Salt Lake County OKs selling part of Salt Palace Convention Center
Zoom in: The sale involved approximately 6.5 acres of county-owned land located around 55 South and 300 West.
Follow the money: It is expected to improve the Delta Center by doubling the number of events hosted there, which could boost annual sales to more than $400 million by 2034, according to a resolution that included details of the sale.
The deal is expected to bring in approximately $4.9 million in property tax revenue annually once it's developed.
It will also provide funding to the county to help pay for a $1.5 billion renovation for the convention center. Upgrades will include adding a second ballroom and enhancing meeting and exhibit space.
What they're saying: "While this is an amazing investment in our capital city, the impact will ripple deeply across not just the city, but the entire county, state and the region as a whole," SEG executive Mike Maughan told the council ahead of the vote.
State of play: The redevelopment aims to connect key downtown destinations, including the Delta Center, convention center, Abravanel Hall, Temple Square, City Creek Center, Eccles Theater and 2034 Winter Games venues.
"Linking these assets for visitors and businesses prepares the county to host major national and international events more effectively and generate additional revenue from visitors," per the resolution.
The other side: Japantown, as well as the Salt Lake Buddhist Temple and the Japanese Church of Christ.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
5 hours ago
- Associated Press
SEG Announces 2025 Interim Results
Achieving Milestones in Operations and Expanding Overseas Markets HONG KONG, HK / ACCESS Newswire / August 17, 2025 / SINOPEC Engineering (Group) Co., Ltd. ('SEG' or the 'Company', together with its subsidiaries collectively known as the 'Group') (stock code:2386) today announces its interim results for the six months ended 30 June 2025 (the 'Reporting Period'). During the Reporting Period, the Board, the management, and all employees worked in unity in optimizing existing assets, seeking growth, strengthening foundations, and managing risks. We fully optimized production and operations. With steadfast commitment to high quality development to counter external uncertainties, we achieved a series of new progress and accomplishments. First, we upheld our positioning of 'technological innovation plus engineering services', enhancing our value creation capabilities in engineering services, technological innovation, and capital operations, with business performance growing for three consecutive years. During the Reporting Period, the Group's ongoing projects progressed steadily, generating revenue of RMB 31.559 billion, up 10.1% year on year. With synergistic advantages in engineering, technology, and capital, the Group achieved a net profit of RMB 1.388 billion, up 4.8% year on year. During the Reporting Period, the Group continued driving technological innovation, with newly signed technology development, licensing, and transformation contracts reaching RMB 720 million, steadily enhancing our research profitability. Our technology driven advantages led to steady growth and rising share in front-end and EPC businesses. This improved revenue structure has enabled the Company to maintain strong profitability and resilience amid intense market competition. Second, we adhered to the 'customer-centric' philosophy, building a competitive edge through 'high level front end engineering capabilities plus optimal cost project execution capabilities', achieving growth both in scale and quality of market development. During the Reporting Period, the Group signed EPC contracts for large scale domestic and overseas projects including the Sinopec Maoming Refinery Transformation and Ethylene Quality Enhancement Project and the Hassi Messaoud Refinery in Algeria, with newly secured contract value hitting a record high for the period, up 42.1% year on year to RMB 71.158 billion. Our order structure continued to improve, with front end, design, and EPC contracts accounting for 80% of new orders, further strengthening the foundation for high quality growth. During the Reporting Period, the Group's overseas orders maintained rapid growth, with new contracts reaching USD 4.3 billion, a robust year-on-year increase of 82.7%, accounting for 43.5% of the total value of newly signed contracts. The Group's front end capabilities have gained broader recognition in international markets. During the Reporting Period, the Group signed the FEED contract for the ADNOC NGL-5 Natural Gas Condensate Processing Project in the UAE, and in July 2025 signed a FEED+convertible EPC contract for the ACWA Yanbu large-scale green hydrogen project in Saudi Arabia. Third, we remained committed to the principle of 'investor‑oriented governance', focusing on capital market concerns, enhancing corporate governance, and driving value realization, with continued improvements in the quality of our listed company status. During the Reporting Period, the Group advanced its 'Green and Clean' strategy by establishing Sinopec Environmental Technology Co., Ltd., a specialized platform for environmental management with a view to capture the trillion-RMB markets and contribute to protecting clear waters, blue skies, and clean soil. The Group's Wind ESG rating was elevated to AA, maintaining the highest level in the industry; and we won the '2024 Best ESG Practice Award' among Chinese listed companies from Wind. The Group's ESG case was also selected for the demonstration list by the Ministry of Ecology and Environment. The Board attaches great importance on shareholder returns, and shares the Company's high‑quality development results through ongoing 'share buyback + cash dividend' programs. Considering profitability, shareholder returns, and sustainable development needs in the future of the Company, the Board resolved to distribute an interim dividend of RMB 0.160 per share. The payout amount set new records since the Company's listing. Chairman of SEG, Mr. JIANG Dejun said: 'as the 14th Five-Year Plan draws to a close, the Board