The plans represent the first venture by HHH into the casino market. Its current portfolio primarily comprises retail, office and residential properties across a number of US states.
As part of the project, HHH has formed Seaport Entertainment. The new division will oversee its entertainment-related assets in New York and Las Vegas. These include an 80% interest in the air rights above Fashion Show Mall – the intended location of the new casino.
HHH is planning to spin off Seaport Entertainment as a publicly traded company by the end of 2024. This, HHH says, will allow the new company to operate independently as a pure-play entertainment enterprise.
Former MGM executive to lead new division
To support the venture, HHH has appointed highly experienced gambling executive Anton Nikodemus as CEO of Seaport Entertainment.
Nikodemus joins after almost 11 years working in a series of senior roles with MGM Resorts International. He was most recently president and CCO of City Center and The Cosmopolitan of Las Vegas.
Prior to this, Nikodemus spent five and a half years as president and COO of the Monte Carlo Resort and Casino. He was also senior vice-president of hotel operations at the Bellagio. Nikodemus held the same role at the MGM Grand in Las Vegas.
Exciting plans for Howard Hughes Holdings
“The assets of the Seaport Entertainment lie at the intersection of real estate and entertainment,” HHH CEO David O’Reilly said. “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 added: “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.”