Howard Hughes Holdings (HHH), known for master-planned communities such as Summerlin in West Las Vegas, is primed to make a significant imprint on the Las Vegas Strip through its newly formed spin-off entity, Seaport Entertainment. This subsidiary is stepping into the entertainment sector with plans for an impressive portfolio that could potentially include a new Las Vegas Strip casino, towering over the Fashion Show Mall, among other notable ventures.
Seaport Entertainment will take over several aspects of HHH’s operations, including an 80% stake in the air rights over the Fashion Show Mall, where the casino is currently in the planning stages. Furthermore, the subsidiary will oversee operations for the Las Vegas Aviators Triple-A baseball team and own HHH’s share in the continuously expanding Jean-Georges Restaurants chain, which includes two locations in Las Vegas. The New York Seaport district also falls under its supervision.
The aim is to transition Seaport Entertainment into an independent and publicly traded company by the end of next year. This move is predicted to solidify HHH’s identity as a real estate company that is focused solely on its portfolio of master-planned communities.
The leadership of Seaport Entertainment will be in the experienced hands of Anton Nikodemus, the former head of MGM Resorts International. Nikodemus, who will take up the position of CEO, brings familiarity with overseeing operations at renowned establishments like Aria, The Cosmopolitan of Las Vegas, Vdara, and MGM Resorts’ MGM Springfield in Massachusetts and the National Harbor Hotel in Maryland.
While the prospect of a new casino appears promising, the local and federal administrative bodies have yet to receive a formal proposal. Clark County has stated that it has not been presented with plans for the casino, and the Federal Aviation Administration (FAA) reports having conducted no aeronautical studies pertaining to the Fashion Show property. As per federal law, any proposed construction near airports that may pose a risk to navigation aids or aircraft must be assessed by the FAA.
Federal guidelines do, however, suggest that Clark County could feasibly grant a permit for a building that exceeds the FAA’s current allowance of 640 feet, potentially accommodating the proposed casino.
Howard Hughes Holdings and Brookfield Properties, the owners of Fashion Show, have both declined to comment on the anticipated casino project or its potential magnitude and timeline. The Nevada Gaming Control Board was also unavailable for comment.