Seaport Entertainment Group

What Seaport Entertainment Group does

Seaport Entertainment Group (NYSE: SEG) is a publicly traded entertainment and hospitality company formed via spin-off from Howard Hughes Holdings Inc. in 2024 and headquartered at 199 Water Street, New York. The company operates an integrated, place-based portfolio that combines owned real estate, direct-operated hospitality venues, and long-term leases to experiential tenants. Its flagship asset is The Seaport in Lower Manhattan, encompassing Pier 17, the Tin Building, the Fulton Stall Market, and multiple directly operated restaurants and nightlife venues (The Fulton, Mister Dips, GITANO NYC, Sadie's, Lawn Club, The Rooftop at Pier 17). The second pillar is the Las Vegas Aviators Triple-A Minor League Baseball franchise and Las Vegas Ballpark, with a third asset being an 80% interest in the air rights above the Fashion Show Mall on the Las Vegas Strip, reserved for potential future development.

The company generates revenue through three primary streams: (1) direct restaurant and food-and-beverage operations at its Seaport venues; (2) sports and ballpark operations at the Las Vegas Ballpark and Aviators (ticketing, concessions, suites, sponsorship); and (3) long-duration real-estate leasing to flagship experiential tenants, notably a 20-year Meow Wolf lease (~75,000 sq ft at Pier 17) and a 5-year Balloon Museum lease (54,000 sq ft at the Tin Building). FY2025 revenue was $130.4 million, up 18.3% YoY from $110.2 million in FY2024. The company is currently executing a portfolio pivot: closing the loss-making Tin Building food hall (which bled $33M in 2024 alone) and replacing underperforming concepts with experience-driven anchor tenants, while divesting non-core assets such as the 250 Water Street development project (sold for $143M in February 2026).

Capital structure and shareholder base reflect the company's recent IPO: a $175.0 million oversubscribed rights offering at $25.00/share closed in October 2024, backstopped by Pershing Square Capital Management, which remains the largest institutional shareholder with over 5 million shares. Balance-sheet repair has produced a $76.5M net cash position and eliminated $61.3M of debt. The current leadership team is CEO Matthew Partridge and CFO Lenah Elaiwat; founder/former CEO Anton Nikodemus is departing effective June 15, 2026. The auditor changed from KPMG to Grant Thornton effective April 1, 2026.

Name

Seaport Entertainment Group

Legal name

Seaport Entertainment Group Inc.

Website

https://seaportentertainment.com

Company type

Public

Founded year

2024

Headcount range

101–250 employees

Short description

Seaport Entertainment Group (NYSE: SEG) is a New York-based entertainment and hospitality company that owns and operates The Seaport in Lower Manhattan, the Las Vegas Aviators Triple-A baseball franchise and Las Vegas Ballpark, and an 80% interest in air rights above the Las Vegas Strip's Fashion Show Mall, serving urban consumers, sports fans, and experiential tenants through restaurants, venues, and long-duration cultural leases.

Ownership category

akta.pro rank

Product category

Hospitality and Entertainment Real Estate

NAICS

Amusement and Theme Parks (71311), Amusement Parks and Arcades (7131)

SIC

Retail-Eating & Drinking Places (5810), Services-Amusement & Recreation Services (7900), Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Nightlife Venue Groups & Operators (Multi-Location) (MPAGAIAL)

Keywords

• Hospitality and entertainment
• Mixed-use real estate
• Sports venue operations
• Restaurant operations
• Experiential entertainment leasing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Restaurant and food & beverage operations: Direct operation of restaurants and F&B venues (The Fulton, The Rooftop at Pier 17, GITANO NYC, Sadie's, Lawn Club, Mister Dips) generating revenue through dine-in sales, banquets, and events. 2025 full-year revenue of $130.4 million, +18.3% YoY.
2. Real estate leasing to experiential tenants: Long-term leases of large-format space to anchor cultural/entertainment tenants, including a 20-year Meow Wolf lease (~75,000 sq ft at Pier 17) and a 5-year Balloon Museum lease (54,000 sq ft at the Tin Building). 90% leased and programmed occupancy achieved in the Seaport neighborhood with 153,000+ sq ft leased or programmed.
3. Sports and ballpark operations (Las Vegas Aviators): Operation of the Las Vegas Aviators Triple-A Minor League Baseball team and Las Vegas Ballpark, generating ticket, concession, sponsorship, and suite revenue; Aviators led MiLB with 47 sellouts in their first season and won the Pacific Coast League Championship.
4. Air rights ownership and real estate development potential: Ownership of an interest in 80% of the air rights above the Fashion Show Mall on the Las Vegas Strip, with potential for future casino or mixed-use development.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels6 records

Core offering

Seaport Entertainment Group owns, operates, and develops an integrated portfolio of hospitality, dining, sports, retail, and cultural entertainment assets embedded in owned real estate in Manhattan's Seaport district and the Las Vegas Strip/Summerlin. Core operations include the South Street Seaport neighborhood (Pier 17, the Tin Building, the Fulton Stall Market, and directly operated restaurants), the Las Vegas Aviators Triple-A Minor League Baseball team and Las Vegas Ballpark, the Jean-Georges Management culinary partnership, and an 80% interest in the air rights above the Fashion Show Mall on the Las Vegas Strip.

