NEW YORK (TheStreet) -- Heading into the playoffs, live and televised entertainment company The Madison Square Garden Company (MSG) - Get Report was in position to lose out on a few million dollars due to the New York Knicks missing the NBA Playoffs. Without the Knicks, MSG was losing out on potential extra games, but so far in the Stanley Cup Playoffs the Rangers have more than made up for the lost Knicks games.
According to a 2011 report from Crain's New York, the Garden brings in $6.5 million from ticket prices across four home playoff games. Also estimated was another $1.5 million from concessions and $5 million from television and advertising revenue. It would be safe to assume that if the Knicks made the playoffs, they would have only hosted two games with a four or five game series loss being the most likely outcome. Just from ticket sales, that would leave MSG out $3.25 million by cutting the $6.5 million figure in half for two games.
Fortunately for MSG, the Rangers have far exceeded those two potential lost games. The Rangers have played two seven game series so far in the Stanley Cup Playoffs, totaling seven home games so far at The Garden. With a win over the Pittsburgh Penguins in game 7 of the second round Tuesday night, the Rangers earned a berth in the Eastern Conference Finals and at least two more home playoff games. Using the ticket sales estimates, nine home playoff games would bring in at least $14.625 million for MSG.
The primary market isn't the only place making money on Rangers playoff tickets. New York has some of the highest prices on the secondary market. According to TiqIQ (the ticket search engine platform I run as CEO), the $454.19 average price for home Rangers games in the second round were the third-highest in the NHL behind the Boston Bruins and Chicago Blackhawks.
Conference Finals tickets on the secondary market are currently the most expensive for the Rangers with an average price of $643.50 for the two guaranteed home games in the series. That price is 11.5% below the average secondary market price the last time the Rangers were in the Conference Finals in 2012 (that average was almost certainly inflated by playing local rival New Jersey Devils). Should the Rangers make the Stanley Cup Finals for the first time since their win in 1994, tickets on the secondary market already have an average price exceeding $1,500.
While Madison Square Garden management (in addition to local fans) would have preferred having both the Knicks and Rangers in the playoffs, the success from the Rangers has more than made up for the potential losses from another likely disappointing first round loss.
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This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.