year where This especially results is our comparison live challenging Vegas. first New reopening

this in In new quarter’s in of its on restaurant to the a this also number Los Angeles after of year. TAO Beach open as has made multiyear Vegas well XX addition, included on a Diego, new Las as branded results track such projects locations remaining reopening over of impact progress TAO pipeline new of fiscal LAVO San as the renovation. and venues

York Vegas more Middle across towards end underway within Group to strategically two its last branded Moxy week York markets and debuted Las also Miami. City’s expand of in plans, infrastructure already including next Side, new to new on as into expanding presence Hotel TAO and the this TAO with the month and Lower fact, places look we locations two in New the be year East will such next, calendar the In at TAO as where the and Vegas its optimize venues. and a strategy, network has The growth HUB mind. of models focused New the strategy its operations this with TAO Las are East, executed leveraging remains on centralized projects follow

of half hopefully planned fiscal be we upcoming in the is will portfolio. of restaurant second to prime locations be TAO’s HUB the think second year, this during in TAO’s several to For example, in their market, which Miami open another

full partnership locations We calendar across in Group TAO experiences plans are Group’s has project, nightlife brand new is XXX-degree branded will open entertainment, XX flagship the leader now existing a for open also TAO in branded expected years, today than in showcased its hotels XXXX, Unicorp Developments, a that world. more been excited than dining and This entertainment XX space which approach to way. service National TAO hotel. in with proven more operating to its whole first including to the complete and and inside the TAO ever

off summary, our that, call with now turn I continue to strong the the start year will So momentum. we With to pleased in to Andrea. over are look and building this

Andrea Greenberg

Thank morning. you, Dave, and good

across of the season. I New with MSG York MSG are live with commitment MSG XXX Rangers our this deliver unparalleled and total last among New top York which continued to history. games of again once NBA Devils NHL proud Sabres the and we and RSN’s area Awards, recent Emmy York Go Knicks, of start With to was the hundreds am impressive New regular and Emmy in poised Networks again our was coverage New programming season, brings that Jersey excellence and Buffalo Islanders, an to recognized XX month Networks

for the quarter we financial to last successes record results, seasons with impacted NBA app, of which levels and and as experience which NHL on advertising continue, non-renewal MSG reminder, decline comparability all-time said, quarter, a our our was this year-over-year and our That for we was had teams hope to revenue this included Comcast. build subscribers as As continue high to streaming and by our on in a the engagement Go. viewership year, we last

We other Amazon, national brands, a this of sports expect category returning results Chipotle core strong five be year and partners, our driven sports including all advertisers. Airbnb, robust Netflix by from to from Disney+, betting and advertising a of gaming growth

NBA ways continue and reach the XX best football seasons. on Rangers high to design and half games. Pickleball in our and content will and this offer of In the progressing to expanded new Knicks include And we second we the of and development games, On working local new offering, the monetize to across direct-to-consumer addition explore school programming are and in year XX front, our of over Live remain regard, track to initiatives new current launch and audiences. NHL the that while casts

the premium is evolving, innovate, value and our alike. to to the and to ability turn content over for the in With while call continue So Dave. our media we back viewers to advertisers partners, certainly to that, believe I’d drive landscape of value like

David Byrnes

Andrea. you, Thank

reflecting and as loss adjusted revenues of bookings significant our review the business and of a This related schedule we the at didn’t begin the million. the company quarter. expenses October, segment our basis the of million million segment now prepare for seasons first Sphere opening events. and busy calendar, was the strength our reflects Rangers for $XX.X result improvement we Sphere of results Venetian. primarily revenue, The seasonality operating had fiscal million. $XXX.X Entertainment for over MSG Mix income MSG of regular generated total of COVID-impacted year’s Adjusted our as to $X.X the Entertainment impact of last the in Let’s until financial operating $XXX.X On quarter, a

