Exhibit 99.2 FEBRUARY 2023

SAFE HARBOUR MSGE Spinco, Inc. (to be renamed Madison Square Garden Entertainment Corp. in connection with the Distribution as defined in the Form 10) (the Company ) has filed with the Securities and Exchange Commission a registration statement on Form 10. The Form 10 contains extensive disclosure about the Company and its business, including selected historical and pro forma financial information and risk factors that an investor should consider before deciding whether to invest in securities of the Company. This presentation may contain statements that constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, certain expectations, goals, projections, and benefits. Words or phrases “expects,” “anticipates,” “believes,” “estimates,” “may,” “will,” “should,” “could,” “potential,” “continue,” “intends,” “plans,” and similar words and terms used in the discussion of future operating and future financial performance identify forward looking statements. Investors are cautioned that any such forward looking statements are not guarantees of future performance or results and are subject to known and unknown risks, uncertainties and other factors. Actual results, developments or events may differ materially from those in the forward looking statements as a result of v arious factors, including, but not limited to, the performance of the Company and its business and operations, its financial condition, factors affecting the industries in which it operates, the impact of the COVID 19 pandemic and the factors described in the Form 10, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. Forward looking statements speak only as of the date they are made. The Company disclaims any obligation to update or revise any forward-looking statements contained herein, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or for any other reason, except to the extent required by law. Investors should not place undue reliance on such forward-looking statements and should not regard the inclusion of such statements as representations by the Company that its plans and objectives will be achieved or realized. Investors are further advised to consult any further disclosures by the Company in its subsequent filings with the Securities and Exchange Commission. 2

NON-GAAP FINANCIAL MEASURES We define adjusted operating income (loss) (“AOI”), which is a non-GAAP financial measure, as operating income (loss) excluding (i) the impact of non- cash straight-line leasing revenue associated w ith the Arena License Agreements w ith Madison Square Garden Sports Corp. ( MSG Sports ), (ii) depreciation, amortization and impairments of property and equipment, goodwill and intangible assets, (iii) amortization for capitalized cloud computing arrangement costs, (iv) share-based compensation expense, (v ) restructuring charges or credits, (v i) merger and acquisition-related costs, including litigation expenses, (vii) gains or losses on sales or dispositions of businesses and associated settlements, (viii) the impa ct of purchase accounting adjustments related to business acquisitions, and (ix) gains and losses related to the remeasurement of liabilities under Mad ison Square Garden Entertainment Corp. Executive Deferred Compensation Plan (w hich was established in November 2021). 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 exc lusion of non-cash leasing revenue provides investors with a clearer picture of the Company's operating performance. Management believes that th is adjustment is beneficial for other incremental reasons as w ell. This adjustment provides senior management, investors and analysts w ith imp ortant information regarding a long-term related party agreement with M SG Sports. I n addition, this adjustment is included under the Company's debt covenant compliance calculation and is a component of the performance measures used to evaluate, and compensate senior management of t he Company. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger and acquisition -related costs, w hen applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an ev ent that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under M SG Entertainment’s Executive Deferred Compensation Plan, w hich were includ ed for the first time in Fiscal Year 2022, provides investors with a clearer picture of the Company's operating performance given that, in accordance with GAAP, gains and losses related to the remeasurement of liabilities under M SG Entertainment’s Executive Deferred Compensation Plan are recogni zed in Operating (income) loss whereas gains and losses related to the remeasurement of the assets under M SG Entertainment’s Executive Deferre d Compensation Plan, w hich are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognize d in Other income (expense), net, w hich is not reflected in Operating income (loss). We believe AOI is an appropriate measure for evaluating the operating performance of the Company on a combined basis. AOI and similar measures w ith similar titles are common performance measures used by inv estors and analysts to analyze our performance. Internally, we use revenues and AOI as the most important indicators of our business performance, and evaluate management’s effectiveness w ith specific reference to these indicators. AOI should be v iewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from oper ating activities, and other measures of performance and/or liquidity presented in accordance w ith U .S. generally accepted accounting principles (“GAAP”). Since AOI is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures w ith simila r titles used by other companies. For a reconciliation from Operating I ncome (U .S. GAAP Basis) to AOI please refer to the appendix w ithin this prese ntation. 3

