Seaport Entertainment Group Inc. reported a net loss of $153.2 million for the fiscal year ending December 31, 2024, a significant decrease from the $838.1 million loss recorded in the previous year. This improvement is attributed primarily to the absence of a $672.5 million impairment charge that impacted the 2023 results. Total revenues for 2024 were $111.1 million, down 4% from $115.7 million in 2023, with notable declines in hospitality and sponsorship revenues, which fell by 10% and 7%, respectively. Rental revenue, however, increased by 15% to $25.4 million, driven by higher occupancy rates at the Fulton Market Building and the Tin Building.
The company underwent a significant transition following its spin-off from Howard Hughes Holdings Inc. on July 31, 2024, which allowed it to operate as an independent entity. This separation involved a pro rata distribution of shares to HHH stockholders and the establishment of various agreements to manage the transition. As part of its strategy, Seaport Entertainment is focused on enhancing its asset management, expanding partnerships, and pursuing new development opportunities, particularly at its Seaport location in New York City and the Las Vegas Ballpark.
Operationally, Seaport Entertainment reported that its assets at the Seaport were 64% leased and 61% occupied as of December 31, 2024. The company has made strides in leasing efforts, including a recent agreement with Meow Wolf for approximately 74,000 square feet of space in Pier 17. The company aims to improve occupancy levels further, which is expected to drive foot traffic and enhance revenue across its hospitality and entertainment offerings. The Las Vegas Aviators, a minor league baseball team owned by Seaport, also contributed to the company’s revenue, generating approximately $31.4 million in 2024.
Looking ahead, Seaport Entertainment is optimistic about its growth potential, particularly through the development of its 250 Water Street site, which is approved for mixed-use development, and the air rights above the Fashion Show Mall in Las Vegas. The company plans to leverage its unique assets and strategic partnerships to create vibrant mixed-use destinations that cater to evolving consumer preferences for experiential offerings. However, the company acknowledges the challenges posed by economic conditions, competition, and the need for substantial capital to fund its operations and development projects.
About Seaport Entertainment Group Inc.
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