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Madison Square Garden Entertainment Corp. Reports Fourth Quarter and Fiscal 2020 Results

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Madison Square Garden Entertainment Corp. Reports Fourth Quarter and Fiscal 2020 Results

NEW YORK–(BUSINESS WIRE)–Madison Square Garden Entertainment Corp. (NYSE: MSGE) today provided an update on its business operations and reported financial results for the fourth quarter and fiscal year ended June 30, 2020. On April 17, 2020, Madison Square Garden Entertainment Corp. (“the Company” or “MSG Entertainment”) became a standalone company, following the completion of its spin-off from The Madison Square Garden Company, which was renamed Madison Square Garden Sports Corp. (“MSG Sports”).

Executive Chairman and CEO James L. Dolan said, “Our core operations performed well over the first eight months of fiscal 2020 and, even after the onset of COVID-19, we completed important initiatives, including the Forum sale and spin-off transaction. However, the ongoing impact of the pandemic has required us to make difficult decisions and take significant action in order to preserve the strength of our balance sheet and ensure we are well-positioned to resume operations when the time is right. Despite the uncertainty for our industry, we remain confident in our business and look forward to when we can bring fans and artists back together in our venues.”

Business Update

Over the first eight months of fiscal 2020, the Company was experiencing positive momentum across its operations. The 2019 season of the Christmas Spectacular Starring the Radio City Rockettes marked the show’s highest grossing run ever. The Company’s entertainment and sports bookings business was on track for a record number of events for the fiscal year and Tao Group Hospitality was delivering strong year-over-year growth. In addition, the Company was making significant progress on a number of important initiatives, including the construction of its MSG Sphere venue in Las Vegas and the completion of both the spin-off transaction and the $400 million sale of the Forum in Inglewood, California.

As a result of the COVID-19 pandemic, in mid-March, the Company’s performance venues and Tao Group Hospitality’s entertainment dining and nightlife venues were closed, and, except for certain Tao Group Hospitality venues, remain closed today. The Boston Calling Music Festival, scheduled for Memorial Day weekend, was canceled. And last week, the Company canceled its Christmas Spectacular production for this upcoming holiday season as a result of the ongoing uncertainty.

Following the shutdown of its venues in March, the Company took immediate steps to reduce discretionary spending and made several difficult decisions. Tao Group Hospitality eliminated essentially all its venue line staff and manager positions. The Company also ended financial support of event-level employees at its performance venues at the end of May. The Company has continued to review its operations and last week implemented additional actions, including a workforce reduction and significantly reduced spending across all departments.

The Company’s MSG Sphere venue in Las Vegas is also impacted. In April, the Company announced that it was suspending construction of MSG Sphere due to COVID-19 related factors that were outside of its control, including supply chain issues. As the ongoing effects of the pandemic have continued to impact its operations, the Company has revised its processes and construction schedule, and has resumed work with a lengthened timetable that enables the Company to better preserve cash in the near-term. The Company remains committed to bringing MSG Sphere to Las Vegas and, based on its new construction schedule, now expects to open the venue in calendar 2023.

The Company has taken these steps to conserve cash and believes it is well positioned to navigate the temporary shutdown. As of June 30, 2020, the Company had approximately $1.2 billion in cash and short-term investments. Debt outstanding consisted of a $33.8 million bank term loan at Tao Group Hospitality. The Company’s cash and cash equivalents at fiscal year-end included approximately $200 million in deferred revenue and collections due to promoters, primarily related to tickets, suites and sponsorships – all of which will be addressed, to the extent necessary, through credits, make-goods, refunds and/or rescheduled dates. As of June 30, 2020, the significant majority of deferred ticket revenue was related to events that have been or are expected to be rescheduled into calendar 2021. Ticketholders for rescheduled events have primarily opted to retain their tickets, and the Company is providing ticket refunds as appropriate.

Results from Operations

For all periods presented through the date of the spin-off, the financial results of the Company are presented in accordance with accounting requirements for the preparation of carve-out financial statements, reflecting the results of the entertainment businesses previously owned and operated by MSG Sports through its MSG Entertainment business segment, as well as the sports bookings business previously owned and operated by MSG Sports through its MSG Sports business segment. These results (through April 17, 2020) do not include the impact of intercompany agreements between the Company and MSG Sports, which were effective as of the date of the spin-off, and may not reflect the level of expenses that would have been incurred by the Company had it been a stand-alone company for the periods presented. Results for the period after the completion of the spin-off (April 18, 2020 through June 30, 2020) reflect the Company on a standalone basis.

The COVID-19 pandemic significantly impacted the Company’s fiscal 2020 results, and also led to significant non-cash impairment charges related to Tao Group Hospitality. In addition, fiscal 2020 results include a gain, resulting from the Forum sale and associated settlements, which was recorded during the fiscal 2020 fourth quarter. For fiscal 2020, the Company generated $762.9 million in revenues, a 27% decrease as compared to fiscal 2019. The Company had an operating loss of $59.8 million and an adjusted operating loss of $43.3 million in fiscal 2020, compared to an operating loss of $45.6 million and adjusted operating income of $103.9 million in fiscal 2019.(1)(2)(3)

For the fiscal 2020 fourth quarter, the Company reported revenues of $9.0 million, a decrease of 96% as compared with the prior year quarter. The Company had operating income of $94.4 million and an adjusted operating loss of $103.5 million, compared to an operating loss of $57.2 million and an adjusted operating loss of $21.5 million in the prior year quarter.(2)(3)(4)

Segment Results for the Quarters and Years Ended June 30, 2020 and 2019:

 

Three Months Ended

June 30,

 

Twelve Months Ended

June 30,

 

 

2020

2019

% Change

2020

2019

% Change

Revenues:

 

 

 

 

 

 

Entertainment

$

8.6

 

$

153.8

 

(94

)%

$

585.2

 

$

797.1

 

(27

)%

Tao Group Hospitality

 

1.3

 

 

61.9

 

(98

)%

 

180.2

 

 

253.7

 

(29

)%

Other(5)

 

(0.9

)

 

(0.5

)

NM

 

 

(2.5

)

 

(1.8

)

NM

 

Total Revenues

$

9.0

 

$

215.2

 

(96

)%

$

762.9

 

$

1,048.9

 

(27

)%

 

 

 

 

 

 

Operating Income (Loss):

 

 

 

 

 

 

Entertainment

$

118.2

 

$

(57.5

)

NM

 

$

71.0

 

$

(42.6

)

NM

 

Tao Group Hospitality

 

(20.6

)

 

5.6

 

NM

 

 

(102.6

)

 

17.7

 

NM

 

Other(5)

 

(3.3

)

 

(5.2

)

NM

 

 

(28.2

)

 

(20.7

)

NM

 

Total Operating Income (Loss)

$

94.4

 

$

(57.2

)

NM

 

$

(59.8

)

$

(45.6

)

(31

)%

 

 

 

 

 

 

Adjusted Operating Income (Loss):

 

 

 

 

 

 

Entertainment

$

(90.2

)

$

(28.5

)

NM

 

$

(44.3

)

$

79.7

 

NM

 

Tao Group Hospitality

 

(13.0

)

