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MADISON SQUARE GARDEN ENTERTAINMENT MADISON SQUARE GARDEN ENTERTAINMENT CORP . REPORTS FISCAL 2021 SECOND QUARTER RESULTS New York State Announces Re - Opening Plan for Arenas Madison Square Garden Arena to Welcome Back Approximately 2,000 Fans for February 23rd Knicks game Will Represent First Event with Fans at The Garden Since March 2020 NEW YORK , N.Y. , February 12 , 2021 - 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 $ 23.1 million , a decrease of 94 % as compared with the prior year quarter . ( ¹ ) ( 2 ) In addition , the Company reported an operating loss of $ 112.5 million and an adjusted operating loss of $ 64.0 million for the fiscal 2021 second quarter , as compared to operating income of $ 69.6 million and adjusted operating income of $ 108.5 million in the prior year quarter . ( 3 ) 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 : Three Months Ended Six Months Ended 2020 December 31 , 2019 Change December 31 , Change $ % 2020 2019 $ % Revenues Entertainment $ 12.7 Tao Group Hospitality 10.5 Other ( 4 ) $ 325.4 69.1 ( 0.4 ) $ ( 312.7 ) ( 58.6 ) ( 96 ) % $ ( 85 ) % 20.2 $ 445.0 $ ( 424.8 ) ( 95 ) % 17.7 127.7 ( 110.0 ) ( 86 ) % Total Revenues $ 23.1 $ 394.1 0.4 $ ( 370.9 ) NM ( 0.4 ) ( 0.7 ) 0.3 41 % ( 94 ) % $ 37.5 $ 572.0 $ ( 534.5 ) ( 93 ) % Operating Income ( Loss ) Entertainment $ ( 97.1 ) $ 67.1 $ ( 164.2 ) NM $ ( 207.7 ) $ ( 0.3 ) $ ( 207.4 ) NM Tao Group Hospitality Other ( 4 ) ( 11.2 ) ( 4.3 ) 7.5 ( 5.0 ) Total Operating Income ( Loss ) $ ( 112.5 ) $ 69.6 ( 18.7 ) 0.8 $ ( 182.1 ) NM ( 22.4 ) 10.8 ( 33.3 ) NM 16 % ( 9.0 ) ( 9.1 ) 0.1 1 % NM $ ( 239.1 ) $ 1.4 $ ( 240.6 ) NM Adjusted Operating Income ( Loss ) Entertainment $ ( 55.3 ) $ 98.6 $ ( 153.9 ) Tao Group Hospitality Other ( 4 ) ( 8.4 ) ( 0.3 ) 9.9 ( 0.1 ) ( 18.3 ) ( 0.2 ) NM $ ( 113.5 ) $ NM ( 251 ) % 63.0 $ ( 176.6 ) NM ( 17.5 ) ( 0.5 ) 15.5 ( 33.0 ) NM ( 0.2 ) ( 0.4 ) ( 250 ) % Total Adjusted Operating Income ( Loss ) $ ( 64.0 ) $ 108.5 $ ( 172.4 ) NM $ ( 131.6 ) $ 78.3 $ ( 210.0 ) NM Note : Does not foot due to rounding ( 1 ) 200 ( 2 ) ( 3 ) ( 4 ) Financial results for the three and six months ended December 31 , 2019 are presented in accordance with accounting requirements for the preparation of carve - out financial statements , reflecting the results of the entertainment businesses previously owned and operated by MSG Sports through its MSG Entertainment business segment , as well as the sports bookings business previously owned and operated by MSG Sports through its MSG Sports business segment . These results do not include the impact of intercompany agreements between the Company and MSG Sports , which were effective as of the date of the spin - off ( April 17 , 2020 ) and may not reflect the level of expenses that would have been incurred by the Company had it been a stand - alone company for the period presented . Fiscal 2020 operating results include the results for the Forum which was sold on May 1 , 2020 . See page 3 of this earnings release for the definition of adjusted operating income ( loss ) included in the discussion of non - GAAP financial measures . Includes inter - segment eliminations and , for operating income ( loss ) , purchase accounting adjustments .