Financial Data and Key Metrics Changes - Total consolidated revenues for Q1 2025 were $16.1 million, representing a 12% year-over-year decrease compared to pro forma Q1 2024 [18] - First quarter net loss attributed to common stockholders was $31.9 million, an improvement of $12.2 million or 28% versus the comparable period in 2024 [24] - Non-GAAP adjusted net loss attributable to common stockholders for Q1 2025 was $22.8 million, representing an improvement of $11.9 million or more than 34% versus the comparable period in 2024 [24] - General and administrative expenses during the quarter were just under $10 million, resulting in a year-over-year reduction of 41% [22] Business Line Data and Key Metrics Changes - Hospitality segment consolidated revenue decreased 28% compared to pro forma Q1 2024, with same-store hospitality revenues down 12% year-over-year [19] - Overall hospitality revenues declined 16%, driven by a 33% reduction at the Tin Building [6] - Entertainment revenue increased 18% versus Q1 2024, benefiting from increased Seaport Winter activation revenue and higher Aviators ticket sales [20] - Landlord segment operating EBITDA increased 13% versus Q1 2024, primarily due to better expense management [21] Market Data and Key Metrics Changes - The Las Vegas Aviators reached the midpoint of the 2025 season in first place atop the AAA Minor League standings, indicating strong performance [11] - The company hosted various events, including the Las Vegas College Baseball Classic and the West Coast Conference Baseball Tournament, contributing to ticket sales and attendance [11] Company Strategy and Development Direction - The company aims to achieve breakeven in 2026, profitability in 2027, and stabilization of the current asset base by 2028 [4] - Key initiatives include optimizing the Tin Building operations, monetizing non-cash flowing assets, and enhancing the Las Vegas Ballpark utilization [4] - The company is focused on transforming the Seaport into a year-round vibrant neighborhood, enhancing its entertainment and hospitality offerings [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges of cash burn and emphasized the importance of strategic initiatives to improve financial performance [4] - The company is optimistic about the future, citing positive press and customer interest surrounding new openings and events [8][10] - Management expressed confidence in the ongoing marketing process for 250 Water Street, with over 130 potential buyers or partners showing interest [14] Other Important Information - Capital expenditures in Q1 2025 totaled $16.5 million, primarily related to the completion of the Gatano NYC build-out and initial work for Meow Wolf [25] - Long-term debt outstanding as of March 31 was $102.4 million, unchanged from year-end 2024, with a negative net debt position benefiting from healthy cash balances [25] Q&A Session Summary Question: What are the expectations for the new event space at Pier 17? - Management highlighted the event space's capacity of approximately 800 people and its strategic location, which will enhance year-round usage and attract more events [10] Question: How is the company addressing the cash burn issue? - The company is implementing strategies to achieve breakeven by 2026 and is focused on optimizing operations and enhancing revenue streams [4] Question: Can you provide an update on the performance of the Las Vegas Aviators? - The Aviators are currently in first place in the AAA Minor League standings, showcasing strong performance and effective ticket sales strategies [11]

Financial Data and Key Metrics Changes - Total consolidated revenues during the fourth quarter were $22.8 million, largely flat year-over-year [36] - Consolidated hospitality revenue increased 6.5% during the quarter, while overall hospitality revenue grew 12.8% [22][37] - Fourth quarter net loss attributable to common stockholders was $41.6 million, representing an increased loss of $5.6 million or 16% versus the comparable period in 2023 [44] - Non-GAAP adjusted net loss attributable to common stockholders for the fourth quarter was $19.2 million, representing an improvement of $8.8 million or more than 31% versus the comparable period in 2023 [45] Business Line Data and Key Metrics Changes - Same-store hospitality revenues were down 3.5%, primarily due to underperformance at the Tin Building [22][37] - Rental revenues were up nearly 15% during the quarter, primarily due to the benefit of the Alexander Wang lease [39] - The hospitality segment's operating income was down year-over-year due to higher operating expenses and payroll [38] Market Data and Key Metrics Changes - The Seaport's Tin Building launched in late 2022 but has not been profitable, requiring immediate focus for improvement [9] - The Rooftop at Pier 17 concert series brings approximately 200,000 visitors to the Seaport each year, while the new partnership with Meow Wolf is expected to drive over 1 million visitors annually [15][16] Company Strategy and Development Direction - The company aims to create a premier real-estate centric hospitality and entertainment company, focusing on the Seaport Neighborhood in New York City [7] - A significant priority is to optimize the utilization of existing vacancies within Pier 17 and the Cobblestones [12] - The company is exploring options for the development site at 250 Water Street, including potential partnerships or outright sales [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about executing identified areas for improvement and finding unique growth opportunities [53] - The company anticipates headwinds for hospitality revenue growth in the first quarter of 2025 due to strategic reductions in operating hours [38] - Management is committed to providing more robust portfolio detail and operational metrics to help the investment community measure progress [51] Other Important Information - The company completed a rights offering in October, generating net proceeds of approximately $167 million, which was more than two times oversubscribed [47] - The company has engaged a leading investment sales team to explore different options for the 250 Water Street site [26] Q&A Session Summary Question: What is the expected impact of the A's move to Las Vegas on the Aviators? - Management believes it will be a long-term benefit, enhancing community support and providing fans with the opportunity to see future stars [28] Question: How will the company utilize cash on the balance sheet? - A portion will be used to absorb operating losses, while significant amounts will be allocated for landlord work, tenant improvement allowances, and leasing commissions [48][49]

Financial Data and Key Metrics Changes - Total consolidated revenues during the fourth quarter were $22.8 million, largely flat year-over-year [36] - Consolidated hospitality revenue increased 6.5% during the quarter, with overall hospitality revenue growth of 12.8% [22][37] - Fourth quarter net loss attributable to common stockholders was $41.6 million, representing an increased loss of $5.6 million or 16% versus the comparable period in 2023 [44] - Non-GAAP adjusted net loss attributable to common stockholders for the fourth quarter was $19.2 million, representing an improvement of $8.8 million or more than 31% versus the comparable period in 2023 [45] Business Line Data and Key Metrics Changes - Same-store hospitality revenues were down 3.5%, primarily due to underperformance at the Tin Building [22][37] - Rental revenues were up nearly 15% during the quarter, primarily due to the benefit of the Alexander Wang lease [39] - The hospitality segment's operating income was down year-over-year due to higher operating expenses and payroll [38] Market Data and Key Metrics Changes - The Seaport's Tin Building launched in late 2022 but has not been profitable, indicating challenges in the market [9] - The Rooftop at Pier 17 concert series brings approximately 200,000 visitors to the Seaport each year, while the new partnership with Meow Wolf is expected to drive over 1 million visitors annually [15][16] Company Strategy and Development Direction - The company aims to optimize the Seaport Neighborhood in New York City by focusing on entertainment and hospitality [12][49] - A significant focus is on consolidating operations at the Tin Building to improve efficiency and reduce cash burn [10][11] - The company is exploring options for the 250 Water Street development site, considering partnerships or outright sale to maximize long-term value [24][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about executing identified areas for improvement and finding unique growth opportunities [53] - The company anticipates headwinds for hospitality revenue growth in the first quarter of 2025 due to strategic reductions in operating hours [38] - Management is committed to providing more robust portfolio detail and operational metrics to help the investment community measure progress [51] Other Important Information - The company completed a rights offering in October, generating net proceeds of approximately $167 million, which is seen as a strong endorsement of its strategy [47] - The company has engaged a leading investment sales team to explore different options for the 250 Water Street site [26] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call concluded without a formal Q&A session [55]