Main Event disappoints in Q4

Fourth quarter revenues at Main Event dropped significantly dropped 26 percent to $335 million from $455 million in 2022 with profit plunging 117 percent to a loss of $8 million from a profit of $47 million in 2022.
The company reported profits for the year of $207 million, rising a solid 37 percent from $151 million for 2022, from a 24 percent rise in revenues to $1.92 billion, up from $1.49 billion in 2022, with earnings per share of 69 cents versus 50 cents for the previous year.
ICInsider.com projects earnings of 90 cents per share for the 2024 fiscal year.
Gross profit for the quarter fell to $249 million from $211 million in 2022 and for the year to date, it rose by 28 percent to just over $1 billion from $755 million. Administrative and other expenses rose 37 for the year to $795 million from $579 million in 2022 but were flat for the quarter at $195 million in both years.
The company ended the year in a healthy cash position with $456 million in the bank.