It’s going to be awhile earlier than the owner of the New York Knicks and Rangers recovers from the coronavirus, in step with a Wall Street document.
Revenue for the newly shaped Madison Square Garden Sports Corp. Will fall with the aid of 35 percent within the yr finishing June 30, 2021, to a projected $456 million, in step with a Jefferies analyst document posted Monday.
The revenue drop will come as fan attendance falls inside the first 1/2 of the 2020-21 season by using 80 percent earlier than rebounding rather to around 50 percent of its regular potential in the second half of, Jefferies said.
“The 20 percentage ability obstacle is much like plans different hospitality or leisure agencies have outlined, together with subject matter parks and casinos,” Jefferies analyst Khoa Ngo said.
Revenue for the 12 months that just ended will certainly be better than next year, as the majority of the Knicks and Rangers video games had already passed off when the pandemic hit, Ngo said.
And by way of 2021-22, MSGS sales have to get better to around $seven-hundred million, Ngo said.
In the meantime, MSGS can be boosted by using sales from long-term media contracts in order to maintain to flow no matter attendance, Jefferies said.
MSG renamed itself MSGS after splitting its events business from its sporting aspect on April 17.