will lead all employees in firmly upholding the six fundamental principles of 'quality, safety, environmental protection, compliance, stability, and integrity'. We will strengthen comprehensive risk prevention and control, and strive to improve operational performance and value creation, and ensure a decisive victory in concluding the 14th Five-Year Plan. The Company has achieved remarkable results in high-quality development since the start of the 14th Five-Year Plan, and its image as 'industry leader in the engineering industry and a top performer in the capital market' has become increasingly prominent. Currently, we are actively formulating the 15th Five-Year Plan. With a global vision, we are building an internationalized operation as a new growth engine for the Company's high-quality development; building an overseas operating model that integrates 'global rules with Chinese efficiency"; enchancing dual strengths in 'technology + front-end engineering' and 'cost-efficient project execution"; taking concrete measures to prevent major risks, and striving to ensure that overseas projects can be acquired, executed well, and deliver real benefits. We will look to the future and actively lead the industrialization of the engineering and construction industry, empowering the industry through 'integrated collaboration, technological innovation, digital transformation, intelligent manufacturing, green and low-carbon development' to pave way for high-quality growth in refining and chemical engineering. Guided by the principles of 'product excellence, brand distinction, innovation leadership, and modern governance', we will plan scientifically for the future, build a solid foundation for growth, accelerate our progress toward becoming a world class enterprise, and deliver superior returns to shareholders, contribute to society, and benefit our employees.' Business Review and Highlights Quantitative and qualitative increase in market development During the Reporting Period, the value of new contracts signed by the Group was RMB71.158 billion, hitting a new record high for the same period, representing a year-on-year increase of 42.1%. Among which, the value of newly signed domestic contracts was approximately RMB40.182 billion, representing a year-on-year increase of 21.3%; the value of newly signed overseas contracts was approximately USD4.302 billion, representing a year-on-year increase of 82.7%. In the domestic market, the Group continued to maintain overall competitiveness to continuously expand strategic emerging business such as new technologies, new materials and new energy while enhancing its core advantages in traditional businesses. During the Reporting Period, the representative newly signed domestic contracts included the EPC contract for the Maoming Ethylene Project with a total contract value of approximately RMB11.631 billion; the EPC contract for certain supporting refining units of Sinopec Luoyang Million-ton Ethylene Project (the 'Luoyang Ethylene Project') with a total contract value of approximately RMB3.291 billion; the EPC contract for Sinopec Jiujiang 1.5 Million-ton/Year Aromatics and Refining Supporting Renovation Project (the 'Jiujiang Aromatics Project') with a total contract value of approximately RMB1.961 billion; and the EPC contract for the MTO and olefin separation unit of China Energy Shenhua Baotou Coal-to-Olefin Upgrading Demonstration Project (the"Shenhua Baotou MTO') with a total contract value of approximately RMB1.697 billion. During the Reporting Period, the Group signed 197 new contracts in the emerging business fields with the value of approximately RMB7 billion. Among them, 35 contracts were awarded in the clean energy/new energy fields, with the value of new contracts of approximately RMB1.6 billion; 162 contracts were awarded in the emerging fields such as new materials, new technologies, energy conservation and environmental protection, with the value of new contracts of approximately RMB5.4 billion. In the overseas market, the Group strengthened the alliance with international peers and enhanced high-level mutual visits and promotional exchanges with strategic clients, thereby continuously expanding and optimizing our overseas market development. During the Reporting Period, the representative newly signed overseas contracts included the FEED + convertible EPC contract for the UAE NGL Project; contract for the feasibility study of the project regarding the production of aviation fuels from biomass using gasification in Vietnam; the EPC contract for the Hassi Refinery Project in Algeria with a contract value of approximately USD2.058 billion; and the EPC contract for the polyethylene and utilities project of the Silleno Petrochemical Complex Project in Kazakhstan (the 'Kazakhstan Silleno PE & UIO Project') with a contract value of approximately USD1.902 billion. Steady progress in the construction of key projects Continuous progress in technology innovation During the Reporting Period, leveraging our strengths in project integration, innovation, and engineering transformation, the Group continuously expanded open cooperation in science and technology innovation. We organized targeted technical exchanges with relevant institutes of the Chinese Academy of Sciences, Tsinghua University, Beijing University of Chemical Technology, and other universities, and deepened cooperation in areas such as carbonyl synthesis, green chemistry, energy conservation and carbon emission reduction, and CCUS. We also explored technology development and collaboration with companies such as NEXANT, SABIC, and TR, advancing the global reach of our technologies. After the Reporting Period, we successfully hosted the 12th World Congress of Chemical Engineering and the 21st Asia Pacific Confederation of Chemical Engineering Congress, Sub Forum 12 on 'Process Industry Innovation and Process Systems Engineering Reinvention'. The meeting focused on intelligent manufacturing, digital enablement, and green and low carbon development, attracting nearly 200 global experts, scholars, corporate representatives, and industry leaders for knowledge exchange and joint