Howard Hughes Corp.’s fame in Las Vegas for growing master-planned neighborhood Summerlin bolsters its probabilities of getting a on line casino developed on the Strip, a UNLV historical past professor stated.
“They’ve a profitable enterprise monitor document,” Michael Inexperienced, a historical past professor at UNLV, stated in an interview. “The oddity is that they don’t have any actual expertise with casinos, so that they’re going to must determine that out.”
Howard Hughes Holdings, the dad or mum firm of actual property improvement firm Howard Hughes Corp., introduced final week plans for a derivative division, Seaport Leisure, that can take over leisure operations of the corporate, which incorporates an 80 p.c curiosity within the air rights above Trend Present mall the place a on line casino is being deliberate.
Trend Present mall, which is owned by Brookfield Properties, confirmed it owns the remaining 20 p.c curiosity within the air rights above the property.
No plans for the proposed undertaking have been filed with Clark County and the Nevada Gaming Management Board. Howard Hughes and Trend Present declined to remark.
A Federal Aviation Administration spokesman stated in an e mail that the federal government company hasn’t performed any aeronautical research associated to the Trend Present property, nevertheless it did conduct two research on the block north of Trend Present — throughout the road — and located a constructing as much as 640 ft could possibly be constructed with out disturbing aviation operations.
Whereas no plans have been filed but, Howard Hughes has employed a longtime gaming govt Anton Nikodemus to steer Seaport Leisure. Nikodemus presently serves as president and COO of CityCenter for MGM Resorts, the place he oversees operations for The Cosmopolitan of Las Vegas, Vdara and the Aria and the event of MGM Resort’s Nationwide Harbor Lodge in Maryland and MGM Springfield in Massachusetts.
Nikodemus is also vice chair on the board of administrators of the Las Vegas Conference and Guests Authority.
A MGM spokesperson stated Nikodemus’ final day with that firm is Nov. 20.
A SEC submitting from Howard Hughes Holdings exhibits that Nikodemus is taking up the CEO function at Seaport Leisure on a five-year time period topic to one-year renewals and could have a base wage of $1.25 million.
Seaport Leisure additionally will management operations of the Las Vegas Aviators Triple-A baseball group, Howard Hughes’ stake in Jean-Georges Eating places, which has a number of places together with two in Las Vegas, and oversight of the Seaport neighborhood in New York Metropolis.
Background in gaming
Whereas Howard Hughes Holdings isn’t presently concerned within the gaming business, that wasn’t at all times the case. The corporate’s namesake Howard Hughes, greatest identified for his enterprise empire and work in aviation within the twentieth century, amassed six resorts or casinos in Las Vegas however after his demise, these gaming properties have been offered as the corporate centered on actual property improvement, Inexperienced stated.
“This isn’t what they’re identified for anymore,” he stated. “It’s been about 40 years, because the Hughes Company had any connection actually with casinos.”
Based on a Securities and Trade Fee submitting, Howard Hughes acquired the air rights above Trend Present mall in 2004. A SEC submitting from 2010 stated there was no improvement plan for the air rights above Trend Present mall on the time and any improvement plan “will probably be topic to our acquiring quite a few third-party consents.”
David Schwartz, a gaming historian and professor at UNLV, stated it’s unclear on how briskly a on line casino might get constructed at Trend Present since on line casino developments typically face lengthy delays and regulatory hurdles.
He stated this plan for a on line casino from an organization that hasn’t put a big deal with the gaming business could possibly be a very good signal for the business total.
“People who find themselves not available in the market proper now wish to get in, which is a constructive, it signifies that they suppose that it’s primed for future development,” Schwartz stated.
Contact Sean Hemmersmeier at firstname.lastname@example.org. Observe @seanhemmers34 on X.