Seaport Entertainment Group Inc
AMEX:SEG
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Seaport Entertainment Group Inc
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Seaport Entertainment Group Inc
Seaport Entertainment Group Inc is a US-based company operating in Real Estate Management & Development industry. The company is headquartered in New York City, New York and currently employs 82 full-time employees. The company went IPO on 2024-07-29. Seaport Entertainment Group Inc. is focused on delivering experiences for its surrounding residents, customers and tenants across the three operating segments of its business: Landlord Operations, Hospitality, and Sponsorships, Events, and Entertainment. Its portfolio encompasses a range of leisure and recreational activities, including live concerts, fine dining, professional sports, and high-end and experiential retail. The company is focused on realizing value for shareholders primarily through dedicated management of existing assets, expansion of partnerships, strategic acquisitions, and completion of development and redevelopment projects. Its assets are primarily concentrated in New York City and Las Vegas, include the Seaport in Lower Manhattan, a 25% minority interest in Jean-Georges Restaurants as well as other partnerships, the Las Vegas Aviators Triple-A baseball team and the Las Vegas Ballpark and an interest in and to 80% of the air rights above the Fashion Show mall in Las Vegas.
Seaport Entertainment Group Inc is a US-based company operating in Real Estate Management & Development industry. The company is headquartered in New York City, New York and currently employs 82 full-time employees. The company went IPO on 2024-07-29. Seaport Entertainment Group Inc. is focused on delivering experiences for its surrounding residents, customers and tenants across the three operating segments of its business: Landlord Operations, Hospitality, and Sponsorships, Events, and Entertainment. Its portfolio encompasses a range of leisure and recreational activities, including live concerts, fine dining, professional sports, and high-end and experiential retail. The company is focused on realizing value for shareholders primarily through dedicated management of existing assets, expansion of partnerships, strategic acquisitions, and completion of development and redevelopment projects. Its assets are primarily concentrated in New York City and Las Vegas, include the Seaport in Lower Manhattan, a 25% minority interest in Jean-Georges Restaurants as well as other partnerships, the Las Vegas Aviators Triple-A baseball team and the Las Vegas Ballpark and an interest in and to 80% of the air rights above the Fashion Show mall in Las Vegas.
Profitability: Net loss improved — Q4 net loss was $36.9 million (down 11% YoY) and full year net loss was $116.7 million (down 24% YoY); non‑GAAP adjusted net loss was $17.5 million in Q4 and $54.1 million for the year.
Liquidity: Closed sale of 250 Water Street with net proceeds of approximately $75 million; pro forma cash would be $163 million and the $61.3 million variable rate loan tied to that property was paid off.
Tin Building pivot: Closed the Tin Building as a culinary model and signed a Lux Entertainment lease to bring the Balloon Museum (5‑year initial term) with ~$5 million of tenant delivery capital — management says this can improve pro forma annual EBITDA by more than $22 million versus 2025 performance.
Leasing & activation: ~90% of the Seaport neighborhood was leased or programmed as of Dec 31, with roughly 47,000 square feet vacant (pro forma ~53,000 sf after Malibu Farm closure); since the spin they have leased/programmed >220,000 sf expected to drive >$30 million of stabilized EBITDA.
Pier 17 event expansion: Plan to expand event space from 17,500 sf to >40,000 sf across 3 floors, targeting unlevered cash‑on‑cash returns above 20% and payback under 5 years, to capture weekday and off‑peak demand.
Las Vegas operations: Internalized Las Vegas operations (including Enchant), ticket sales and group/season sales pacing ahead of last year, and management expects margin improvement in 2026.
Capital allocation: Board approved a $150 million shelf and a $50 million buyback program; management will deploy capital opportunistically and is evaluating hospitality, entertainment and other strategic uses.
