Seaport Entertainment owns and operates a portfolio of entertainment, hospitality, and real estate assets across two core markets: Lower Manhattan and Las Vegas. The company was spun out of Howard Hughes Holdings in July 2024. Its two primary assets are The Seaport in New York City — a roughly 480,000 sq ft historic neighborhood on the East River anchored by Pier 17, which houses a 3,500-capacity rooftop concert venue, restaurants, and entertainment tenants — and the Las Vegas Aviators, a Triple-A Minor League Baseball team, along with their 10,000-capacity ballpark in Summerlin, Nevada. Beyond these, Seaport holds a 25% minority stake in Jean-Georges Restaurants, a global fine dining business with over 40 concepts, and the rights to develop air rights above the Fashion Show mall on the Las Vegas Strip. Seaport's revenues come from three streams: tenant rent from restaurants, retailers, and entertainment operators at its properties; direct operating revenues from its hospitality venues and the Aviators (ticket sales, concessions, sponsorships); and event and sponsorship income tied to its venues. The business is highly seasonal, with activity concentrated May through October. Seaport is pre-profitability and is focused on leasing up vacant Seaport space, transitioning the Tin Building to a landlord model, and growing non-baseball events at the Las Vegas Ballpark. Management is targeting breakeven in 2026 and profitability in 2027.