Madison Square Garden Entertainment: Penn plan takes root, Garden optionality blooms

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Madison Square Garden Entertainment: Penn plan takes root, Garden optionality blooms

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Madison Square Garden Entertainment

Penn plan takes root, Garden optionality

blooms

Maintain Rating: BUY | PO: 80.00 USD | Price: 69.58 USD

Garden stays planted as Penn picks its builder 20 May 2026

The selection of Halmar International as Master Developer for the Penn Station Equity

renovation is a clear positive for MSGE, as the winning plan explicitly keeps Madison

Peter Henderson

Square Garden in place while advancing a major station overhaul around it. The most Research Analyst

important takeaway is that the selected plan appears to reduce the existential relocation BofAS +1 646 855 4564

risk that has periodically weighed on the Garden narrative, while still allowing Penn peter2.henderson@bofa.com

Station to move forward as a large-scale public infrastructure project with the potential Jessica Reif Ehrlich

for buyout of the Infosys Theater. Research Analyst BofAS

Eighth Avenue opens the door to MSGE optionality jessica.reif@bofa.com

Brent Navon, CFA

The announcement is also bullish because it creates a more defined path toward a Research Analyst

potentially value-enhancing redevelopment of the broader Penn District, rather than BofAS

brent.navon@bofa.com

leaving MSGE in limbo amid competing visions for the station. The plan contemplates a

David Plaus

new Eighth Avenue entrance and a more open, light-filled train hall, with reports noting Research Analyst

that this could involve removal of the Infosys Theater at The Garden to create the new BofAS david.plaus@bofa.com

grand entrance. While the ultimate economics around any Theater impact remains to be

determined, the selection of a developer creates a more actionable framework for