LEGENDARY ICONIC COMPELLING OPPORTUNITIES BRANDS VENUES 4

TRANSACTION OVERVIEW ◼ 67% spin-off of live entertainment business to be named Madison Square Garden Entertainment Corp. (NYSE: MSGE) ◼ Current parent company to be renamed MSG Sphere Corp. (NYSE: SPHR) ◼ Separation creates more focused investment profiles as well as enhanced strategic and financial flexibility for both companies ◼ Spin-off expected to be completed by the end of March 2023 MSG Sphere Corp. 1 33% Retained Stake in the live entertainment company 1 M SG ENTERTAINMENT WILL BE REQU IRED BY APPLICABLE TAX RU LES TO DISPOSE OF THE RETAINED INTEREST WITHIN A FIXED PERIOD OF TIM E, WHICH MAY 5 OCCU R THROU GH A SERIES OF STEPS INCLUDING SALES, EXCHANGE OFFERS OR PRO RATA DISTRIBU TIONS

KEY INVESTMENT HIGHLIGHTS ENDURING PROFITABLE WORLD-CLASS POPULARITY OF BUSINESS ENTERTAINMENT POISED FOR CHRISTMAS VENUES SPECTACULAR GROWTH SUBSTANTIAL POTENTIAL FOR PRESENCE IN RETURN OF CAPITAL NEW YORK MARKET OVER TIME 6

OUR PORTFOLIO 7

5 ICONIC VENUES OVER 900 LIVE EVENTS ACROSS NEW YORK AND CHICAGO PROJECTED IN FISCAL 2023 5+ MILLION GUESTS PROJECTED IN FISCAL 2023 35 YEAR DEALS 89 YEARS TO HOST HOME GAMES FOR OF THE CHRISTMAS SPECTACULAR NEW YORK KNICKS & RANGERS STARRING THE RADIO CITY ROCKETTES 8

MADISON SQUARE GARDEN “The World’s Most Famous Arena” 1 #1 grossing v enue of its size in the world ~21,000 seat capacity 1 BILLBOARD M AGAZ INE AS OF YEAR END 2022 9

THE THEATER RADIO CITY MUSIC HALL 1 AT MADISON SQUARE GARDEN #3 grossing v enue of its size in the world Intimate env ironment in central New York City location New York City and national landmark ~5,600 seat capacity ~6,000 seat capacity 1 BILLBOARD M AGAZ INE AS OF YEAR END 2022 10

BEACON THEATRE THE CHICAGO THEATRE 1 1 Top 10 grossing v enue of its size in the world #5 grossing v enue of its size in the world Iconic rock and roll landmark v enue Chicago landmark ~2,800 seat capacity ~3,600 seat capacity 1 BILLBOARD M AGAZ INE AS OF YEAR END 2022 11

CHRISTMAS SPECTACULAR STARRING THE RADIO CITY ROCKETTES Own the Radio City Rockettes and Christmas Spectacular brands 1 Av eraging 1 million or more people annually 1 AVERAGE ANNU AL VISITATION FROM FISCAL YEAR 2011-2020 AND 2023. FISCAL YEAR 2021 CHRISTMAS SPECTACULAR WAS CANCELLED DU E TO IM PACT OF COVID-19 AND FISCAL YEAR 2021 PRODU CTION RU N ENDED EARLY DU E TO OM ICRON COVID -19 VARIANT 12

VALUABLE REAL ESTATE HOLDINGS O U R V E N U E S VENUE MARKET SIZE NEW YORK CITY ~1.1M SQ. FT. BUILDING NEW YORK CITY PART OF THE GARDEN CHICAGO ~73K SQ. FT. BUILDING VENUE MARKET SIZE EXPIRATION 1 NEW YORK CITY ~577K SQ. FT. BUILDING 2038 2 NEW YORK CITY ~57K SQ. FT. BUILDING 2036 1 RADIO CITY M U SIC HALL’S LEASE EXPIRES IN 2038 WITH AN OPTION TO RENEW FOR AN ADDITIONAL TEN YEARS 13 2 BEACON THEATRE’S LEASE EXPIRES IN 2036 WITH AN OPTION TO RENEW FOR AN ADDITIONAL TEN YEARS LEASED OWNED

OUR BUSINESS 14

SUBSTANTIAL PRESENCE IN NEW YORK CITY METRO AREA T H E E N T E R T A I N M E N T A N D F I N A N C I A L C A P I T A L O F T H E W O R L D 23 MILLION+ 65 MILLION+ 1 POPULATION ANNUAL TOURISTS 2 PRE-PANDEMIC HOME TO GREATEST # RANKED #1 OF 210 4 3 OF FORTUNE 500 COMPANIES DESIGNATED MARKET AREAS 5 #1 CONCERT AND ENTERTAINMENT MARKET IN THE WORLD 1 U NITED STATES CENSUS BU REAU 2 2019 NEW YORK CITY TRAVEL & TOU RISM REPORT 3 FORTU NE 500 COM PANIES BY REGION REPORT 2022 4 TRACKED BY NIELSEN RESEARCH 5 15 2023 POLLSTAR CONCERT M ARKET RANKINGS (AS OF DECEM BER 2022)

