MADISON SQUARE GARDEN ENTERTAINMENT CORP.

Red flags

• Christmas Spectacular accounted for 18% of Fiscal 2026 revenue, creating meaningful single-production concentration.
• Gross term debt was $578.9 million at June 30, 2026, with $30.5 million classified as current; the facility has floating-rate exposure and the company also had $18.2 million of outstanding letters of credit.
• Operating lease liabilities totaled $604.6 million, while the company recorded $13.8 million of impairment on New York corporate-office right-of-use assets in Fiscal 2026.
• The business is geographically concentrated: all revenue and assets are in the United States and operations are primarily concentrated in New York City.
• The company’s net worth obligation supporting the Radio City Music Hall lease could require a letter of credit or cash collateral if not maintained.