Seaport Entertainment Group Revenue Falls 27.4% in Q3 as Adjusted Loss Narrows

Seaport Entertainment Group's third-quarter revenue fell 27.4% year over year to $32.704 million, while its adjusted net loss narrowed as hospitality and entertainment revenue declined.

Results for the three months ended Sept. 30, released Nov. 4, showed revenue down $12.346 million from $45.050 million in the year-earlier quarter. The unaudited non-GAAP adjusted net loss attributable to common stockholders narrowed to $3.012 million, or $0.23 per share, from $7.218 million, or $0.57 per share.

On a GAAP basis, the net loss attributable to common stockholders was $8.376 million, or $0.65 per share. The comparable per-share loss a year earlier was $2.61.

Hospitality revenue fell 52% to $7.889 million. The hospitality downturn followed the Tin Building by Jean-Georges’ February shutdown and the closure of Malibu Farms. Openings of Sadie's and Sadie's Garden Bar partly offset the drop.

Entertainment revenue fell 11% to $19.696 million as the segment had a lighter concert schedule at The Rooftop at Pier 17, heat-related effects on the Aviators and fewer Las Vegas Ballpark special events.

“Despite weather-related headwinds in Las Vegas and New York City, we delivered positive operating EBITDA for the second consecutive quarter,” said Matt Partridge, Seaport Entertainment Group president and CEO.