Howard Hughes Holdings (HHH) plans to spin-off its entertainment-related assets in New York and Las Vegas into a new company called Seaport Entertainment.
The company, which develops residential and mixed-use real estate throughout the United States, said it expects to complete the spin-off by the end of 2024 to refine HHH as a pure-play real estate company.
Assets being spun off include the Seaport in Lower Manhattan, the Las Vegas Aviators Triple-A Minor League Baseball team, its stake in the Jean-Georges Restaurants, and its 80% interest in the air rights above the Fashion Show Mall intended to create a new casino on the Las Vegas Strip.
Heading up the company will be entertainment and hospitality veteran Anton D. Nikodemus, HHH announced Thursday.
Nikodemus most recently served as the present and chief operating officer of CityCenter for MGM Resorts International (NYSE:MGM) where he oversaw operations for The Cosmopolitan of Las Vegas, Vdara Hotel & Spa, and ARIA Resort & Casino.
"Anton's experience, track record, and superb leadership skills will facilitate the creation, management, and eventual spinoff of Seaport Entertainment, positioning it and Howard Hughes for greater success as more-focused, easier-to-understand companies,” said HHH board chairman Bill Ackman.
Nikodemus added: "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."
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