Las Vegas
The Howard Hughes Corporation
The Howard Hughes Corporation is a major
real estate development and management company based in
Las Vegas,
Nevada,
which was founded by
Howard Hughes. Later sold to the Rouse Company, it is now a subsidiary
of General Growth Properties.
History
Formation as Summa Corporation
Originally known as Summa Corporation, Howard Hughes Corp. was formed
in 1972 when the oil tools business of Hughes Tool Company was floated on the
New York Stock Exchange under the Hughes Tool name. This forced the
remaining busineses of the "original" Hughes Tool to adopt a new corporate name
- Summa. The name "Summa", Latin for "higher", was adopted without the approval
of Hughes himself, who preferred to keep his own name on the business and
suggested HRH Properties (for Hughes Resorts and Hotels, and also his own
initials), but his executives paid no attention.
Company refocused on real estate
Following the death of Howard Robard Hughes Jr. in 1976 at age 71, most of
Summa's remaining business were sold off. Howard Hughes had ammassed vast
holdings of undeveloped land both in Las Vegas and in the desert surrounding the
city that had gone unutilized during his lifetime. His successors at Summa
refocused the company on real estate development, selling all noncore business holdings.
Holdings sold off were:
- Hughes Nevada Mining (sold off in
1977)
- KLAS Inc. (holding company for the Las Vegas CBS affiliate, sold to the
founders of the Weather Channel in 1979)
- Hughes Air Corporation (holding company for Hughes Air West; sold to
Republic Airlines in 1979)
- Hughes Helicopters Inc. (sold to
McDonnell-Douglas in 1984 and
renamed McDonnell-Douglas Helicopters)
- Hughes Sports Network (a production company specializing in the
broadcast of sporting events, sold in the mid
1980s).
Summa also owned a wide array of hotels and casinos, primarily in Las Vegas,
that constituted the bulk of Summa's business in the 1970's.
Company Renamed and sold off
Hughes' heirs eventually renamed the company in his honor, Summa became
Howard Hughes Corporation in
1994. Hughes' heirs
sold Howard Hughes Corp. to the Rouse Company in 1996, and the company survives
as a Rouse subsidiary. Rouse was acquried by General Growth Properties in 2004.
Hughes' heirs, primarily the Lummis family, continue to hold an equity interest
in Summerlin,
a giant planned
residential community being built in stages by Howard Hughes Corp. on the
Las Vegas outskirts.
Hotels and casinos formerly owned by Summa
-
Desert Inn Hotel and Casino (demolished in 2001, replaced by
Wynn Las Vegas Resort and Casino)
-
Sands Hotel and Casino (demolished in 1996, replaced by
The
Venetian Resort Hotel Casino)
-
The Landmark Hotel and Casino (demolished in 1993 to expand parking lot
of
Las Vegas Convention Center)
-
Castaways hotel and casino (demolished in 1986, replaced by the
Mirage and
Treasure Island)
-
Silver Slipper Casino (demolished in 1986 to expand parking lot of
Frontier Hotel and Casino)
-
Xanadu Princess Hotel (Grand
Bahama Island,
Bahamas)
-
Frontier Hotel and Casino (the only ex-Hughes casino in Las Vegas still
standing, since renamed New Frontier; proposed for demolition and
replacement by a giant San Francisco-themed resort called City by the Bay,
but as of 2005, New Frontier is still open for business)
Development projects
Howard Hughes Corp.'s current projects are Summerlin, a massive master
planned community that will eventually house 160,000 residents; Summerlin
Centre, a mixed-use town center for Summerlin, and Fashion Show, a giant
retail center in downtown Las Vegas currently undergoing a major
redevelopment.
Most of Howard Hughes Corp.'s past projects have been
business parks in the Las Vegas area, including The Crossings, The Canyons,
The Plazas, Corporate Pointe, and Hughes Center.
External links
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