MSG Welcomes Return of Live Sports, Revenue Up 73%

    • Madison Square Garden Entertainment welcomed the return of live sports with a revenue increase of 73% in its 2022 fiscal Q1.
    • The company completes its acquisition of MSG Networks in July.

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Madison Square Garden Entertainment bounced back from the pandemic with substantial growth across its live entertainment and hospitality business lines.

Company revenue grew 73% year-over-year in its fiscal first quarter of 2022, ending Sept. 30, to $294.5 million.

The company houses the New York Knicks and Rangers’ physical home, Madison Square Garden, and completed its acquisition of media outlet MSG Networks in July. 

Both teams are owned by MSG Entertainment CEO and chairman James Dolan. MSG Networks also broadcasts the New York Islanders and New Jersey Devils.

  • Its entertainment division reflected the return of live events, bringing in $34.2 million compared to $7.6 million in the same quarter last year, but that did not include any Knicks games and only two Rangers preseason games. 
  • Through five regular-season home games, the Knicks have been at 87.7% capacity, 17th in the NBA. The Rangers have been at 83.5% capacity, 21st in the NHL, in their first four home games.

New York City has no options for live sports betting, but the state is in the process of establishing mobile sports betting, announcing its first selections of companies permitted to offer mobile sportsbooks on Monday.