Delivered First Full Year of Live Events at the Company’s Venues Since Fiscal 2019
Hosted More than 5.5 Million Guests at Nearly 900 Live Events in Fiscal 2023
$90 Million in MSGE Class A Shares Repurchased Since Becoming a Standalone Company in April 2023
Company Issues Fiscal 2024 Revenue, Operating Income and Adjusted Operating Income Guidance
NEW YORK, N.Y., August 18, 2023 – Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2023.
Fiscal 2023 marked the first full year of live events at the Company’s portfolio of venues since the onset of the COVID-19 pandemic. The Company hosted more than 5.5 million guests at nearly 900 events across its venues during the fiscal year. In addition, the Christmas Spectacular returned for 181 shows in its first full holiday season run in three years, generating record revenues for the production. In addition, suites and sponsorship revenues both exceeded pre-pandemic levels for fiscal 2023, reflecting robust corporate demand for the company’s live entertainment assets and brands.
The Company’s fiscal 2023 and 2022 results for all periods through the date of the spin-off (April 20, 2023) 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 results (through April 20, 2023) 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.
For fiscal 2023, the Company reported revenues of $851.5 million, an increase of $198.0 million, or 30%, as compared to the prior year. In addition, the Company reported operating income of $105.0 million, an increase of $110.7 million, and adjusted operating income of $175.0 million, an increase of $95.9 million, both as compared to the prior year.(1)
Executive Chairman and CEO James L. Dolan said, “Throughout fiscal 2023, we saw robust demand for our portfolio of live entertainment offerings. Looking ahead, we see this momentum carrying into fiscal 2024 and believe we are well positioned to generate ongoing growth and value creation for shareholders.”