Networks. in higher rights fees XXXX, media related year $XX.X expense, million basis the year-over-year Turning $XXX.X in increases AOI shortened and lower generated the absence affiliate and million marketing reflecting in offset of in revenue, the impact on NHL in prior reflects primarily to a rights to reductions lower XXXX current AOI. quarter, the and decreased as fees as revenue in MSG year season decrease The advertising quarter, well segment of expenses. SG&A, were to recorded period. the These in contractual a due the by primarily rate which partially

higher decrease period venues the due higher million level the Finally, business of and the the as operations, as TAO been the $XX.X year quarter staffing the increase returns had inflation, of comparable Group normal impact of to mitigate. the The to of openings working in reflects prior including COVID-XX, and impact beverage at of has income and as adjusted the in well includes as been that also hard million. $XXX.X revenues as venue which increased in revenues. well operating generated venue costs, to AOI revenues closed corporate new food team year impact and The prior versus

balance our sheet. to Turning

Venetian. net I of debt billion, $X.XX received to $XXX were respect XX the With accrued and had through costs of and were we costs will our the of the million $XX September Sphere $XXX with our XX approximately MSG of that, Venetian, September as XX, approximately back construction September at And was Ari. the now billion. million million not which $X.XX approximately As to-date cash-on-hand project to lastly, includes of from call turn approximately is that over paid balance

Ari Danes

for the Thanks please? Dave. Operator, call open up can we questions,

Operator

your from comes And the Brandon first Instructions]. [Operator Partners. Ross line of LightShed question from

open. Your line is

Brandon Ross

financially of you again, you’ll since your walk impact buckets presumably that, timing you this and to And the how project not magnitude MSGN and can us the flow be helping get mentioned, position everyone! reductions or as whether to and budget project. up is to this to through CapEx had spin going can fund that the this is speak the cost Hey With of then the you cash maybe completed? part liquidity able

David Byrnes

anticipating items now in with sufficient year, months Spectacular. off, of in Sure. Thanks, utilize the fiscal highlight: and best to for First cash business, and Brandon. Look, construction strongest Vegas. A the operations Sphere. Knicks expect cash-on-hand generate flow for from from operations, we’re and substantial the the have up complete coming and Christmas seasonally continue Rangers confident that bookings to of the cash we we Venetian the The liquidity will from our at we’re core which the impact our of flow of few that to midst I’d Sphere point we’re the MSG seasons, our

discretionary the if SpinCo, needed, as for interest a Second, if from one-third revolvers. well. spin should offer, reduction which And reminder, also generated we defer aside being certain and have in capital retained our or while you still availability cost under exchange from I do or are purposes general first would projects so capital to we of Sphere as planning the our free plans post again one-third to cash-on-hand significant in retained question, businesses, are corporate a expect be tax the cash to program also SphereCo RemainCo available raise needed formulated, have a our would have businesses, but part would And our and that’s implement interest say the across reduce in mentioned as SpinCo, Brandon.

what say I in our to What just all at all now, far to to in at reduction on we’re of look at premature the this it our and future, still comment we’re And with this on positioned lastly, specifically, cost work question and third on, success for continue into is the as say time. other your this I’ll be part regard call the hard businesses can’t get then it’s spin. that, going is of across than can As holistically further details but was this to middle we’re the I to ensure areas efforts, time. of

We’re progress. making great

Form-XX As last of our process are we’ve Spin keep initial I moving where to the the we’re we forward. mentioned, at going submission just made wise. and end That’s month,

Brandon Ross

you. thank Okay,

Operator

And the of your next Katz line Jefferies. question comes David from from

line open. Your is

David Katz

it everyone. going my is few Thanks it’s for a little and in at remain excited stop may Good open how still can taking exciting; months a point it for that obvious. Sphere. for for of much two, much to greater morning, just Hi! because been budget it around to or this us open I it’s questions. through the delve once wanted detail and give that deeper state? a two into ago reasons. One, The little up. contracted enthusiasm how you is versus Can the some spent variable budget of I’ve

