Company Continues to See FY2024 Revenues of $900-930 Million and AOI of $160-$170 Million(1)
Company Updates FY2024 Operating Income Range to $85-$95 Million(2)
On Track to Deliver Low Double-Digit Percentage Increase in Bookings Events in FY2024
Due to Strong Demand, Two Shows Added to Upcoming Christmas Spectacular Run, Bringing Total to 187 Shows
NEW YORK, N.Y., November 7, 2023 – Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal first quarter ended September 30, 2023.
The fiscal 2024 first quarter marked the start of MSG Entertainment’s first full fiscal year as a standalone public company. The Company continues to see its bookings calendar for the remainder of fiscal 2024 fill up and remains on track to achieve a low double-digit percentage increase in events in its bookings business for the fiscal year. Last month, the New York Knicks and New York Rangers returned to the Madison Square Garden Arena (“The Garden”) for the start of their 2023-24 regular seasons. Next week, the Christmas Spectacular production returns to Radio City Music Hall for its 90th holiday season. Given strong overall demand for this year’s production, the Company recently added two performances to this year’s run, for a total of 187 planned shows as compared to 181 shows in fiscal 2023.
Financial results for the fiscal 2024 first quarter reflect the Company on a fully standalone basis. Results for the fiscal 2023 first quarter, which was 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 period presented. Therefore, results for the fiscal 2024 first quarter are not fully comparable with results for the prior year period.
For the fiscal 2024 first quarter, the Company reported revenues of $142.2 million, a decrease of $4.2 million, or 3%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $33.4 million, an increase of $22.1 million as compared to the prior year quarter, and an adjusted operating loss of $0.7 million, as compared to adjusted operating income of $11.5 million in the prior year quarter.(1)
Executive Chairman and CEO James L. Dolan said, “We are seeing strong demand across our business and are excited to welcome millions of guests to our venues in the coming months, including for this year’s Christmas Spectacular. We are on the path to generating robust growth this fiscal year and are confident that we are well positioned to create long-term value for shareholders.”