Madison Sq. Backyard stories a $33.4 million working loss for the fiscal quarter ended on September 30 as attendance continues to slip.
Madison Sq. Backyard Leisure printed its calendar Q3 (fiscal 2024 first quarter) report on Tuesday, November 7, revealing revenues diminishing by 4% year-over-year to $142.2 million. The corporate stories a $33.4 million working loss as live performance attendance at its venues continues to dip.
MSG Leisure owns venues together with Madison Sq. Backyard, The Theater at Madison Sq. Backyard, Radio Metropolis Music Corridor, The Beacon Theatre, and The Chicago Theatre.
Occasion-related revenues decreased by $8.3 million in comparison with the identical interval final yr. The corporate notes that the prior yr’s numbers mirrored a considerable variety of exhibits that had been rescheduled as a result of pandemic, bolstering income figures.
Regardless of the lower in income this quarter, MSG Leisure noticed a $2.7 million improve in revenues ensuing from incoming derived from enviornment license agreements on behalf of Madison Sq. Backyard Sports activities. This cushioned the blow brought on by the dip in live performance attendance.
“Regardless of these headwinds, the Backyard was simply two concert events shy of final yr’s report variety of concert events for a fiscal first quarter on the venue — a testomony to the sustained demand for dwell occasions,” mentioned Dave Byrnes, Chief Monetary Officer at MSG Leisure.
“We’re seeing robust demand throughout our enterprise and are excited to welcome hundreds of thousands of visitors to our venues within the coming months, together with for this yr’s Christmas Spectacular,” added CEO James L. Dolan. “We’re on the trail to producing strong development this fiscal yr and are assured that we’re effectively positioned to create long-term worth for shareholders.”
MSG Leisure’s first quarter working loss elevated by $22.1 million to a lack of $33.4 million, with adjusted working revenue lowering by $12.2 million to a lack of $0.7 in comparison with the identical interval final yr. These numbers had been predominantly the results of restructuring prices, increased promoting, normal and administrative bills, and the lower in revenues.
The corporate reaffirms its beforehand reported fiscal 2024 steerage for revenues and adjusted working revenue of $900 million to $930 million and $160 million to $170 million, respectively. Its steerage for working revenue, affected primarily by restructuring prices, adjusted to between $85 million to $95 million.