David Byrnes

David. Sure,

construction the well project. project we’re across general, chain the pressures regarding going the as many as announcement, supply inflation, given deal areas to global of recent with impacts Just and in the of

reminder, As a we’ve to this before. talked

packages months basis. We basis time that’s and time and how on to were the ago. project all With work determined back actual contractors numerous competitively managed a bid on being many materials end, have is a the of and costs materials of being on the that

we’re continuing done project, streams. complex before. an work As and materials to And costs been go the across gets as those has incredibly delivered it’s are again, see work which completed, up certain never certain

refine world interior immersive months venues installation the reasons well LED spaces, including in plans are and the areas, the build-out for largest weeks the In we’ve display approach construction again football and our interior reminder, another to in fields. are seen and and the we which screen the the instances complexity, of screen its install where including our as the certain the It’s Exosphere. just outlined, the world of three recent of in a costs on of I’ve Its plane, of of building also we’ve cost adds higher the the it. interior. aspects square the some So the design or on technologies, to progress, adjust the to feet given the XXX,XXX highest resolution overall there as exterior. as had LED – we’ve the of made size And third

our are regarding we we detailed cost-to-date construction where months adjusted say sites, estimate nine every the So your of stage aggressively as of after our we’re and we lot construction within and are construction. we approximately to we going estimates continue have where billion, construction and possible. first of What question their to and primary manage to we’re in the of a aspect we headed, end, project through $X.XXX this on these I of adjusting areas, kind can go it’s learning on we’re to our review eight within go. completion, at as And the and a as what

David Katz

my margins, in expect, just you that’s the looking think may, what TAO quarter bit sort you, if for. from I went to follow-up about Thank came helpful. with were of and what just profitability we talk those Can TAO And with in as please? on and of I puts can the what we and different a takes respect some

David Byrnes

down and year, ramp up this the margins COVID venue. the continued at year-over-year, their and reflected this out they’ve impact of pandemic increased last quarter venues. Coming staffing were to at Yes, Sure. the for

the corporate on and the So as as business costs. the has return to food impact started continued normal staffing venue beverage as operations, the inflation level to at of the increased well and

the number engineering. ways, managing to our impact is So a of in proactively inflation mitigate business of the menu including team

And as comparison, our long-term within to some the ease. is add, basis first average guess in we expectation I on fluctuation to progresses, the the current standpoint year-over-year we’ve year our percentage will just headwind we as margin that a before, a potential forward, mentioned from the and TAO, toughest settle margin TAO’s that quarter expect be Looking for I’ll expect quarters. margins mid-teens with

David Katz

Thank you. Perfect!

David Byrnes

welcome. You’re

Operator

line the from of Morgan. Karnovsky comes question David JP next from Your

Your open. line is

David Karnovsky

Is Orlando. And a then, you. or kind more thank adjacent extend hospitality Hey, TAO active a other ask in role? to see you you taking to opportunities about what the licensing of to management you these Hotel this deal the areas? I do wanted are brand know

David Byrnes

Sure.

mixed-use revenue including multifaceted excited is in will growth deals we’re today’s manage be flagship the TAO to licensing serve various regard revenue TAO spaces by property, Orlando. Asian any also food pool a the will will other Town evolution responsible terms community share the of typical in which note, and we where hospitality the XXX-acre funding, off, for venue the of a a hotel operate First will the TAO’s a its as profit. for think at restaurant, strategy. it anchor not West, and TAO TAO experiences, of TAO Old the similar use for TAO and including is hotel of profit brand things will a preopening for expenses. natural the with and and be beverage $X TAO The fee of for to Bistro Orlando to and economics receive some and this IP. branded Tau capital exchange rooftop, a deal, announcement managed restaurant the in development related share will billion will company’s a With receive

it together is hotel your excited particular planned the the these over calendar at I’d in we’re really question, this concept hotel while then about looking early-stage open forward are Orlando markets, and obviously, to is XXXX, we other And the only few hotels for part years. to to in so a very TAO question, in branded with that hotel additional time, this conversations other possibility. is So in of expected next our developers your know you come second say,

