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Here are 1-2 brief analogies for Seaport Entertainment (SEG):

• A regional version of MGM Resorts.
• Like Caesars Entertainment, but focused on regional markets.

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• Casino Operations: Operating land-based casinos that offer a variety of traditional gaming options such as slot machines and table games.
• Sports Betting Services: Providing platforms and services for both pari-mutuel and fixed-odds sports wagering in regulated markets.
• Hospitality Services: Offering hotel accommodations, dining, and other amenities integrated with their casino properties to enhance the guest experience.

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Seaport Entertainment (SEG) primarily serves individual customers, not other companies. As an operator of large-scale resort casinos and entertainment venues, its business model focuses on attracting and catering directly to consumers.

The company serves the following categories of individual customers:

• Casino Patrons/Gamblers: Individuals who visit the properties specifically to engage in gaming activities such as slot machines, table games, and sports betting.
• Leisure & Entertainment Guests: Individuals who frequent the resorts for their non-gaming amenities. This includes tourists and locals seeking hotel stays, dining experiences (restaurants, bars), live entertainment (concerts, shows), spa services, and retail shopping.
• Meeting & Event Attendees: Individuals attending conferences, conventions, corporate meetings, and private events hosted at the resort's extensive facilities. While event organizers may be corporate clients, the ultimate consumers of many services (hotel rooms, food & beverage, entertainment) are the individual attendees.

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International Game Technology PLC (IGT)

Light & Wonder, Inc. (LNW)

Aristocrat Leisure Limited (ALL)

Konami Holdings Corporation (9766)

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Matt Partridge, President and Chief Executive Officer

Matt Partridge was appointed President and Chief Executive Officer of Seaport Entertainment Group, effective September 4, 2025. He previously served as the company's Executive Vice President, Chief Financial Officer, and Treasurer since April 2024. Mr. Partridge has over 15 years of experience in hospitality, entertainment, and real estate, encompassing various asset classes and operating models across both public and private companies. Prior to joining Seaport Entertainment, he was Senior Vice President, Chief Financial Officer, and Treasurer for two publicly traded real estate investment trusts: CTO Realty Growth, Inc. and Alpine Income Property.

Lenah Elaiwat, Interim Chief Financial Officer and Treasurer

Lenah Elaiwat was named Interim Chief Financial Officer and Treasurer, effective September 4, 2025. She also serves as the company's principal accounting officer, a role she has held since April 2024. Ms. Elaiwat brings nearly 20 years of experience in finance and accounting within the real estate sector. Before joining Seaport Entertainment, she served as Chief Accounting Officer for Regis Group PLC from 2022 to 2024, where she managed the accounting and finance functions for two start-up real estate investment platforms. From 2019 to 2022, she was Vice President of Accounting and Finance at Midwood Investment and Development, a private commercial real estate developer in New York City.

Michael Crawford, Chairman of the Board

Michael Crawford was appointed Chairman of the Board, effective September 4, 2025, succeeding Anton Nikodemus. He has served as Lead Independent Director of the company's Board of Directors since July 2024. Mr. Crawford's background includes chief executive experience and extensive expertise in the hospitality industry, international business, and strategic planning.

Anton Nikodemus, Special Advisor

Anton Nikodemus served as President and Chief Executive Officer of Seaport Entertainment Group from 2023 until September 4, 2025, and is now a Special Advisor until November 3, 2025. Mr. Nikodemus successfully led Seaport Entertainment Group through its spinoff from Howard Hughes Holdings Inc. and its transition to a hospitality and entertainment-focused company. He is an industry veteran with over 30 years of experience in entertainment and hospitality, having developed and operated premier destination brands, including overseeing various properties for MGM Resorts International.

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The key risks to Seaport Entertainment (symbol: SEG) involve its ongoing financial challenges, its dependence on consumer discretionary spending, and the execution of its new management's turnaround strategy.

1. Ongoing Losses and Path to Profitability: Seaport Entertainment has a history of being unprofitable and continues to report net losses, despite revenue growth. The company's significant investments, such as consolidating operations and developing experiential projects like the Tin Building, have contributed to increased costs and widened net losses. The ability to stem these losses and achieve profitability remains a significant concern.
2. Reliance on Discretionary Consumer Spending: As a company operating in experiential entertainment and hospitality, Seaport Entertainment's business model is highly dependent on consumers' discretionary spending. This makes the company vulnerable to negative impacts from economic downturns, recessions, financial instability, inflation, and shifts in consumer tastes or preferences.
3. Execution Risk for Turnaround Strategy: Following its spin-off from Howard Hughes Holdings in August 2024, Seaport Entertainment is undergoing a strategic shift from passive leasing to active management. There is inherent risk in the new management's ability to effectively execute this turnaround strategy, which includes controlling costs, increasing occupancy rates in its properties, and ultimately realizing value from its diverse and complex asset portfolio. The company has demonstrated "terrible cashflow" despite its substantial balance sheet value, highlighting the challenge of translating assets into sustained profitability.

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Increased competition from the widespread legalization and growth of online gaming and sports betting, which offers consumers a convenient digital alternative to traditional brick-and-mortar casino entertainment.

