What NBA lockout? Madison Square Garden reported profits more than tripled in the fourth quarter thanks to Linsanity. MSG reported a 245 per cent increase from last year in net income at $28.6 million.
Revenues were up, too, with MSG reporting a 42 per cent increase from last year, amounting to $332.9 million.
The numbers beat Wall Street estimates of $277 million.
The company attributes the rise to an increase in television ratings and ticket sales after a skyrocketed interest in New York Knicks’ basketball player earlier this year.
However, the Garden’s cash cow was traded to the Houston Rockets in July.
On total, MSG reported revenue of $1.3 billion for the full fiscal year of 2012 an eight per cent rise from last year.
Despite the sporting venue being a success, the same can’t be said for its entertainment department.
Entertainment revenues saw a 10 per cent decrease in revenue from the past year with $264 million. However, they were up 41 per cent in the fourth quarter.
MSG is currently working on a costly three-year renovation amounting to nearly $1 billion.
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