Foo Fighters Headliner at Full Capability Madison Sq. Backyard Gig | Leisure Information

Foo Fighters will be performing at Madison Square Garden later this month.

Hitmaker Times Like Seeds will be on the iconic stage on June 20th, celebrating the first full capacity concert in New York since the new coronavirus pandemic began.

Participants must be fully vaccinated against COVID-19 and receive a final dose at least 14 days before the show. Instead, children under the age of 16 are allowed to give a negative result in the coronavirus test.

The group was able to return to the stage and was no longer happy.

Frontman Dave Grohl said, “I’ve been waiting for this day for over a year and Madison Square Garden is going to have a tough time.

“New York, get ready for a long night screaming together after 26 years of Hus.”

The group “Best Of You” headlined the “Concrete and Gold” tour for two nights in 2018 and performed in 2008 and 2011.

Basketball fans were able to attend the New York Knicks game at MSG throughout the season, with separate sections for vaccinated and unvaccinated fans, but there have been no jam-packed gigs as of March 2020.

Tickets for the show will go on sale on Friday (6/11/21).

Since the pandemic began, the Foo Fighters have released a new album, Medicine at Midnight, and Dave has also announced a collaboration between Sir Mick Jagger and his daughter Violet.

And the 52-year-old singer recently admitted that no matter what he promised himself, he thought it was impossible to take a break.

He recently said, “In this cycle we go into the studio, make records, play in clubs, promote for months, then release records and tour for a year.”

“At the end of this cycle, we are all exhausted and we promise each other that we will never see a hell like this again.

“I say it every time. You should ask your wife. She said, “I always listen -” I’m exhausted. I will never do that again. This is the last. It’s a record, somehow, somehow, somehow … “…

“Within two and a half weeks we’ll be demonstrating s *** and sending it to the band.”

Foo Fighters Headlining at Madison Square Garden Full Capacity Gig | Entertainment news

Source link Foo Fighters Headlining at Madison Square Garden Full Capacity Gig | Entertainment news

Did Madison Sq. Backyard Leisure’s (NYSE:MSGE) Share Worth Need to Acquire 13%?

On average, stock markets tend to rise higher over time. That makes investing attractive. But not every stock you buy is going to do as well as the overall market. For example the Madison Square Garden Entertainment Corp. ((NYSE: MSGE) the share price has risen over the past year, but its gain of 13% follows the market return. Note that companies generally do long-term, so last year’s returns may not reflect a long-term trend.

Check out our latest analysis for Madison Square Garden Entertainment

Madison Square Garden Entertainment is not currently profitable, so most analysts would expect revenue growth to get an idea of ​​how fast the underlying business is growing. Shareholders in unprofitable companies typically expect strong sales growth. Some companies are willing to shift profitability in order to grow sales faster. In this case, however, good sales growth is expected.

Madison Square Garden Entertainment even cut sales by 91% last year. Given the drop in sales, the modest 13% increase in the share price over the year seems pretty decent. In general, we’re pretty unhappy about losing stocks that are not seeing sales.

The graph below shows how revenue and earnings have changed over time (indicate the exact values ​​by clicking on the image).

NYSE: MSGE earnings and revenue growth May 16, 2021

These free interactive report on Madison Square Garden Entertainment Balance sheet strength is a good place to start if you want to further investigate the inventory.

Another perspective

We’re excited to announce that Madison Square Garden Entertainment is up 13% over the year. The bad news is that this is no better than the average return on the market, which was around 53%. The past three months have not been particularly good for shareholder returns as the stock price has lagged the market by 8.7% over the past three months. It could be that because of a major change recently, investors are more concerned about the business (or that the stock price has just gotten ahead of itself before). I find it very interesting to look at the share price as a proxy for business development over the long term. But to really gain insight, we need to consider other information as well. Take risks, for example – Madison Square Garden Entertainment has 1 warning sign We think you should be aware of this.

We’ll like Madison Square Garden Entertainment better when we see some big inside buying. Check this out while we wait free List of growing companies with significant insider buying recently.

Please note that the market returns reported in this article reflect the market weighted average returns on stocks currently traded on US exchanges.

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Madison Sq. Backyard Leisure Corp. and MSG Networks Inc. Announce Key Submitting Dates and Plans to Host Joint Webcast on Proposed Merger

NEW YORK–() – Madison Square Garden Entertainment Corp. („MSG Entertainment“) (NYSE: MSGE) gab heute bekannt, dass am Freitag, dem 7. Mai 2021, vor Marktöffnung eine Pressemitteilung veröffentlicht werden soll, in der die Finanzergebnisse für das abgelaufene dritte Geschäftsquartal veröffentlicht werden 31. März 2021. MSG Networks Inc. („MSG Networks“) (NYSE: MSGN) gab zuvor bekannt, dass es am Freitag, dem 7. Mai 2021, vor Marktöffnung eine Pressemitteilung veröffentlichen wird, in der die Finanzergebnisse für das im März endende dritte Geschäftsquartal veröffentlicht werden 31, 2021.

Darüber hinaus plant MSG Entertainment, eine Registrierungserklärung auf Formular S-4 einzureichen, die eine gemeinsame Proxy-Erklärung und einen gemeinsamen Prospekt enthält, bevor der Markt am Freitag, dem 7. Mai 2021, eröffnet wird. MSG Entertainment und MSG Networks planen, eine gemeinsame Investorenpräsentation auf der Website einzureichen geplante Übernahme von MSG Networks durch MSG Entertainment am Freitag, den 7. Mai 2021.

Die Unternehmen planen, am Montag, dem 10. Mai 2021, um 16:30 Uhr Eastern Time einen gemeinsamen Webcast über die geplante Übernahme von MSG Networks durch MSG Entertainment zu moderieren, moderiert von Brandon Ross, Partner und TMT Analyst bei LightShed Partners. Die Veranstaltung wird per Webcast unter verfügbar sein investor.msgentertainment.com unter der Überschrift „Events & Presentations“ und unter investor.msgnetworks.com unter der Überschrift “Events & Presentations”.

Über Madison Square Garden Entertainment Corp.