ESTABLISHED LEADER IN LIVE U N I Q U E A P P R O A C H D R I V E S B O O K I N G S U C C E S S OPPORTUNITIES UNMATCHED EXPERIENCES • Grow per-event revenue and • World-class facilities and operations profitability • Lev eraging innov ative technology • Drive repeat visitation ARTIST-FIRST APPROACH • Talent-friendly v enues and serv ice • Increase venue utilization • Exclusive recurring programming • Exploring new ev ent types ESTABLISHED RELATIONSHIPS • Deep and div erse industry connections • Improve revenue and engagement across assets • Promoter agnostic • Large and growing proprietary • Enable tailored offerings and cross-promotion customer database 16

THE ENDURING POPULARITY OF THE CHRISTMAS SPECTACULAR 8 9 Y E A R S O F N E W Y O R K ’ S C H E R I S H E D H O L I D A Y T R A D I T I O N PAID ATTENDANCE TOTAL REVENUE IN MILLIONS $ IN MILLIONS $132 $130 $128 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 $114 1.0 0.9 $109 $102 $101 $95 $93 $90 $84 $82 $56 0.4 1 1 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY22 FY23 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY22 FY23 1 1 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Number of Shows 204 212 215 209 210 205 204 197 200 210 199 0 101 181 1 FY 2020 PRODU CTION CANCELLED DU E TO THE IM PACT OF COVID -19 AND FY 2021 PRODU CTION RUN ENDED EARLY DU E TO OM ICRON COVID -19 VARIANT 17

VALUABLE LONG-TERM ARENA LICENSE AGREEMENTS WITH MSG SPORTS M A D I S O N S Q U A R E G A R D E N S E R V E S A S H O M E T O M A R Q U E E S P O R T S F R A N C H I S E S A R E N A L I C E N S E F E E C A S H P A Y M E N T S $ I N M I L L I O N S FY55E $107M Knicks Rangers ORIGINAL NBA “ORIGINAL SIX T E A M N H L T E A M 3 5 Y E A R D E A L S S T A R T I N G I N F Y 2 0 2 1 FY23E $42M 88 PRE / REGULAR 3% ANNUAL 1 SEASON GAMES ESCALATORS ARENA LICENSE AGREEMENTS INCLUDE ADDITIONAL REVENUE AND PROFIT-SHARING BETWEEN THE COMPANY AND MSG SPORTS 1 FOR ARENA LICENSE FEES U NDER THE ARENA LICENSE AGREEM ENTS WITH M SG SPORTS 18 2 PAYM ENTS U NDER THE ARENA LICENSE AGREEM ENTS WERE M ATERIALLY IMPACTED IN FISCAL YEAR 2021 AS A RESU LT OF THE COVID -19 PANDEM IC

STRONG MARKETING PARTNERSHIP TRACK RECORD S P O N S O R S H I P R E L A T I O N S H I P S D E L I V E R C O M P E L L I N G V A L U E INNOVATIVE MARKETING PARTNERSHIP OFFERINGS • Sought-after entertainment brands • Significant exposure in NYC • Cross-selling opportunities with MSG Sports VALUABLE MULTI-YEAR PARTNERSHIPS • Signature and Marquee partners represent majority of sponsorship revenue ATTRACTIVE GROWTH OPPORTUNITIES • Utilizing integrated approach to renew existing partners • Targeting emerging and underpenetrated v erticals • Selectively expanding reach through outdoor signage 19

EXCEPTIONAL HOSPITALITY OFFERINGS D E L I V E R I N G F I R S T - C L A S S E X P E R I E N C E S 21 58 WIDE ARRAY OF PREMIUM PRODUCTS EVENT LEVEL LEXUS LEVEL SUITES SUITES • Ov er 100 premium hospitality offerings • Range of exclusive private spaces, first-class amenities and premier seating locations PRIME POSITIONING IN NEW YORK CITY • Primarily licensed to corporate customers 18 CAESARS • Multi-year agreements for v ast majority of suites SPORTSBOOK INFOSYS LEVEL SUITES LOUNGE • Partnership with MSG Sports offers access to premium liv e sporting ev ents POISED FOR GROWTH • Strength of product and content offerings bolsters ongoing renewal and new sales activity • Plan to explore enhancing and expanding offerings, THE SUITE creating new monetization opportunities HUB LOFT SIXTEEN 20

