Caesars Entertainment misses Q2 earnings expectations, shares edge lower
NEW YORK - Madison Square Garden Sports Corp. (NYSE:MSGS) reported fiscal third quarter results that missed analyst expectations on Friday.
The company’s shares were down -4.07% in premarket trading following the release.
The sports and entertainment company posted a loss of $0.59 per share for the quarter ended March 31, 2025, falling well short of the $1.71 profit analysts were expecting. Revenue came in at $424.2 million, below the consensus estimate of $437.04 million.
Madison Square Garden Sports said its results reflected lower local media rights fees and fewer New York Knicks and Rangers games played at Madison Square Garden compared to the prior year period. The company saw a 1% year-over-year decline in total revenue.
"Our third quarter results reflect growth in per-game revenues driven by continued robust demand for the Knicks and Rangers," said Executive Chairman and CEO James L. Dolan. "And while the Company is now seeing the impact of the evolving landscape for local media rights, we remain as confident as ever in the value of owning marquee professional sports franchises."
Operating income fell 59% to $32.3 million, while adjusted operating income decreased 58% to $36.9 million compared to the same quarter last year. The company attributed the declines primarily to higher direct operating expenses and lower revenues.
Madison Square Garden Sports noted it has seen strong demand so far for 2025-26 Knicks and Rangers season ticket renewals. The Knicks are currently competing in the NBA playoffs after concluding their regular season.
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