Leisure Investments Holdings LLC Announces Agreement with Terra for Assignment of the Lease for the Miami Seaquarium

• Agreement subject to approval by the U.S. Bankruptcy Court for the District of Delaware, with hearing expected in October 2025.
  
  
• Miami Seaquarium will temporarily cease operations in 2025 as part of the transition, which will include closure of the park to the public and relocation of all animals.
  
  
• Leisure Investments Holdings LLC and its affiliates remain committed to meeting employee obligations through the closure and executing a responsible plan for the transition and rehoming of all animals by end of 2025.

MIAMI, Sept. 26, 2025 /PRNewswire/ -- Leisure Investments Holdings LLC, and its debtor affiliates, known as The Dolphin Company (the "Company"), have reached an agreement with Miami-based development firm Terra to assume the Company's lease of the Miami Seaquarium.  The agreement follows a months-long process in which the Miami Seaquarium was publicly marketed, attracting offers from multiple parties.

Terra plans a substantial investment in renovating and modernizing the Seaquarium property in a manner that respects the history of the site and the Miami-Dade County Home Rule Charter. Planned updates include:

• A new accredited aquarium with no marine mammals
• Immersive marine- and aquatic-based experiences emphasizing the unique environment of Biscayne Bay
• An education, conservation, and research center
• A wet-slip marina and dry dock facility
• Wellness spaces and experiences tied to the natural waterfront habitat
• Fisherman's village with marine-oriented retail and food and beverage establishments
• Preservation of the historic Buckminster Fuller Seaquarium dome for use as event space for public and private gatherings
• Lushly landscaped green space; and a publicly accessible baywalk

Under the terms of the agreement, Terra will assume the Company's lease with Miami-Dade County. A hearing to approve of the agreement for Terra to assume the lease of the Seaquarium is currently set before the United States Bankruptcy Court for the District of Delaware on October 17, 2025. Subject to the Bankruptcy Court's approval, closing of the transaction will be subject to ultimate approvals of various lease amendments and other transactions by the Board of County Commissioners of Miami-Dade County.

As part of the transition, Miami Seaquarium will temporarily cease operations in late 2025.  Miami Seaquarium will be closed to the public on a date to be announced, and all the animals will be transitioned to a new home. Through this process, the Company and its management team are firmly committed to protecting its employees' interests, including wages and benefits, and ensuring all animals continue to receive safe, attentive care.

"Our employees and animals have remained at the forefront of our efforts to address the Miami Seaquarium as a part of the Company's bankruptcy restructuring," said Steven Strom, Independent Director of the Company overseeing the bankruptcy case. "As we move forward with our transaction with Terra, we are working tirelessly to ensure that our employees continue to receive the pay, benefits, and support they deserve.  In addition, in compliance with all federal and state regulations, we will ensure that every animal is safely and appropriately transitioned to a new home."

"The Miami Seaquarium has been an iconic property for decades, and we intend to honor that legacy as we enhance the site and elevate its appeal among Miami residents and tourists," said Terra CEO David Martin. "The result will be a publicly accessible, family-friendly destination that brings together residents and visitors for generations to come."

As the assignment process advances over the coming months, the Company has pledged to maintain open communication with employees, partners, and Miami-Dade County.

"The Miami Seaquarium has been a special part of Miami's story," added Strom. "We are committed to honoring that legacy by ensuring this transition is handled with care, compassion, and transparency. Further, we owe a great debt of gratitude to Commissioner Raquel Regalado and Miami-Dade County, for their support and assistance with this challenging process so far and look forward to the ongoing support of Mayor Levine Cava and the Board of County Commissioners as we move forward with this transaction, which we truly believe is the best possible result for all parties."

Further information regarding the transaction and transition process will be posted on the Miami Seaquarium's website.

Additional information about the Company's Chapter 11 bankruptcy case, including court documents and claims information, can be found at (https://www.veritaglobal.net/dolphinco); or by calling 888-733-1434 (U.S./Canada) or 310-751-2633 (International).

Advisors:

During its bankruptcy restructuring process, the Company is being advised by Young Conaway Stargatt & Taylor, LLP as legal advisor; Odinbrook Global Advisors, as Independent Director; Riveron Management Services to provide a Chief Restructuring Officer; and Riveron Consulting as Financial Advisor; Greenhill & Co. as investment banker; and Keen-Summit Capital Partners as real estate advisor and broker.

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SOURCE Leisure Investments Holdings LLC, et al. (The Dolphin Company)