Yet Another Value Podcast

Plural Investing's Chris Waller on the entertainment and hospitality turnaround at Seaport $SEG

Mar 24, 2025

Chris Waller, Founder and CIO of Plural Investing, reveals his insights into Seaport Entertainment Group and its unique mix of hospitality and entertainment. He discusses the transformative potential of new management, the impact of high-profile investors like Bill Ackman, and highlights the innovative addition of attractions like Meow Wolf. Waller explores the challenges of cash burn and operational adjustments while identifying the lucrative opportunities for revitalizing the Seaport District. His deep dive into real estate dynamics offers a compelling view on potential returns.

01:09:50

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Episode guests

Chris Waller

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AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Seaport Entertainment, spun off from Howard Hughes, aims to revitalize underperforming assets by integrating entertainment and hospitality offerings in New York's Seaport district.

The significant cash burn, particularly from the struggling tin building food hall, highlights the urgency for effective turnaround strategies to ensure sustainability.

Pier 17's innovative concepts, like the experiential Meow Wolf, are designed to enhance foot traffic and revenue, ultimately boosting the overall property value in the Seaport area.

Deep dives

Introduction to Fintool and its Benefits

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Intro

2min

Revitalizing Seaport Entertainment

14min

Exploring Investment Opportunities in Manhattan's Real Estate Market

4min

Strategic Moves at Seaport

15min

Navigating Seaport's Transformation

23min

Exploring the Seaport District's Revenue Potential and Market Dynamics

4min

Navigating Investment Challenges

8min

Chris Waller, Founder and CIO at Plural Investing, joins the podcast for the third time to discuss his thesis on Seaport Entertainment Group Inc. (NYSE American: SEG), whose 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 about Plural Invest, please visit: https://www.pluralinvesting.com/

Plural Investing/Hidden Gems write up on $SEG: https://www.hiddengemsinvesting.com/p/special-report-seaport-entertainment

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:22] What is Seaport Entertainment and why it's interesting to Chris

[7:40] What is Chris seeing with $SEG that makes Seaport a risk adjusted alpha opportunity

[9:20] Cash burn / is the district really that valuable, good

[17:41] What attracted Andrew to $SEG - how the opportunity came about (spin off from Howard Hughes)

[22:36] Ackman involvement

[27:25] Overview of Pier 17 and the new lease they've got there / Meow Wolf concept

[36:37] Tin Building and the vision for it / kitchen consolidation / competitive analysis

[48:50] Overview of 250 Water and Vegas assets (air rights, Triple A team)

[59:33] Overview of "The Historic District"

[1:02:38] How the $SEG thesis doesn't play out / new management team

[1:06:06] Final thoughts

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