How did Seaport's revenue streams perform in Q1 2024 compared to previous quarters?
5/9/2025 12:11am
Seaport's revenue streams demonstrated notable growth and shifts in Q1 2024 compared to the previous quarter, Q1 2023, across various business segments:
1. **Sponsorships, Events, and Entertainment**: The revenue from this segment remained stable at $60.62 million in Q1 2024, which is similar to the $60.62 million reported in Q1 2023. This indicates a consistent performance in terms of event-related sponsorships and entertainment activities.
2. **Hospitality**: Revenue from Hospitality increased significantly from $32.95 million in Q1 2023 to $47.53 million in Q1 2024. This suggests a notable growth in hotel operations, possibly due to increased occupancy rates or higher average spending by guests.
3. **Rental**: Rental revenue also saw a substantial increase, rising from $22.1 million in Q1 2023 to $47.53 million in Q1 2024. This could be attributed to higher demand for rental properties or increased rental rates.
4. **Other**: The 'Other' category reported a revenue of $947,000 in Q1 2023, which increased to $5.44 million in Q1 2024. This indicates a significant growth in other business activities or income streams.
In summary, Seaport's revenue streams showed strong performance across multiple segments in Q1 2024, with notable increases in Hospitality and Rental revenues, indicating a diversified and robust business model.