Howard Hughes Holdings Planning New Las Vegas Strip Casino

Posted on: October 6, 2023, 04:05h. 

Last updated on: October 7, 2023, 12:35h.

Todd Shriber @etfgodfather Read More

Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Howard Hughes Holdings (NYSE: HHH) announced the creation of Seaport Entertainment — a unit of the company that will control its Las Vegas and New York entertainment assets, potentially including a new Strip casino resort.

The newly formed entity will control Howard Hughes’ interest in Jean-Georges Restaurants and its 80% stake pertaining to the air rights above the Fashion Show Mall, which could become the site of a new integrated resort.

“Howard Hughes Holdings Inc. is establishing Seaport Entertainment with the intention of completing its spinoff as a publicly traded company by year-end 2024,” according to a statement. “The planned separation of Seaport Entertainment from Howard Hughes will refine the identity of HHH as a pure-play real estate company focused solely on its portfolio of acclaimed master planned communities.”

Other Seaport Entertainment assets will include the Seaport in Lower Manhattan and the Las Vegas Aviators minor league baseball team. The Aviators are the Triple-A affiliate of the Oakland Athletics.

Former MGM Exec to Helm Seaport Entertainment

In a clear sign that Seaport is angling to develop a new Strip casino hotel, Howard Hughes appointed Anton Nikodemus as chief executive officer of the new entity.

Before that, Nikodemus was a leader in births and developments of MGM National Harbor Hotel & Casino in Maryland and the MGM Springfield in Massachusetts. Today, the Maryland property is the top-grossing casino in the US outside of Nevada.

“Prior to joining MGM in 2005, Nikodemus oversaw the redevelopment and management of the Boca Raton Resort & Club. He previously held management roles at luxury resorts, including The Arizona Biltmore Resort & Spa and The Phoenician Resort,” added the press statement.

Howard Hughes Las Vegas Ties

Howard Hughes Holdings has historical ties to Las Vegas because, in the later stages of the founder’s life, the company became a major developer and owner of Sin City gaming venues and local media entities. He’s widely credited with being among the first investors to bring some panache and glitz to the town.

Viewed as one of the “founding fathers” of Las Vegas, his company at one point owned the Castaways, New Frontier, The Landmark Hotel and The Sands in Las Vegas.

Howard Hughes Holdings’ impact on Las Vegas remains to this day. Beyond ownership of the Aviators, the company developed Summerlin in 1990 and has continued building out that area, turning it into one of the most sought-after Las Vegas suburbs.