Die Madison Square Garden Entertainment Corp. (MSG Entertainment) ist führend bei Live-Unterhaltungserlebnissen. Das Unternehmen präsentiert oder veranstaltet eine breite Palette von Veranstaltungen in seiner vielfältigen Sammlung von Veranstaltungsorten: New Yorks Madison Square Garden, Hulu Theatre im Madison Square Garden, Radio City Music Hall und Beacon Theatre; und das Chicago Theatre. MSG Entertainment baut außerdem in Las Vegas einen neuen hochmodernen Veranstaltungsort, MSG Sphere im The Venetian, und hat Pläne für den Bau einer zweiten MSG Sphere in London angekündigt, sofern die erforderlichen Genehmigungen vorliegen. Darüber hinaus zeigt das Unternehmen die Originalproduktion – das Weihnachtsspektakel mit den Radio City Rockettes – und produziert über Boston Calling Events das Boston Calling Music Festival. Unter dem Dach von MSG Entertainment befindet sich auch die Tao Group Hospitality mit Marken für Unterhaltungsrestaurants und Nachtleben, darunter Tao, Marquee, Lavo, Avenue, Beauty & Essex, Cathédrale, Hakkasan und Omnia. Weitere Informationen finden Sie unter www.msgentertainment.com.

Über MSG Networks Inc.

MSG Networks Inc., ein Pionier in den Sportmedien, besitzt und betreibt zwei preisgekrönte regionale Sport- und Unterhaltungsnetzwerke sowie einen begleitenden Streaming-Dienst, der den landesweit führenden Medienmarkt, den New York DMA, sowie andere Teile von New York bedient , New Jersey, Connecticut und Pennsylvania. Die Netzwerke bieten eine breite Palette überzeugender Sportinhalte, darunter exklusive lokale Live-Spiele und andere Programme der New York Knicks, der New York Rangers, der New York Islanders, der New Jersey Devils und der Buffalo Sabres sowie eine umfassende Berichterstattung über die New York Giants und Buffalo Bills. Dieser Inhalt hat neben einer Vielzahl anderer Sportveranstaltungen und der von der Kritik gefeierten Originalprogrammierung MSG Networks als Goldstandard im regionalen Sport etabliert.

Zusätzliche Informationen und wo sie zu finden sind

Diese Pressemitteilung kann als Werbematerial für die geplante Transaktion zwischen MSG Entertainment und MSG Networks angesehen werden. Im Zusammenhang mit der geplanten Transaktion beabsichtigen MSG Entertainment und MSG Networks, bei der Securities and Exchange Commission („SEC“) eine Registrierungserklärung auf Formular S-4 einzureichen, die eine gemeinsame Proxy-Erklärung von MSG Entertainment und MSG Networks enthält, aus der auch besteht ein Prospekt von MSG Entertainment. MSG Entertainment und MSG Networks können bei der SEC auch andere Dokumente bezüglich der geplanten Transaktion einreichen. Dieses Dokument ist kein Ersatz für die gemeinsame Proxy-Erklärung / den gemeinsamen Prospekt, das Formular S-4 oder ein anderes Dokument, das MSG Entertainment oder MSG Networks bei der SEC einreichen können. INVESTOREN UND SICHERHEITSINHABER VON MSG ENTERTAINMENT UND MSG NETWORKS SIND VERPFLICHTET, DIE REGISTRIERUNGSERKLÄRUNG, die GEMEINSAME PROXYERKLÄRUNG / den GEGENSTANDSPROSPEKT UND ALLE ANDEREN RELEVANTEN DOKUMENTE, DIE ANGEGEBEN SIND oder ANGEGEBEN WERDEN , SORGFÄLTIG UND VOLLSTÄNDIG, WEIL SIE WICHTIGE INFORMATIONEN ÜBER DIE VORGESCHLAGENE TRANSAKTION ENTHALTEN ODER ENTHALTEN WERDEN. Anleger und Wertpapierinhaber können kostenlose Kopien des Formulars S-4 und der gemeinsamen Proxy-Erklärung / des gemeinsamen Prospekts (sofern verfügbar) sowie anderer Dokumente, die von MSG Entertainment und MSG Networks bei der SEC eingereicht wurden, auf der Website der SEC unter www.sec.gov erhalten. Kopien von Dokumenten, die von MSG Entertainment bei der SEC eingereicht wurden, werden kostenlos auf der Investor Relations-Website von MSG Entertainment unter https://investor.msgentertainment.com zur Verfügung gestellt. Kopien von Dokumenten, die von MSG Networks bei der SEC eingereicht wurden, werden kostenlos auf der Investor Relations-Website von MSG Networks unter https://investor.msgnetworks.com zur Verfügung gestellt.

Kein Angebot oder Aufforderung

Diese Mitteilung dient nur zu Informationszwecken und ist nicht dazu gedacht und stellt kein Angebot zum Verkauf oder zur Aufforderung zur Abgabe eines Angebots zum Abonnieren oder Kaufen oder zur Aufforderung zur Stimmabgabe oder Genehmigung in einer Rechtsordnung dar, und es wird auch keine geben Verkauf, Ausgabe oder Übertragung von Wertpapieren in einer Gerichtsbarkeit, in der ein solches Angebot, ein solcher Verkauf oder eine solche Werbung rechtswidrig wäre, bevor sie gemäß den Wertpapiergesetzen einer solchen Gerichtsbarkeit registriert oder qualifiziert werden. Es wird kein Angebot von Wertpapieren gemacht, außer mittels eines Prospekts, der die Anforderungen von Abschnitt 10 des Securities Act von 1933 in seiner jeweils gültigen Fassung und ansonsten in Übereinstimmung mit geltendem Recht erfüllt.

Teilnehmer an der Aufforderung

MSG Entertainment, MSG Networks und einige ihrer jeweiligen Direktoren und leitenden Angestellten können als Teilnehmer an der Einholung von Stimmrechtsvertretern der Inhaber von MSG Entertainment- und MSG Networks-Wertpapieren in Bezug auf die geplante Transaktion gemäß den Regeln der SEC angesehen werden. Bestimmte Informationen zu diesen Direktoren und leitenden Angestellten sowie eine Beschreibung ihrer direkten und indirekten Interessen durch Wertpapierbestände oder auf andere Weise werden in das Formular S-4 und die gemeinsame Proxy-Erklärung / den gemeinsamen Prospekt bezüglich der geplanten Transaktion (sofern verfügbar) und anderer relevanter Informationen aufgenommen Materialien, die von MSG Entertainment und MSG Networks bei der SEC eingereicht werden müssen. Informationen zu den Direktoren und leitenden Angestellten von MSG Entertainment finden Sie in der Proxy-Erklärung von MSG Entertainment zu der am 27. Oktober 2020 bei der SEC eingereichten Jahreshauptversammlung 2020. Informationen zu den Direktoren und leitenden Angestellten von MSG Networks finden Sie in der Proxy-Erklärung von MSG Networks Diese Dokumente werden kostenlos bei den oben genannten Quellen erhältlich sein.

