Seaport Entertainment Group Inc (NYSE: SEG) is an entertainment and real estate company that owns and operates hospitality, live entertainment, and landlord assets across two primary markets. Revenue comes from four streams: entertainment ($51.4M in FY2024), hospitality ($30.0M in FY2024), rental income ($26.7M in FY2024), and other revenue ($2.1M in FY2024), totaling $110.2M for FY2024. SEG was spun out of Howard Hughes Holdings (HHH) and began trading on NYSE American on August 1, 2024, before transferring to the New York Stock Exchange on June 30, 2025. The company operates two geographic clusters: the Seaport district in Lower Manhattan, New York, encompassing approximately 480,000 square feet of restaurant, retail, office, and entertainment properties plus 21 residential units, and Las Vegas, where it owns the Las Vegas Aviators Triple-A Minor League Baseball team and the 10,000-capacity Las Vegas Ballpark. Total expenses of $219.1M exceeded total revenue in FY2024, and the company does not pay dividends.

Revenue model

Transactional and rental revenue model across four segments. Entertainment revenue ($51.4M FY2024) comes from ticket sales, sponsorships, and events at The Rooftop at Pier 17 concert venue and Las Vegas Ballpark. Hospitality revenue ($30.0M FY2024) comes from food and beverage operations. Rental revenue ($26.7M FY2024) comes from leasing retail, office, and restaurant space within the Seaport district. Other revenue ($2.1M FY2024) covers miscellaneous income streams.

Products and services

The Rooftop at Pier 17: outdoor concert venue in Lower Manhattan with 3,500-guest capacity, hosting 62 concerts in 2025 and generating over $10M in gross ticket sales that year. Las Vegas Aviators: Triple-A Minor League Baseball team, affiliate of the Athletics, playing at Las Vegas Ballpark (10,000-person capacity) in Downtown Summerlin. Seaport landlord assets: Pier 17 building (restaurants, entertainment, office), Tin Building (leased to Tin Building by Jean-Georges through February 2026), Fulton Market Building (office and retail), and 21 residential units. Fashion Show Mall Air Rights interest in Las Vegas.

Customers and end markets

New York City tourists and local consumers visiting the Seaport district in Lower Manhattan. Live music and concert attendees at The Rooftop at Pier 17. Minor league baseball attendees in Las Vegas. Retail and office tenants leasing space within the Seaport. Private event clients booking venue space. Revenue is seasonal, with the majority of Seaport revenue generated between May and October, and a significant portion of Las Vegas entertainment revenue generated between April and September (baseball season).

Value-chain role

Owner and operator of entertainment venues and mixed-use real estate. Acts as landlord to restaurant and retail tenants in the Seaport district. Relies on third-party ticketing platforms and payment processors for ticket sales. Tenant alcohol purchases depend on relationships with regional distributors holding exclusive geographic rights.

Geographic exposure

Two primary markets: Lower Manhattan, New York (Seaport district, approximately 480,000 square feet) and Las Vegas, Nevada (Las Vegas Ballpark in Downtown Summerlin). Business is concentrated entirely in the United States based on filing disclosures.

Source: SEC 10-K, filed 2026-03-04

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