Company News

FY24 Revenue Range Narrowed to $940-950 Million, as Compared to Prior Range of $930-950 Million  

FY24 Operating Income Range Increased to $100-110 Million, Versus Prior $95-105 Million 

FY24 AOI Range Increased to $200-210 Million, as Compared to $195-205 Million Previously ⁽¹⁾

NEW YORK, N.Y., May 9, 2024 – Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal third quarter ended March 31, 2024.

The fiscal 2024 third quarter was highlighted by the continued strength of the Company’s bookings business, led by robust growth in the number of concerts held at the Company’s venues. With these positive results, the Company remains on track to achieve a low double-digit percentage increase in the number of bookings events in fiscal 2024. During the fiscal 2024 third quarter, the Company also continued to host the New York Knicks (“Knicks”) and New York Rangers (“Rangers”) 2023-24 regular season home games at the Madison Square Garden Arena (“The Garden”), which included five additional Knicks home games as compared to the prior year quarter.

Financial results for the three and nine months ended March 31, 2024 reflect the Company on a fully standalone basis.  Results for the three and nine months ended March 31, 2023, 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 nine months ended March 31, 2024 are not fully comparable with results for the prior year period.

For the fiscal 2024 third quarter, the Company reported revenues of $228.3 million, an increase of $27.1 million, or 13%, as compared to the prior year quarter. In addition, the Company reported operating income of $16.8 million and adjusted operating income of $38.5 million, decreases of $7.9 million and $11.6 million, respectively, as compared to the prior year quarter.⁽¹⁾

Executive Chairman and CEO James L. Dolan said, “Our business continues to outperform our original expectations for fiscal 2024, and we are on track to generate robust growth in our first full year as a standalone public company.  Looking ahead, we remain confident in the strength of our assets and our ability to generate long-term value for our shareholders.”

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