Expanding the train station, the busiest in the nation, is a pressing issue because construction has just begun on a $16 billion pair of rail tunnels under the Hudson River, the centerpieces of a project known as Gateway, which would double the current cross-Hudson capacity.

While there are some caveats to Supino’s bullish outlook for MSGE, namely that a consumer recession could cause further share volatility, cyclical setbacks will likely be temporary, and with a valuation of 9x EV/EBITDA and 10% FY26 free cash flow yield, Supino does not see any “intrinsic downside” to the share price.