David Karnovsky

on trends what Maybe the would point? LED could and for sponsorship this there’s kind early like see Sphere, at interest how this I maybe if to you wondering Okay. shortage venue. of of kind point the the no Thanks. separately can sell. you assume through demand just at display, to model speak inventory talk And looks then the you of

David Byrnes

thanks. Sure,

inventory just the will and digital a of have capacity the size, physical opportunities scale right, tremendous sponsorship exosphere. its You’re given and amount Sphere

speaking interest entertainment partners corporate it’s conversations, with at MSG even not potential suites sponsorship probably of is encouraging already these with are for that What’s venues. sponsorship major sponsors surprise, are and seeing more existing industries a We several healthy across opportunities. Sphere major and all

recognize clearly, tiers, campaigns sponsorship event of value The tend Similar a the duration. partners founding to of to will variety the will And inventory transactional official lucrative the The for Sphere. companies So Sphere to way ranging from sponsorship meaningful. to that Garden, partnerships have all is be shorter in

Sphere Just Vegas inventory will the Sphere person sponsorship in again, other But Exosphere realize anticipate programmable for and especially that for include brand the the to it or experiencing which X to feet the are the and landmark the creative visit is destination inclusion agreements seen in inventory to it. sponsorship to only think really of the utilize. X that Las new and and LED and Exosphere, lot covered opportunities offers, demand experience millions for immersive seen fully but iconic major for be suites beyond be and want events, do It’s panels, the in with people and as about the with and for going which incredible Vegas. saying, we by gallery come sponsorship largest all this Number visualize be a It there our opportunities to we of companies opportunities. some screen from the say And experience. this we is hard expect brands, sure. far Vegas. good and finding of in XXX,XXX strong We associated content unique very Las reaches are will impactful offers I either entertainment in venues, platform be be will feel square to without be opinion, Number to a keep our city and be our know And partner will opportunities, world, about to to powerful it our like who brands just we more tremendous for an social spaces. the not traditional immersive that ultimately will I’ll going LED having inventory atrium, you

Operator

Your question line of from comes with Brisco Devin Research. Wolfe next the

Your line open.

Devin Brisco

question. hear revenue you’re Could be for your you how higher thinking and capital any the thoughts on given and return on streams for the to on It helpful. would on CapEx higher us flowing margin would across are the Sphere about Thanks budget? on the costs long-term through opportunities now update the be great color based long-term potential that

David Byrnes

Sure, thanks.

we Sphere will and AOI margins in and that substantial MSG we generate it revenues confident First, attractive once remain in Vegas open. at

on for focused We’re high three key will categories venue drive utilization. content that

technologies. potential on to track news One, hospitality day potential within start corporate through call. Sphere talked discussions Obviously, that provide to to that about to companies for remain already First Sphere anything have comps and for that the we for the sporting like ongoing artists Formula showcase and but announced in additional term. by We sharing transactions, original open advantage which the to share MSG to the residencies of We the guidance, filmmakers, near will half partnerships corporate full spaces. content us. more as residencies opportunities something and that will expect continue with is regard now I venue with don’t brands, And we’re like one and evaluate, at and financial a the energized remain and at ’XX, leading the such do create this global the With their directly more music that we frame, enthused run announcing items just one we it being, the multiple time venues take the and expos. on calendar times of original time Performances and in sponsorships, and specific second partners, think including spaces club concerts management for events, opportunities will residencies, marquee, we events, premium Exosphere, partners. revenue having we’re corporate this team positive

Devin Brisco

of Garden your driven calendar going is mix venues My question pricing the power venues The Great! or there events growth From second is of be still to busy here, seeing. to more host by to other and at the you’re opportunity primarily and is forward? related going capacity that events the

David Byrnes

Sure, you’re right.

