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Sep 30, 2024
MSG Sports Q1 2025 Earnings Report
Reported first quarter results for fiscal year 2025.
Key Takeaways
Madison Square Garden Sports Corp. reported a revenue increase of $10.3 million, or 24%, compared to the prior year period, primarily driven by higher league distributions. The company's operating loss improved by $6.6 million, or 44%, and adjusted operating loss improved by $7.7 million, or 77%, due to the revenue increase and lower selling, general, and administrative expenses.
The combined average season ticket renewal rate for the Knicks and Rangers is approximately 97% for the 2024-25 seasons.
Announced a new multi-year marketing partnership with the Department of Culture and Tourism – Abu Dhabi, naming ‘Experience Abu Dhabi’ as the Official Patch Partner of the New York Knicks.
Signed a new multi-year sponsorship deal with Lenovo and its subsidiary Motorola Mobility, as well as multi-year sponsorship renewals with Verizon and Benjamin Moore.
The suites business continues to benefit from strong renewals and new sales activity, including the event-level club space, which was introduced during the 2023-24 seasons and was recently expanded.
MSG Sports
MSG Sports
Forward Guidance
The company anticipates continued momentum through the Knicks' and Rangers' seasons and remains confident in generating long-term shareholder value.