 

7.1

 

NM

 

 

1.5

 

 

24.3

 

(94

)%

Other(5)

 

(0.3

)

 

(0.1

)

NM

 

 

(0.5

)

 

(0.1

)

NM

 

Total Adjusted Operating Income (Loss)

$

(103.5

)

$

(21.5

)

NM

 

$

(43.3

)

$

103.9

 

NM

 

 

Note: Does not foot due to rounding

 
  1. See page 4 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures.
  2. Fiscal 2020 and fiscal 2020 fourth quarter operating loss results include $105.8 million and $3.6 million, respectively, in impairment charges related to Tao Group Hospitality. Fiscal 2020 and fiscal 2020 fourth quarter operating results include a $240.8 million gain on the sale of the Forum and associated settlements.
  3. Fiscal 2019 operating results include the results for the Forum for the entire period while fiscal 2020 operating results include the Forum’s results through May 1, 2020.
  4. In the fiscal 2020 fourth quarter, the Company eliminated the three-month lag in Tao Group Hospitality’s operating results.
  5. Includes inter-segment eliminations and, for operating income (loss), purchase accounting adjustments.

Entertainment

For the fiscal 2020 fourth quarter, Entertainment segment revenues of $8.6 million decreased 94%, or $145.2 million, as compared with the prior year quarter, primarily reflecting the impact of COVID-19. The temporary closure of the Company’s venues led to decreases of $93.8 million in event-related revenues; $21.5 million in venue-related sponsorship and signage revenues; and $16.2 million in suite license fees. In addition, the cancellation of the Boston Calling Music Festival led to an additional revenue decrease of $10.6 million.

Fiscal 2020 fourth quarter direct operating expenses of $34.4 million decreased 72%, or $89.7 million, as compared with the prior year quarter. The absence of events in the quarter led to decreases of $55.0 million in event-related expenses at the Company’s venues; $14.9 million in event-related expenses for the Boston Calling Music Festival; $11.9 million in suite license expenses; and $9.4 million in venue-related sponsorship and signage expenses. This was partially offset by an increase in venue operating expenses of $5.8 million, primarily due to the Company’s decision to pay certain event-level employees through May 2020.

Fiscal 2020 fourth quarter selling, general and administrative expenses of $76.4 million increased 16%, or $10.7 million, as compared with the prior year quarter. This primarily reflects higher employee compensation and related benefits of $14.6 million, including the impact of severance-related costs attributable to separation agreements, partially offset by a decrease in professional fees of $3.7 million.

Fiscal 2020 fourth quarter operating income of $118.2 million increased by $175.7 million and adjusted operating loss of $90.2 million increased by $61.7 million. The improvement in operating income includes the impact of a $240.8 million gain on the sale of the Forum and associated settlements recorded in the fiscal 2020 fourth quarter. The increased adjusted operating loss primarily reflects the decrease in revenues and, to a lesser extent, higher selling, general and administrative expenses, partially offset by lower direct operating expenses.

Tao Group Hospitality

For the fiscal 2020 fourth quarter, Tao Group Hospitality segment revenues of $1.3 million decreased 98%, or $60.5 million, as compared to the prior year quarter, primarily due to the temporary closure of its entertainment dining and nightlife venues as a result of the COVID-19 pandemic.

Fiscal 2020 fourth quarter direct operating expenses of $6.6 million decreased 82%, or $29.7 million, as compared to the prior year quarter. Employee compensation and related benefits decreased $16.0 million, primarily due to the elimination of essentially all of Tao Group Hospitality’s venue staff positions in late March. In addition, the cost of food and beverage decreased $10.7 million, a result of the temporary closure of Tao Group Hospitality’s venues.

Fiscal 2020 fourth quarter selling, general and administrative expenses of $8.6 million decreased 53%, or $9.8 million, as compared to the prior year quarter. This primarily reflects a decrease in marketing costs of $3.4 million, as well as a decrease in employee compensation and related benefits of $1.5 million and other net decreases.

Fiscal 2020 fourth quarter operating income decreased by $26.1 million to a loss of $20.6 million and adjusted operating income decreased by $20.1 million to a loss of $13.0 million, both compared to the prior year quarter. This primarily reflects the decrease in revenues, partially offset by lower direct operating expenses and, to a lesser extent, lower selling, general and administrative expenses. Fiscal 2020 fourth quarter operating loss includes a net impairment charge of $4.8 million.

About Madison Square Garden Entertainment Corp.

Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment experiences. The Company presents or hosts a broad array of events in its diverse collection of venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; and The Chicago Theatre. MSG Entertainment is also building a new state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian, and has announced plans to build a second MSG Sphere in London, pending necessary approvals. In addition, the Company features the original production – the Christmas Spectacular Starring the Radio City Rockettes – and through Boston Calling Events, produces the Boston Calling Music Festival. Also under the MSG Entertainment umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including Tao, Marquee, Lavo, Avenue, Beauty & Essex and Cathédrale. More information is available at www.msgentertainment.com.

Non-GAAP Financial Measures

We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) before (i) adjustments to remove the impact of non-cash straight-line leasing revenue associated with the arena license agreements with Madison Square Garden Sports Corp., (ii) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (iii) amortization for capitalized cloud computing arrangement costs, (iv) share-based compensation expense or benefit, (v) restructuring charges or credits, and (vi) gains or losses on sales or dispositions of businesses and associated settlements, which is referred to as adjusted operating income (loss), a non-GAAP measure. In addition to excluding the impact of the items discussed above, the impact of purchase accounting adjustments related to business acquisitions is also excluded in evaluating the Company’s consolidated adjusted operating income (loss). We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the settlement of an obligation that is not expected to be made in cash. We believe that given the length of the arena license agreements and resulting magnitude of the difference in leasing revenue recognized and cash revenue received, the exclusion of non-cash leasing revenue provides investors with a clearer picture of the Company’s operating performance. We did not accrue any leasing revenue during fiscal 2020 because the arena license agreements provide that license payments are not due during the government mandated closure of The Garden.

We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of our business segments and the Company on a consolidated basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 6 of this release.

Forward-Looking Statements

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry in which it operates, the impact of the COVID-19 pandemic and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Conference Call Information:

The conference call will be Webcast live today at 9:00 a.m. ET at investor.msgentertainment.com

Conference call dial-in number is 888-421-7163 / Conference ID Number 1447748

Conference call replay number is 855-859-2056 / Conference ID Number 1447748 until August 21, 2020

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

Twelve Months Ended

June 30,

 

 

2020

 

2019

 

2020

 

2019

Revenues

 

$

8,999

 

 

$

215,197

 

 

$

762,936

 

 

$

1,048,909

 

Direct operating expenses

 

41,729

 

 

161,221

 

 

508,122

 

 

670,641

 

Selling, general and administrative expenses

 

84,981

 

 

83,893

 

 

344,637

 

 

314,522

 

Depreciation and amortization

 

25,100

 

 

27,296

 

 

104,899

 

 

109,343

 

Impairment for intangibles, long-lived assets, and goodwill

 

3,606

 

 

 

 

105,817

 

 

 

Gain on disposal of assets held for sale and associated settlements

 

