Shares of Madison Square Garden EntertainmentCorporation (MSGE, Financial) also detracted from performance in the quarter. As a result of the COVID-19 pandemic, MSGE's performance venues and Tao Group Hospitality's dining and nightlife locations remain closed; the company cancelled the long running Christmas Spectacular Starringthe Radio City Rockettes for the upcoming holiday season. Meanwhile, the company remains committed to bringing the MSG Sphere venue to Las Vegas, however lengthened the construction schedule enabling MSGE to preserve near-term cash burn. We believe the company has ample liquidity to withstand the challenging operating environment until event attendance normalizes, at which point, we think MSGE is positioned to see a more rapid return to higher usage than peers.
From John Rogers (Trades, Portfolio)' Ariel Focus Fund third-quarter 2020 commentary.