exploration of new paths for technological innovation and high quality growth in the industry. During the Reporting Period, the Group focused its efforts on key core technologies, including (1) Sinopec Tianjin's 150,000 tons/year ALL-PE package technology development and industrial demonstration application plan is progressing. This series of high performance polyethylene products have the characteristics of high strength, wear resistance, corrosion resistance and good biocompatibility, and have huge market potential especially in high-end medical materials and new energy materials. (2) Sinopec Hainan's 60,000t/year PBST biodegradable material industrialization technology development and demonstration project has successfully produced qualified PBST products. Its products are of great significance to solve global white pollution and promote green and low-carbon development. (3) Sinopec Maoming's 50,000 tons/year polyolefin elastomer (POE) industrial demonstration project has been successfully launched and qualified products have been produced. It has provided high-performance material solutions for the fields of new energy, automobiles and electronics. (4) The project 'Research on the Application of Flux-Cored Wires in Petrochemical Carbon Steel Pipes' has successfully passed the acceptance check, improving construction efficiency and quality. During the Reporting Period, the Group signed 187 new technology development contracts of various types with a total contract value of RMB469 million, and 38 new technology licensing and technology transformation contracts with a total contract value of RMB251 million. During the Reporting Period, the Group filed 356 new patent applications, of which 71.9% were invention patents; and 103 newly licensed patents, of which 44.7% were invention patents. As at the end of the Reporting Period, the Group had 4,555 valid patents, of which 52% were invention patents. The quality of patents was consistently optimized. During the Reporting Period, the Group received a total of 34 science and technology progress awards in scientific and technical innovation and engineering construction fields at the provincial and ministerial or above level. The Group also received seven provincial and ministerial-level quality engineering awards. Leading new industrialization in the engineering and construction industry The Group develops new quality productivity and builds its core competitiveness around innovation and practicality. Artificial intelligence applications During the Reporting Period, the Group continued to explore innovative applications of 'AI for Science, AI for Design, AI for Engineering, AI for Construction and AI for Operation'. We have conducted a number of research projects on AI, including in the field of design, building knowledge graphs to enhance design efficiency, exploring the transition from traditional to generative design, and in the field of construction, applying AI to optimize whole lifecycle engineering plans, shorten iteration cycles, improve scheduling, and boost overall construction efficiency. We organized research on smart design special projects in 13 key areas, including ethylene devices and HAZOP process safety, and formed professional models in various scenarios, such as design smart review, smart process safety analysis, and structural smart design. During the Reporting Period, the Group has already achieved key milestones in areas such as plant wide process optimization, intelligent drawing review, 3D model verification, and smart piping design. Advanced automation technology and robot substitution During the Reporting Period, the Group promoted advanced equipment and steadily shifted from conventional construction methods to a model characterized by 'standardized lean design, factory based manufacturing, and modular installation'. We are strengthening integrated capabilities across collaborative design, supply chain management, constructability studies, and project interface management, thereby enhancing quality and value creation across the industrial chain. Through digital and intelligent enablement, including the deployment of 'machine OEM' smart equipment and automated production lines, we are transforming production organization, improving construction efficiency, and enhancing safety performance. We are advancing intelligent operations and maintenance, extending the scope and depth of digital plant delivery, developing a 'digital twin' O&M platform, and piloting remote technical and intelligent support service centers for process operations. During the Reporting Period, the Group continued to promote the research and development and application of high-efficiency automation technology such as automatic welding robots, intelligent equipment for intelligent welding demonstration production lines, remote control construction machinery and industrial robots, so as to effectively reduce costs and improve efficiency. During the Reporting Period, the Group continued to build the Efficient Automation Technology System and compiled a list of 86 high-efficiency construction equipment applications; prepared the Application Guide for Engineering Construction Intelligent Equipment, introducing 8 application equipment for welding, commissioning, inspection and measurement scenarios, 12 application equipment for supply chain intelligent management, intelligent engineering, green and low-carbon development and factory-based manufacturing scenarios, as well as intelligent equipment for special scenarios such as inspection and repair, demolition and nondestructive testing. Informatization management and digital application During the Reporting Period, the Group continued to optimize and integrate its corporate management systems and management processes, and promoted the data integration and the upgrading of integrated platforms for project management, construction management, intelligent construction sites and operation management businesses in accordance with the information application framework 2.0. The Group empowered supply chain collaboration through digital technology to develop intelligent supply chain