(240,783

)

 

 

 

(240,783

)

 

 

Operating income (loss)

 

94,366

 

 

(57,213

)

 

(59,756

)

 

(45,597

)

Other income (expense):

 

 

 

 

 

 

 

 

Earnings (loss) in equity method investments

 

(694

)

 

(9,790

)

 

(4,433

)

 

7,062

 

Interest income

 

751

 

 

8,072

 

 

17,993

 

 

30,163

 

Interest expense

 

(446

)

 

(5,393

)

 

(2,300

)

 

(15,262

)

Miscellaneous expense, net

 

39,850

 

 

(1,943

)

 

38,855

 

 

(6,061

)

Income (loss) from operations before income taxes

 

133,827

 

 

(66,267

)

 

(9,641

)

 

(29,695

)

Income tax benefit (expense)

 

(13,732

)

 

1,169

 

 

(5,046

)

 

(443

)

Net income (loss)

 

120,095

 

 

(65,098

)

 

(14,687

)

 

(30,138

)

Less: Net loss attributable to redeemable noncontrolling interests

 

(5,238

)

 

(3,637

)

 

(30,387

)

 

(7,299

)

Less: Net loss attributable to nonredeemable noncontrolling interests

 

(1,293

)

 

(2,172

)

 

(1,534

)

 

(4,945

)

Net income (loss) attributable to Madison Square Garden Entertainment Corp.’s stockholders

 

$

126,626

 

 

$

(59,289

)

 

$

17,234

 

 

$

(17,894

)

Basic earnings (loss) per common share attributable to Madison Square Garden Entertainment Corp.’s stockholders

 

$

5.27

 

 

$

(2.47

)

 

$

0.72

 

 

$

(0.75

)

Diluted earnings (loss) per common share attributable to Madison Square Garden Entertainment Corp.’s stockholders

 

$

5.26

 

 

$

(2.47

)

 

$

0.72

 

 

$

(0.75

)

Basic weighted-average number of common shares outstanding

 

24,019

 

 

23,992

 

 

23,998

 

 

23,992

 

Diluted weighted-average number of common shares outstanding

 

24,095

 

 

23,992

 

 

24,017

 

 

23,992

 

ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO

ADJUSTED OPERATING INCOME (LOSS)

(Unaudited)

The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating income (loss) as described in this earnings release:

  • Share-based compensation expense. This adjustment eliminates the compensation expense relating to restricted stock units and stock options granted under our employee stock plan and non-employee director plan in all periods.
  • Depreciation and amortization. This adjustment eliminates depreciation, amortization and impairments of property and equipment and intangible assets in all periods.
  • Impairment of intangibles, long-lived assets and goodwill. This adjustment eliminates non-cash impairment charges in all periods.
  • Gains or losses on disposal of assets. This adjustment eliminates the impact of gains or losses from the disposition of assets or businesses.
  • Purchase accounting adjustments. This adjustment eliminates the impact of various purchase accounting adjustments related to business acquisitions, primarily favorable / unfavorable lease agreements of the acquiree.

 

 

Three Months Ended

June 30,

 

Twelve Months Ended

June 30,

 

 

2020

 

2019

 

2020

 

2019

Operating income (loss)

 

$

94,366

 

 

$

(57,213

)

 

$

(59,756

)

 

$

(45,597

)

Share-based compensation

 

12,896

 

 

7,472

 

 

42,190

 

 

35,401

 

Depreciation and amortization(1)

 

25,100

 

 

27,296

 

 

104,899

 

 

109,343

 

Impairment of intangibles, long-lived assets, and goodwill(2)

 

3,606

 

 

 

 

105,817

 

 

 

Gain on disposal of assets held for sale, including associated settlements

 

(240,783

)

 

 

 

(240,783

)

 

 

Purchase accounting adjustments

 

1,338

 

 

960

 

 

4,367

 

 

4,764

 

Adjusted operating income (loss)

 

$

(103,477

)

 

$

(21,485

)

 

$

(43,266

)

 

$

103,911

 

_________________

 
  1. Includes depreciation and amortization related to purchase accounting adjustments.
  2. As a result of operating disruptions due to COVID-19, the Company was required to assess the carrying value of Tao Group Hospitality’s intangible assets, long-lived assets and goodwill. As a result, the Company recorded a non-cash impairment charge of $105,817 associated with Tao Group Hospitality for the twelve months ended June 30, 2020. This charge reflected $88,583 related to goodwill, as well as impairment charges related to Tao Group Hospitality venues of $13,693 for long-lived assets and $3,541 for intangible assets for the twelve months ended June 30, 2020. For the three months ended June 30, 2020, the Company recorded a non-cash impairment charge related to Tao Group Hospitality venues of $3,606. This charge reflected $7,885 related to goodwill, partially offset by net impairment credits related to Tao Group Hospitality venues of $4,279.

CONSOLIDATED OPERATIONS DATA

(Dollars in thousands)

(Unaudited)

   

REVENUES

 

 

 

Three Months Ended

June 30,

 

 

 

 

 

2020

 

2019

 

% Change

Entertainment

 

$

8,550

 

 

$

153,796

 

 

(94

)%

Tao Group Hospitality

 

1,337

 

 

61,861

 

 

(98

)%

Other(1)

 

(888

)

 

(460

)

 

NM

 

Total Madison Square Garden Entertainment Corp.

 

$

8,999

 

 

$

215,197

 

 

(96

)%

   
 

 

 

Twelve Months Ended

June 30,

 

 

 

 

 

2020

 

2019

 

% Change

Entertainment

 

$

585,208

 

 

$

797,058

 

 

(27

)%

Tao Group Hospitality

 

180,201

 

 

253,651

 

 

(29

)%

Other(1)

 

(2,473

)

 

(1,800

)

 

NM

 

Total Madison Square Garden Entertainment Corp.

 

$

762,936

 

 

$

1,048,909

 

 

(27

)%

OPERATING INCOME (LOSS) AND ADJUSTED OPERATING INCOME (LOSS)

   

 

 

Operating Income

(Loss)

 

 

 

 

Adjusted Operating Income

(Loss)

 

 

 

 

 

Three Months Ended

June 30,

 

 

 

 

Three Months Ended

June 30,

 

 

 

 

 

2020

 

2019

 

% Change

 

 

2020

 

2019

 

% Change

 

Entertainment

 

$

118,203

 

 

$

(57,537

)

 

NM

 

 

$

(90,223

)

 

$

(28,484

)

 

NM

 

Tao Group Hospitality

 

(20,583

)

 

5,564

 

 

NM

 

 

(12,987

)

 

7,074

 

 

NM

 

Other(1)

 

(3,254

)

 

(5,240

)

 

NM

 

 

(267

)

 

(75

)

 

NM

 

Total Madison Square Garden Entertainment Corp.