Vorausschauende Aussagen

Dieses Dokument enthält Aussagen, die zukunftsgerichtete Aussagen im Sinne des Private Securities Litigation Reform Act von 1995 in seiner jeweils gültigen Fassung darstellen können. Einige dieser zukunftsgerichteten Aussagen können durch die Verwendung zukunftsgerichteter Wörter wie „glaubt“, „erwartet“, „kann“, „wird“, „sollte“, „sucht“, „ungefähr“ und „beabsichtigt“ identifiziert werden , “Pläne”, “Schätzungen”, “Projekte”, “Strategie” oder “antizipiert” oder das Negative dieser Wörter oder einer anderen vergleichbaren Terminologie. Das Fehlen dieser Wörter bedeutet jedoch nicht, dass die Aussagen nicht zukunftsgerichtet sind. Diese zukunftsgerichteten Aussagen umfassen, ohne darauf beschränkt zu sein, Aussagen bezüglich der geplanten Transaktion, Pro-forma-Beschreibungen des kombinierten Unternehmens und seiner Geschäftstätigkeit, Integrations- und Übergangspläne, Synergien, Chancen und erwartete zukünftige Leistung. Solche zukunftsgerichteten Aussagen sind keine Garantie für zukünftige Leistungen oder Ergebnisse und beinhalten Risiken und Ungewissheiten. Die tatsächlichen Ergebnisse, Entwicklungen und Ereignisse können aufgrund verschiedener Faktoren, einschließlich, aber nicht beschränkt, erheblich von denen in den zukunftsgerichteten Aussagen abweichen zu den folgenden Faktoren: die Auswirkungen von Krisen im Bereich der öffentlichen Gesundheit wie Pandemien (einschließlich Coronavirus (COVID-19)) und Epidemien sowie alle damit verbundenen Unternehmens- oder Regierungsrichtlinien und -maßnahmen zum Schutz der Gesundheit und Sicherheit von Einzelpersonen oder Regierungsrichtlinien oder -maßnahmen Aufrechterhaltung des Funktionierens nationaler oder globaler Volkswirtschaften und Märkte; Die Fähigkeit von MSG Entertainment und MSG Networks, die Auswirkungen der COVID-19-Pandemie und die Maßnahmen, die Regierungsbehörden und bestimmte professionelle Sportligen ergriffen haben, wirksam zu bewältigen; das Eintreten eines Ereignisses, einer Änderung oder anderer Umstände, die zur Beendigung des Fusionsvertrags in Bezug auf die geplante Transaktion zwischen MSG Entertainment und MSG Networks führen oder auf andere Weise dazu führen könnten, dass die Transaktion nicht stattfindet; das Risiko, dass die Bedingungen für den Abschluss der geplanten Transaktion zwischen MSG Entertainment und MSG Networks möglicherweise nicht erfüllt oder aufgehoben werden, einschließlich des Risikos, dass Genehmigungen der Aktionäre von MSG Entertainment und MSG Networks, behördliche Genehmigungen und andere Genehmigungen nicht eingeholt werden müssen; das Risiko, dass die erwartete steuerliche Behandlung der geplanten Transaktion zwischen MSG Entertainment und MSG Networks nicht erreicht wird; potenzielle Rechtsstreitigkeiten im Zusammenhang mit der geplanten Transaktion zwischen MSG Entertainment und MSG Networks; Unsicherheiten hinsichtlich des Zeitpunkts des Vollzugs der geplanten Transaktion zwischen MSG Entertainment und MSG Networks; das Risiko, dass die vorgeschlagene Transaktion die aktuellen Geschäftspläne und den Betrieb von MSG Entertainment oder MSG Networks stört; die Fähigkeit von MSG Entertainment und MSG Networks, Schlüsselpersonal zu halten und einzustellen; unerwartete Kosten, Gebühren oder Aufwendungen, die sich aus der geplanten Transaktion ergeben; mögliche nachteilige Reaktionen oder Änderungen der Geschäftsbeziehungen von MSG Entertainment und MSG Networks aufgrund der Ankündigung, Anhängigkeit oder des Abschlusses der geplanten Transaktion; Wahrnehmung der Finanzgemeinschaft und der Ratingagenturen in Bezug auf MSG Entertainment und MSG Networks sowie deren Geschäft, Betrieb, Finanzlage und die Branche, in der das Unternehmen tätig ist; strategische oder finanzielle Vorteile oder Chancen, wenn die Fusion abgeschlossen ist; die Auswirkungen des Zusammenschlusses auf die Liquiditätsposition oder die finanzielle Flexibilität sowie andere potenzielle Auswirkungen der geplanten Transaktion; Möglichkeiten im Zusammenhang mit Sportspielen oder Wachstumsinitiativen; und die möglichen Auswirkungen allgemeiner wirtschaftlicher, politischer und marktbezogener Faktoren auf MSG Entertainment und MSG Networks oder die geplante Transaktion. Diese Risiken sowie andere Risiken im Zusammenhang mit der geplanten Transaktion zwischen MSG Entertainment und MSG Networks werden in der gemeinsamen Proxy-Erklärung / dem gemeinsamen Prospekt, die in der Registrierungserklärung auf Formular S-4 enthalten ist, bei der eingereicht wird, ausführlicher erörtert die SEC im Zusammenhang mit der geplanten Transaktion. Die Auswirkungen der COVID-19-Pandemie können zu derzeit unbekannten Risiken führen oder die mit vielen dieser Faktoren verbundenen Risiken verstärken. Darüber hinaus unterliegen die zukünftige Leistung und die tatsächlichen Ergebnisse anderen Risiken und Ungewissheiten, die sich allgemeiner auf die allgemeine Geschäfts- und Finanzlage von MSG Entertainment und MSG Networks beziehen, einschließlich derjenigen, die in den bei der SEC eingereichten Unterlagen von MSG Entertainment und MSG Networks einschließlich ihrer ausführlicher beschrieben sind entsprechende Jahresberichte auf Formblatt 10-K, nachfolgende Quartalsberichte auf Formblatt 10-Q und andere SEC-Einreichungen, einschließlich der darin enthaltenen Abschnitte mit dem Titel „Risikofaktoren“ und „Diskussion und Analyse der Finanzlage und der Ertragslage durch das Management“. Zukunftsgerichtete Aussagen gelten nur zum Zeitpunkt der Veröffentlichung, und MSG Entertainment und MSG Networks lehnen jede Verpflichtung ab, zukunftsgerichtete Aussagen zu aktualisieren oder zu überarbeiten, es sei denn, dies ist gesetzlich vorgeschrieben.

