According to unaudited financial statements reviewed by CNBC, the New York Mets achieved record-breaking revenue at Citi Field in 2024. The stadium generated $261 million in revenue, marking a historic high with a net income of $125 million. This represents a 9.7% increase in revenue and a 1.1% increase in net income compared to 2023 figures reported by Forbes. Previously, the highest revenue was recorded in 2022, with $244 million and a net income of $127 million.
Citi Field, opened in 2009, is owned by New York City and operated by the Mets. The team derives income from the stadium and is responsible for its operations and maintenance. The stadium was financed through PILOT (Payment in Lieu of Taxes) bonds, requiring financial statements to be submitted to the city. In 2020, Steve Cohen acquired the Mets and Queens Ballpark LLC, the entity responsible for leasing and operating Citi Field, for $2.4 billion, the highest purchase price for an MLB team.
In September, Fitch Ratings affirmed the BBB rating for the PILOT bonds, with a "stable" outlook, indicating a low expectation of default risk. The rating reflects the solid economic standing of Major League Baseball and the historical strength of the Mets. However, ticket and suite revenues can fluctuate based on team performance and attendance. Nearby Yankee Stadium holds a BBB+ rating from Fitch.
The primary revenue source for Citi Field last season was net ticket sales, amounting to $137 million, followed by advertising revenue of $53 million, catering at $25 million, and luxury suites and club membership premiums at $21 million. The largest operating expense was the combined cost of stadium and ticket operations and maintenance, totaling $57 million, followed by $32 million for PILOT bond payments, and $23 million for depreciation and amortization.
According to ESPN, the Mets were eliminated by the Los Angeles Dodgers in the 2024 National League Championship Series. Citi Field's paid attendance for 2024 was 2.33 million, ranking 17th among MLB's 30 teams, a 9% decline from 2023. The highest attendance was in 2009, with 3.15 million, ranking 7th in MLB.
