Howard Hughes Holdings’ newest entertainment subsidiary could potentially construct the newest casino, which will be located on the Las Vegas Strip, and tower over Fashion Show Mall.
New subsidiary:
The aforementioned Houston-based firm’s newest spin-off subsidiary, Seaport Entertainment, will take control of the firm’s entertainment business, which involves an 80% stake in the air rights atop the Fashion Show Mall where a casino is currently under planning, the news release states. Additionally, the new subsidiary will also manage the Las Vegas Aviators Triple-A baseball team operations, the company’s share in Jean-Georges Restaurants, which is a long-expanding multi-location chain involving 2 in Las Vegas and supervision of the Seaport district in New York, according to IGB.
The said subsidiary of Howard Hughes Holdings should be “independent“ and “spin-off“ as a publicly traded firm by the end of the next year. The parent company is the well-known developer of the “master-planned community” in Summerlin found in West Las Vegas. In this regard, the statement said: “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.”
As for the CEO of the mentioned subsidiary, the previous head of MGM Resorts International, Anton Nikodemus, will be appointed to that position. Regarding his previous work experience, he recently served as Chairman and COO of CityCenter for MGM Resorts, where he was tasked with supervising operations for Aria, The Cosmopolitan of Las Vegas, Vdara, and the property of MGM Resorts’ MGM Springfield in Massachusetts and the National Harbor Hotel in Maryland.
A potential casino project:
However, Erik Pappa, a spokesman for Clark County, commented: “The county has not received a proposal for the casino project.” Additionally, a spokeperson for the Federal Aviation Administration (FAA) wrote in an email that “the government agency hasn’t conducted any aeronautical studies related to the Fashion Show property, but it did conduct two studies on the block north of Fashion Show — across the street — and found a building up to 640 feet could be constructed without disturbing aviation operations.”
In compliance with the federal law, planners have to provide the FAA with a chance to assess suggested structures close to airports to decide whether their height could represent a danger to airliners or mess with navigation aids. Additionally, also according to the aforementioned law, Clark County may grant a building license for a higher building.
Furthermore, Howard Hughes Holdings refused to provide additional comments regarding plans for the casino, involving its timeline and size. Also, Fashion Show, which is owned by Brookfield Properties, refused to provide a comment too and the Nevada Gaming Control Board (NGCB) wasn’t available for comment.