management capabilities throughout the project life cycle, and implemented intelligent management of human resources, machinery and equipment, materials and other resources on construction sites, and formed standard procedures and intelligent management measures for the construction processes such as organization, operation, progress, quality and safety, to create standardized intelligent construction sites. Maintaining a good performance of QHSE During the Reporting Period, the Group had 1,770 on-going domestic and overseas projects with over 100,000 on-site employees on average per day. As at the end of the Reporting Period, the cumulative safety labor hours were RMB165 million with no safety, quality or environmental protection incidents reported, achieving the goal of safe, high-quality and clean production. During the Reporting Period, the Group comprehensively promoted the establishment of the work safety standardization team, continuously required three types of key management personnel including group leaders, team leaders and subcontractors to provide services with certification, and completed the training covering all the strategic subcontractors. The special evaluation and inspections on the design of pressure vessels and pressure pipelines were carried out to reduce the HSE risks from the source. The Group developed and established an operation supervision platform for 'major hazardous projects' which adopts three-level control and whole-process informatization dynamic monitoring and establishes a problem database in the refining and chemical engineering segment. Focusing on the four major goals of carbon reduction, pollution reduction, efficiency improvement and green development, the Group initiated the second stage of green enterprise action for energy conservation and emission reduction at the design source, and comprehensively promoted green construction. Business Prospects The Group has set its target for market development of RMB63 billion for domestic market and USD5 billion for overseas market at the beginning of the year. Looking forward to the second half of the year, the Company will fully implement the work requirements of the Board, focus on tasks related to production and operation as well as reform and management, make every effort to achieve the annual production and operation targets. In the second half of the year, the Group will focus on the following tasks: Firstly, the Group will adjust the structure to create new growth and strengthen market development with greater efforts. Domestically, the Group will seize market opportunities and focus on tracking services and development of key projects to strengthen our traditional advantages in petroleum chemical, coal chemical, and natural gas markets; actively explore new fields such as high-end carbon materials, sustainable aviation fuel, green hydrogen, green ammonia, and green methanol to foster new growth engines. The Group will accelerate its expansion into new markets, expand its customer base and make every effort to explore new opportunities in the market. Internationally, the Group will increase exchanges and cooperation with international energy licensors, high-quality strategic clients and engineering service peers. The Group will firmly pursue high-quality development in high-end and front-end businesses, extend to the front end of the engineering services value chain, focus on consulting, FEED, detailed design, and procurement, with construction-end businesses as supplements, so as to enhance the technological content and efficiency of engineering services. The Group will continue to deepen its development in traditional advantageous markets such as the Middle East, Central Asia and North Africa, while increasing its efforts in exploring emerging markets. Building on the advantages in traditional refining and chemical products, the Group will expand into new energy business such as green hydrogen, blue ammonia, green ammonia and circular economy. Secondly, the Group will strengthen project management to promote the improvement of profitability. The Group will give full play to the advantages of an integrated whole industry chain, optimize the whole process of project management, and enhance the profitability of the entire chain of engineering construction. The Group will accelerate the promotion and application of research results such as design optimization and constructability, accelerate the application of advanced automation technology of 'replacing labor with machines', and promote the construction of low-cost centers in the Middle East. The Group will continue to improve its contract performance capabilities, strengthen the risks identification and management in the whole process of projects, and further improve the management of schedule, revenue and cost planning, as well as contract modification and process settlement. By deepening the construction of QHSE management system, the Group strives to promote the efficiency of the management system, thereby laying a solid foundation for safe, environmentally friendly and green development. Thirdly, the Group will adhere to an innovation-driven strategy and enhance the leading and driving role of research and development. The Group will leverage its advantages in the whole industry chain, technology, talents and capital to accelerate the deployment of technologies in new areas. Through strengthening open cooperation in scientific and technological innovation, effectively organizing the sourcing of technology with scientific research institutes and universities, the Group will accelerate the development of scientific and technological innovations and transformation and deepen technological cooperation with internationally renowned patent holders and engineering companies. The Group will accelerate the deployment of AI intelligent design, actively utilize digital technologies to upgrade traditional industries while deploying its resources in future industries. The marketing and promotion of the Group's technologies will be further strengthened, so as to continuously enhance the reputation and influence of the Group's