Madison Square Garden Entertainment Takes Earnings Hit

    • MSG Ent. hopes to rebound after a rough Q2.
    • The plan to reopen stadiums and arenas provides the opportunity for MSG to bounce back.

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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.