Howard Hughes Holdings' new entertainment division eyes casino project in Las Vegas Strip

A new gaming development could be on the horizon for the Las Vegas Strip as Houston-based Howard Hughes Holdings unveiled its new entertainment division, Seaport Entertainment, which is eyeing a casino above Fashion Show Mall.

The division aims to take over the entertainment operations of the company, and this includes an 80% interest in the air rights above the Fashion Show Mall, potentially for the development of a casino, according to an official news release.

Having opened in 1981, Fashion Show Mall has become a popular Las Vegas Strip destination. The mall has long been one of the most successful in the U.S. and it remains the largest mall in Las Vegas.

However, as of now, Clark County has not yet received a formal proposal for the casino project, reports Las Vegas Review-Journal. The Federal Aviation Administration (FAA) has also clarified that no aeronautical studies have been conducted specifically for the Fashion Show property.

They did, however, conduct two studies on the block just north of Fashion Show, where they determined that a building as tall as 640 feet could be constructed without affecting aviation operations.

Under federal law, developers must involve the FAA in evaluating proposed structures near airports to assess potential hazards to aircraft and navigational equipment. Nevertheless, based on the law, Clark County could potentially issue a building permit for a taller structure.

For now, Howard Hughes Holdings remains tight-lipped about specific details concerning the potential casino project, including its size and timeline. Fashion Show, owned by Brookfield Properties, has also chosen not to comment on the matter, and the Nevada Gaming Control Board has yet to provide any comments or insights.

Seaport Entertainment, Howard Hughes Holdings' new division, is also set to manage the operations of the Las Vegas Aviators Triple-A baseball team, as well as the company's stake in Jean-Georges Restaurants, which boasts multiple locations, including two in Las Vegas. Additionally, Seaport Entertainment will oversee the Seaport neighborhood in New York City.

The division is slated to function as an independent subsidiary of Howard Hughes Holdings and is expected to become a publicly traded company by the end of 2024, as stated in the news release.

Anton Nikodemus, a former executive of MGM Resorts International, will assume the role of CEO for Seaport Entertainment. Nikodemus brings experience to the table, having previously served as the president and COO of CityCenter for MGM Resorts.

In this capacity, he oversaw operations for renowned establishments such as The Cosmopolitan of Las Vegas, Vdara, and the Aria. He was also instrumental in the development of MGM Resort's National Harbor Hotel in Maryland and MGM Springfield in Massachusetts.

“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,” the news release stated.