Without Billy Joel, MSG Entertainment’s Fiscal Year Profit Falls 74% – Billboard

The Garden owner said concerts at its namesake arena declined year over year, in part because the Piano Man ended his once-a-month shows. Billy Joel takes a bow at his 150th Madison Square Garden show on July 25, 2024 in New York City. Myrna M. Suarez/Getty Images Madison Square Garden Entertainment reported a 74% decline in profit for its full fiscal year on Wednesday (Aug. 13), as the company struggled with fewer concerts at its iconic New York venue, the Garden, and the end of Billy Joel‘s decade-long residency. MSG Entertainment’s reported net income, the profitability metric often called the bottom line, fell to $37.4 million for fiscal 2025 from $144.3 million in fiscal 2024, while total revenue declined 2% to $947.2 million. The company’s share price was down more than 10% at 2 p.m. ET. Related Although MSG reported holding more than 975 concerts, family shows and sports events for around 6 million ticketholders across its five venues in fiscal 2025, MSG Entertainment CFO David Collins said the end of Joel’s MSG residency on July 25, 2024 — which had him playing the Garden once a month beginning in January 2014 — contributed to the year-over-year decline in concerts
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