Madison Square Garden, Inc (NASDAQ:MSG) said that the playoff participation of the New York Knicks and New York Rangers significantly contributed to its fiscal 2023 top-line growth.
The Knicks' advancement to the Eastern Conference semifinals and the combined eight home playoff games at Madison Square Garden Arena drove robust demand across all revenue categories, surpassing the previous year's record results.
For fiscal 2023, MSGS reported revenues of $887.4 million, marking an 8% increase from the prior year. The company's operating income stood at $85.2 million, down 1% from the previous year, while the adjusted operating income remained nearly unchanged at $115.0 million.
However, the fiscal 2023 fourth quarter saw a revenue decline of 28% to $126.9 million, primarily due to fewer home games for the Knicks and Rangers. This resulted in an operating loss of $12.2 million and an adjusted operating loss of $7.8 million, contrasting with the prior year's positive figures.
Additionally, MSGS returned approximately $250 million to its shareholders in fiscal 2023.