Record Revenues of $887.4 Million for Fiscal 2023
Fiscal 2023 Operating Income of $85.2 Million and Adjusted Operating Income of $115.0 Million(1)
Returned Approximately $250 Million to Shareholders in Fiscal 2023(2)
NEW YORK, N.Y., August 17, 2023 – Madison Square Garden Sports Corp. (NYSE: MSGS) (the “Company”) today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2023.
The fiscal 2023 fourth quarter was highlighted by both the New York Knicks (the “Knicks”) and New York Rangers (the “Rangers”) participating in the playoffs following the conclusion of the 2022-23 regular seasons. This included a combined eight home playoff games at the Madison Square Garden Arena (“The Garden”), with the Knicks advancing to the Eastern Conference Semifinals. Throughout the fiscal fourth quarter and year, the Company continued to benefit from robust consumer and corporate demand for both its teams, with every key revenue category – tickets, media rights, suites and sponsorships, as well as food, beverage and merchandise – exceeding fiscal 2022’s record full-year results.
For fiscal 2023, the Company reported revenues of $887.4 million, an increase of $66.1 million, or 8%, as compared to the prior year. In addition, the Company had operating income of $85.2 million, a decrease of $0.9 million, or 1%, as compared to the prior year, and adjusted operating income of $115.0 million, essentially unchanged as compared to the prior year.(1)
For the fiscal 2023 fourth quarter, the Company reported revenues of $126.9 million, a decrease of $48.3 million, or 28%, as compared to the prior year quarter. The decrease in revenues was primarily due to fewer Knicks and Rangers regular season and playoff home games, as compared to the prior year period. In addition, the Company had an operating loss of $12.2 million and an adjusted operating loss of $7.8 million, as compared to operating income of $23.7 million and adjusted operating income of $29.5 million in the prior year quarter.(1)
Madison Square Garden Sports Corp. Executive Chairman James L. Dolan said, “Our strong financial results in fiscal 2023 reflect the robust ongoing demand from our fans and corporate partners for the Knicks and Rangers. We believe we are well positioned to build on this momentum in the coming year and remain confident in our ability to generate long-term shareholder value.”