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MADISON SQUARE GARDEN ENTERTAINMENT MADISON SQUARE GARDEN ENTERTAINMENT CORP . REPORTS FISCAL 2021 THIRD QUARTER RESULTS Capacity Restrictions Continue to Ease in Company's Markets MSG Networks Acquisition Would Create Leading Entertainment and Media Company With Numerous Strategic and Financial Benefits , Including Enhanced Flexibility for Growth NEW YORK , N.Y. , May 7 , 2021 - Madison Square Garden Entertainment Corp. ( NYSE : MSGE ) ( " MSG Entertainment " ) today reported financial results for the fiscal third quarter ended March 31 , 2021 . In February , the Company welcomed fans back to Madison Square Garden Arena ( " The Garden " ) for New York Knicks and New York Rangers home games at 10 % capacity – marking The Garden's first events with guests since March 2020. Following the end of the quarter , New York State announced that indoor venues with capacities of over 1,500 , including The Garden and the Company's other New York performance venues , will be permitted to operate at up to 30 % capacity beginning May 19 . While indoor dining restrictions also eased during the quarter , many of Tao Group Hospitality's venues continued to operate with significant capacity restrictions and others remained closed throughout the quarter . Since the close of the fiscal 2021 third quarter , Las Vegas restaurant capacity increased to 80 % on May 1 and it was announced that New York City restaurant capacity will increase to 75 % beginning on May 7 , before going to 100 % on May 19 , subject to certain social distancing requirements . For the fiscal 2021 third quarter , the Company reported revenues of $ 43.1 million , a decrease of $ 138.8 million as compared with the prior year quarter . ( ¹ ) ( 2 ) In addition , the Company reported an operating loss of $ 108.6 million and an adjusted operating loss of $ 69.4 million for the fiscal 2021 third quarter , as compared to an operating loss of $ 155.6 million and an adjusted operating loss of $ 18.1 million in the prior year quarter . ( 3 ) Executive Chairman and CEO James L. Dolan said , “ It's clear that people are eager for opportunities to gather together , and as capacity limits for our venues continue to increase , our company , with its unique collection of live entertainment assets , will be well - positioned to meet this pent - up demand . Looking ahead , we also believe the MSG Networks transaction would further strengthen our portfolio and help set the stage for long - term value creation for all shareholders . " Segment Results for the Three and Nine Months Ended March 31 , 2021 and 2020 : Three Months Ended March 31 , $ millions Revenues Entertainment ... Tao Group Hospitality .. Other ( 4 ) Total Revenues . Operating Loss Entertainment . Tao Group Hospitality . Other ( 4 ) Total Operating Loss . Adjusted Operating Income ( Loss ) Entertainment . Tao Group Hospitality . Other ( 4 ) Total Adjusted Operating Income ( Loss ) Note : Does not foot due to rounding ( 1 ) ( 2 ) ( 3 ) ( 4 ) Nine Months Ended Change March 31 , Change 2021 2020 $ % 2021 2020 $ % 31.0 $ 131.6 12.8 ( 0.6 ) 51.1 ( 0.9 ) $ ( 100.7 ) ( 38.4 ) ( 76 ) % $ 51.2 ( 75 ) % 30.5 0.2 NM ( 1.1 ) 576.7 $ ( 525.5 ) 178.9 ( 148.4 ) ( 1.6 ) ( 91 ) % ( 83 ) % 0.5 33 % $ ( 673.3 ) ( 89 ) % 43.1 $ 181.9 $ ( 138.8 ) ( 80.1 ) $ ( 46.9 ) $ ( 33.2 ) ( 9.8 ) ( 18.7 ) ( 76 ) % $ 80.6 $ 753.9 ( 71 ) % $ ( 287.8 ) $ ( 47.2 ) $ ( 240.6 ) 89 % ( 32.3 ) ( 82.0 ) ( 18 ) % ( 27.7 ) ( 24.9 ) NM ( 92.8 ) 83.0 ( 15.8 ) ( 2.9 ) $ ( 108.6 ) $ ( 155.6 ) $ 46.9 49.7 61 % ( 2.8 ) ( 11 ) % 30 % $ ( 347.8 ) $ ( 154.1 ) $ ( 193.6 ) ( 126 ) % $ ( 61.7 ) $ ( 17.1 ) $ ( 44.7 ) ( 7.4 ) ( 0.3 ) NM $ ( 175.3 ) $ 46.0 $ ( 221.3 ) NM ( 1.0 ) ( 0.1 ) ( 6.4 ) NM ( 0.2 ) NM ( 24.9 ) ( 0.8 ) 14.5 ( 39.4 ) NM ( 0.2 ) ( 0.6 ) NM $ ( 69.4 ) $ ( 18.1 ) $ ( 51.3 ) NM $ ( 201.0 ) $ 60.2 $ ( 261.2 ) NM Financial results for the three and nine months ended March 31 , 2020 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 Madison Square Garden Sports Corp. ( " 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 4 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 .