NEW YORK , Nov. 1, 2024 /PRNewswire/ -- Madison Square Garden Sports Corp. (NYSE: MSGS ) today reported financial results for the fiscal first quarter ended September 30, 2024.
Last month, the New York Knicks ("Knicks") and New York Rangers ("Rangers") began their 2024-25 regular seasons at the Madison Square Garden Arena. Recent Company operating highlights include: The combined average season ticket renewal rate for the Knicks and Rangers is approximately 97% for the 2024-25 seasons; The Company announced a new multi-year marketing partnership with the Department of Culture and Tourism – Abu Dhabi that includes naming 'Experience Abu Dhabi' as the Official Patch Partner of the New York Knicks; The Company also recently 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 ; and 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. In the fiscal 2024 first quarter, the Company generated revenues of $53.
3 million , an increase of $10.3 million , or 24%, as compared to the prior year period. In addition, the Company reported an operating loss of $8.
3 million , an improvement of $6.6 million , or 44%, and an adjusted operating loss of $2.3 million , an improvement of $7.
7 million , or 77%, both as compared to the prior year.