NEW YORK, N.Y., February 6, 2024 – Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal second quarter ended December 31, 2023.
With the 2023-24 New York Knicks (“Knicks”) and New York Rangers (“Rangers”) seasons now more than halfway complete, the Company has continued to see positive operating momentum across its business. During the fiscal 2024 second quarter, average per-game revenues for nearly every key revenue category – including tickets, suites, food, beverage and merchandise – exceeded results for the prior year period. In addition, local and national media rights fees were higher, primarily due to contractual rate increases.
In the fiscal 2024 second quarter, the Knicks and Rangers played a combined nine fewer regular season home games as compared to the prior year period. As a result, the Company generated revenues of $326.9 million, a decrease of $26.8 million, or 8%, as compared to the prior year period. In addition, the Company reported operating income of $28.8 million, a decrease of $22.7 million, or 44%, and adjusted operating income of $37.0 million, a decrease of $27.4 million, or 43%, both as compared to the prior year period.(1)
Madison Square Garden Sports Corp. Executive Chairman James L. Dolan said, “Enthusiasm for the Knicks and Rangers from fans and partners alike remains strong, with our Company seeing growth in average per-game revenues in the second quarter. We remain confident in the value of owning premier professional sports franchises and our ability to generate long-term value for shareholders.”