Welcome to our dedicated page for Seaport Entmt Group news (Ticker: SEG), a resource for investors and traders seeking the latest updates and insights on Seaport Entmt Group stock.
Seaport Entertainment Group Inc. (NYSE: SEG) generates news at the intersection of real estate, hospitality, sports, and live entertainment. The company describes itself as an entertainment and hospitality business formed to own, operate, and develop assets that combine restaurant, entertainment, sports, retail, and hospitality offerings within distinctive real estate environments. Its activities span the historic Seaport neighborhood in New York City and entertainment assets such as the Las Vegas Aviators and Las Vegas Ballpark.
News about Seaport Entertainment Group frequently covers operating and financial results, capital markets developments, and strategic real estate decisions. Recent earnings releases have discussed revenue trends, net loss metrics, non-GAAP adjusted results, and the impact of consolidating certain ventures. Filings and press releases also highlight the company’s transfer of its stock listing from the NYSE American to the New York Stock Exchange and inclusion in equity indices.
Company announcements also focus on events and programming at the Seaport, including hosting the Macy’s 4th of July Fireworks celebration, the Seaport Concert Series on The Rooftop at Pier 17, and the Food Network New York City Wine & Food Festival presented by Invesco QQQ, which established an Invesco QQQ Festival Campus in the Seaport. Additional news items describe leasing and development activity in the neighborhood, such as agreements with Meow Wolf, Willett’s NYC, Flanker Kitchen + Sports Bar, Hidden Boot Saloon, and Cork Wine Bar, as well as plans for meeting and event space on Pier 17.
Investors and followers of SEG’s news can also expect updates on executive leadership changes, including appointments of the President and Chief Executive Officer and the Chief Financial Officer and Treasurer, as well as disclosures about material agreements like the proposed sale of the 250 Water Street mixed-use development project. This news page brings together these categories of information so readers can review Seaport Entertainment Group’s operational, financial, and strategic developments in one place.
Seaport Entertainment Group (NYSE: SEG) reported its Q4 and full-year 2024 results, marking its first period as a standalone public company following separation from Howard Hughes Holdings in July 2024. The company posted a Q4 net loss of $41.6 million ($3.63 per share) and a full-year net loss of $153.2 million ($16.82 per share).
Key developments include leasing 74,497 square feet to Meow Wolf and 13,605 square feet to GITANO NYC at Pier 17, extending Live Nation programming agreement for five years, and completing a rights offering that generated $166.8 million through issuing 7 million shares at $25.00 each.
As of December 31, 2024, SEG maintained $167.8 million in cash and equivalents with $102.4 million in consolidated debt at a 7.8% weighted-average interest rate. The company's debt structure is 40% fixed-rate and 60% floating-rate, with no significant maturities until Q3 2029.
Seaport Entertainment Group (NYSE American: SEG) has announced it will release its fourth quarter and full year 2024 operating and financial results after market close on Monday, March 10, 2025.
The company will host a conference call to present these results on Tuesday, March 11, 2025, at 8:30 AM ET. During this call, Chairman, CEO and President Anton Nikodemus and CFO Matt Partridge will address questions that investors email in advance to ir@seaportentertainment.com.
An audio webcast of the conference call will be available through the "Investors" section of SEG's website at www.seaportentertainment.com. Investors should log in ten minutes before the scheduled start time to register. A replay of the webcast will remain available on the company's website until March 25, 2025.
For those wishing to dial in directly:
- Domestic: 1-877-407-3982
- International: 1-201-493-6780
- Playback (Domestic): 1-844-512-2921
- Playback (International): 1-412-317-6671
- Passcode: 13751952
Seaport Entertainment Group (NYSE: SEG) announced two major business developments. First, the company entered into an interim license agreement and long-term lease with Grupo Gitano to open GITANO NYC, their first permanent year-round New York venue, occupying 13,605 square feet at Pier 17.
Additionally, SEG has taken steps to internalize its food and beverage operations by hiring employees from Creative Culinary Management Company (CCMC), a Jean-Georges Restaurants subsidiary, and entering into a shared services agreement. This move aims to streamline operations and enhance efficiency across most of SEG's wholly owned and joint venture-owned restaurants at the Seaport.