FINANCIAL OVERVIEW 21

FISCAL 2023 PROJECTED FINANCIALS P R O F I T A B L E B U S I N E S S W I T H D I V E R S I F I E D R E V E N U E M I X FY23 PROJECTED REVENUE MIX 1 FISCAL 2023 REVENUE SPONSORSHIP, 3 SIGNAGE, & SUITES $840M-$860M 28% 1 ADJUSTED OPERATING INCOME MSG SPORTS $145M-$155M 4 AGREEMENTS BOOKINGS 15% 2 BUSINESS 42% 1 OPERATING INCOME CHRISTMAS 5 SPECTACULAR $90M-$100M 15% NOTE: M REPRSENTS DOLLARS IN M ILLIONS 1 FINANCIAL PROJECTIONS FOR FY23 PRESENT THE COMPANY AS A STANDALONE, INDEPENDENT ENTITY AS OF JU LY 1, 2022, AND REFLECTS THE I M PACT OF THE ELIM INATION OF THE ADVERTIS ING S ALES REPRESENTATION AGREEMENT WITH M SG NETWORKS, THE ESTIMATED IMPACT OF POST -SPIN-OFF INTERCOMPANY AGREEEM ENTS WITH M SG SPHERE CORP. AND A PU BLIC COM PANY OVERHEAD STRU CTURE. PLEASE REFER TO SLIDE NU MBER 3 FOR OU R DISCUSSION ON NON -GAAP FINANCIAL M EASU RES AND THE APPENDIX FOR A RECONCILIATION FROM OPERATING INCOME (U .S. GAAP BASIS) TO 2 3 AOI INCLU DES TICKETING, VENU E LICENSE FEE, FOOD, BEVERAGE AND M ERCHANDISE REVENU ES FOR ALL EVENTS EXCLU DING THE CHRISTMAS SPECTACU LAR AND KNICKS AND RANGERS GAM ES INCLU DES 4 ALL SPONSORSHIP, SIGNAGE AND SU ITE LICENSE FEE REVENU E FOR ALL EVENTS INCLU DES ARENA LICENSE FEES, FOOD, BEVERAGE AND M ERCHANDISE REVENUES FROM THE ARENA LICENSE AGREEM ENTS 5 WITH M SG SPORTS EXCLUDES SPONSORSHIP REVENUE 22

BALANCE SHEET SNAPSHOT P O T E N T I A L F O R R E T U R N O F C A P I T A L O V E R T I M E CAPITAL ALLOCATION PRIORITIES 3 TOTAL DEBT OUTSTANDING $675M • Near-term focus on deleveraging • Long-term will evaluate all options, 4 CASH AND CASH EQUIVALENTS $50M including return of capital NET DEBT $625M WELL POSITIONED FOR CASH GENERATION 1 • FY2023 Projected AOI $145M-$155M NET DEBT LEVERAGE 4.0x – 4.3x • Capital expenditure plans primarily 2 maintenance-related • Minimal cash taxpayer through FY2026 NOTE: M REPRSENTS DOLLARS IN M ILLIONS 1 FINANCIAL PROJECTIONS FOR FY23 PRESENT THE COMPANY AS A STANDALONE, INDEPENDENT ENTITY AS OF JU LY 1, 2022, AND REFLECTS THE I M PACT OF THE ELIM INATION OF THE ADVERTIS ING S ALES REPRESENTATION AGREEMENT WITH M SG NETWORKS, THE ESTIMATED IMPACT OF POST -SPIN-OFF INTERCOMPANY AGREEEM ENTS WITH M SG SPHERE CORP. AND A PU BLIC COM PANY OVERHEAD STRU CTURE. PLEASE REFER TO SLIDE NU MBER 3 FOR OU R DISCUSSION ON NON -GAAP FINANCIAL M EASU RES AND THE APPENDIX FOR A RECONCILIATION FROM OPERATING INCOME (U .S. GAAP BASIS) 2 3 TO AOI RENOVATI ONS OF THE GARDEN, BEACON THEATRE, AND RADIO CITY M U SIC HALL WERE COM PLETED IN 2013, 2009, AND 1999, RESPECTIVELY PROJECTED TOTAL DEBT OU TSTANDING AS OF 4 23 3/31/23 PROJECTED STARTING CASH AND CASH EQU IVALENTS AT THE TIM E OF THE SPIN -OFF

APPENDIX 24

APPENDIX F Y 2 0 2 3 R E C O N C I L I A T I O N O F O P E R A T I N G I N C O M E T O A D J U S T E D O P E R A T I N G I N C O M E PROJECTED FY2023 OPERATING INCOME (U.S.GAAP) $90M-$100M Non-cash portion of Arena License fees from MSGS $(27)M Share-based compensation $20M Depreciation and Amortization $55M Restructuring Charges $10M Gains, net on dispositions $(4)M Amortization for capitalized cloud computing costs $1M PROJECTED FY2023 ADJUSTED OPERATING INCOME $145M - $155M NOTE: M REPRSENTS DOLLARS IN M ILLIONS 25

26