Product overview

Seaport Entertainment Group (NYSE: SEG) operates a portfolio of hospitality, entertainment, sports, dining, and real-estate assets under a single integrated platform, rather than a unified software product. The portfolio centers on The Seaport, NYC (South Street Seaport) as the flagship mixed-use waterfront destination, supplemented by the Las Vegas Aviators and Las Vegas Ballpark, the Jean-Georges Management culinary partnership, and the 80% air-rights interest in the Fashion Show Mall on the Las Vegas Strip. Within The Seaport, the company runs multiple sub-brands — The Fulton (fine dining), Mister Dips (casual dining), Gitano / GITANO NYC (dining and nightlife), Sadie's Restaurant (newly opened in the Garden Bar), the Lawn Club, and The Rooftop at Pier 17. The company is pivoting toward experience-driven tenants, with three forthcoming destinations: the Meow Wolf immersive arts venue at Pier 17 (20-year lease, opening 2028), the Balloon Museum U.S. flagship at the Tin Building (opening summer 2026, replacing the failed Tin Building food hall), and a Public Service restaurant concept (opening 2027). Real-estate and tenant-experience assets are interleaved: venue sub-brands operate under Jean-Georges Management and the company's own hospitality teams, while the larger mixed-use venues are leased to third-party experience operators that the company curates as part of its place-based programming strategy.

Differentiator

Problem solved

Functional benefit

Products and services

• The Seaport, NYC (South Street Seaport) Historic maritime waterfront mixed-use district in Lower Manhattan operating as the company's flagship hub for entertainment, dining, retail, and cultural experiences, encompassing Pier 17, the Tin Building, and the Fulton Stall Market.
• Las Vegas Aviators Triple-A Minor League Baseball affiliate of the Oakland Athletics and Las Vegas's first professional sports franchise, generating ticket, concession, sponsorship, and suite revenue at Las Vegas Ballpark.
• Las Vegas Ballpark Home ballpark of the Las Vegas Aviators and a ticketed sports and entertainment venue in the heart of Nevada's entertainment capital.
• Jean-Georges Management Culinary management partnership with chef Jean-Georges Vongerichten offering discerning diners chef-driven culinary experiences, embedded across SEG-operated restaurants including The Fulton.
• Fashion Show Mall air rights (Las Vegas Strip) Owned 80% interest in the air rights above the Fashion Show Mall on the Las Vegas Strip, available for potential future integrated casino or mixed-use development.
• The Fulton Fine dining venue operated by Seaport Entertainment in the Seaport neighborhood under the Jean-Georges Vongerichten culinary umbrella.
• Mister Dips Casual dining venue in the Seaport Entertainment portfolio at the Seaport neighborhood.
• Gitano (GITANO NYC) Nightlife and dining venue in the Seaport Entertainment portfolio at the Seaport neighborhood.
• Sadie's (Sadie's Restaurant) Restaurant opened by Seaport Entertainment in the Garden Bar area of the Seaport neighborhood.
• Lawn Club Hospitality venue within the Seaport Entertainment portfolio in the Seaport neighborhood.
• The Rooftop at Pier 17 Outdoor rooftop entertainment and event venue atop Pier 17 in Manhattan's Seaport district.
• Meow Wolf at Pier 17 (long-term lease) Long-term 20-year, ~75,000-square-foot immersive arts and entertainment venue at Pier 17, Meow Wolf's seventh permanent exhibit and first East Coast location, with construction expected to begin in Q3 2025 and projected opening in 2028.
• Balloon Museum U.S. flagship at the Tin Building Five-year lease with Lux Entertainment to transform the entire 54,000-square-foot historic Tin Building at 96 South Street into the U.S. flagship of the Balloon Museum, a large-scale interactive contemporary art experience, with opening planned for summer 2026.
• Public Service restaurant concept at the Seaport Restaurant concept developed in partnership with Public Service (the organization behind Brooklyn venue Public Records), involving the revitalization of a historic building in the Seaport district of Lower Manhattan, expected to open in 2027 and focused on food and beverage with sound as a secondary element.

Quantifiable outcome

• 18.3% YoY revenue growth to $130.4M in FY2025
• +5 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered mid-tier, minor, core and flagship.