technologies. Summary of Financial Data and Indicators Prepared in Accordance with International Financial Reporting Standards ('IFRS') ~ End ~ This press release is issued by PRChina Limited on behalf of SINOPEC Engineering (Group) Co., Ltd. About SINOPEC Engineering (Group) Co., Ltd. The Group is a leading energy and chemical engineering company in the PRC with strong international competitiveness and can provide domestic and overseas clients with overall solutions for petrol refining, petrochemicals, aromatics, coal chemicals, inorganic chemicals, pharmaceutical chemicals, clean energy, storage and transportation facilities, environmental protection and energy saving, among other industry sectors. The Group is an integrated service provider for the whole industry chain and the whole life cycle in energy and chemical industry and can provide overall industry chain services including engineering consulting, technology licensing, project management contracting, financing assistance, EPC (engineering, procurement and construction) contracting, as well as design, procurement, construction and installation, lifting and transportation of large equipment, precommissioning and start-up. After nearly 70 years of continuous development, the Group currently has an academician of the Chinese Academy of Sciences, three academicians of the Chinese Academy of Engineering and more than10,000 professionals. The Group has rich project management and implementation experience, and owns and cooperatively owns patents and know-how in core business areas. The Group has delivered on schedule hundreds of modern factories with enormous investment, complicated process, advanced technology and high quality to clients in more than 20 countries and regions around the world, established long-term and steady cooperative relationships with large energy and chemical enterprises at home and abroad, maintained an extensive and stable client base, and enjoys remarkable industrial influence and social reputation. In the future, adhering to the development orientation of 'Integrated Service Provider with Whole Industry Chain and Whole Life Cycle in Energy and Chemical Industry', the Group will base itself on the energy and chemical engineering construction industry, continuously broaden its business scope and extend its value chain. The Group take 'Engineering Innovation' and 'Value Creation' as the development engines and deepen the implementation of the six development strategies of 'Value-Oriented, Innovation-Driven, Green & Clean, Talent-Based, Globalization-Targeted, Fusion & Symbiosis'. The Group comprehensively improve the level of safe, efficient, green and low carbon service in the business chain, and fuel a new momentum in achieving the corporate vision of 'building the world's leading technology-oriented engineering company'. Disclaimer This press release includes 'forward-looking statements'. All statements, other than statements of historical facts that address activities, events or developments that the Group expects or anticipates will or may occur in the future (including but not limited to projections, targets, other estimates and business plans) are forward-looking statements. The Group's actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to the price fluctuation, possible changes in actual demand, foreign exchange rate, market shares, competition, environmental risks, possible changes to laws, finance and regulations, conditions of the global economy and financial markets, political risks, possible delay of projects, government approval of projects, cost estimates and other factors beyond the Group's control. In addition, the Group makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements. Investor and Media Enquiries: SINOPEC Engineering (Group) Co., Ltd. - Office of the Board Liu Jingjing / Zheng Zhexia Tel: (86) 10 5673 0523 / (86) 10 5673 0525 Email: [email protected] PRChina Limited David Shiu / Rachel Chen Tel: (852) 2522 1838 / (852) 2522 1368 Fax: (852) 2521 9955 Email: [email protected] File: [Press Release] SEG Announces 2025 Interim Results SOURCE: SINOPEC Engineering (Group) Co., Ltd. press release
Yahoo
4 days ago
- Yahoo
Seaport Entertainment Group Inc. (SEG) Begins Trading on New York Stock Exchange
Seaport Entertainment Group Inc. (NYSE:SEG) is included in our list of the Bill Ackman Stock Portfolio: Top 10 Stock Picks. A bustling business center with a skyline of buildings behind it, representing the company's success in the real estate sector. Following its approval to uplist from the NYSE American, Seaport Entertainment Group Inc. (NYSE:SEG)'s shares began trading on the New York Stock Exchange on June 30, 2025. The company's management expressed excitement as the move positions it to reach a wider investor base and drive long-term shareholder value. This follows Seaport Entertainment Group Inc. (NYSE:SEG)'s Q1 2025 earnings call, where the company's management laid out its future strategic roadmap. SEG expects to hit breakeven by 2026, profitability in 2027, and asset stabilization by 2028. This future growth is attributed to drivers such as the enhancement of the Tin Building experience with Jean-Georges, the activation of vacancies across the Seaport district, monetization of underperforming assets like 205 Water Street, and expansion of event utilization at the Las Vegas Ballpark. Therefore, Seaport Entertainment Group Inc. (NYSE:SEG)'s NYSE debut signals both recognition of its past growth and confidence in its future outlook. Seaport Entertainment Group Inc. (NYSE:SEG), a leading entertainment and hospitality company, develops and operates integrated real estate destinations. Bill Ackman has bought 5.02 million shares of Seaport Entertainment Group Inc. (NYSE:SEG) as of Q1 2025. While we acknowledge the potential of SEG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 12 Cheap Value Stocks to Buy Now According to Warren Buffett and 7 Best Potash Stocks to Buy According to Analysts. Disclosure: None. Sign in to access your portfolio
Yahoo
6 days ago
- Yahoo
Seaport Entertainment Group Reports Second Quarter 2025 Results