 

$

94,366

 

 

$

(57,213

)

 

NM

 

 

$

(103,477

)

 

$

(21,485

)

 

NM

 

   
   

 

 

Operating Income

(Loss)

 

 

 

Adjusted Operating Income

(Loss)

 

 

 

 

 

Twelve Months Ended

June 30,

 

 

 

Twelve Months Ended

June 30,

 

 

 

 

 

2020

 

2019

 

% Change

 

2020

 

2019

 

% Change

Entertainment

 

$

71,016

 

 

$

(42,573

)

 

NM

 

 

$

(44,251

)

 

$

79,696

 

 

 

NM

 

Tao Group Hospitality

 

(102,588

)

 

17,716

 

 

NM

 

 

1,477

 

 

24,290

 

 

(94

)%

Other(1)

 

(28,184

)

 

(20,740

)

 

NM

 

 

(492

)

 

(75

)

 

NM

 

Total Madison Square Garden Entertainment Corp.

 

$

(59,756

)

 

$

(45,597

)

 

(31

)%

 

$

(43,266

)

 

$

103,911

 

 

NM

 

  1. Includes inter-segment eliminations and, for operating income (loss), purchase accounting adjustments. For the three months ended June 30, 2020 and 2019, purchase accounting adjustments were $2,987 and $5,165, respectively. For the twelve months ended June 30, 2020 and 2019, purchase accounting adjustments were $27,692 and $20,665.

 

CONSOLIDATED AND COMBINED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

 

 

 

June 30,

 

 

2020

 

2019

ASSETS

 

 

 

 

Current Assets:

 

 

 

 

Cash and cash equivalents

 

$

906,555

 

 

$

1,082,055

 

Restricted cash

 

17,749

 

 

10,010

 

Short-term investments

 

337,192

 

 

108,416

 

Accounts receivable, net

 

57,184

 

 

81,044

 

Net related party receivables

 

23,062

 

 

1,722

 

Prepaid expenses

 

62,127

 

 

24,067

 

Other current assets

 

22,633

 

 

39,430

 

Total current assets

 

1,426,502

 

 

1,346,744

 

Investments and loans to nonconsolidated affiliates

 

52,622

 

 

84,560

 

Property and equipment, net

 

1,646,115

 

 

1,349,122

 

Right-of-use lease assets

 

220,328

 

 

 

Amortizable intangible assets, net

 

150,426

 

 

214,391

 

Indefinite-lived intangible assets

 

63,801

 

 

65,421

 

Goodwill

 

74,309

 

 

165,558

 

Other assets

 

85,103

 

 

89,963

 

Total assets

 

$

3,719,206

 

 

$

3,315,759

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONSOLIDATED AND COMBINED BALANCE SHEETS (continued)

(In thousands, except per share data)

(Unaudited)

 

 

 

June 30,

 

 

2020

 

2019

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

 

 

 

 

Current Liabilities:

 

 

 

 

Accounts payable

 

$

17,258

 

 

$

23,974

 

Net related party payables, current

 

18,418

 

 

18,911

 

Current portion of long-term debt, net of deferred financing costs

 

5,429

 

 

6,042

 

Accrued liabilities:

 

 

 

 

Employee related costs

 

68,837

 

 

82,411

 

Other accrued liabilities

 

125,452

 

 

88,614

 

Operating lease liabilities, current

 

53,388

 

 

 

Collections due to promoters

 

31,879

 

 

67,212

 

Deferred revenue

 

189,308

 

 

186,883

 

Total current liabilities

 

509,969

 

 

474,047

 

Related party payables, noncurrent

 

 

 

172

 

Long-term debt, net of deferred financing costs

 

28,126

 

 

48,556

 

Operating lease liabilities, noncurrent

 

174,219

 

 

 

Defined benefit and other postretirement obligations

 

26,132

 

 

41,318

 

Other employee related costs

 

15,591

 

 

15,703

 

Deferred tax liabilities, net

 

12,450

 

 

22,973

 

Other liabilities

 

78,279

 

 

59,525

 

Total liabilities

 

844,766

 

 

662,294

 

Commitments and contingencies

 

 

 

 

Redeemable noncontrolling interests

 

20,600

 

 

67,627

 

Madison Square Garden Entertainment Corp. Stockholders’ Equity:

 

 

 

 

Class A common stock, par value $0.01, 120,000 shares authorized; 19,493 shares outstanding as of June 30, 2020

 

195

 

 

 

Class B common stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of June 30, 2020

 

45

 

 

 

Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of June 30, 2020

 

 

 

 

Additional paid-in capital

 

2,751,318

 

 

 

Retained earnings

 

141,936

 

 

 

Madison Square Garden Sports Corp. Investment

 

 

 

2,618,971

 

Accumulated other comprehensive loss

 

(51,857

)

 

(46,923

)

Total Madison Square Garden Entertainment Corp. stockholders’ equity

 

2,841,637

 

 

2,572,048

 

Nonredeemable noncontrolling interests

 

12,203

 

 

13,790

 

Total equity

 

2,853,840

 

 

2,585,838

 

Total liabilities, redeemable noncontrolling interests and equity

 

$

3,719,206

 

 

$

3,315,759

 

SELECTED CASH FLOW INFORMATION

(Dollars in thousands)

(Unaudited)

 

 

Twelve Months Ended

June 30,

 

 

2020

 

2019

Net cash provided by operating activities

 

$

96,031

 

 

$

91,724

 

Net cash used in investing activities

 

(389,657

)

 

(228,063

)

Net cash provided by (used in) financing activities

 

122,938

 

 

(8,621

)

Effect of exchange rates on cash, cash equivalents and restricted cash

 

2,927

 

 

4,669

 

Net decrease in cash, cash equivalents and restricted cash

 

(167,761

)

 

(140,291

)

Cash, cash equivalents and restricted cash at beginning of period

 

1,092,065

 

 

1,232,356

 

Cash, cash equivalents and restricted cash at end of period

 

$

924,304

 

 

$

1,092,065

 

 

Entertainment

Dune Shows WB Learned Nothing From Zack Snyder’s DCEU

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Dune Shows WB Learned Nothing From Zack Snyder's DCEU

The handling of Dune and its necessary sequel shows Warner Bros. failed to learn its lesson from Justice League and their original DCEU plans with Zack Snyder. Despite the fallout of Snyder’s departure from the DC franchise, the studio handed another epic, bug budget sci-fi project to an auteur director without fully committing to the creative vision.

After Man of Steel, Warner Bros. announced a slate of director-driven DCEU projects surrounding Zack Snyder’s planned Justice League arc, seemingly committing to Snyder’s vision for the DC universe, but after a rocky start, the Snyderverse was abandoned, leaving the future of the DCEU in the lurch. While there was a specific plan in place for a grand culmination of Snyder’s 5-part Justice League story, including a number of spin-offs from other directors, Warner Bros. says there’s no plans to see this original plan to completion, meaning the story set up by the original slate of DCEU films will never be fully realized.


Related: The Snyder Cut Proves WB Killed Their Best Chance to Compete With Marvel

While WB gave auteur director Denis Villeneuve $165 million to adapt the first half of the epic sci-fi novel Dune, the studio decided not to approve the sequel until after they could see how the initial installment, only half the story, performed at the box office. This continues WB’s history of embarking on big director-driven projects without fully committing to the vision, an approach that is virtually guaranteed to ensure the resulting product will be less than its original conception, even if a Dune sequel still happens.