• Public Service (Public Records)mid-tierStrategic or Co-development Partner · 14 May 2026Partnership to develop a new restaurant concept in New York City's Seaport neighborhood in Lower Manhattan, involving revitalization of a historic building and expected to open in 2027. Focuses primarily on food and beverage with sound as a secondary element, bringing Public Service's community-driven programming model (founded 2017) to the Seaport.
• KPMG LLPminorOthers · 7 April 2026Former independent registered public accounting firm for Seaport Entertainment Group. Dismissed by the Audit Committee effective April 1, 2026 in favor of Grant Thornton LLP. No disagreements or reportable events with KPMG during reviewed periods per an SEC filing.
• Grant Thornton LLPcoreOthers · 7 April 2026Newly appointed independent registered public accounting firm for Seaport Entertainment Group for the fiscal year ending December 31, 2026, replacing KPMG LLP effective April 1, 2026.
• Balloon Museum (Lux Entertainment)flagshipStrategic or Co-development Partner · 23 February 2026Five-year lease of the entire 54,000-square-foot historic Tin Building at 96 South Street in Manhattan's Seaport District, transforming it into the U.S. flagship of the Balloon Museum. Opening summer 2026; replaces the failed Tin Building food hall concept.
• Meow WolfflagshipStrategic or Co-development Partner · 11 March 202520-year lease for nearly 75,000 rentable square feet at Pier 17 in Manhattan's Seaport district. Meow Wolf will open its seventh permanent exhibit and first East Coast location, expected to open in late 2027 or 2028 and drive millions of visitors annually to the Seaport. Construction expected to begin in Q3 2025.
• Jean-Georges Management (Jean-Georges Vongerichten)coreStrategic or Co-development PartnerCulinary management partnership embedding celebrity chef Jean-Georges Vongerichten's brand across SEG-operated restaurants, prominently at The Fulton in the Seaport neighborhood. The chef's team continues negotiating a management agreement for the Bryant Park Grill space.
• Oakland AthleticscoreStrategic or Co-development PartnerMajor League Baseball affiliation under which the Las Vegas Aviators operate as the Triple-A Minor League Baseball affiliate of the Oakland Athletics, with games played at the Las Vegas Ballpark. The Aviators led all of minor league baseball with 47 sellouts in their first season.

Scale indicators13 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Howard Hughes Holdings: Howard Hughes Holdings is the former parent of Seaport Entertainment and operates a similar master-planned community model that integrates commercial real estate, dining, entertainment, and residential assets. SEG's portfolio (Seaport NYC, Las Vegas Ballpark, Fashion Show Mall air rights) was carved out of HHH's platform, making it the closest direct comparable.
• Empire State Realty Trust: ESRT owns and operates a portfolio of NYC office and retail properties anchored by the Empire State Building and its observatory entertainment attraction — a place-based real estate + destination entertainment model that closely parallels SEG's Seaport NYC strategy of bundling real estate with consumer-facing experiences.
• Madison Square Garden Entertainment Corp. MSG Entertainment operates iconic sports and entertainment assets (Madison Square Garden, MSG Sphere) along with hospitality and dining venues, providing a direct comparable for SEG's integration of professional sports (Las Vegas Aviators), live entertainment, restaurants, and venue real estate under a single platform.
• Vornado Realty Trust: Vornado is a NYC-focused commercial REIT with significant Manhattan retail and office holdings, including historic district ownership. Its operating model of curating flagship NYC destinations (including prior involvement with Pier 17) overlaps with SEG's Seaport NYC ownership and tenant-leasing platform.

Broad incumbents

• MGM Resorts International: MGM Resorts operates a portfolio of Las Vegas Strip integrated resorts combining casino gaming, hotel, dining, sports (Las Vegas Avenirs-adjacent), and live entertainment — the broadest incumbent analog to SEG's Las Vegas Ballpark + Fashion Show Mall air rights + entertainment + hospitality mix, although at much larger scale.
• Wynn Resorts: Wynn Resorts operates luxury Las Vegas Strip properties with integrated casino, hotel, F&B, and entertainment offerings. Its high-end real-estate-anchored hospitality and entertainment strategy is comparable to SEG's premium positioning at the Seaport and potential Strip air-rights monetization thesis.

Emerging players

• Cedar Fair Entertainment Company: Cedar Fair operates regional amusement parks and experiential attractions on owned real estate — a directly comparable operating model for SEG's forthcoming experiential-tenant pivots (Meow Wolf, Balloon Museum) where destination entertainment drives foot traffic and venue economics on owned or master-leased sites.
• Bowlero Corp. Bowlero operates a national chain of entertainment venues combining recreation, F&B, and event programming. Its multi-location, entertainment-anchored venue model parallels SEG's strategy of running GITANO NYC, The Rooftop at Pier 17, Lawn Club, and other experiential venues under one operating umbrella.

Others

• Live Nation Entertainment: Live Nation is the largest live entertainment company, operating concert venues and ticketed events globally. SEG's event-driven programming at Pier 17 rooftops, the Las Vegas Ballpark, and other venues is comparable in terms of using live entertainment as a foot-traffic and revenue driver, though Live Nation is a programming/promotion platform rather than a venue owner.

Regional players

• Dine Brands Global: Dine Brands operates multi-location casual and family-dining restaurant franchises (Applebee's, IHOP, Fuzzy's Taco Shop). While not directly overlapping in premium dining, its multi-venue restaurant operating discipline and F&B unit economics inform comparability for SEG's owned restaurants (The Fulton, GITANO NYC, Mister Dips, Sadie's, Lawn Club).

Market position

Strengths5 records

Weaknesses6 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seaport Entertainment Group