Seaport Entertainment Revenue Falls 27% in Quarter

Hospitality and entertainment revenue declined as restaurant closures and lighter event schedules weighed on third-quarter results.

Updated on Nov. 6, 2026 in Dining Out

Empty weathered wooden boardwalk beside a calm gray harbor under overcast skies, with shuttered low-rise buildings in the distance. — Seaport Entertainment Group reported third-quarter revenue of $32.7 million, down 27.4% year over year, after closing The Tin Building by Jean-Georges and Malibu Farms. AI Illustration. Upload story photo >

Seaport Entertainment Group reported third-quarter revenue of $32.704 million, down 27.4% year over year, in results released Nov. 4 for the quarter ended Sept. 30. The adjusted net loss narrowed to $3.012 million, or $0.23 per share, from $7.218 million a year earlier.

Why it matters

The decline reflects the closure of The Tin Building by Jean-Georges in February and Malibu Farms, which reduced hospitality revenue. For diners in the United States, the results signal shifts in the restaurant and entertainment venues operated by the company.

Third-quarter revenue fell $12.346 million from the prior year, with hospitality revenue dropping 52% to $7.889 million and entertainment revenue falling 11% to $19.696 million. GAAP net loss attributable to common stockholders was $8.376 million, or $0.65 per share, versus a comparable GAAP loss of $2.61 per share a year earlier.

The players

Seaport Entertainment Group

A real estate and entertainment company operating dining, concert and sports venues in New York City and Las Vegas.

The details

Openings of Sadie's and Sadie's Garden Bar partly offset the hospitality decline after the February shutdown of the Tin Building by Jean-Georges and the closure of Malibu Farms. Entertainment revenue fell on a lighter concert schedule at The Rooftop at Pier 17, heat-related effects on the Aviators, and fewer Las Vegas Ballpark special events, with weather headwinds in Las Vegas and New York City also cited.

February: The Tin Building by Jean-Georges shut down.
Sept. 30: The third quarter ended.
Nov. 4: Quarterly results were released.

Market Landscape

The hospitality decline follows the February closure of The Tin Building by Jean-Georges, a high-profile restaurant exit that removed a major revenue source from the portfolio. The openings of Sadie's and Sadie's Garden Bar offset only part of that loss, leaving the company's dining segment smaller than a year earlier.

Diners who frequented The Tin Building by Jean-Georges or Malibu Farms will need to find other restaurants, as those locations have closed. Patrons of Sadie's and Sadie's Garden Bar now have newer dining options at the company's venues.

The takeaway

Restaurant and entertainment venue revenue can shift quickly when individual locations close and weather disrupts event schedules. Diners planning visits should confirm a venue is still operating before traveling to it.