Did Madison Sq. Backyard Leisure Corp. (NYSE:MSGE) Insiders Promote Shares?

It’s not uncommon for companies to do well in the years after insiders have bought stocks. The downside of this is that there aren’t just a few examples of insiders dumping stocks before a period of poor performance. So before you buy or sell Madison Square Garden Entertainment Corp. ((NYSE: MSGE) You may want to know if any insiders bought or sold.

What is Insider buying?

Most investors know that it is perfectly permissible for company directors, such as directors, to buy and sell shares in the company. However, most countries require the company to disclose such transactions to the market.

We do not believe that shareholders should simply pursue insider trades. However, logic dictates that you should be careful about whether insiders are buying or selling stocks. For example a Harvard University study found that “insider buying generates unusual returns in excess of 6% per year”.

Check out our latest analysis for Madison Square Garden Entertainment

The past 12 months of insider trading at Madison Square Garden Entertainment

The insider’s biggest single sale in the past twelve months was when Senior VP Joseph Yospe sold $ 493,000 of shares at $ 77.47 per share. So it’s clear that an insider wanted to take some cash off the table, even below the current price of $ 87.32. We generally consider it negative for insiders to sell, especially if they did so below the current price, as it implies that they considered a lower price to be reasonable. Please note, however, that sellers can sell for a variety of reasons, so we do not know exactly what they think of the stock price. We find that the largest single sale was 61% of Joseph Yospe’s stake.

Madison Square Garden Entertainment insiders didn’t buy any shares in the past year. The following graph shows insider transactions (by companies and individuals) over the past year. If you want to know exactly who sold how much and when, just click on the graphic below!

NYSE: MSGE Insider Trading Volume April 19, 2021

If you’re looking to buy stocks that insiders are buying instead of selling, then you might love this free List of companies. (Note: Insiders bought them).

Does Madison Square Garden Entertainment have a high level of inside ownership?

For an ordinary shareholder, it is worth checking how many shares are held by insiders. The higher the proportion of insiders, the more likely it is that insiders will receive incentives to build the company over the long term. Madison Square Garden Entertainment insiders own approximately $ 28 million in shares. That corresponds to 1.3% of the company. While this is a strong but not outstanding level of inside stewardship, it is enough to indicate some consistency between management and smaller shareholders.

What could the insider deals at Madison Square Garden Entertainment tell us?

There has been no insider trading in the past three months – that doesn’t mean much. Still, Madison Square Garden Entertainment’s insider deals over the past 12 months are not very encouraging. The modest level of inside ownership is at least some consolation. While it is helpful to know what insiders are doing to buy or sell, it is also helpful to know the risks a particular company is facing. Every business has risks and we have discovered 1 warning sign for Madison Square Garden Entertainment You should know it.

Naturally, You could find a fantastic investment by looking elsewhere. So take a look at it free List of interesting companies.

For the purposes of this article, insiders are persons who report their transactions to the competent supervisory authority. We currently consider open market transactions and private sales, but not derivative transactions.

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This article from Simply Wall St is of a general nature. It is not a recommendation to buy or sell stocks and does not take into account your goals or your financial situation. We want to provide you with a long-term, focused analysis based on fundamental data. Note that our analysis may not take into account the latest price sensitive company announcements or quality materials. Simply Wall St has no position in the stocks mentioned.
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Do you have any feedback on this article? Concerned about the content? Get in touch directly with us. Alternatively, you can also send an email to the editorial team (at) simplywallst.com.

Madison Sq. Backyard Leisure Corp. (MSGE) Q2 2021 Earnings Name Transcript

Image source: The Motley Fool.

Madison Square Garden Entertainment Corp. (NYSE:MSGE)
Q2 2021 Earnings Call
Feb 12, 2021, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning. My name is Theresa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Madison Square Garden Entertainment Corp. fiscal 2021 second-quarter earnings conference call.

[Operator instructions] I would now like to turn the call over to Ari Danes, investor relations. Please go ahead, sir.

Ari Danes — Investor Relations

Thank you. Good morning, and welcome to MSG Entertainment’s fiscal 2021 second-quarter earnings conference call. Our president, Andy Lustgarten, will begin today’s call with an update on the company’s operations. This will be followed by a review of our financial results with Mark Fitzpatrick, our EVP and chief financial officer.

After our prepared remarks, we will open up the call for questions. If you do not have a copy of today’s earnings release, it is available in the Investors section of our corporate website. Please take note of the following. Today’s discussion 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, development and events may differ materially from those in the forward-looking statements as a result of various factors. These include financial community perceptions of the company and its business, operations, financial condition and the industry in which it operates as well as the factors described in the company’s filings with the Securities and Exchange Commission, including the sections entitled 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 that may be discussed during this call. On Pages 5 and 6 of today’s earnings release, we provide consolidated statements of operations and a reconciliation of operating income to adjusted operating income, or AOI, a non-GAAP financial measure.

And with that, I will now turn the call over to Andy.

Andy Lustgarten — President

Thank you, Ari, and good morning, everyone. Let me start by saying that we are thrilled with Governor Cuomo’s announcement on Wednesday that arenas in New York can reopen with limited capacity. This comes on the heels of the governor’s reopening New York City restaurants for indoor dining at reduced capacity starting today. We believe this is the beginning of our path back to normal operations, and we look forward to returning to what we do best.

