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MADISON SQUARE GARDEN SPORTS MADISON SQUARE GARDEN SPORTS CORP . REPORTS FISCAL 2021 THIRD QUARTER RESULTS 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 . ' Results from Operations Results for the three and nine months ended March 31 , 2021 and 2020 are as follows : Three Months Ended March 31 , Change Nine Months Ended March 31 , Change $ millions 2021 2020 $ % Revenues Operating income ( loss ) ( 1 ) Adjusted operating 183.0 $ 267.6 $ ( 84.6 ) ( 32 ) % $ 2021 268.8 $ 610.3 2020 % $ ( 341.5 ) ( 56 ) % 8.1 $ 10.6 $ ( 2.5 ) ( 24 ) % $ ( 57.7 ) $ ( 48.9 ) $ ( 8.8 ) ( 18 ) % income ( loss ) ( 2 ) 30.0 $ 27.8 $ 2.3 8 % $ ( 6.7 ) $ 6.1 $ ( 12.8 ) NM Note : Does not foot due to rounding ( 1 ) For the three and nine months ended March 31 , 2020 , the reported financial results of the Company reflect the results of the MSG Entertainment business segment and the sports booking business , previously owned and operated by the Company through its MSG Sports business segment , as discontinued operations . In addition , results from continuing operations for the same period include certain corporate overhead expenses that the Company did not incur in the period after the completion of the spin - off of Madison Square Garden Entertainment Corp. ( " MSG Entertainment " ) and does not expect to incur in future periods , but which did not meet the criteria for inclusion in discontinued operations . The reported financial results of the Company for the three and nine months ended March 31 , 2021 reflect the Company's results on a standalone basis , including the Company's actual corporate overhead . ( 2 ) See page 3 of this earnings release for the definition of adjusted operating income ( loss ) included in the discussion of non - GAAP financial measures .