NEW YORK, N.Y., November 2, 2023 – Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal first quarter ended September 30, 2023.
With the 2023-24 New York Knicks (“Knicks”) and New York Rangers (“Rangers”) seasons now underway, the Company is seeing continued positive operating momentum across its business. The combined season ticket renewal rate for the Knicks and Rangers is over 94%, which is on a larger renewable base than the prior year. Renewal and new sales activity remains robust in suites, and, in sponsorships, the Company has signed a number of new marketing partners leading into the seasons. In addition, the Company anticipates continued growth in both local and national media rights fees in fiscal 2024 due to ongoing annual contractual rate escalators.
For the fiscal 2024 first quarter, the Company generated revenues of $43.0 million, an increase of $19.0 million, or 79%, as compared to the prior year period. In addition, the Company reported an operating loss of $14.8 million, an improvement of $21.1 million, or 59%, and an adjusted operating loss of $10.0 million, an improvement of $17.8 million, or 64%, both as compared to the prior year period. (1)
Madison Square Garden Sports Corp. Executive Chairman James L. Dolan said, “We are pleased with the positive momentum we have seen in our business so far this fiscal year. We are confident that the enduring popularity of our teams and strength of our operations has us well-positioned to drive long-term shareholder value.”