MSG Entertainment is a live entertainment company built around a portfolio of iconic venues in New York City and Chicago. Its five venues — Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre — range from roughly 2,800 to 21,000 seats, and host concerts, sporting events, family shows, and special events. MSG Entertainment generates revenue by booking events either as a promoter (capturing ticket revenue but bearing artist costs) or by renting venues to third-party promoters for a fee. Beyond bookings, MSG Entertainment owns and produces the Christmas Spectacular Starring the Radio City Rockettes, an annual holiday production that generated over $170M in revenue across 200 performances in FY25. A third core revenue stream comes from long-term Arena License Agreements with MSG Sports, which require the NBA's Knicks and NHL's Rangers to play home games at The Garden; the cash license fee component is set at roughly $45M in FY26, growing 3% annually through FY2055. MSG Entertainment also captures a share of food, beverage, merchandise, and suite revenues from Knicks and Rangers games, meaning team performance and playoff depth have a direct impact on results. Additional revenue comes from premium hospitality (multi-year suite and club licenses to corporate customers) and sponsorship and marketing partnerships, sold jointly with MSG Sports. The business carries meaningful operating leverage, as overhead is largely fixed and incremental events or higher per-event revenue flows through at attractive margins.