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]