We’ve been preparing for this moment, working with state and local health officials to develop a comprehensive plan with rigorous safety protocols for our reopening. In addition, thanks to the NBA and NHL, we’ve learned best practices as a number of teams have been playing with limited in-arena fan attendance this season. We think the time is right to welcome back fans, and we’ve been encouraged by the tremendous demand for live events we’ve seen recently. From the success of the Buffalo Bills playoff games to the crowds at the Super Bowl this past weekend, it’s clear that people are eager to gather again.

And we expect to see this enthusiasm once we’re able to reopen our doors to fans, which we intend to do on February 23 with the Knicks and February 26 with the Rangers for roughly 2,000 people per game. These types of events will be taking place not only at The Garden, but also in arenas across New York. And we believe this push forward, coupled with the ongoing vaccine rollout, will pave the way for our other assets and brands to participate in a broader reopening. With this week’s news, we’ve taken the next step and started talking to artists and managers to gauge their interest in playing in The Garden to reduce capacity crowds.

While the economics may prove to be more challenging for concerts, if there’s one thing we know, it’s that there’s an intense desire by the entire industry for the return of live music. Nowhere is this more apparent than the impressive bookings schedule we’ve lined up for the second half of calendar 2021, which has the potential to be one of our busiest ever if we are able to fully reopen. And although it’s still early, we’re also seeing artists hold dates during the first half of calendar 2022. Demand from fans is also strong, as evidenced by our rescheduled shows where 73% of ticket holders have chosen to hold on to their tickets instead of requesting a refund.

We’ve also continued to see strong engagement with our Rockettes and Christmas Spectacular brands, which we believe bodes well for the production’s continued success. Traditional broadcast media still reaches the widest audience for the Rockettes. And their feature performance at Macy’s Thanksgiving Day Parade and the Rockefeller Center Christmas Tree Lighting were seen by more than 29 million viewers. We also partnered with NBC to televise a Christmas Spectacular special, which became one of the season’s most watched holiday shows with nearly nine million viewers over two airings and led to a noticeable bump in ticket sales around those areas.

Social media platforms have become another key tool we’re using to stay connected with our existing audience as we also engage the next generation of fans. This fall, we relaunched the Rockettes’ presence on TikTok, and during the holiday season shared a video highlighting fun facts about the Rockettes that generated more than five million views, significantly exceeding our average views. This enthusiasm from a younger demographic has only reinforced our strong belief in the enduring popularity of the Christmas Spectacular and the Rockettes. Turning to Tao Group.

Tao entered the quarter with a number of its venues, including in New York, Las Vegas and Chicago, opened at reduced capacities. However, as a result of government mandates, select restrictions were reinstated in late fall. For example, in Las Vegas, nightclub capacity was reduced from 50% to 25%. And while venues in New York City were again closed, as I noted earlier, that changed today with indoor dining now reopened at 25% capacity.

In this fluid environment, we are pleased with the Tao Group’s creativity and flexibility, which will help ensure they’re able to reopen their venues quickly as restrictions are lifted. We truly believe that this is a significant moment for the company. And until we can fully reopen, we are confident that the steps we have taken over the past several months to cut costs, raise additional capital and strengthen our balance sheet have provided us with sufficient liquidity to weather this period. While protecting our core business is, of course, our top priority, we are also making important progress on the construction of MSG Sphere in Las Vegas, a venue that we believe will create significant long-term value for our shareholders.

We recently announced that we have assumed the role of construction manager for MSG Sphere. AECOM has transitioned from its role as general contractor to a new service agreement that facilitates their ongoing support through the project’s completion. This new structure enables us to continue benefiting from AECOM’s experience while also giving us greater transparency and control over the construction process. Jayne McGivern, who joined us in 2018, has been named president of Development and Construction and will continue to lead our construction efforts.

As many of you will recall, she has spearheaded a number of large development projects, including her work on Wembley Stadium and leading the development of the O2 Arena. Jayne has taken significant steps to build out our internal construction team, which played an important part enabling us to assume the Construction Manager role. Our internal team now has direct responsibility for strategic planning and the construction time line and also currently oversees 30 AECOM employees who continue to support key areas, including specialist roles, such as health and safety. On the construction front, we remain focused on several of MSG Sphere’s critical path elements, including structural steel work, and we anticipate starting to build the steel frame for the venues group in the coming months.

In closing, we are excited to see the start of live entertainment return to New York. We have already been hosting Knicks and Rangers games at The Garden without fans. And we’re now thrilled that later this month, those teams will play in front of crowds at the arena for the first time since last March. With this reopening, we believe that we’ve started down a path that, aided by vaccinations and better health and safety protocols, will lead to the return of normal operations.

And when that day comes, our premier collection of assets and brands places us in a prime position to capitalize on the significant pent-up demand for live entertainment. I’d like to thank our employees, partners, fans and shareholders for their continued support. With that, I will now turn the call over to Mark.

Mark FitzPatrick — Executive Vice President and Chief Financial Officer

Thank you, Andy, and good morning, everyone. I will start by discussing our second-quarter financial performance, and then I will review our liquidity position. For the quarter, total revenues were $23.1 million, and our adjusted operating loss was $64 million. This compares to $394.1 million in revenues and adjusted operating income of $108.5 million in the second quarter of fiscal 2020 as the vast majority of our operations remained impacted by COVID-19.

Also as a reminder, our results are not directly comparable on a year-over-year basis as the second quarter of fiscal 2020 is based on carve-out financials and does not include the impact of the various agreements between our company and MSG Sports. In terms of our revenue, I wanted to spend a moment discussing the Arena License Agreement with MSG Sports. We were happy to welcome the Knicks back to The Garden in the second quarter. And as a result, we started to recognize arena license revenue and AOI related to these agreements, although at a substantially reduced rate this year given the current environment.

As a reminder, while cash payments from these licenses grow at 3% per year, we recognize the revenue on a straight-line basis over the 35-year term of the agreement. As a result, in this quarter, approximately $1.2 million of the $1.6 million of revenue recorded was noncash. For the purposes of determining adjusted operating income, we exclude the noncash portion of the arena license fee revenue. This adjustment can be seen in the reconciliation of operating income to adjusted operating income on Page 6 of our earnings press release.

