Howard Hughes Corp., Owner of Las Vegas Aviators, Reviews Options Including Sale of Company
By Alan Snel
LVSportsBiz.com
Texas-based land development company Howard Hughes Corporation, owner of the Triple A baseball Las Vegas Aviators and the Summerlin master development on the west side of Las Vegas, is looking at several options including a sale of the company.
Howard Hughes Corp. released a statement Thursday saying its board has hired consultant Centerview Partners to review options including “a sale, joint venture or spin-off of a portion of the company’s assets; a recapitalization of the company; changes in the corporate structure of the company; or a sale of the company.”
David R. Weinreb, Howard Hughes CEO who sang the national anthem before the Aviators’ inaugural game at the team’s new $150 ballpark in Downtown Summerlin was quoted in the media release: “Our business continues to perform extremely well across our three core segments, with price per acre of land sold, net operating income, and condo sales all exceeding our expectations; however, our stock continues to languish below its net asset value per share.
“The Board and management are determined to close the significant gap between our share price and the company’s underlying net asset value. We look forward to reporting to shareholders on the results of our strategic review and will remain focused on executing our plans during this evaluation process.”
Howard Hughes Corporation, which is also the master developer of the Columbia community outside Baltimore, generated more than $1 billion in revenues in 2017, according to the company’s financial documents.
The company also scored an $$80 million ballpark naming rights deal from the Las Vegas Convention and Visitors Authority (LVCVA) tourism agency to call the Aviators’ venue, “Las Vegas Ballpark.”
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