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Howard Hughes Holdings Inc. on Thursday launched a new division of the company called Seaport Entertainment to hold assets in New York City and Las Vegas, with plans to spin off the unit to shareholders by the end of 2024.
Howard Hughes Holdings
HHH,
named former MGM Resorts International
MGM,
executive Anton D. Nikodemus as chief executive of Seaport Entertainment, which owns the Seaport in lower Manhattan and the Las Vegas Aviators Triple-A minor league baseball team.
Seaport Entertainment also holds a stake in Jean-Georges Restaurants and an 80% interest in the air rights above the Fashion Show Mall, which is the site of a potential new casino on the Las Vegas Strip.
Nikodemus most recently served as president and chief operating officer of CityCenter for MGM Resorts International, where he oversaw operations for The Cosmopolitan of Las Vegas, Vdara Hotel & Spa, and ARIA Resort & Casino.
He also oversaw the development of the MGM National Harbor Hotel & Casino in Maryland and the MGM Springfield in Massachusetts.
“Anton brings tremendous experience building some of the country’s most-acclaimed entertainment destinations,” Howard Hughes Chief Executive David R. O’Reilly said in a statement.
Howard Hughes Holdings stock is down 7.7% in 2023, compared to an 11.1% rise by the S&P 500
SPX
and a 26.5% gain by the Nasdaq
COMP.
Companies have been turning to spinoff deals to unlock value amid economic uncertainty and higher borrowing costs.
Intel
INTC,
is planning an IPO of its programmable solutions group in the next few years, after taking its Mobileye Global Inc.
MBLY,
public last year.
On Wednesday, Generic-drug maker Sandoz Group
SDZXF,
was valued at around 10.3 billion Swiss francs ($11.18 billion) in its trading debut on the SIX Swiss Exchange after it was spun off from Novartis
NVS,
NOVN,
Earlier this week, Aramark
ARMK,
spun off its Vestis Corp.
VSTS,
uniform services business earlier this week.
Last month, Alibaba Group Holdings Ltd.
BABA,
said it intends to spin off its Cainiao logistics unit, with plans to give that company its own listing on the Hong Kong Stock Exchange.
