Howard Hughes Holdings Announces Seaport Entertainment – Potential New Strip Casino Resort
Posted on: October 6, 2023, 04:05h. Last updated on: October 6, 2023, 04:05h.
Howard Hughes Holdings (NYSE: HHH) has made an exciting announcement with the creation of Seaport Entertainment. This new unit will have control over the company’s Las Vegas and New York entertainment assets, potentially including a highly-anticipated new Strip casino resort.
The newly formed Seaport Entertainment will take control of Howard Hughes’ interest in Jean-Georges Restaurants and its 80% stake in the air rights above the Fashion Show Mall. This prominent location has the potential to become the site of an integrated resort, adding excitement to the Las Vegas landscape.
“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.”
Seaport Entertainment’s assets also include the Seaport in Lower Manhattan and the Las Vegas Aviators minor league baseball team, which serves as the Triple A affiliate of the Oakland Athletics.
A Prominent Executive to Lead the Way
In a strategic move that highlights Seaport’s commitment to developing a new Strip casino hotel, Howard Hughes has appointed Anton Nikodemus as the chief executive officer of the company. With 30 years of experience in the travel and leisure industry, Nikodemus is poised to lead Seaport Entertainment to new heights.
Nikodemus recently served as the president and chief operating officer of MGM Resorts International’s CityCenter, overseeing operations for The Cosmopolitan of Las Vegas, Vdara Hotel & Spa, and ARIA Resort & Casino. He brings a wealth of expertise to his new role.
Before joining CityCenter, Nikodemus played instrumental roles in the development of the MGM National Harbor Hotel & Casino in Maryland and the MGM Springfield in Massachusetts. Today, the Maryland property is the highest-grossing casino in the US outside of Nevada, showcasing Nikodemus’ ability to drive success.
“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’ Influence and Legacy in Las Vegas
Howard Hughes Holdings has a storied history in Las Vegas, known as one of the “founding fathers” of the city. The company played a significant role in the development and ownership of several iconic gaming venues, including the Castaways, New Frontier, The Landmark Hotel, and The Sands.
Today, Howard Hughes Holdings continues to make its mark on Las Vegas. In addition to owning the Las Vegas Aviators, the company developed Summerlin in 1990 and has continued to expand this highly sought-after Las Vegas suburb.