MSG Leisure swings to loss

Madison Square Garden Entertainment Corp. lost when Covid-19 restrictions continued to affect their businesses. In the second quarter of the fiscal year, however, the first event took place since the venues closed in March 2020: the home games of the New York Knicks without fans.

The live entertainment company posted a net loss attributable to shareholders of $ 124.9 million on Friday, compared to a profit of $ 81.31 million for the same period last year. Losses were $ 5.17 per share compared to earnings of $ 3.39 per share last year. Analysts polled by FactSet expected a loss of $ 4.21 per share.

Revenue decreased 94% to $ 23.1 million. Analysts searched for $ 19 million.

The venues remained closed during the quarter and the TAO Group Hospitality venues were either closed or were operating with significant restrictions. New York arenas, which can accommodate more than 10,000 people, will reopen with limited capacity on February 23.

“We’re excited to begin live entertainment returning to New York. Governor Cuomo has decided to reopen indoor dining in New York City and in arenas across the state, both with limited capacities,” said James Dolan , Executive Chairman and Chief Executive. “We believe this is another important step on the way to fully and safely reopen our venues and return to normal operations.”

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