WB’s Failed Director-Driven DCEU Plan

Justice League Snyder cut snyderverse

After the success of Christopher Nolan’s The Dark Knight trilogy, Warner Bros. had Nolan develop a modern adaptation for Superman, and Nolan selected Zack Snyder as the director due to his approach with his adaptation of Watchmen. Man of Steel became the highest-grossing Superman movie, so Warner Bros. had Snyder develop a larger DCEU plan, which became Snyder’s 5-part Justice League saga. The story would center on Superman but would bring in the rest of the Justice League members, and a full slate of movies was planned, including Wonder Woman, Suicide Squad, Aquaman, The Flash, Cyborg, Green Lantern Corps., and a solo Batman movie. Warner Bros.’original DCEU plan was to follow the model established by Nolan with The Dark Knight trilogy and Man of Steel by bringing in directors with distinct styles to head each project, including David Ayer, Patty Jenkins, Rick Famuyiwa, James Wan, and Ben Affleck.

Batman v Superman: Dawn of Justice and Suicide Squad were among 2016’s top-grossing movies, but their polarizing reviews resulted in notoriously low Rotten Tomatoes scores, resulting in Warners taking drastic action to change plans for the rest of the franchise. The changes immediately impacted Justice League the most even though it was already in production, resulting in conflict with Snyder that eventually resulted in him exiting the project following a family tragedy, allowing WB to bring in Joss Whedon to drastically reshape the project in reshoots, abandoning most of the sequel set-up and erasing as much of Snyder’s distinctive style as possible. The fallout impacted almost all the remaining movies in the slate. Aquaman was already in production, but both Famuyiwa and Affleck left their respective movies. Versions of The Flash and The Batman are coming out next year, but both are drastically different versions than originally planned (and The Batman isn’t even part of DCEU canon)

Snyder’s plan was very clearly leading to a big culmination, with Batman v Superman: Dawn of Justice teasing a post-apocalyptic “Knightmare” future that had been conquered by Superman who was under the control of DC ultra-baddie, Darkseid. Snyder would eventually get the chance to release his intended version of the movie, the 4-hour long Zack Snyder’s Justice League, spurring excitement for what would have been, but with no plans for Snyder to return and the current slate servicing a different plan, Warner Bros. seems content to leave this epic set-up forever unresolved.

Related: The Latest Restore The SnyderVerse Trend Proves It’s Not Going Away

The odd part is Warner Bros.’ biggest successes with DC movies have always come from the bold visions of distinct directors like Richard Donner, Tim Burton, Christopher Nolan, and even Zack Snyder, while attempts to make more broadly appealing crowd-pleasers didn’t work, like Batman & Robin, Superman Returns, and Green Lantern. As if to double down on the point, Snyder’s Watchmen, Batman v Superman, and Justice League saw significant changes for their theatrical releases, only for Snyder’s director’s cuts to be nearly universally regarded as the superior product. Despite the problems caused by their decision to abandon the original DCEU plans, Warner Bros. didn’t learn their lesson and made similar decisions with Villeneuve’s Dune.

Warner Bros. Repeated Their DCEU Mistakes With Dune

Why WB betting big on Dune Villeneuve

Denis Villeneuve’s Blade Runner 2049 was lauded by critics, but bombed at the box office, bringing in less than $260 million from a $150 million budget, failing to hit the typical twice-budget break-even point. Blade Runner 2049 was Villeneuve’s highest-grossing movie, despite its box office failure, but his ability to adapt stunning high-concept sci-fi convinced Warner Bros. to hand him the reins to Dune, although they didn’t opt to film it back-to-back with a sequel, or even greenlight a sequel at all, despite knowing Villeneuve was only adapting half the book in the first movie.

While WB’s caution is understandable due to Villeneuve’s box office history, the willingness to begin work on the $165 Dune part 1 without committing to part 2 upfront immediately shortchanges the franchise’s potential. Under this strategy, the absolute best-case scenario was Villeneuve produces a monster hit with an incomplete story and WB has to start the sequel from scratch and can’t capitalize on Dune‘s performance for three years. In addition to the time delay, they also miss out on the massive cost savings of shooting back-to-back, reducing the overall profitability of both movies. The worst-case scenario would be the movie flops and the whole thing looks like a massive, ill-conceived blunder on the part of WB, who would have a massive bomb on their hands after entrusting a big-budget sci-fi epic to an auteur director whose last big-budget sci-fi epic also flopped. While Villeneuve and WB escaped harsh criticism for Blade Runner 2049 due to the movie’s quality, that likely wouldn’t be the case if Dune flopped, since the movie is only half the story of the Dune book, and adapting it would likely burn a chance for another director to take a swing at the property in the near future.

Meanwhile, committing to the whole vision up-front would have been better all-around, even if WB’s concerns came true and Dune flopped.  The cost-savings of back-to-back production would at least partially offset box office losses, audiences wouldn’t be deprived of the second half of the story, and there’s always the chance the sequel could be a bigger hit, salvaging the hypothetical losses from part 1. Like with Blade Runner 2049, the quality of the film would offset a lot of the criticism over the box office losses.

Dune had a solid box office opening and seems to have fair chances of getting a sequel, but it won’t be soon enough for audiences hungry for a sequel and may see a reduced budget, ironically missing out on the cost savings that could have accompanied a back-to-back sequel production. If Warner Bros. was willing to take the risk of the first installment, why not commit to the whole vision?

Warner Bros. Needs To Follow Through On Director Driven Visions

New Warner Bros. Logo

Warner Bros. has a history of being a studio that takes big swings on grand director visions, but changes in leadership in recent years, such as the departure of former Warner Bros. Pictures Group president Jeff Robinov (who brought iconic directors like Nolan, Affleck, Snyder, the Wachowskis, and others to the studio) has seen a rise in situations like Justice League and Dune. As if to punctuate the severity of the decline, Nolan decided to make his next movie at Universal after working with Warner Bros. exclusively for nearly 20 years.

Related: Nolan’s Massive Universal Deal Could Reinvent Blockbusters Post-Pandemic

The problem isn’t that the days of bold director-driven projects are in the rearview mirror at Warner Bros., those still exist, there’s even a new Matrix movie coming out December, but there is a concerning pattern of self-sabotage of big projects brought on by a lack of trust in their directors. Situations like Justice League and Dune make the studio’s decision-making suspect and erode consumer confidence in their projects, particularly for big IP adaptations.

The whole thing is also incredibly short-sighted. It’s common for a franchise to overcome early stumbles only for those movies to be well regarded after the franchise finds its footing. The Marvel Cinematic Universe had several films in Phase 1 that were considered underwhelming at the time and Fast and Furious powered through several films with a mediocre reception to become one of the biggest franchises in film. Even films like the original Blade Runner got poor reviews and underperformed at the box office and are now considered required viewing. In the case of the DCEU, Warner Bros. was scared away from Zack Snyder’s plan because of reviews for Batman v Superman: Dawn of Justice, but that movie was so impactful in the zeitgeist that WB’s attempts to pivot away from Snyder couldn’t outpace their momentum, and they eventually had to cave to demands for the Snyder Cut when simply committing to the plan and finishing the plan they started would have seen Zack Snyder’s arc completed by now, allowing them to start fresh without having to deal with the unending reminders of the incomplete Snyderverse.