NEW YORK, August 11, 2025--(BUSINESS WIRE)--Seaport Entertainment Group Inc. (NYSE: SEG) ("Seaport Entertainment Group," "SEG", "we," "our," or the "Company") announced today its operating and financial results for the quarter ended June 30, 2025. "In just our first year as a standalone publicly traded company, we've made tremendous progress in establishing a strong foundation for success and future growth. I'm proud of our team's relentless focus and execution as we create unforgettable experiences for our guests at the Seaport and Las Vegas Ballpark," said Anton Nikodemus, Chairman, President and Chief Executive Officer of Seaport Entertainment Group. "I'm optimistic that the year-over-year gains we achieved in the second quarter across all lines of business will carry into the third quarter, fueled by the strength of the Seaport Concert Series on The Rooftop at Pier 17, continued diversification and optimization of our hospitality offerings, execution of our broader real estate strategy at the Seaport, and the Las Vegas Aviators' push for a September playoff run. Our progress is building, our opportunities are growing, and we believe we are on track to deliver long-term value for our stakeholders." Select Second Quarter 2025 Results Net Loss of ($14.8) million, or ($1.16) per basic and diluted share attributable to common stockholders. Non-GAAP Adjusted Net Loss Attributable to Common Stockholders of ($7.4) million, or ($0.58) per basic and diluted share. Announced the exploration of strategic alternatives for the Company's 250 Water Street development site. Signed a 4,478 square foot long-term lease with Willett's NYC, a café, tavern, and whiskey and cocktail bar reminiscent of "Old New York," and a 1,442 square foot long-term lease with Cork Wine Bar, both in the historic Cobblestones area of the Seaport neighborhood. Nike exercised an early termination right related to their office space at Pier 17. As part of the termination agreement, the Company received half of the termination payment in Q2 2025, with the remaining balance of the termination payment due at the end of the revised lease term in 2027. Completed the Company's corporate restructuring in partnership with Jean-Georges Restaurants, collapsing the Tin Building joint venture and various management agreement structures, while converting the Tin Building by Jean-Georges and The Fulton management agreements into new Jean-Georges Restaurants license agreements. Uplisted to the NYSE from the NYSE American and added to the Russell 2000 Index and Russell Microcap Index. Select Year-to-Date 2025 Results Net Loss of ($46.7) million, or ($3.68) per basic and diluted share attributable to common stockholders. Non-GAAP Adjusted Net Loss Attributable to Common Stockholders of ($30.2) million, or ($2.38) per basic and diluted share. Hired and onboarded employees of Creative Culinary Management Company LLC ("CCMC"), an indirect wholly owned subsidiary of Jean-Georges Restaurants, to internalize food and beverage operations at most of the Company's wholly owned and joint venture-owned restaurants in the Seaport. Leased, programmed, or established development plans for approximately 98,900 square feet of space within the Seaport neighborhood, including signed leases with Meow Wolf, Willett's NYC, and Cork Wine Bar, and the planned development of meeting and event space on the fourth floor of Pier 17. Announced the Seaport neighborhood as the host location for the New York City Wine & Food Festival in October 2025 with Chef Jean-Georges Vongerichten serving as Culinary Host for the event. Hosted the Macy's 4th of July Fireworks® at the Seaport neighborhood. Quarterly Results The table below provides a summary of the Company's unaudited consolidated and combined operating and financial results for the three months ended June 30, 2025 and June 30, 2024: For the Three Months EndedJune 30, 2025 For the Three Months EndedJune 30, 2024 Varianceto ComparablePeriod in Prior Year Total revenues1 $ 39,801 $ 33,670 $ 6,131 18.2% Net loss $ (14,424) $ (34,997) $ 20,573 58.8% Net loss attributable to common stockholders $ (14,774) $ (34,997) $ 20,223 57.8% Net loss attributable to common stockholders per share $ (1.16) $ (6.34) $ 5.17 81.6% Non-GAAP Adjusted Net Loss Attributable to Common Stockholders2 $ (7,415) $ (28,384) $ 20,969 73.9% Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share2 $ (0.58) $ (5.14) $ 4.56 88.6% Note: $ in thousands, except per share data. 1 Period-over-period total revenues comparability was impacted by the consolidation of the Tin Building by Jean-Georges as of January 1, 2025. In 2024, the Tin Building by Jean-Georges was an unconsolidated joint venture accounted for under the equity method in equity in earnings (losses) from unconsolidated ventures within our Statements of Operations. 2 See the "Non-GAAP Financial Measures" section and tables at the end of this press release for a discussion and reconciliation of net loss attributable to the common stockholders to non-GAAP financial measures, including Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share. Year-to-Date Results The table below provides a summary of the Company's unaudited consolidated and combined operating and financial results for the six months ended June 30, 2025 and June 30, 2024: For the SixMonths EndedJune 30, 2025 For the SixMonths EndedJune 30, 2024 Varianceto ComparablePeriod in Prior Year Total revenues1 $ 55,870 $ 48,181 $ 7,689 16.0% Net loss $ (45,962) $ (79,075) $ 33,113 41.9% Net loss attributable to common stockholders $ (46,662) $ (79,075) $ 32,413 41.0% Net loss attributable to common stockholders per share $ (3.68) $ (14.32) $ 10.64 74.3% Non-GAAP Adjusted Net Loss Attributable to Common Stockholders2 $ (30,173) $ (63,028) $ 32,855 52.1% Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share2 $ (2.38) $ (11.41) $ 9.03 79.2% Note: $ in thousands, except per share data. 1 Period-over-period total revenues comparability was impacted by the consolidation of the Tin Building by Jean-Georges as of January 1, 2025. In 2024, the Tin Building by Jean-Georges was an unconsolidated joint venture accounted for under the equity method in equity in earnings (losses) from unconsolidated ventures within our Statements of Operations. 