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.