According to recent reporting from the Las Vegas Review-Journal, Howard Hughes Holdings (HHH), planner of the Summerlin community in Las Vegas, has recently been exploring the possibility of building a Las Vegas Strip casino.
Industry analysts have noted that the curiosity of a non-gaming company such as HHH could be an indication of continued bullishness for the Las Vegas gaming market, despite macroeconomic uncertainties and a host of new projects set to open in the near future, such as the Fontainebleau and Durango.
“People who are not in the market right now want to get in, which is a positive, it means that they think that it’s primed for future growth,” David Schwartz, a gaming researcher and UNLV professor, told the Review-Journal.
Another reason why HHH has been connected with gaming possibilities is its recent decision to form Seaport Entertainment, a separate entity focused primarily on entertainment developments. Seaport will reportedly retain some 80 percent of the air rights above Fashion Show Mall, which is the area in which the potential casino would be located.
The owner of Fashion Show, Brookfield Properties, holds the remaining 20 percent interest in the air rights, but to date no formal plans have been submitted to local officials or regulatory agencies. Neither HHH nor Fashion Show responded to requests for comment.
According to the Review-Journal, the Federal Aviation Administration (FAA) has yet to conduct any studies related to Fashion Show itself, but the agency has conducted research on land approximately a block away, which concluded that a building constructed there could reach a maximum of 640 feet without disturbing the busy Las Vegas air traffic.
Despite the lack of concrete proposals, HHH recently appointed industry veteran Anton Nikodemus as CEO of Seaport Entertainment. Nikodemus, who sits on the board of directors for the Las Vegas Convention and Visitors Authority, will depart from his current position as president and COO of CityCenter on November 20.
In addition to the potential casino prospects, Seaport will also oversee other ventures, including HHH’s stake in Jean-Georges Restaurants, New York City’s Seaport neighborhood and the Las Vegas Aviators minor league baseball team.