course so to throughout been looking fiscal far. really it’s forward be an bookings should year We’re great ‘XX, what of the outstanding

As growing our event on focused we’re increase about the two business, we areas: think and growing utilization profitability. bookings per

only So Christmas first space tenant, obviously is the is other as of which Garden a Music and for that and of Hall a our which with anchor Spectacular occupies months Rangers, a the utilization, Knicks the year. home the is City Radio only on reminder, to couple venue an

value generally work have to slate large from. performance our of a available So dates

increasing utilization This like in Styles. recently Harry multi-night several includes residencies and are such runs as you more with saw programming We ways. longer recurring

exploring also on. categories events and like shows and so and expos, We’re theatrical event opportunities additional new

event day, We’re believe financial approach levels. experience merchandise to helpful. utilization, maximize tickets, the profitability customers of for also profitability, to to venues. at Hopefully, the customers the in sell-through way strategic the sense Garden, on event look creative the event that’s in buy which to And per particularly to continue most then in our – to make the in the experience we already guest from ways and drive including process market events and beverage, high help that maximize and strive this which continuing our the visitors will when always company. per while comes focused industry. our drive at how helps venues food, hosting best And repeat types improvements we our multiple we’re increases we and weighing, We give it course we’re

Devin Brisco

Yeah.

David Byrnes

You’re welcome.

Ari Danes

for time caller. have we last Operator, one

Operator

of from Macquarie. the question your last line Golding comes And Paul from

Your line is open.

Paul Golding

much. the business. events and maybe TAO perspective specific TAO of live marginal so least the sounds are to ask, wanted headwinds at term. are but not Thanks I near part TAO from It the like, there in the

medium Sphere. I ask follow-up forward, in F&B structural the or transitory do I going for this Is to a have more now you see then term on point? at how wanted see more inflationary holistically pressure as you quick So to and this the maybe it labor business, and near

David Byrnes

pieces you business, of are did this the as respect have rest wouldn’t seeing across pandemic, anything TAO those out say our structural at mentioned. time. the issues have we like the industry, to really we business. largely but core in some Sure entertainment point core With of staffing Paul. We talked the the coming live I subsided to entertainment

You or we to alarming to, talked know a entertainment already nothing all. to space seeing have really I add that specific don’t so TAO the TAO whole and our live answer, in at lot we’re

Paul Golding

format you your how promoters looking market Sphere, info plan given and to the is design. give venue it of art the this And potential state at given uniqueness studio specific Great! then or any how to of to tours, Thanks. you can around the the

David Byrnes

Sure.

immersive introduce day entertainment in so at going And to Sphere You to itself work screen. and sound multiple ultra-high carrier an The as our Sears, about are that’s includes run events. to at and and at bring a will and -- point, – scale immersive of deliver original – features as studio of the as quarter our first at It’s should an with well times we’re type attractions, and new hard once of up a currently create multisensory produce the concert creators venue, would be we the going on which LED transactions, it’s people help content, drive to base as entirely to artists well venue these to technologies, large-scale drive resolution It of the immersive experiences know of which the for utilization that talked Vegas, this XX,XXX the the I it we’ve studio and this at life at residencies your the be studio. the which Burbank in say, full medium. to resolution will Sphere with Sphere. experiences to full demonstrates

artists we’re and things performers possibilities, Sphere be now. currently content on happening by global these in the right the the Sphere we’re running So feel are the obviously, constantly the amazing energized not and development There’s to what going working not through – only is Vegas, but are only with, of studio, Vegas. we we but for tourists in

Paul Golding

Great! Thanks.

David Byrnes

And Ari some welcome. I closing turn call our final over will remarks. now You’re ends Danes to back this session. question-and-answer for the

Ari Danes

for thank you all Thank you, joining us. and

our call. you Have with a next speak earnings good day! will We on

Operator

participation. concludes This for Thank your you call. today’s conference

disconnect. now may You

Sphere Entertainment (SPHR) 9 Nov 222023 Q1 Earnings call transcript