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Seaport Entertainment (SEG) operates across several distinct markets, primarily within real estate, hospitality, and entertainment. The addressable market sizes for their main products and services, within their key operating regions, are as follows:

Landlord Operations (Real Estate)

• New York City Office Market: New York City's five boroughs collectively comprise approximately 730 million square feet of office space, with Manhattan accounting for about 82% (around 600 million square feet) of this total in 2024. The sales volume for Manhattan office properties reached nearly $2.6 billion across 26 properties in the first half of 2025.
• New York City Retail Real Estate Market: Manhattan's retail availability reached a 10-year low of 12.8% in the second quarter of 2025, largely driven by a significant increase in restaurant demand. Retail sales in Manhattan totaled $1.3 billion in the first half of 2025.

Hospitality (Food & Beverage)

• U.S. Food Service Market: The U.S. food service market was valued at approximately USD 1,202.65 billion in 2024 and is projected to grow to USD 1,286.65 billion in 2025. The full-service restaurant segment in the United States alone is estimated at USD 360.91 billion in 2025 and is projected to reach USD 617.47 billion by 2030.
• New York City Restaurant Industry: As of early 2025, New York City has approximately 17,619 restaurants across its five boroughs. The market size for single-location full-service restaurants in New York is estimated at $20.2 billion in 2025.

Sponsorships, Events, and Entertainment

• Global Event Management Market: This market was valued at USD 936.14 billion in 2023 and is expected to reach USD 1.76 trillion by 2029. Another estimate places the global event management market at USD 1,160.4 billion in 2024, with a projection to reach USD 2,089.6 billion by 2033. North America holds the largest share of the global event management market, accounting for 35.5%.
• U.S. Events Market (Conferences, Concerts, and General Events): The United States conferences, concert, and event market size reached approximately USD 423.60 billion in 2024 and is projected to grow to nearly USD 676.97 billion by 2034. The U.S. event management market alone was valued at USD 400 billion.
• United States Live Music Market: The U.S. live music market is estimated at USD 15.60 billion in 2025 and is expected to reach USD 23.52 billion by 2030. Other reports indicate the U.S. live music market size as USD 18.51 billion in 2025, forecast to reach USD 25.81 billion by 2030.
• U.S. Sports Entertainment Market: The market for professional sports in the United States is approximately $69 billion. Broader "sports entertainment" (including betting, fantasy sports, video games, esports, collectibles, and sports-themed bars) in the U.S. accounted for $154 billion in 2023. The U.S. sports event market (excluding broadcasting) generated USD 150.0 million in revenue in 2024 and is expected to reach USD 208.1 million by 2030.

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Seaport Entertainment (SEG) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives focusing on its entertainment and real estate assets.

1. Leasing and Redevelopment of Seaport Properties: The company is focused on leasing its remaining 100,000 square feet of available space and introducing new concepts across its Seaport properties. Strategic agreements, such as a 20-year lease with Meow Wolf for previously unused office space at Pier 17, are expected to significantly enhance the area's appeal and bring in consistent rental income and increased foot traffic. Additionally, plans include developing new meeting and event spaces on the fourth floor of Pier 17 and signing license agreements with new dining and entertainment venues like Flanker Kitchen + Sports Bar and Hidden Boot Saloon.
2. Expansion of Entertainment and Cultural Programming: Seaport Entertainment is actively expanding its event and cultural programming to attract more visitors and generate revenue. This includes extending the popular rooftop concert series at Pier 17 to a year-round offering, with winter concerts starting in late 2025. The company also hosts high-profile events such as the Macy's 4th of July Fireworks® celebration and the New York City Wine & Food Festival, with its 17,500-square-foot event space at Pier 17 targeting corporate and tourism demand.
3. Internalization and Optimization of Food & Beverage Operations: A significant driver of future revenue growth stems from the internalization of food and beverage operations across most of Seaport Entertainment's restaurants, including the consolidation of the Tin Building. This strategic move eliminates third-party fees, is expected to add 15-20% margin expansion by 2026, and contributes to higher net revenue from its hospitality segment. The company is also working on a long-term strategy to improve the profitability of the Tin Building, which has historically been a loss-making asset.
4. Monetization of Sports and Experiential IP: Seaport Entertainment aims to leverage its ownership of scalable experiential assets, such as the Las Vegas Aviators, the Triple-A Minor League Baseball affiliate of the Oakland Athletics. The success of the Aviators, including their Pacific Coast League Championship win in Q3 2025, demonstrates the company's ability to monetize sports intellectual property in a growing live entertainment market.

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Share Issuance

• Seaport Entertainment Group conducted a $175.0 million rights offering to purchase up to 7,000,000 shares of its common stock, which commenced on September 23, 2024, and expired on October 10, 2024.
• The rights offering was over-subscribed.
• As of November 7, 2025, 12,735,071 common shares were outstanding.

Inbound Investments

• Pershing Square Capital Management, L.P. invested $73 million in the $175.0 million rights offering, increasing its ownership stake from 38% to 40% at $25 per share.
• The $175.0 million in proceeds from the rights offering is expected to be utilized for general operating, working capital, and other corporate purposes.

Outbound Investments

• In 2025, Seaport Entertainment consolidated the Tin Building by Jean-Georges, assuming preliminary net assets of $7.746 million and acquiring 100% of Jean-Georges' interest in the Tin Building joint venture.

Capital Expenditures

• Capital expenditures in Q1 2025 amounted to $16.5 million, primarily allocated to the Gitano New York City buildout and initial landlord work and tenant allowance payments for Meow Wolf.
• The company is focused on development and redevelopment projects, including enhancing the Tin Building experience and actively leasing vacant spaces within the Seaport neighborhood.
• Seaport Entertainment Group signed a long-term lease with Meow Wolf for 74,497 square feet at Pier 17, representing a significant investment in experiential tourism.