NEW YORK, N.Y., May 2, 2024 – Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal third quarter ended March 31, 2024.
During the fiscal 2024 third quarter, the New York Knicks (“Knicks”) and New York Rangers (“Rangers”) continued their 2023-24 regular seasons, with operating results reflecting increases in average per-game paid attendance, average ticket prices and ancillary per-capita spending, as well as strong demand for premium hospitality offerings. This translated into growth in average per-game revenues across tickets and suites, as well as food, beverage and merchandise. Local and national media rights fees were also higher, reflecting contractual rate increases. In addition, fiscal 2024 third quarter results reflect the positive impact of five additional Knicks home games played at The Garden, as compared to the prior year period.
Subsequent to the end of the fiscal 2024 third quarter, both teams concluded their regular seasons and are currently competing in the NBA and NHL playoffs. In addition, the Company launched its 2024-25 Knicks and Rangers season ticket renewal initiative, which has seen strong demand to date.
In the fiscal 2024 third quarter, the Company generated revenues of $430.0 million, an increase of $47.2 million, or 12%, as compared to the prior year period. In addition, the Company reported operating income of $79.7 million, a decrease of $2.0 million, or 2%, and adjusted operating income of $88.7 million, an increase of $2.5 million, or 3%, both as compared to the prior year period.(1)
Madison Square Garden Sports Corp. Executive Chairman James L. Dolan said, “Our third quarter results reflect solid operating performance across our business, driven by ongoing enthusiasm for the Knicks and Rangers, as both teams concluded successful regular seasons and qualified for the playoffs. As we look ahead, we remain confident that we are well positioned to generate long-term value for our shareholders.”