Postseason Runs For Knicks, Rangers Spur MSG Sports’ Revenue Jump

Strong seasons for the New York Knicks and Rangers helped propel Madison Square Garden Sports Corp. to a 13% year-over-year increase in third-quarter revenue.

The company reported $382.7 million in revenue for its 2023 fiscal third quarter ending March 31 — a $45 million increase over the same period in 2022. Operating income for the quarter was $81.8 million, a 33% jump of $20.4 million from the year prior.

• Preseason and regular-season ticket revenue were up $22 million, primarily due to 40 home games played during the period — two more than MSG’s total last year. 
• Food, beverage, and merchandise sales increased $3.2 million compared to 2022.
• Suite revenues rose $8.9 million. 
• Local media rights for the company increased $6.9 million due to contractual rate increases and the scheduling of the 2021-22 NHL season, which impacted revenue splits in different quarters. 

MSG Sports’ $382.7 million in third-quarter revenue is up from the $353.7 million it reported in February for Q2 2023. 

The company also said it’s had strong season-ticket renewals so far for both the Knicks and Rangers’ 2023-24 seasons thanks to both teams’ postseason runs. The Knicks are playing the Miami Heat in the Eastern Conference Semifinals — their first semis appearance since 2013.