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Monday, February 10, 2025

MSG Looks to Rebound

  • MSG Ent. hopes to rebound after a rough Q2.
  • The plan to reopen stadiums and arenas provides the opportunity for MSG to bounce back.
Alex Brooks-Front Office Sports

Madison Square Garden Entertainment Corp. released dismal Q2 earnings for its fiscal year 2021. 

MSG Entertainment’s prized possession, Madison Square Garden, closed to guests in March 2020. As a result, the company reported revenue of $23.1 million during the quarter – a 94% decrease from last year’s Q2. 

MSG also took an operating loss of $112.5 million during the quarter, and operating income was only $69.6 million. 

New York Gov. Andrew Cuomo’s recent approval of a plan to reopen stadiums and arenas provides opportunity for MSG to bounce back. Cuomo announced that stadiums and arenas can reopen beginning Feb. 23.

  • Stadiums that have an occupancy of 10,000 people or more will be limited to 10% capacity. Madison Square Garden has a capacity between 18,000 and 21,000, depending on the event.
  • The Garden plans to allow 2,000 fans at New York Knicks and New York Rangers home games upon reopening.

“We know there continues to be significant pent-up demand for live entertainment and we remain confident in the strength of our business and the long-term outlook for our Company,” said Executive Chairman and CEO James Dolan in a press release.

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