Howard Hughes Holdings (HHH) is spinning off its New York and Las Vegas entertainment assets into a new company, the Houston-based firm announced has announced.
The new subsidiary, Seaport Entertainment, will include the company's South Street Seaport in Lower Manhattan, the Las Vegas Aviators minor league baseball team, and an 80% stake in the air rights above Fashion Show Mall, where the firm plans to develop a casino resort on the Strip.
The spinoff also will include the company's ownership stake in Jean-Georges Restaurants. Howard Hughes aims to complete the spinoff of Seaport Entertainment as a publicly traded company by the end of 2024.
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