NEW YORK CITY (CelebrityAccess) — Madison Square Garden Company reported strong revenue growth for the second fiscal quarter of 2018, generating revenue of $536.3 million, an increase of 20% as compared with the prior year period.
In addition, the MSGC reported fiscal 2018 second quarter operating income of $72.4 million and adjusted operating income of $118.0 million, which represent increases of 24% and 23%, respectively, both as compared to the prior year second quarter.
“For the fiscal 2018 second quarter, we delivered strong year-over-year growth in revenues and adjusted operating income, fueled by our continued focus on providing the very best in live experiences. Our performance this quarter was highlighted by strong bookings results, record revenue for the Christmas Spectacular and broad-based growth across our Sports segment. With regard to our venue expansion strategy, we continue to make important progress on the design of our Las Vegas venue. Looking ahead, we remain confident in our ongoing ability to deliver attractive long-term growth and value creation for our shareholders,” said the company’s Chairman and CEO James Dolan.
MSG Entertainment, the company’s live entertainment unit, reported revenues of $271.2 million for the quarter, an improvement of 41% over the previous year. The company attributed the bump to the performance of their restaurant/nightclub operator TAO Group, as well as higher overall event-related revenues at their key venues including The Theater at Madison Square Garden, the Forum, The Garden and The Chicago Theatre, as well as a strong showing for the Christmas Spectacular Starring the Radio City Rockettes production.
MSGE also saw improvement for their operating income, generating $74.5 million and adjusted operating income of $81.9 million for the period, an improvement of 31% and 29% respectively, from the same period in 2017. Again, the TAO Group boosted performance for the unit, through inclusion in the calculations and through a management fee payable to MSGE, the company reported.
MSG’s sports segment also contributed to the overall financial performance of the company. MSG Sports revenues of $265.1 million increased 5%, bolstered by advertising and ticket revenue, but were partially offset by revenue sharing with the NBA and NHL and personnel costs.