Start here if you're new
what it is
Seaport owns entertainment-heavy real estate in New York and Las Vegas, then tries to make money from the crowds.
how it gets paid
Last year Seaport Entertnmnt made $130M in revenue. Hospitality was the main engine at $52M, or 40% of sales.
why it's growing
Revenue grew 18.3% last year. Sales grew 124% vs. prior year in the latest quarter.
what just happened
Revenue hit $101M, but the bigger fact is that EPS was still a brutal -$6.29.
At a glance
n/a balance sheet
-$16.82 fy2024 eps est
$111M fy2024 rev est
90.6% operating margin
~$272M market cap
What they do
Seaport owns entertainment-heavy real estate in New York and Las Vegas, then tries to make money from the crowds.
You cannot copy Lower Manhattan waterfront real estate or Las Vegas ballpark land. Seaport controls assets in both markets, plus 80% of the air rights above Fashion Show mall in Las Vegas. Scarcity (assets that are hard to replace) → pricing power if demand shows up → so what: your upside depends on places people physically have to visit.
How they make money
$130M
annual revenue · their business grew +18.3% last year
Hospitality
$52M
Entertainment
$33M
Landlord Operations
$20M
Sports and Ballpark
$16M
Restaurant Partnerships
$9M
The products that matter
baseball venue and events business
Las Vegas Ballpark
ticket demand pacing ahead
Management said group and season ticket sales for the 2026 season are pacing ahead of last year. That is one of the few live indicators on the page that points up, not sideways.
2026 catalyst
nyc retail and event venue
Tin Building / Balloon Museum
lease signed feb. 2026
The February 2026 lease turns the Tin Building into the flagship Balloon Museum. New concept revenue helps. New concept execution risk arrives in the same box.
new revenue stream
one-time development monetization
250 Water Street
sale completed in 2025
The 2025 sale brought in cash, but it does not fix the recurring earnings problem. You can sell an asset once. You still need the operating business to work next quarter.
non-recurring cash
Key numbers
90.6%
operating margin
Operating margin → profit after core expenses → so what: Seaport lost about 91 cents on every $1 of sales in FY2024.
$96M
long-term debt
Long-term debt → money owed for years → so what: $96M of debt, equal to 26% of capital, leaves less room for another bad year.
-$16.82
FY2024 EPS est.
EPS → profit per share → so what: a $16.82 per-share loss says the assets still are not producing shareholder earnings.
$130M
annual revenue
Revenue → total sales before costs → so what: the company is real enough to do $130M in sales, but the cost structure is eating it alive.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $96M (26% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SEG right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $101M, but the bigger fact is that EPS was still a brutal -$6.29.
Sales grew 124% vs. prior year in the latest quarter, according to EDGAR. The quiet part out loud: huge growth does not help much when losses still widen 141% vs. prior year.
$101M
revenue
-$6.29
eps
n/a
n/a
the number that mattered
The number that mattered was -$6.29 EPS, because a company with a $272M market cap cannot wear losses this large for long.
source: company earnings report, 2026
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What could go wrong
the #1 risk is burn outrunning the venue ramp in new york and las vegas.
high
losses stay too large
SEG ended 2025 with $116.7M in trailing losses and $87.4M in cash. If revenue growth lands late, the balance sheet feels it first.
This is the core financing risk, not a side note.
med
two-city concentration
Most of the business is tied to New York City and Las Vegas. If tourism, local spending, or event demand weakens in either market, you feel it at the company level fast.
Concentration turns local softness into a full-company problem.
med
future dilution
The March 2026 shelf registration allows up to $150M in securities. Against a ~$272M market cap, that is meaningful financing capacity hanging over the stock.
If fully used, the shelf equals roughly 55% of today's market value.
low
new concepts fail to convert
The Balloon Museum lease and stronger ballpark ticket pacing help the narrative, but neither is proven at scale yet. New concepts look good in a release. They matter only if attendance covers fixed costs.
An execution miss would damage credibility before it damages anyone's imagination.
$87.4M of cash against $96M of debt and $116.7M in trailing losses means the 2026 growth plan needs to show up in reported numbers, not just management language.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next report
q2 2026 earnings
Scheduled for May 11, 2026. This is the first real check on whether the 50%+ 2026 growth target is starting to show up.
capital risk
$150M shelf registration
Filed in March 2026. Against a ~$272M market cap, this is a real dilution tool, not legal housekeeping.
demand trend
las vegas ballpark ticket pacing
Management said group and season ticket sales for 2026 are pacing ahead of last year. If that holds, at least one operating line is moving the right way.
ownership
Pershing Square's 39.3% stake
A holder this large can steady the story or dominate it. Any change in that stake would matter more than the average ownership filing.
Analyst rankings
coverage depth
thin
in human-speak, there is not enough broad analyst coverage here to outsource your thinking to consensus.
earnings visibility
low
The recent -$1.37 EPS result versus a -$0.82 estimate tells you forecasting error is still large.
source: institutional data
Institutional activity
institutional ownership data for SEG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$20
current price
n/a
target midpoint · n/a from current
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