Seaport Entertainment Group (NYSE American: SEG) reported Q3 2024 financial results following its separation from Howard Hughes Holdings. The company posted total revenues of $39.7 million, down 1.9% from $40.5 million in Q3 2023, and a net loss of $32.5 million ($5.89 per share), improved from a $736.2 million loss year-over-year.
Key developments include completing a rights offering raising $166.7 million, signing a licensing agreement with The Dead Rabbit, and extending Live Nation programming agreement for five years. The company ended Q3 with $27.8 million in cash and equivalents, $103.4 million in consolidated debt, and a $5 million undrawn credit facility.
Seaport Entertainment Group (NYSE American: SEG) has successfully closed its $175.0 million rights offering, which was oversubscribed with total demand of 14,084,612 shares. The company is issuing 7,000,000 shares of common stock at $25.00 per share. After the offering, SEG will have approximately 12.7 million shares outstanding.
The rights offering was backstopped by Pershing Square Capital Management, which fully exercised its pro rata subscription rights and will receive additional shares through its over-subscription privilege. SEG plans to use the proceeds for general operating, working capital, and other corporate purposes.
CEO Anton Nikodemus stated, "We believe this is a strong endorsement of our strategy and high-quality portfolio." Wells Fargo Securities acted as dealer manager for the offering.
Seaport Entertainment Group (NYSE American: SEG) announced preliminary results of its $175.0 million rights offering, which expired on October 10, 2024. The offering was over-subscribed, with 4,651,166 basic subscription rights exercised to purchase 5,895,299 shares of common stock, and 6,847,032 additional shares subscribed under the over-subscription privilege. Shares will be issued at $25.00 per share.
Pershing Square Capital Management fully exercised its pro rata subscription rights and may receive additional shares through over-subscription. The company expects to distribute shares and proceeds around October 17, 2024. Final results will be filed in a Form 8-K. Wells Fargo Securities acted as dealer manager for the offering.
Seaport Entertainment Group (NYSE American: SEG) has commenced its previously announced $175.0 million rights offering to purchase up to 7,000,000 shares of its common stock. The offering gives stockholders as of September 20, 2024 (Record Date) the opportunity to subscribe for newly issued shares at $25.00 per share. Each stockholder will receive one right for each outstanding share owned, with each right entitling the holder to purchase 1.267683 shares.
The rights offering is backstopped by Pershing Square Capital Management, ensuring gross proceeds of $175.0 million. Trading of rights on NYSE American will begin on September 24, 2024, under the symbol "SEG RT". The offering will expire on October 10, 2024, unless extended. SEG plans to use the proceeds for general operating, working capital, and other corporate purposes.
Seaport Entertainment Group (NYSE American: SEG) has announced a $175 million rights offering to purchase up to 7,000,000 shares of its common stock. Stockholders as of the September 20, 2024 record date will receive transferable subscription rights to purchase shares at $25.00 per share. The offering is expected to expire on October 10, 2024.
The rights offering includes over-subscription privileges for stockholders who exercise their full basic subscription rights. Pershing Square Capital Management has agreed to backstop the offering, ensuring the full $175 million is raised. SEG plans to use the proceeds for general operating, working capital, and other corporate purposes.
Trading of the rights on NYSE American is expected to begin on a 'when-issued' basis on September 19, 2024, under the symbol 'SEG RTWI', and on a 'regular way' basis on September 24, 2024, under 'SEG RT'.
Seaport Entertainment Group Inc. (NYSE American: SEG) has completed its separation from Howard Hughes Holdings Inc. (NYSE: HHH) and is now an independent, publicly traded company. SEG's portfolio includes the historic Seaport neighborhood in Lower Manhattan, Las Vegas Ballpark, the Las Vegas Aviators baseball team, a 25% stake in Jean-Georges Restaurants, and air rights above the Fashion Show mall in Las Vegas.
Anton D. Nikodemus, an industry veteran with experience in developing premier entertainment destinations, leads SEG as President, CEO, and Chairman. The separation was accomplished through a pro rata distribution of SEG shares to Howard Hughes stockholders, with one SEG share issued for every nine Howard Hughes shares held on July 29, 2024. SEG aims to redefine the entertainment experience by leveraging its unique assets and partnerships in top-tier markets.