So turning to our liquidity position. As of December 31, we had $1.45 billion of cash and short-term investments, which represented an increase of approximately $487 million compared to our September 30 balance of $965 million. This increase was driven by the net proceeds from our $650 million debt raised in November, $6.5 million of drawdowns under our Tao revolving credit facility and $20.6 million from the partial sale of our equity position in DraftKings. As a reminder, we invested approximately $10 million in DraftKings.

And as of quarter end, we have sold shares for total proceeds of approximately $28.2 million while retaining approximately 894,000 shares. These inflows were partially offset by $64 million of operational cash burn for the quarter, or about $21 million per month, which was slightly better than our previously disclosed expectations. We also had $107 million of capital expenditures, which is primarily related to the construction of the MSG Sphere in Las Vegas. Through December 31, project to date construction costs incurred were approximately $645 million, which includes $73 million of accrued costs that were not paid as of December 31 and which is net of $65 million received from the Las Vegas Sands.

In February 2020, we announced the cost estimate for the MSG Sphere, inclusive of core technology and self costs of approximately $1.66 billion, but this is subject to uncertainty given the project’s complexity and more than two years remaining until the planned opening and the ongoing impact to the global pandemic. That said, we continue to aggressively manage costs. We’re happy with the progress we made on the construction so far this fiscal year and look forward to opening the venue in 2023. Finally, I would note that our cash balance as of December 31 included approximately $190 million in deferred revenue and collections due to promoters, which was roughly unchanged since September 30.

With that, I will now turn the call back over to Ari.

Ari Danes — Investor Relations

Thanks, Mark. Operator, can we open up the call for questions, please?

Questions & Answers:

Operator

[Operator instructions] And the first question comes from John Janedis with Wolfe Research.

John Janedis — Wolfe Research — Analyst

Thanks. Good morning. Maybe one for Andy, one for Mark. Andy, starting with your opening remarks.

On a practical level, can you talk about what being able to operate at 10% capacity actually means? And to your point, is talent toward that level? And for other the teams or concerts, does 10% translate to positive cash flow? And then for Mark, just wanted to follow up on the cost of the Sphere project. I’m not sure, but your comments suggest some incremental uncertainty around the cost side and as moving away from AECOM impact, again, the cost or timing of the project.

Andy Lustgarten — President

Thanks, John. So in terms of the 10% capacity, so let me start as I started the call. Like we are absolutely thrilled by this move. This was earlier than we had expected.

We’ve been preparing for a long time. We’ve been working with the government and health officials. I’ll say 10% — we should split the types of events that would come through, right? So the sports teams, which, mind you, as the MSG Entertainment, we have a license agreement where we got paid rental fees as well as shares of ticketing, of suite revenue, of F&B revenue, merch revenue. Since the events are already on because they’re being produced by the sports team, it’s automatically marginally profitable, right, minus the small number of people that we would staff the building to make it worthwhile.

So put that into one bucket of events. The touring business, it’s going to be much more challenging. It’s a big production to put somebody on the road. There’s a lot of pieces, and not only the talent, but the risk involved.

So while we’re enthused by the moving toward capacity, I don’t expect a big piece of the touring market to be on the road at 10% capacity. But we hope that this is the beginning, right? We think this is the beginning of where the governor starts to reopen the economy. And we think that, as the capacity is raised, we’ll see further interest. I mean we’ve had a lot of interest already on 10% because everyone understands that this is the beginning.

And then on top of it, we were a little different than almost any other venues in America because of where we are and our relationships. So there are — it is possible to have one-offs where an artist comes directly to us and either uses our equipment or brings in something small. But that’s a — those will be more one-off events, and the exception rather than the rule. But we really feel this is a great start toward getting us back to normal because this will — 10% is the beginning, not the end.

Mark FitzPatrick — Executive Vice President and Chief Financial Officer

Thanks, John. This is Mark. And I just want to kind of hit on your question about the cost estimate. First of all, just want to clarify upfront, the movement to AECOM had no impact on the cost or the timing of the construction.

So we’re still planning to open the Las Vegas Sphere in 2023. But as you know, last February, we announced the cost estimate was $1.66 billion. And since then, we and the rest of the world were hit by COVID, which ultimately resulted in us announcing last August that we have lengthened our construction timetable by two years. It’s six years later.

We’ve learned a lot more, made some substantial progress on the construction. But we thought it was important to flag that there is uncertainty that we’re seeing around the cost estimate. The uncertainty reflects the impact of the pandemic, which has added another layer of complexity to an already unique project. But as you know, we’ve transitioned to construction manager, which is giving us more — even more control of the progress.

We continue to aggressively manage every aspect of the project, and we look forward to opening the venue in 2023.

John Janedis — Wolfe Research — Analyst

Right. Thank you.

Operator

And your next question comes from Brandon Ross with LightShed Partners.

Brandon Ross — LightShed Partners — Journalist

Hey, guys. I have follow-ups, I think, on each of John’s questions. First, I was hoping to dive a little deeper into the decision to become the construction manager on the Spheres project. Maybe if you could walk us through the rationale and benefits for taking that over.

And is there anything to glean about your plans for future venues from that decision?

Andy Lustgarten — President

So as I mentioned, we — so we took over as the construction manager. We should take a step back. The strategic decision on how we set up this project was in the cost-plus structure with AECOM, right? We did that for a very specific reason. We thought it would allow us to make some quality of the work, allow us much greater transparency into the costs.

And the labor being — and materials being used by the subcontractor, providing us a much more bigger role in managing our costs overall and what product we’re going to get here, so that we have the best consumer experience. With the — with COVID and the lengthening of our time line, it allowed us to reassess how are we going to work and go forward and how can we actually deliver the best way. So we decided to restructure the project — the relationship with AECOM. It allows us to get the best of really both worlds, right? When it comes to expertise, we’ve got 30 of their top people on the sites still working with us, but at the same time, allows us even greater transparency, even greater control.

And it also gave us a little of time, over the last seven months, eight months to really put together to fill out Jayne’s team to allow her to have the staff that she needs to be able to effectively manage and drive this project, both the time line and the cost structure. And to your point, this is also giving us our ability to think about what and who do we need and what infrastructure we need as we think about the future. So this does give us the further insight when the time is ready that we have the people and we have the infrastructure, and so when that time is there, we will be even better for them in our next project when it occurs.