Fortunately, Dune is well received and performing well at the box office, which bodes well for sequel potential, but the lost time, momentum, and wasted money will ultimately hold back the complete vision from what it could have been if they’d produced the movies back-to-back. If WB wants to retain (or regain) its reputation for being the studio that produces this kind of movie, they need to gain some confidence and stop with the half measures and deliver on the director visions they sell to audiences.

Next: Why Warner Bros Losing Christopher Nolan Is Such A Big Deal

No Way Home Trailer Hopes Mocked By Spider-Man & Doc Ock Meme


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Capturing the entertainment proclivities of racing fans

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Simon Fraser, XB Net: Capturing the entertainment proclivities of racing fans

Simon Fraser, XB Net: Capturing the entertainment proclivities of racing fans
Image Source: XB Net

Simon fraser, Senior Vice President of International at XB Net, discusses how XB Net is taking the sting out of protracted integration processes for sportsbook operators.

Backed by 1/ST Technology, Fraser walks us through the ways that XB Net is helping bettors to engage in all aspects of horse racing, before explaining how the company plans to use the Breeders’ Cup to broaden North American racing’s international reach.

SBC Americas: For those that might not know, can you tell us a little bit about XB Net? What’s the story behind the company and which markets are you targeting?

SF: XB Net provides a comprehensive North American racing service to international gaming operators across both fixed-odds and pool betting. The service covers the popular codes of thoroughbred, quarter-horse, harness and greyhound racing. Our key markets currently include the UK, Ireland, France, Italy, Turkey, Australia and New Zealand.

We manage the rights and distribute this premium content (data, odds, live broadcast and video streaming) on behalf of a broad progressive portfolio of global partners, allowing them to deploy ground-breaking technologies to attract and educate new audiences.

We’re lucky enough to be backed by a true powerhouse in 1/ST Group, whose consumer-facing brand forms a world-class technology, entertainment, and real estate development company with thoroughbred horse racing wagering at its heart – anchored by best-in-breed horse racing operations at the company’s premier racetracks, including (to name but a few): Santa Anita Park, Gulfstream Park – home of the Pegasus World Cup Championship Invitational Series; Laurel Park and Pimlico Race Course – site of the legendary Preakness Stakes.

And now the stateside stage is set for this year’s flagship finale at the Breeders’ Cup World Championships (5-6 November) in Del Mar. It all represents 1/ST’s continued movement towards redefining thoroughbred horse racing for a modern audience, and optimizing the ecosystem that drives it.

As a result, we can draw from an unrivalled network of over 60 North American tracks which account for over 75% of U.S. racing, opening the door to many of the planet’s most prestigious horse races.

SBC Americas: How is XB Net ensuring that it stands out from the competition?

SF: That aforementioned deep well of resources and racetracks isn’t a bad place to start from when you’re trying to positively delineate XB Net from the competition. And as a basic premise, we are planning to work with our partners across the globe to increase the awareness of North American horse racing, both as an exciting sport and as a high-quality betting medium.

By harnessing low-latency feeds from more than 2,500 meetings, showcasing over 25,000 races per year, North American racing is steadily accruing more global viewers and bettors, especially after a spell in which the pandemic has badly disrupted, if not decimated, so many events on the typical sporting calendar. While many of those sports have since recovered from the treatment table, North American racing – which mostly continued unaffected during the outbreak – has largely retained its enlarged audience share.

In the UK, some of that success and enduring retention can be attributed to the popular nightly pictures on Sky Sports Racing, whose friendly, informative GFN was instructive in “home-schooling” many new viewers to North American racing during the lockdowns.

Accordingly, with many heads having been turned by North American racing, the sport is now pulling up a comfortable seat in their wider entertainment choices. Particularly considering the nature of its rapid-cycling events, which conveniently fill the recreational gaps for drop-in audiences who might like a bet. Providing the right content at the right time remains so important, wherever you stick your pin on the international map.

XB Net’s steady stream of short-form premium content captures eyeballs and improves digital hang-time, allowing our partners to engage untapped audiences, deliver 24/7 horse racing, and also guard against any unforeseen impediments to the global sporting calendar.

SBC Americas: Tell us about your EasyGate™ products. How are they eliminating the complexity of North American racing?

SF: EasyGate is a breakthrough multitote technology and software architecture, providing structured race content, betting pathways and secure track video streams to our partners. Long story short, EasyGate navigates an intuitive path through the complexity of North American racing (from streaming formats to different data sources and their multivariate components), and also simplifies access to other content from other countries.

We give operators everything they need to succeed and take the sting out of protracted integration processes – just plug in and go, whatever the channel.

SBC Americas: Tote betting, and arguably horse racing in general, across the UK has had a tricky few years. How is XB Net making sure that racing is still the ‘product of choice’ for your partners?

SF: Our ability to present North American racing as a fixed-odds product allows us to take advantage of the UK market where Tote betting will always be a marginal betting product. Elsewhere, innovation around in-running betting can really allow horse racing to catch-up on any lost ground and reconsolidate its market position.

The complex variables of horse racing have meant this sport, for so long the retention backbone of many operators, hadn’t previously been able to seize the opportunities that other sports have secured with in-play. After all, nowadays, betting products must smoothly transition from pre-play to in-play, which is why operators must employ the latest trading tools and reactive in-play odds to attract modern-day audiences.

XB Net has now successfully trialed a ground-breaking feed that couples the Starting Price with the best of automated trading via Total Performance Data’s (TPD) astonishing array of consequential in-running analytics, including stride length, stride frequency and sectional timings enabled by saddle-cloth GPS tracking. These variables are accordingly harvested in-play by TPD’s machine-learning trading tools whose algorithms train themselves on race pace for precise pricing that delivers a distinct step-change in live fixed-odds wagering.

SBC Americas: How does your company help bolster revenue and support sometimes struggling traditional racetracks?

SF: I’d take issue with the word struggling. On the US side of the pond, the prize money at most tracks is very positive and betting turnover is up significantly. As a core technology in the wider arsenal of 1/ST and 1/ST Technology, XB Net is part of a broader company wide goal to sustain a successful business model while ensuring all stakeholders who work in the industry are cared for and supported.

That means delivering a fresh and holistic racing experience for the fans which captures the entertainment proclivities of every age group at the racetrack, especially the younger generation that is coming through. We are embracing this challenge and opportunity (sometimes two sides of the same coin!) at every touchpoint we have with our customers.

Just take our recent efforts with Historical Horse Racing (HHR) and how these terminals can provide workarounds for their local racetracks, increasing revenues where slots aren’t legal. As a result, HHR games can bolster revenues at traditional racetracks through direct new gaming revenue for operators who are directly tied to horse racing.

We also pay back a percentage to each host racetrack for every single wager placed, using each respective track’s historical races. This is akin to the simulcast live horse racing host-fee structures, in addition to paying horse racing industry stakeholders for the requisite historical race information data (e.g. Equibase).

