Madison Square Garden Entertainment’s famed MSG and Radio City Music Hall venues are on track to set new records for the number of concerts held in a year.
The New York-based business made the disclosure during its financial report for the fiscal Q3 2024, in which it reported revenues of $228.3 million – up 13% on the prior year quarter. In addition, it posted operating income of $16.8m and adjusted operating income of $38.5m, down $7.9m and $11.6m, respectively, as compared with the same period 12 months ago.
MSG Entertainment’s portfolio includes New York City’s 20,000-cap MSG, The Hulu Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre, along with the firm’s entertainment and sports bookings business and long-term arena licence agreements with the New York Knicks and New York Rangers.
“Our business continues to outperform our original expectations for fiscal 2024, and we are on track to generate robust growth in our first full year as a standalone public company,” says executive chair and CEO James Dolan. “Looking ahead, we remain confident in the strength of our assets and our ability to generate long-term value for our shareholders.”
Speaking to investors on the firm’s earnings call, Dolan added: “Our booking business, has continued to grow and remains set to achieve a low double-digit percentage increase in events for fiscal 2024. This includes contract growth across all of our venues, with the Garden and Radio City both headed towards setting new records for a number of concerts in the year.”
“For the third quarter, the majority of concerts at our venues were once again sold out”
He continued: “During the quarter, our portfolio of venues hosted more than 1.5 million guests at over 200 live events. A majority of these events were driven by our bookings business, which delivered a double-digit percent increase in total concerts versus the prior year quarter.
“As the volume of events at our venues continues to increase, we are pleased to see it matched by strong demand. For the third quarter, the majority of concerts at our venues were once again sold out.”
The company’s share price has dipped around 8% over the past week to stand at $36.44 at press time.
MSG spun-off its live entertainment and MSG Networks divisions last year to create two distinct companies – Sphere Entertainment and MSG Entertainment Corp. Sphere Entertainment reported an operating loss of $40.4m on revenues of $321.3m for fiscal Q3.
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