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Madison Square Garden (MSG) Sports recorded revenue of US$382.7 million for the fiscal third quarter of 2023, an increase of 13 per cent year-over-year (YoY).
Confirmed:
- Revenue was up US$45 million on last year’s third quarter
- Q3 operating income was US$81.8 million, a 33 per cent YoY jump
- Adjusted operating income was US$98.1 million, up 20 per cent
- Pre/regular season ticket-related revenue rose by US$21.9 million
- Food, beverage and merchandise sales were up US$3.2 million
- Suite revenue climbed by US$8.9 million
- Local media rights fees increased US$6.9 million
- Sponsorship and signage revenue rose US$4.8 million
Context:
Revenue across various segments increased in part thanks to a higher number of regular season home games at MSG for the National Basketball Association’s (NBA) New York Knicks and the National Hockey League’s (NHL) New York Rangers compared to the prior year period.
Comment:
“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,” said James L Dolan, MSG Sports executive chairman.
Coming next:
The Knicks are in action for a crucial game five of their second round playoff series against the Miami Heat on 10th May.
