NEW YORK, N.Y., May 5, 2021 – Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal third quarter ended March 31, 2021.
In February, the New York Knicks (“Knicks”) and the New York Rangers (“Rangers”) welcomed fans back to home games at the Madison Square Garden Arena (“The Garden”), marking the first time fans have returned to The Garden since March 2020. While attendance has been restricted to 10% capacity since February, New York State recently announced that arenas, including The Garden, will be permitted to increase capacity up to 30% beginning May 19, 2021.
During the fiscal 2021 third quarter, the Knicks played nine home games with limited attendance and 12 home games without any fans, as compared to 17 home games with no attendance restrictions in the prior year period. The Rangers played seven home games with limited attendance and 10 home games without any fans during the quarter, as compared to 16 home games with no attendance restrictions in the prior year period. As a reminder, the fiscal 2020 third quarter was impacted by the suspensions of the 2019-20 NBA and NHL seasons in mid-March 2020.
For the fiscal 2021 third quarter, financial results reflect fan attendance restrictions at The Garden and the compressed timing of the shortened 2020-21 NBA and NHL regular seasons. The Company generated revenues of $183.0 million, a decrease of $84.6 million, as compared to the prior year period. In addition, the Company generated operating income of $8.1 million, a decrease of $2.5 million, and adjusted operating income of $30.0 million, an increase of $2.3 million, both as compared to the prior year quarter.(1)(2)
Madison Square Garden Sports Corp. President and CEO Andrew Lustgarten said, “Both our Company and our overall industry have seen significant momentum. We are grateful for the overwhelming support from Knicks and Rangers fans this season and are also pleased with their response to our 2021-22 season ticket outreach. On a broader scale, the importance and value of live sports content was once again reaffirmed with the NHL’s recent national media rights agreements. And looking ahead, the recent legalization of mobile sports gaming in New York presents a meaningful opportunity for fan engagement, sponsorship and the value of our teams.”