At the tracks, our teams are working to modernize the horse racing experience, leveraging technology to bring an on-demand, digital experience to our customers. Ultimately, we’re targeting a growing audience looking for quick-fire action and engaging gameplay experiences driven by end-user thinking and the best interfaces that support that. Providing opportunities for consumers to engage in all aspects of horse racing – from live racetrack visits to simulcast viewing, online wagering and mobile – is the best way to grow our sport in a modern world.

SBC Americas: XB Net holds the international distribution rights for the upcoming Breeders’ Cup. In what ways is this agreement helping to broaden North American racing’s international reach?

SF: Self-evidently, our three-year contract extension with the Breeders’ Cup was a welcome endorsement of our team’s efforts over the past few years. The agreement comprises worldwide broadcast and video-streaming distribution rights from the Breeders’ Cup whose 2021 renewal, consisting of 14 Championship races and over $31 million in prize money and awards, is fast-approaching (5-6 November) at Del Mar racetrack in California next month. Del Mar is one of my favourite venues in all of sport, and its most common epithet of “where the surf meets the turf” tells you what sets it apart.

When the standard-bearer for elite North American racing selects you to further broaden the international reach of its world-class festival, you must be doing something right, and I’m pleased to say that sports fans and bettors around the globe can look forward to even more coverage of the World Championships.

You’re even seeing a suite of domestic host broadcasters (for example Sky Sports Racing and ITV in the UK) broadcasting all 14 races this year, which is ideal for growing the sport. Of course, the increasingly international make-up of these fields, bringing the best horses together from all around the world, only adds to the allure and transcendent appeal of the Breeders’ Cup for global audiences.

SBC Americas: And how will you help optimise and increase the returns to North American racing following what has undoubtedly been a challenging economic period?

SF: For us, it’s all about expanding markets and coverage, coupled with enhancements to our cutting-edge technologies. We’ve already launched in India, while we also have new Tote and fixed-odds roll-outs set for Asia and Africa.

Regarding the race tracks themselves, the more we can add to the service, the better-value our proposition will inherently become through sheer economies of scale. Again, we can return these cost advantages to the tracks. That even applies in Australia, where we’ve recently agreed a deal to add thoroughbred racing from the principal racing state of Victoria to our service which runs off the same infrastructure. We’re thrilled to be able to add more world-class contests for our partners, with the Victorian Spring Racing Carnival already capturing players’ imaginations.

As for what’s under the hood, we’re always refining and fine-tuning, despite having some of the most durable and trusted tech around. For instance, we actually just classified our pari-mutuel totalisator and fixed-odds wagering platform as a “legacy” product.

Instead, we’re replacing it with a next-gen wagering platform that will play a key role as 1/ST Technology continues to deliver on our vision to build upon the strengths of our current gambling platform while also extending its capabilities (e.g. quickly adding new bet types) – increasing speed to market, enhanced support of our customers’ needs, and unlocking the ability to efficiently onboard new consumers via verticals such as sports betting, esports, and other emerging opportunities. In short, it will allow us to react to the market with peerless agility.

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Window on Arts & Entertainment: Oct. 14, 2021 | Diversions

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Window on Arts & Entertainment: Oct. 14, 2021 | Diversions

The Majesty of Rock set to perform at First Friday Seminole

SEMINOLE — The Majesty of Rock, one of Florida’s most prestigious bands, will salute the music of Journey and Styx at First Friday Seminole, on Friday, Nov. 5, 6 to 9 p.m., on the main street in front of Studio Movie Grill at Seminole City Center, 11201 Park Blvd. N., Seminole.

Sponsored by Seminole City Center and The Rotary Club of Seminole Lake, this will be the final First Friday Seminole of 2021. The event will feature a variety of Seminole City Center merchants, food, prizes, and games, as well as a special concert by The Majesty of Rock. Attendees are asked to bring their own chairs. Coolers are not allowed. Vendors other than Seminole City Center tenants are not permitted.

The Majesty of Rock features the voice of John D’Agostino, coupled with the exceptional musical talents of four equally sophisticated and experienced musicians. That combination soon propelled the group to become one of the premier Journey reverence bands of our time. The band strives to re-create the exact sounds and nuances of Journey. Their passion for authenticity and attention to detail go a long way toward ensuring that the audience feels like they’re at a real Journey concert.

While the band has enjoyed performing the music of Journey, front man John D’Agostino also loves another American super group: Styx. Turns out the rest of the band are huge Styx fans, too. So, they began adding some of Styx’s best tunes to their already expansive repertoire of Journey material.

CWP to stage ‘Vanya and Sonia and Masha and Spike’






d-happenings101421-carrollwoodplayers

The cast and crew of the Carrollwood Players Theatre production of “Vanya and Sonia and Masha and Spike” include, front row, from left, Kaedin Cammareri, stage manager; Jason Goetluck as Spike; and Pauline Lara as Nina; and, back row, Se’a Ryan as Sonia; Stephanie Russell Krebs as Cassandra; Kenneth Grace as Vanya; Kari Velguth as Masha; and Alicia Spiegel, director.




TAMPA — Carrollwood Players Theatre will present its production of “Vanya and Sonia and Masha and Spike” by Christopher Durang, running Oct. 15-30, at the theater, 4333 Gunn Highway, Tampa.

Tickets are $24. Tickets now on sale at tinyurl.com/vanyacwp. Performances will be Fridays and Saturdays, 8 p.m.; and Sundays, 2 p.m. For information, call 813-265-4000 or visit carrollwoodplayers.org.

“Vanya and Sonia and Masha and Spike” won the 2013 Tony Award for Best Play.

Middle-aged siblings Vanya and Sonia share a home, where they bicker and complain about the circumstances of their lives. When Marsha, their movie-star sister, swoops in with her new boy toy, Spike, old resentments flare up, eventually leading to threats and chaos. Contributing to the excitement are a sassy maid who can predict the future, and a lovely young aspiring actress who can’t. Audiences will discover why Durang is lauded as the master of mining the absurdities of human folly.

Presented with the support of the Arts Council of Hillsborough County and the Hillsborough County Board of County Commissioners, this production will be directed by Alicia Spiegel.

“‘Vanya and Sonia and Masha and Spike’ is not exactly a well-known show, and the title can be a bit hard to remember … but audiences won’t soon forget the hilarious storyline,” Spiegel said. “I think everyone will relate to the family/relationship dynamics in this modern comedy laced with emotional baggage and heartfelt moments.”

The cast features Kenneth Grace as Vanya, Se’a Ryan as Sonia, Kari Velguth as Marsha, Jason Goetluck as Spike, Pauline Lara as Nina, and Stephanie Russell Krebs as Cassandra.

“Our cast has been perfecting their characters for almost a year a half since we were supposed to put this show on in April 2020 before the world changed,” Spiegel continued. “Luckily, CWP has decided to put it on this season and we are very ready to entertain audiences. They will be treated to sibling rivalry, a sexy young man barely wearing anything, a clairvoyant housekeeper whose predictions can’t be trusted, and a sweet girl next door who doesn’t know what she’s in for.”

“Vanya and Sonia and Masha and Spike” is presented by special arrangement with Dramatists Play Service Inc., New York.

Carrollwood Players offers a limited number of free tickets to every performance for low-income families receiving Florida SNAP benefits. For more information, visit carrollwoodplayers.org/theatreforall/.