2 See the "Non-GAAP Financial Measures" section and tables at the end of this press release for a discussion and reconciliation of net loss attributable to the common stockholders to non-GAAP financial measures, including Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share. Balance Sheet As of June 30, 2025, the Company had $125.4 million in cash, cash equivalents and restricted cash and $101.4 million of consolidated debt outstanding at an effective weighted-average interest rate of 7.3%. As of June 30, 2025, 40% of consolidated debt was fixed at a weighted-average interest rate of 4.9% and the remaining 60% of the Company's consolidated debt was floating at a weighted-average interest rate of 11.3% before the effects of the Company's total return swap, which reduces the effective rate of the floating rate debt to 8.8%. Additionally, 100% of the Company's outstanding debt is asset-specific, secured debt, and the weighted-average maturity of the Company's consolidated debt is approximately 7.7 years. The Company has no meaningful debt maturities until Q3 2029. Investor Conference Call and Webcast The Company will host a conference call to present its second quarter 2025 results on Tuesday, August 12, 2025, at 8:30 AM ET. During the call Chairman, President and CEO Anton Nikodemus and CFO Matt Partridge will address questions e‐mailed in advance by investors to: ir@ An audio webcast of the conference call will be available through the "Investors" section of the Company's website at Please log in ten minutes prior to the scheduled start time to register. A replay of the audio webcast will be available on the Company's website shortly after the conclusion of the call until August 26, 2025. To dial into the Telephone Conference Call: Domestic: 1-877-407-3982International: 1-201-493-6780 Conference Call Playback: Domestic: 1-844-512-2921International: 1-412-317-6671Passcode: 13753917 About Seaport Entertainment Group Seaport Entertainment Group (NYSE: SEG) is a premier entertainment and hospitality company formed to own, operate, and develop a unique collection of assets positioned at the intersection of entertainment and real estate. Seaport Entertainment Group's focus is to deliver unparalleled experiences through a combination of restaurant, entertainment, sports, retail and hospitality offerings integrated into one-of-a-kind real estate that redefine entertainment and hospitality. For more information, please visit Safe Harbor and Forward-Looking Statements This press release includes forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include, but are not limited to, statements concerning the Company's plans, goals, objectives, outlook, expectations, and intentions. Forward-looking statements are based on the Company's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause the Company's results to differ materially from current expectations include, but are not limited to: risks related to our recent separation from, and relationship with, Howard Hughes; risks related to macroeconomic conditions; risks related to the impact of tariffs and global trade disruptions on us and our tenants, including the impact on inflation, interest rates, supply chains and consumer sentiment and spending; changes in discretionary consumer spending patterns or consumer tastes or preferences; risks associated with the Company's investments in real estate assets and trends in the real estate industry; the Company's ability to obtain operating and development capital on favorable terms, or at all; the availability of debt and equity capital; the Company's ability to renew its leases or re-lease available space; the Company's ability to compete effectively; the Company's ability to successfully identify, acquire, develop, and manage properties on terms that are favorable to it; the impact of uncertainty around, and disruptions to, the Company's supply chain; risks related to the concentration of the Company's properties and operations in Manhattan and the Las Vegas area; extreme weather conditions or climate change that may cause property damage or interrupt business; the impact of water and electricity shortages on the Company's business; the contamination of the Company's properties by hazardous or toxic substances; catastrophic events or geopolitical conditions that may disrupt the Company's business; actual or threatened terrorist activity and other acts of violence, or the perception of a heightened threat of such events; losses that are not insured or that excess the applicable insurance limits; risks related to the disruption or failure of information technology networks and related systems – both ours and those operated and managed by third parties; regulatory and legal requirements applicable to our assets; the Company's ability to attract and retain key personnel; the Company's inability to control certain properties due to the joint ownership of such property and inability to successfully attract desirable strategic partners, including joint venture partners; risks related to the concentration of ownership of our common stock by Pershing Square; and the other factors detailed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Forward-looking statements speak only as of the date of this press release. The Company is under no obligation to publicly update or revise and forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Non-GAAP Financial Measures Our reported results are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We also disclose Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share, each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they provide a meaningful supplement to the Company's operating performance and period-over-period changes without regard to certain potential distortions or certain non-cash items. Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements. Accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. To derive Non-GAAP Adjusted Net Loss Attributable to Common Stockholders, GAAP net income (loss) attributable to common stockholders is adjusted to exclude depreciation and amortization, as well as gains and losses from the sale of assets, gains or losses on extinguishment of debt, and provision for impairment, and these adjustments include the pro rata share of such adjustments of unconsolidated subsidiaries. Additionally, adjustments are made for non-cash revenues and expenses such as straight-line rental revenue and expenses, amortization of above- and below-market lease related intangibles, and non-cash compensation; other non-recurring items such as termination fees, corporate restructuring costs incurred since separating from Howard Hughes, and legal settlements; and certain capitalized items such as capitalized interest. Please see the reconciliation table provided in this press release for a reconciliation of Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share to the most directly comparable GAAP measures of net income (loss). Availability of Information on SEG's Website and Social Media Channels Investors and others should note that SEG routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the SEG Investor Relations website. The Company uses these channels as well as social media channels (e.g., LinkedIn as a means of disclosing information about the Company's business to our customers, employees, investors, and the public. While not all of the information that the Company posts to the SEG Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in SEG to review the information that it shares through its website and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Email Alerts" in the "Resources" section of the SEG Investor Relations website at The contents of these websites are not incorporated by reference into this press release or any report or document SEG files with the SEC, and any references to the websites are intended to be inactive textual references only. Seaport Entertainment Group Consolidated Balance Sheets (in thousands, except par value amounts) (Unaudited) June30, 2025 December31, 2024 ASSETS Buildings and equipment $ 543,089 $ 522,667 Less: accumulated depreciation (220,627) (215,484) Land 9,497 9,497 Developments 148,096 146,461 Net investment in real estate 480,055 463,141 Investments in unconsolidated ventures 17,832 28,326 Cash and cash equivalents 123,276 165,667 Restricted cash 2,087 2,178 Accounts receivable, net 8,399 5,246 Deferred expenses, net 4,343 4,515 Operating lease right-of-use assets, net 45,949 38,682 Other assets, net 35,285 35,801 Total assets $ 717,226 $ 743,556 LIABILITIES Mortgages payable, net $ 100,632 $ 101,593 Operating lease obligations 55,787 47,470 Accounts payable and other liabilities 33,002 23,111 Total liabilities 189,421 172,174 EQUITY Preferred stock, $0.01 par value, 20,000 shares authorized, none issued or outstanding — — Common stock, $0.01 par value, 480,000 shares authorized, 12,698 issued and outstanding as of June 30, 2025, and 12,708 issued and outstanding issued or outstanding as of December 31, 2024 127 127 Additional paid in capital 616,100 613,015 Accumulated deficit (98,322) (51,660) Total Stockholders' equity 517,905 561,482 Noncontrolling interest in subsidiary 9,900 9,900 Total equity 527,805 571,382 Total liabilities and equity $ 717,226 $ 743,556 Seaport Entertainment Group Consolidated and Combined Statements of Operations (in thousands, except per share amounts) (Unaudited) Three months endedJune 30, Six months endedJune 30, 2025 2024 2025 2024 REVENUES Hospitality revenue $ 15,177 $ 9,053 $ 22,912 $ 13,130 Entertainment revenue 19,908 17,153 24,117 20,717 Rental revenue 4,232 6,814 8,021 13,351 Other revenue 484 650 820 983 Total revenues 39,801 33,670 55,870 48,181 EXPENSES Hospitality costs 17,845 9,693 33,587 15,961 Entertainment costs 15,281 14,925 22,358 21,306 Operating costs 7,684 10,375 15,763 18,938 General and administrative 8,291 18,613 18,073 35,167 Depreciation and amortization 6,581 5,333 14,672 13,407 Total expenses 55,682 58,939 104,453 104,779 OTHER Other income (loss), net (126 ) (91 ) (126 ) (83 ) Total other (126 ) (91 ) (126 ) (83 ) Operating income (loss) (16,007 ) (25,360 ) (48,709 ) (56,681 ) Interest income (expense) 801 (3,210 ) 1,795 (5,756 ) Equity earnings (losses) from unconsolidated ventures 782 (6,427 ) 952 (16,638 ) Income (loss) before income taxes (14,424 ) (34,997 ) (45,962 ) (79,075 ) Income tax expense (benefit) — — — — Net loss (14,424 ) (34,997 ) (45,962 ) (79,075 ) Preferred distributions to noncontrolling interest in subsidiary (350 ) — (700 ) — Net loss attributable to common stockholders $ (14,774 ) $ (34,997 ) $ (46,662 ) $ (79,075 ) Total weighted average shares Basic 12,695 5,522 12,695 5,522 Diluted 12,695 5,522 12,695 5,522 Earnings (loss) per share attributable to common shareholders Basic $ (1.16 ) $ (6.34 ) $ (3.68 ) $ (14.32 ) Diluted $ (1.16 ) $ (6.34 ) $ (3.68 ) $ (14.32 ) Seaport Entertainment Group Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss Attributable to Common Stockholders (in thousands, except per share amounts) (Unaudited) Three months endedJune 30, Six months endedJune 30, 2025 2024 2025 2024 Net loss $ (14,424 ) $ (34,997 ) $ (45,962 ) $ (79,075 ) Preferred distributions to noncontrolling interest in subsidiary (350 ) — (700 ) — Net loss attributable to common stockholders (14,774 ) (34,997 ) (46,662 ) (79,075 ) Adjustments: Depreciation and amortization 7,603 6,397 15,701 15,467 Lease Termination Fee Income (190 ) — (190 ) — Non-cash compensation 1,738 (592 ) 3,775 66 Straight line rent, net (230 ) 717 425 1,098 Capitalized interest (1,688 ) — (3,348 ) (667 ) Other (income) loss 126 91 126 83 Non-GAAP adjusted net loss attributable to common stockholders (7,415 ) (28,384 ) (30,173 ) (63,028 ) Total weighted average shares Basic 12,695 5,522 12,695 5,522 Diluted 12,695 5,522 12,695 5,522 Non-GAAP adjusted net loss attributable to common stockholders per share Basic $ (0.58 ) $ (5.14 ) $ (2.38 ) $ (11.41 ) Diluted $ (0.58 ) $ (5.14 ) $ (2.38 ) $ (11.41 ) View source version on Contacts Investor Relations:Seaport Entertainment Group Inc.T: (212) 732-8257ir@ Media Relations:The Doortheseaport@ Sign in to access your portfolio
