Seaport Entertainment Group Inc.
Seaport Entertainment Group Inc. is a U.S.-based owner and operator of entertainment, hospitality, and real estate assets centered in New York City and Las Vegas. Its portfolio includes the Seaport district in Lower Manhattan, live entertainment venues, restaurant and nightlife concepts, the Las Vegas Aviators baseball team, the Las Vegas Ballpark, and an interest in Fashion Show Mall air rights.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueConcerts, sports, special events, sponsorships, and venue programming.
Owned and partnered food-and-beverage, dining, and nightlife concepts.
Rental and programming income from Seaport real estate and tenant spaces.
Products
Reported · share of revenue- Sponsorships Events and Entertainment45.1 %
- Hospitality39.7 %
- Rental13.6 %
- Other1.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company serves consumers seeking dining, nightlife, live music, sports, and destination experiences rather than commodity retail. It also sells to event organizers, sponsors, tenants, and partners that use its venues, air rights, and real estate footprint to reach audiences in New York City and Las Vegas.
Buy tickets and attend concerts, sports, and special events at the Rooftop at Pier 17 and Las Vegas Ballpark.
Visit restaurants, bars, and experiential food-and-beverage concepts at the Seaport and related venues.
Purchase sponsorships, naming, and promotional access tied to venues, teams, and live events.
Lease or program space within the Seaport and other mixed-use assets for retail, events, or experiential uses.
Book unique spaces for meetings, receptions, and branded events that benefit from the company’s locations.
Strategy
The company is focused on making its properties into multi-use destinations by combining dining, entertainment, sports, and real estate in one location. Its strategy also emphasizes leasing up vacant space, expanding partnerships, and using development or redevelopment projects to increase the value and utility of its assets.
Higher occupancy and more events support foot traffic and improve monetization across the district.
Unique food, beverage, and entertainment offerings differentiate the portfolio from standard real estate.
Air rights and redevelopment projects can create long-duration value beyond current operations.
Geography
The company’s assets are primarily concentrated in New York City and Las Vegas, with the Seaport in Lower Manhattan as its core New York footprint. Its Las Vegas holdings include the Aviators, the Las Vegas Ballpark, and Fashion Show Mall air rights, giving it exposure to both tourism-driven and local urban demand.
Risks
The business depends on consumer traffic, live events, and venue utilization, so demand can be affected by safety incidents, reputation issues, and changes in entertainment preferences. It also faces execution risk around leasing, ticketing platforms, cybersecurity, and the valuation of long-lived real estate and investments.
- Health, safety, and security incidents at venuesImpact: HighLikelihood: Medium
Crowd management, alcohol service, and public events create liability and reputational risk.
Exposure: Live entertainment and venue operations
- Brand and reputation damageImpact: HighLikelihood: Medium
Negative publicity can quickly reduce guest traffic, sponsor interest, and talent partnerships.
Exposure: All consumer-facing venues and events
- Impairment of long-lived assets and investmentsImpact: High
Real estate and venture values depend on future cash flows, occupancy, and market multiples.
Exposure: Seaport properties and unconsolidated ventures
- Third-party ticketing and payment processor dependenceImpact: MediumLikelihood: Medium
Outages, fee disputes, chargebacks, or policy changes can disrupt revenue collection.
Exposure - Cybersecurity and privacy breachesImpact: MediumLikelihood: Medium
The company stores sensitive guest, employee, and partner data across digital systems.
Exposure: Venue operations and marketing systems
Accounting
Judgemental itemsManagement must estimate future undiscounted cash flows and fair value for properties and investments.
Impact: Can create large non-cash charges and change asset carrying values
Leased land and buildings require expense recognition over the lease term, not just cash timing.
Impact: Affects operating expense and liability presentation
Concerts, sports, and special events can cause revenue and costs to vary sharply by quarter.
Impact: Makes quarterly comparability difficult
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Last updated: 24/09/2026