Brandon Ross — LightShed Partners — Journalist

Cool. And then on the partial reopening, can you just walk us through the health and safety protocols that are now in place? Maybe share the fan experience from when we arrive at The Garden to when we take our seats, and how you see that 10% capacity evolving. What have been the discussions maybe with Cuomo and others about milestones for further reopening from that 10%?

Andy Lustgarten — President

So I’ll start. We are always focused on the guest experience and customer experience. So right now, safety of our guests, our talent and our employees is by far No. 1 and something that we’ve always been focused on, even before the pandemic.

But now we’re going to be even further focused on it. We’ve been preparing for this for a while. Obviously, you could do a lot of preparations, but information keeps on changing. So there’ll be always tweaks as we learn more about the disease and how it affects people.

But in the highest level, we’ve been — we also benefit from when we take a step further back. Our venue was built in 2013 — less than seven years ago, and we have one of the best venues. We’ve got amazing health and safety already built in. We had to supplement it, change filters, add some more touchless sinks.

So those types of changes are in and well thought through. In terms of the customer experience, so there’s going to be — and in safety, COVID tests before the event, health screens. When they’re inside the event, there’s going to be limited specific types of food, and food and beverage in certain locations. You can’t eat on the hallways.

But we’re — it’s going to be the best experience that keeps people safe. We’re going to have obviously social distance within the venue. And we’re going to continue to go above and beyond. We’ve been working with many medical professionals to make sure that we’ve got the best state-of-the-art technology.

And of course, we’re going to acquire face masks, temperature checks on the entrance. And the governor’s office has been great. I don’t think that there’s a specific number that we know of when the next capacity jump will be. But he’s clearly created a road map in other types of industry.

When inflection rates are down and hospitalizations are down, parts of the economy open. And so as — if we continue on the path that we’re on, I think we’re on a path to continue to increase capacity. But obviously, this disease will change in — over the next few months and we might be in a different place, both very good or very bad in the future. It looks like everything seems to be going in the right direction, and we feel pretty good.

So we feel good about this at the beginning of the opening.

Brandon Ross — LightShed Partners — Journalist

Awesome. Thank you.

Operator

And your next question comes from the line of David Karnovsky with J.P. Morgan.

David Karnovsky — J.P. Morgan — Analyst

Hi. Thank you. Andrew, maybe just to follow up on some of the commentary prior. I guess how solid should we consider the bookings for the back half of the year in the context of potentially still having capacity restrictions? Like at what level do you think artists, promoters — or maybe if it’s easier to answer regarding their own residencies, right, where would you find it viable to have shows at the bubble?

Andy Lustgarten — President

It’s a difficult question to answer directly, right? So it’s obviously 100% capacity. It’s no question, right? There’s just some of the incremental costs around safety and protocols, but most of that’s already in. 10% is very difficult. And on the gravy end, as we get closer to 100%, it’s a lot easier.

So I will say the back half of our calendar is, as we keep on saying, very — we feel very good about right now, both between the artists that move their schedule from before COVID to all the other artists who are looking to be on the road. But I can’t give you the exact answer if the number is 50%, 60%, 70%, 80%, 90%. I think it’s going to be very artist-specific, very promoter-specific in terms of the risk level they want to take on. But with our relationships and its venue, we feel very good that we’ll be the leader of it.

This market is different than other markets. And we think that we’ve shown over and over our ability to deliver for artists amazing experiences as well as our customers. And so we think we’ll be back, and we feel very good about where this is going in the future.

David Karnovsky — J.P. Morgan — Analyst

OK. And then is there any update you’d be willing to provide on how you’re thinking about the return profile on the Sphere, or maybe when you’d be willing to disclose to investors or provide some view into how to think about the financials once the venue is up and running. Thank you.

Mark FitzPatrick — Executive Vice President and Chief Financial Officer

Sure. This is Mark. I can take that one. So look, I think we just want to reiterate, we continue to believe that MSG Sphere will create significant long-term value for shareholders, and that has not changed.

You’ve heard us talk before about the venue’s unique platform, which will create compelling growth opportunities across the spectrum of opportunities, including events, sponsorships, premier and hospitality. And we believe that this is going to translate in a substantial level of revenue and AOI. So I talked about there being uncertainty due to the pandemic. We also talked about the positive signs we’re seeing, including the pent-up demand for live entertainment that Andy’s noted.

But overall, we’re confident the pandemic will end. We’re confident that Las Vegas will return, and that we’re building a venue that will capitalize on people’s intense desire to gather and take part in new experience. In addition to this, with our extended timetable, we may — has enabled us to preserve cash in the near term. It’s also given us — it’s given Las Vegas time to kind of recover.

So we believe that’s going to be work to our advantage that tourism and convention business will be in full swing by 2023. So in terms of your second question about when we’re going to give additional information, I think with two years left to go, we’re not really ready to get into specifics. But overall, I just want to reiterate, we’re very bullish on the opportunity.

Operator

And your next question comes from the line of David Beckel with Berenberg Capital.

David Beckel — Berenberg Capital Markets — Analyst

Great. Thanks. Thanks for the question. So I had a question on Christmas Spectacular and the Rockettes.

Thank you for all that color regarding engagement and social media. I’m just curious, it sort of dovetails on what you’ve already talked about with respect to reopening. At what point will you need to make a go, no-go call on the Spectacular? And what are some of the contingency plans you have in place for that production this year?

Andy Lustgarten — President

So as I mentioned, we’re very happy so far with the engagement we’ve had through social media and other — and through our special in NBC. And I mentioned earlier, we are — you probably picked up, we’re already on sale. So we’re planning on having our show. And we benefited from the bump from those — that exposure even this past Christmas.

So we’re on sale right now with about 200 shows for the 2021 holiday season. Obviously, we’re going to have to continue to monitor the developments, but we’re really excited about this week’s decision, and we think this is just a path to begin to open. So we’re planning on a show.

David Beckel — Berenberg Capital Markets — Analyst

Great. And just to be clear, at any capacity level, you’ll be having a show?

Andy Lustgarten — President

I didn’t say at any capacity level. But as I said, we think this is the beginning of an opening, not the end of an opening and very much are planning on a higher capacity by next November.

David Beckel — Berenberg Capital Markets — Analyst

Fair enough. Appreciate that. And just as a follow-up, I’m curious if your — the unfortunate circumstances surrounding live entertainment has left some venues and less than ideal financial condition. Are you seeing opportunities for venue acquisition in the marketplace that look interesting as a result of the pandemic? Or is that even a marketplace you’re currently interested in?

