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In its first full fiscal year operating as a standalone company, MSG Entertainment posted revenues of $959.3m (£743.4m/€872m).
The company completed its spin-off from Sphere Entertainment Co. in April last year.
MSG Entertainment reported an operating income of £11.9m and an AOI (adjusted operating income) of $211.5m, an increase of $9.9m compared to the year prior.
Financial results for the three and twelve months ended June 30, 2024 reflect the company on a fully standalone basis.
Across the year, the company welcomed roughly 6.3 million guests over 960 events, thanks to show bookings, and regular season and playoff games at Madison Square Garden for the NBA’s New York Knicks and NHL’s New York Rangers.
Additionally, the results reflect the more than one million tickets sold across 193 shows for the Christmas Spectacular production, which generated record-setting revenues in fiscal 2024.
For the fiscal fourth quarter of 2024, MSG Entertainment reported revenues of $186.1m, an increase of $38.1m (26%) compared to the same period the year prior. The company also reported an operating loss of $8.9m and an AOI of $13.1m for the fourth quarter of this year, representing improvements of $12.9m and $12.4m, respectively, compared to the same period in 2023.
Across entertainment offerings, MSG Entertainment saw a boost of 20%, with fourth quarter revenues reaching $142.9m. This can mostly be attributed to higher event-related revenues, an increase in revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements and, to a lesser extent, an increase in venue-related sponsorship, signage and suite license fees.
Event-related revenues increase by $13.2m, mostly due to an increase in the number of concerts held at Madison Square Garden compared to the year prior.
Revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased $7.7m, primarily due to higher suite license fee revenues as compared to the prior year quarter.
Venue-related sponsorship, signage and suite license fees revenues increased $1.5m as compared to the prior year quarter.
Fiscal 2024 fourth quarter arena license fees and other leasing revenues of $8.5m increased 75% compared to the prior year, primarily due to higher arena license fees, and the result of more Rangers and Knicks regular season games played at Madison Square Garden. Fiscal 2024 fourth quarter direct operating expenses associated with entertainment offerings, arena license fees and other leasing of $99.7m increased 13%, compared to the prior year quarter.
Event-related expenses increased by $5.1m due to higher expenses incurred as a result of the increase in event-related revenues, while expenses associated with he sharing of economics with MSG Sports pursuant to the Arena License Agreements increased $5.8m, primarily due to higher expenses incurred as a result of the increase in suite license fee revenues.
Executive chairman and chief executive James L. Dolan commented: “We delivered strong financial results in our first full year as a standalone entertainment company. Looking ahead, we believe our company – with its unique portfolio of live entertainment offerings – is well positioned to generate robust adjusted operating income growth in fiscal 2025.”
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