Madison Square Garden Sports Corp.: Initiation of Coverage – Strong Starts for Knicks and Rangers Driving Fan Enthusiasm and Renewals! 

This is our first report on Madison Square Garden Sports Corp. The company’s Fiscal 2024 second[1]quarter exhibited a mix of positives and negatives that provide a balanced perspective for potential investors. Beginning with the positives, the company’s performance reflected a positive operational momentum that has resulted in a growth in revenues and adjusted operating income. The reported results revealed that all key revenue categories, including tickets, suites, food beverages, and merchandise, had increased compared to the previous fiscal year. This indicates a sustained enthusiasm and strength of the marquee sports franchises that Madison Square Garden Sports Corp owns. The continuous growth in the business is attributed to several successful initiatives, including maximizing ticket revenue through season ticket renewals, increasing ticket yield and sell[1]through, introducing new premium hospitality products, and forging deeper relationships with fans.