Andy Lustgarten — President

Well, let me start. We generally don’t discuss M&A that are — that we don’t have planned or said exactly. But I’ll say, we’re focused right now on the Sphere. That’s our main focus for our company and that’s meaningful growth.

That’s on the entertainment side. Obviously, there is a lot of opportunity, given to your point about the financial conditions of venues, both on the entertainment as well as in our hospitality or in the restaurant business. On the Tao side, we have a really strong management team who is very focused on growth. That could be organically.

Such as in three weeks, we’re opening up a new restaurant, Tao up in Mohegan, or maybe inorganically through either new leases or any opportunity. But I’ll tell you, there’s nothing — so we’re looking at things, but at the same time, we’re very focused on our base business and getting back to operations and growing and getting ourselves back and running.

David Beckel — Berenberg Capital Markets — Analyst

Thanks so much.

Operator

And your next question comes from the line of David Katz with Jefferies.

David Katz — Jefferies — Analyst

Morning, everyone. Thanks for taking my questions. No. 1, with respect to the Tao Group, can you just talk about whether you can be profitable at this initial stage, or where that pivot point is? And my second question is really around New York sports betting, which has become topical.

What your interest level is, what your expected engagement might be and how you see yourselves playing a role in that? Thank you.

Andy Lustgarten — President

Absolutely. So on the Tao side, it’s — the operating restrictions have been extremely fluid in that environment. So remember, we have both dining as well as nightlife and hospitality. Both don’t necessarily have the same capacity restrictions and don’t necessarily have the same between cities and even within the — cities within state and definitely not — in different states.

So it’s really hard to give you a single number that says here’s where we’re profitable. But I will say, the momentum is moving in the right direction. Today, New York City reopened dining at 25%. It’s been outside, which obviously has been not the best operating conditions.

And I think it’s the first step toward going to higher capacities. There’s still a curfew at 10:00 p.m. here in New York City on entertainment. So that will obviously be a big restriction that will affect performance in the long run.

But again, as things get better, we’re hoping that, that restriction changes as well. In other markets, there’s different indoor dining and outdoor dining restrictions, and it will be — it’s really case-by-case. But we do feel like most of the locations we’re in are all moving in the right direction. Protocols — ensuring our safety and healthy protocols, we’re proving that we can be safe — health and safety — very safe for our customers, and we feel good about Tao’s growth path to profitability.

On the gaming side, yes, there’s been a lot of noise, especially, or a lot of talk right here in New York City about or New York State about gaming, and we’re very thrilled that Governor Cuomo’s recent announcement that they’re intending to pursue mobile sports gaming. So many times, there’s — we very much like sports gaming and what the impact is on consumer experience in terms of engagement. We think that it just further drives people’s interest in sports, so it’s very strong given that we have two tenets, tenants here in New York, The Garden. We note that Governor Cuomo said approximately 20% of all New Jersey sports wagering has come from New York residents.

So we’re very bullish about what does that mean for New York. And you might have noticed that the Meadowlands, which opened in 2018, is now one of the largest sports books in the country. So again, piques our interest as to what we could do here. Obviously, the legislation is going to affect how we could play.

But I’ll note, in D.C., Capital One Arena, with The Wizards and Capital partnered with William Hill to create a sports book. The Cubs in Chicago have partnered with DraftKings and is pursuing a sports book inside Wrigley Field. Those are opportunities for us. And I’ll also note that here at MSG Entertainment, we represent MSG network through an advertising agreement and MSG Sports through a sponsorship arrangement.

And so as both of those businesses continue to receive the benefits of the advertising and sponsorship from sports betting, you will see or sports gaming we will the effect on MSG Entertainment’s results as well. So we feel pretty good. There’s lots of opportunity, and we look forward to hearing more about the rules and the regulations that will be coming into place as mobile sports gaming comes — becomes authorized.

David Katz — Jefferies — Analyst

Appreciate it. Thanks very much.

Operator

And your last question is from Ben Swinburne with Morgan Stanley.

Unknown speaker

Good morning. This is Mary on for Ben. Just one question on reopening in New York. If there’s anything you guys can share on what you’re hearing from the state in terms of for the reopening plans and capacity and what you’re doing during the interim process to prepare for a fuller reopening down the line that can impact the financials that aren’t fully obvious to us today.

Thanks.

Andy Lustgarten — President

Thanks. So I think we talked a lot about the path reopening, and we really — we’re thrilled with the 10%. But it’s really in the sense that we believe this is the beginning of the path toward reopening, not the end of that. There’ll be as — not that — those who follow the governor and, actually, he even said this in the very beginning in terms of the way he’s thinking about reopening New York I think this is eight months ago, right.

He laid out periods of time that said, as caseloads come down, as hospitalizations come down, he opens up certain sectors of the economy. We’re now turning to the entertainment and dining, which I think is a very important sector for New York City to come back because that’s what will drive New York’s resurgence. And so this is the beginning of the reopening. And as caseloads continue to go down and hospitalizations go down, we’re expecting capacity to continue to go up.

In terms of the second part of your question of what would we be hitting? I mean I think, look, we’re — we have an infrastructure. We need to continue to build back up our arena staff and or — including our ushers and F&B. But that’s — it’s — that’s about training and development. And we expect that, that will continue to grow as we increase capacity.

And so we’re very focused on our first event on the 23rd — sorry, 26th? 23rd, right? 23rd and look forward to hosting a next Warriors game, and we look forward to just beginning — the beginning of us welcoming fans back to The Garden.

Unknown speaker

Thank you.

Operator

I would now like to turn the call back over to Ari Danes.

Ari Danes — Investor Relations

Thank you all for joining us. We look forward to speaking with you on our next earnings call. Have a good day.

Operator

[Operator signoff]

Duration: 39 minutes

Call participants:

Ari Danes — Investor Relations

Andy Lustgarten — President

Mark FitzPatrick — Executive Vice President and Chief Financial Officer

John Janedis — Wolfe Research — Analyst

Brandon Ross — LightShed Partners — Journalist

David Karnovsky — J.P. Morgan — Analyst

David Beckel — Berenberg Capital Markets — Analyst

David Katz — Jefferies — Analyst

Unknown speaker

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