Howard Hughes Holdings appoints Anton D. Nikodemus as CEO of Entertainment Division

(PRESS RELEASE) -- Howard Hughes Holdings Inc. announced that Anton D. Nikodemus has been appointed Chief Executive Officer of Seaport Entertainment, a newly formed division comprising the company's entertainment-related assets in New York and Las Vegas—including the Seaport in Lower Manhattan and the Las Vegas Aviators Triple-A Minor League Baseball team, as well as the company's ownership stake in Jean-Georges Restaurants and its 80% interest in the air rights above the Fashion Show Mall, which are intended to be used to create a new casino on the Las Vegas Strip.

Nikodemus, a veteran of the entertainment and hospitality industries, will serve as CEO of a newly formed, independent subsidiary, Seaport Entertainment, which will hold the company's award-winning entertainment and culinary assets. Nikodemus will focus on delivering a world-class guest experience, accelerating growth and operating performance, and exploring new strategic opportunities for expansion.

Howard Hughes Holdings Inc. is establishing Seaport Entertainment with the intention of completing its spinoff as a publicly traded company by year-end 2024. The planned separation of Seaport Entertainment from Howard Hughes will refine the identity of HHH as a pure-play real estate company focused solely on its portfolio of acclaimed master planned communities.

"Anton is an outstanding leader in the entertainment and resort world. It speaks to the quality of our entertainment assets that we have been able to recruit an executive of his caliber to Howard Hughes," said Bill Ackman, Chairman of the Board of Howard Hughes Holdings Inc. "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."

In his over 30-year career in the entertainment and hospitality industries, Nikodemus has led the development and operations of many of the travel industry's premier destination brands. He most recently served as President & COO of CityCenter for MGM Resorts International, where he oversaw operations for The Cosmopolitan of Las Vegas, Vdara Hotel & Spa, and ARIA Resort & Casino. He was also responsible for the creation and development of the MGM National Harbor Hotel & Casino in Maryland and the MGM Springfield in Massachusetts.

Prior to joining MGM in 2005, Nikodemus oversaw the redevelopment and management of the Boca Raton Resort & Club. He previously held management roles at luxury resorts including The Arizona Biltmore Resort & Spa and The Phoenician Resort. Nikodemus earned a B.S. in Business Management and Marketing from Arizona State University. He completed the Advanced Finance Program at the Wharton School of the University of Pennsylvania.

"I am excited to lead this new division of Howard Hughes and join the outstanding team that is forming Seaport Entertainment," said Nikodemus. "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."

The anticipated spinoff of Seaport Entertainment would allow the new company to operate independently as a pure-play entertainment enterprise, equipped with a robust team of industry leaders to ensure its long-term success. The spinoff is expected to be completed year end 2024, but there can be no assurance regarding the ultimate timing of the spinoff or that the spinoff will ultimately occur.

"The assets of the Seaport Entertainment lie at the intersection of real estate and entertainment," said David R. O'Reilly, Chief Executive Officer of Howard Hughes. "Anton brings tremendous experience building some of the country's most-acclaimed entertainment destinations, and we are fortunate to have him taking the helm of this exciting new division of Howard Hughes."