11:41 AM EDT, 08/13/2025 (MT Newswires) -- Madison Square Garden Entertainment ( MSGE ) swung to a fiscal fourth-quarter loss amid a slump in event-related revenue, sending its shares tumbling Wednesday.

The company, which hosts live entertainment events at venues such as New York's Madison Square Garden and Radio City Music Hall, reported a loss of $0.57 per share for the quarter ended June 30, compared with earnings of $1.41 per share a year earlier. Overall revenue fell 17% year over year to $154.1 million, ahead of the FactSet-polled consensus of $150.3 million.

The stock was down 12% intraday.

Sales from entertainment offerings declined 17% to $118.7 million, mainly due to fewer concerts at the Madison Square Garden Arena and lower per-concert revenue.

Food, beverage and merchandise revenue dropped 24% to $26.4 million mainly due to fewer Knicks and Rangers games played at the Madison Square Garden Arena.

For the just-concluded fiscal year, revenue fell 2% to $942.7 million but surpassed analysts' $938.6 million view. The company reported a 9% annual increase in operating income.

"During fiscal 2025, we saw strong demand for our portfolio of entertainment assets," Chief Executive James Dolan said in a statement. "We see this momentum continuing in fiscal 2026, and believe we are well positioned to drive solid revenue and adjusted operating income growth in the year ahead."

Price: 35.50, Change: -4.72, Percent Change: -11.74