The parent company of the New York Knicks and Rangers had a successful second quarter as the teams began their regular seasons at Madison Square Garden Arena.
Madison Square Garden Sports Corp. generated $353.7 million in fiscal second-quarter revenue — a 22% year-over-year increase — boosted by the Rangers playing six more regular-season home games than they did during the same period the year prior.
- Pre- and regular-season ticket-related revenues jumped $29.7 million.
- Suite license fee revenues increased $12.5 million.
- Sponsorship and signage revenue rose $10 million.
- Food, beverage, and merchandise sales increased $4 million during the preseason and regular season.
Local media rights fee increased $3.9 million, and league distributions were up $3.2 million due to increased NBA and NHL media rights fees.
Operating income jumped 43% year-over-year to $51.5 million in the quarter ending Dec. 31.
Attorney Conflicts
Madison Square Garden Entertainment, which owns Madison Square Garden Arena, is facing scrutiny for barring specific lawyers from attending Rangers and Knicks games and using facial technology to keep certain people out.
But some rules were amended on Monday when the company announced it’s exploring a potential sale of its majority interest in Tao Group Hospitality.
“As a result of MSG Entertainment’s exploration of a potential sale of its majority interest in Tao Group Hospitality, effective immediately, the Company has lifted the adverse attorney policy for any litigation currently pending with Tao entities,” a statement from MSG Entertainment reads.
The policy still applies to lawyers at other firms involved in legal action against MSG Entertainment.