Syd Entel Galleries to present Borowski glass exhibition

SAFETY HARBOR — An opening reception for a new glass exhibition by the world-famous Glass Studio Borowski will take place Friday, Nov. 12, 4 to 7 p.m.; and Saturday, Nov. 13, 11 a.m. to 5 p.m., at Syd Entel Galleries and Susan Benjamin Glass Etc., 247 Main St., Safety Harbor.

The Borowski’s “Odd Birds Walk of Fame,” a tribute to 20th century celebrities in glass, will run through Nov. 27. The show is open to the public. Gallery hours are Tuesday through Friday, 9:30 a.m. to 5 p.m.; and Saturday, 10 a.m. to 3 p.m. For information, call 727-725-1808 or email linda@sydentelgalleries.com.

Borowski is one of the leading modern glass studios worldwide. Stani Jan Borowski transforms the iconic Fat Gonzo light object into the wildly successful Odd Bird Series. The Odd Bird series has continued to grow into a collection of 22 famous celebrities from the world of art, music, media and science. These hand-blown glass creations are a work of art, unique and distinctive. All are wildly imaginative with recognizable characteristics of the many famous characters, such as Pablo Picasso, Vincent van Gogh, Elton John, Micheal Jackson, and Marilyn Monroe.

In addition to the Odd Bird Series, the gallery will have on hand a huge selection of work from the Borowski art objects, studio line and outdoor collection.

Cool Art Shop presents artisan holiday ornament tree

DUNEDIN — The Professional Association of Visual Artists will celebrate the upcoming holiday season with the annual Holiday Ornament Tree featuring handcrafted artisan ornaments, holiday décor, small gift items, and holiday greeting cards by various PAVA fine art and fine craft artists.

The tree is on display at The Cool Art Shop, 1240 County Road 1, Dunedin, in the Independence Plaza Square, through Thursday, Dec. 23. An open house reception will take place Friday, Oct. 15, 6 to 8 p.m., at the shop.

In addition to the Holiday Ornament Tree, The Cool Art Shop also displays and sells PAVA’s artists’ artwork which is comprised of an impressive collection of both visual and functional art for sale in both 2D and 3D mediums including painting, ceramics, photography, mixed media, drawing, pastels, sculpture, and jewelry in all price points. The artwork is rotated on a 6- to 8-week basis to keep the artwork fresh and new. Shop hours are Wednesday through Saturday, 11 a.m. to 4 p.m.

PAVA is a nonprofit organization run by volunteer artists to serve local artisans and support the arts community in the Tampa Bay area. It provides exhibition, education and grant opportunities for its members. Additionally, PAVA supports local art centers, and is a local sponsor of the Pinellas County Regional National Scholastic Art Awards where scholarships are provided to students for art instruction. Visit www.pava-artists.org.

Mat Kearney concert canceled

CLEARWATER — The Mat Kearney concert scheduled at the Nancy and David Bilheimer Capitol Theatre on Wednesday, Nov. 3, has been canceled.

Ticket holders will be contacted about refunds. For more information, visit www.RuthEckerdHall.com.

Creative Clay virtual exhibit opens

ST. PETERSBURG — Creative Clay presents “Celebrating Disability Employment Awareness,” October’s virtual exhibit, featuring artwork by Creative Clay’s member artists who actively create, market and sell their work. The exhitib opened Oct. 9.

This new exhibit coincides with National Disability Employment Awareness Month. According to the United States Department of Labor, the theme this year is “America’s Recovery: Powered by Inclusion,” which reflects the importance of ensuring that people with disabilities have full access to employment and community involvement during the national recovery from the COVID-19 pandemic.

Creative Clay promotes inclusion by empowering its artists to create art that is exhibited in its Good Folk Gallery, exhibited throughout the community and online, and market themselves as working artists. Many of Creative Clay’s member artists engage in training for potential employment. Creative Clay’s artists receive commission on all works sold.

NDEAM is held each October to commemorate the many and varied contributions of people with disabilities to America’s workplaces and economy. Employers, community organizations, state and local governments, advocacy groups and schools participate in celebrating NDEAM through events and activities centered around the theme of America’s Recovery: Powered by Inclusion.

Creative Clay’s Virtual Gallery also includes the artwork of many of Creative Clay’s member artists. All artwork is for sale through our online gallery at creativeclay.org.

St. Pete Arts Alliance awards to help young artists

ST. PETERSBURG — Awards received from the St. Petersburg Arts Alliance’s Funding Futures Program allowed 14 talented Pinellas County students to attend an arts camp this summer.

These students aspire to be musicians, actors, dancers, writers or visual artists. Creative Clay, American Stage, St. Pete MAD and others nominated creative, aspiring at-risk and/or low income students to attend their arts programs for the summer while parents of these students filled out applications showing artistic and financial need.

St. Petersburg Arts Alliance’s Funding Futures programs are dedicated to helping students nurture their creative interests and develop their expressive talent by providing funding to eligible students and connecting them to local after school arts programs or summer arts camps.

“It’s not just about the art for these students,” said Tracy Kennard, associate director of the St. Petersburg Arts Alliance. “It’s about gaining confidence, understanding collaboration and feeling compassionate towards others and how the simple act of learning new artistic traits, can teach skills that are the building blocks of a promising future in any industry.”

The St. Petersburg Arts Alliance’s Funding Futures Student Award program is designed to identify and encourage talented at-risk and/or low income emerging artists, ages 10-17 in Pinellas County seeking St. Petersburg programs in the categories of dance, music, jazz, voice, theater, digital arts, photography, cinematic arts, literary or visual arts. Funding Futures is open to all talented artists regardless of ethnic, social or economic background, or ability/disability.

Major funding sources from Tampa Bay Times Employee Matching Gifts, Suncoast Credit Union Foundation, and the Jacarlene Family Foundation have helped build the Funding Futures Grant Program for the past six years. For information on supporting this program, visit stpeteartsalliance.org/donate.

Livingston Taylor, Tom Chapin concert rescheduled

CLEARWATER — Due to a scheduling conflict, Livingston Taylor and Tom Chapin have rescheduled their concert at the Nancy and David Bilheimer Capitol Theatre.

Tickets purchased for the concert on Friday, April 1, will be honored on the new date, Sunday, April 3, at 8 p.m. Tickets, starting at $29, are on sale now. Visit www.RuthEckerdHall.com.

Sinbad show postponed

CLEARWATER — The Nancy and David Bilheimer Capitol Theatre recently announced stand-up comedian Sinbad has postponed his upcoming performance scheduled for Saturday, April 16, at 8 p.m.

Tickets will be honored on the new date to be announced soon. For more information, visit www.RuthEckerdHall.com.

Steep Canyon Rangers reschedule Capitol Theatre show

CLEARWATER — The Nancy and David Bilheimer Capitol Theatre recently announced that the Steep Canyon Rangers concert originally scheduled for Saturday, Nov. 13, at 8 p.m., has been rescheduled.

Tickets will be honored on the new date Saturday, Nov. 5, 2022, at 8 p.m. Tickets, starting at $25, are on sale now. Visit www.RuthEckerdHall.com.

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