Madison Square Garden reported a 37% increase in revenue for the quarter ended September 30, supported by a quarterly record for concerts at its arena. The period included 16 shows from Harry Styles’ 30-night residency.
The company also reported double-digit growth in per-person spending on concessions and merchandise at shows. Executive Chairman and CEO James Dolan said the company expects revenue and adjusted operating income (AOI) to grow in fiscal 2027.
At Radio City Music Hall, the company plans 231 performances of the Christmas Spectacular in fiscal 2027. It is adding Immersive Sound and real-time on-stage cameras, technology also used at Sphere in Las Vegas.
Madison Square Garden has exceeded its annual concert booking goal, and more than 80% of the company’s broader venue portfolio is booked. Management expects theater concert volume to recover in the second half of fiscal 2027, despite a projected decline in December.
The company expects to generate significant free cash flow, with results affected by technology spending and the timing of working capital reversals tied to promoter payments. It is considering a transfer of the Infosys Theater as part of the Penn Station redevelopment and potential reinvestment in other venues to limit the tax impact.
