Company News

FY24 Revenue Range Increased to $930-950 Million, a 10% Increase Year-Over-Year at Midpoint of Range

FY24 Operating Income Range Increased to $95-105 Million and AOI Range Increased to $170-180 Million

Record-Setting Revenues for Christmas Spectacular Production, With Over One Million Tickets Sold

Bookings Business Remains On Track to Deliver Low Double-Digit Percentage Increase in Events in FY2024

NEW YORK, N.Y., February 7, 2024 – Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal second quarter ended December 31, 2023.

The fiscal 2024 second quarter was highlighted by the Christmas Spectacular production’s record-setting holiday season run and robust growth across the Company’s bookings business. After extending its run by 8 performances due to strong demand, the Christmas Spectacular concluded its 90^th holiday season in early January with over one million tickets sold across 193 shows, marking a return to pre-pandemic attendance levels. In addition, the Company hosted a busy schedule of events across its portfolio of venues and remains well-positioned to achieve a low double-digit percentage increase in the number of bookings events in fiscal 2024.

Financial results for the three and six months ended December 31, 2023 reflect the Company on a fully standalone basis.  Results for the three and six months ended December 31, 2022, which were prior to the spin-off from Sphere Entertainment Co. (“Sphere Entertainment”), are presented in accordance with generally accepted accounting principles (“GAAP”) for the preparation of carve-out financial statements. These prior year results do not include all of the expenses that would have been incurred by MSG Entertainment had it been a standalone company for the periods presented. Therefore, results for the three and six months ended December 31, 2023 are not fully comparable with results for the prior year period.

For the fiscal 2024 second quarter, the Company reported revenues of $402.7 million, an increase of $46.8 million, or 13%, as compared to the prior year quarter. In addition, the Company reported operating income of $137.4 million and adjusted operating income of $151.0 million, increases of $24.0 million and $24.7 million, respectively, as compared to the prior year quarter.⁽¹⁾

Executive Chairman and CEO James L. Dolan said, “We continue to see robust demand for our portfolio of live entertainment offerings, which led to record results for this year’s Christmas Spectacular production. Looking ahead, we remain on track to deliver solid growth in fiscal ’24 and believe we are well positioned to generate long-term value for shareholders.”

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