Madison Square Garden Entertainment, the live events division of Madison Square Garden, Inc., raised its top line revenue but the bottom line continued to suffer in their recent earnings report.

In the quarter ended September 30, MSG Entertainment revenue grew nearly 25% to $38.2 million in Q3 from $30.6 million in the same period last year. In the nine months ending September 2010, MSG Entertainment’s revenue is up over 15% to $126.4 million from $109.6 million in 2009.

However, the entertainment division’s operating loss was $13.9 million in Q3, an improvement over the $18.8 million operating loss in Q3 2009 and the $22.8 million operating loss in the previous quarter. Through the first three quarters of 2010, MSG Entertainment’s net operating loss was $53 million.

MSG’s earnings almost doubled and its $0.25 earnings per share beat Wall Street’s expectations of $0.15, according to Thomson Reuters.

Radio City Music Hall’s event-related revenues dropped $657,000 in Q3 but increased $12.8 million in the first nine months of 2010. The Garden and The Theater at Madison Square Garden saw their event-related revenues increase $5.9 million in Q3 and $8.2 million in the first nine months of 2010.

MSG Entertainment produces shows at a number of venues it either owns (Madison Square Garden Arena, The Theater at Madison Square Garden, The Chicago Theater) or operates under long-term leases (Radio City Music Hall, Beacon Theater). In addition, the company has a booking agreement with the Wang Theater in Boston.