NEW YORK, N.Y., May 9, 2022 – Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment”) today reported financial results for the fiscal third quarter ended March 31, 2022. While the Company completed the acquisition of MSG Networks on July 9, 2021, MSG Networks’ results are included on a combined basis with the Company for all periods presented.
The fiscal 2022 third quarter reflected ongoing momentum in the Company’s live entertainment businesses. Despite the impact of the Omicron variant, which resulted in the postponement of a number of events in the quarter, the Company’s performance venues had a busy concert schedule, while the New York Knicks (“Knicks”) and New York Rangers (“Rangers”) continued their 2021-22 regular seasons at The Garden. Tao Group Hospitality also saw demand improve as the quarter progressed after the Omicron variant impacted its operating momentum early in the fiscal third quarter. Subsequent to the end of the quarter, MSG Networks concluded its full regular season telecast schedules for its five professional sports teams, and with the Rangers currently competing in the first round of the NHL playoffs, is now broadcasting comprehensive coverage of the postseason.
For the fiscal 2022 third quarter, the Company reported revenues of $460.1 million, an increase of $245.8 million as compared with the prior year quarter. In addition, the Company reported operating income of $2.0 million and adjusted operating income of $46.5 million for the fiscal 2022 third quarter, as compared to an operating loss of $38.7 million and adjusted operating income of $20.9 million in the prior year quarter.(1)
Executive Chairman and CEO James L. Dolan said, “We are pleased with the positive momentum we are seeing across our business and are confident that our Company is well positioned to capitalize on the strong demand for live experiences. At the same time, we continue to prepare for the opening of MSG Sphere in Las Vegas in the second half of calendar 2023, which we believe will set the stage for long-term value creation for our shareholders.”