Andrew Cuomo Rumors
Madison Square Garden Entertainment Corp. released dismal Q2 earnings for its fiscal year 2021. MSG Entertainment’s prized possession, Madison Square Garden, closed to guests in March 2020. As a result, the company reported revenue of $23.1 million during the quarter – a 94% decrease from last year’s Q2. MSG also took an operating loss of $112.5 million during the quarter, and operating income was only $69.6 million. New York Gov. Andrew Cuomo’s recent approval of a plan to reopen stadiums and arenas provides opportunity for MSG to bounce back. Cuomo announced that stadiums and arenas can reopen beginning Feb. 23.
Stadiums that have an occupancy of 10,000 people or more will be limited to 10% capacity. Madison Square Garden has a capacity between 18,000 and 21,000, depending on the event. The Garden plans to allow 2,000 fans at New York Knicks and New York Rangers home games upon reopening. “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,” said Executive Chairman and CEO James Dolan in a press release.
Malika Andrews: NY Gov. Andrew Cuomo has announced that sports venue can re-open at 10 percent capacity on Feb. 23. Fans must return a negative PCR test within 72 hours of an event. Masks and social distancing will be required, along with temperature checks.
Nets center Jarrett Allen returned to the team’s recently reopened practice facility in Brooklyn on Tuesday wearing a face mask. The team opened its facility for voluntary workouts followingGov. Andrew Cuomo’s Sunday announcement that said New York sports teams can hold in-state training camps. “I believe sports that can come back without people in the stadium, without having people in the arena, do it. Do it,” Cuomo said. “Work out the economics if you can. We want you up. We want people to be able to watch sports to the extent people are still staying home. It gives people something to do.”
Gov. Andrew Cuomo’s push to get professional sports going again in New York took another step forward Sunday. Cuomo said during a press conference at Jones Beach Theater in Wantagh that as of Sunday, professional sports leagues can begin holding training camps in New York, as leagues work on their plans to resume play amid the coronavirus pandemic.
“Starting today, all the New York professional sports leagues will be able to begin training camps,” Cuomo said. “I believe sports that can come back without having people in the stadium, without having people in the arena, do it! Do it! Work out the economics if you can. We want you up. We want people to be able to watch sports to the extent people are still staying home. It gives people something to do. It’s a return to normalcy. So we are working and encouraging all sports teams to start their training camps as soon as possible, and we’ll work with them to make sure that can happen.”