Howard Hughes Holdings Expands into Casino Market with Las Vegas Strip Project

In a surprising twist, Howard Hughes Holdings, known for its diverse portfolio of retail, office, and residential properties across various U.S. states, has set its sights on the glamorous world of casinos. The company's latest venture involves establishing a casino on the world-renowned Las Vegas Strip. This bold step signifies a significant departure from HHH's conventional real estate endeavors.

To oversee this exciting project, HHH has established a new division called Seaport Entertainment. This division will be responsible for managing HHH's entertainment-related assets in both New York and Las Vegas, including an 80% interest in the air rights above the Fashion Show Mall—the chosen location for the forthcoming casino.

HHH is not stopping there. The company plans to take Seaport Entertainment public by the end of 2024, allowing it to operate independently as a dedicated entertainment enterprise. This strategic move demonstrates HHH's commitment to expanding its presence in the entertainment industry.

Leading the charge at Seaport Entertainment is Anton Nikodemus, a seasoned gambling executive with nearly 11 years of experience in key roles at MGM Resorts International. Nikodemus, formerly the president and CCO of City Center and The Cosmopolitan of Las Vegas, brings a wealth of knowledge to this new role. His impressive track record includes leadership positions at the Monte Carlo Resort and Casino, Bellagio, and MGM Grand in Las Vegas.

HHH's CEO, David O’Reilly, expressed enthusiasm about this bold expansion: "The assets of Seaport Entertainment lie at the intersection of real estate and entertainment. Anton brings tremendous experience building some of the country’s most-acclaimed entertainment destinations, and we are fortunate to have him taking the helm of this exciting new division of Howard Hughes."

Nikodemus is equally excited about the new chapter: "I am excited to lead this new division of Howard Hughes and join the outstanding team that is forming Seaport Entertainment. There is tremendous opportunity ahead as we harness the potential and unlock the value inherent in these one-of-a-kind assets located in New York and Las Vegas—two of our country’s most dynamic entertainment destinations—and pursue new opportunities for accelerated growth."