NEW YORK, N.Y., May 4, 2023 – Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal third quarter ended March 31, 2023.
The Company continued to see robust demand for the New York Knicks (“Knicks”) and New York Rangers (“Rangers”) as the 2022-23 NBA and NHL regular seasons approached their conclusion. This sustained momentum was reflected in the Company’s key revenue categories, where average per-game revenues for tickets, suites, sponsorship and food, beverage and merchandise for the fiscal 2023 third quarter all exceeded the prior year period. This growth reflected strong results across paid attendance, average ticket prices and ancillary per-capita spending, as well as new sales and renewal activity for suites and marketing partnerships. In addition, local and national media rights fees were higher, including the impact of contractual rate increases.
Subsequent to the end of the quarter, both teams concluded their regular seasons and advanced to the playoffs, with the Knicks currently competing in the Eastern Conference Semifinals. In addition, continued fan enthusiasm has led to strong season ticket renewals to date for the 2023-24 Knicks and Rangers seasons.
For the fiscal 2023 third quarter, the Company generated revenues of $382.7 million, an increase of $45.0 million, or 13%, as compared to the prior year period. In addition, the Company reported operating income of $81.8 million, an increase of $20.4 million, or 33%, and adjusted operating income of $98.1 million, an increase of $16.7 million, or 20%, both as compared to the prior year period.(1)
Madison Square Garden Sports Corp. Executive Chairman James L. Dolan said, “Robust demand for the Knicks and Rangers led to solid third quarter results and has put our Company on track to achieve another year of strong operating and financial performance. We are confident in the strength of our business and remain well-positioned to drive long-term shareholder value.”