Madison Square Garden Entertainment Corp. Reports Fiscal 2021 Second Quarter Results
Madison Square Garden Entertainment Corp. (MSGE) reported significantly impacted financials for the fiscal second quarter ended December 31, 2020, due to COVID-19. Revenue plummeted by 94% to $23.1 million, while operating loss reached $112.5 million, compared to a profit of $69.6 million in the previous year. Despite these challenges, CEO James L. Dolan expressed optimism following New York's decision to allow limited indoor dining and venue reopenings, highlighting pent-up demand for live entertainment as a positive sign for future recovery.
- Potential for recovery as New York allows limited reopening of indoor venues.
- CEO expresses confidence in the long-term outlook for MSG Entertainment.
- Revenue decreased by 94% year-over-year, falling to $23.1 million.
- Operating loss of $112.5 million compared to operating income of $69.6 million in the prior year.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) ("MSG Entertainment") today reported financial results for the fiscal second quarter ended December 31, 2020.
During the fiscal 2021 second quarter, the Madison Square Garden Arena ("The Garden") began hosting New York Knicks home games without fans in attendance - marking the first events at The Garden since all of the Company’s performance venues were closed in March 2020 due to the COVID-19 pandemic. Aside from these games and certain other limited exceptions, the Company's performance venues remained closed during the fiscal 2021 second quarter. In addition, TAO Group Hospitality's venues are either closed or operating with significant restrictions due to regulatory requirements.
Subsequent to the end of the fiscal 2021 second quarter, New York State announced that New York City restaurants can resume indoor dining starting today and New York arenas with capacities of over 10,000 people can re-open beginning February 23, 2021, both with limited capacities.
The COVID-19 pandemic materially impacted the Company’s financial results for the fiscal 2021 second quarter as the Company reported revenues of
Executive Chairman and CEO James L. Dolan said, “We are excited by the start of live entertainment returning to New York, with Governor Cuomo’s decision to re-open indoor dining in New York City and arenas across the state, both at limited capacities. We believe this represents another important step on the road to a full and safe re-opening of our venues and a return to normal operations. 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.”
Segment Results for the Three and Six Months Ended December 31, 2020 and 2019:
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