Howard Hughes Opens Downtown Summerlin

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Howard Hughes Opens Downtown Summerlin by Todd Sullivan, ValuePlays

Traveling back to MA today from Vegas as I was at the grand opening of Downtown Summerlin last night.

I’ll have much more on this next week.

Let’s just start with saying everything you’ve seen and read on it doesn’t do it adequate justice.

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I got in earlier in the week and in Vegas everyone at the hotels and casinos asks where you are from and why you are there. When I told them I was in town for the grand opening, every person was visibly excited about the project. From dealers, ushers, waitstaff etc, every single one of their faces lit up when talking about the the opening. The excitement was palpable.

If one thinks this might have just been their way of making conversation, any doubt was erased by the nearly 15k people who showed up for the fireworks and DJ show (slide show) and the miles long backup of cars just waiting to get into the area last night. It was amazing..

The best part? It is a 400 acre parcel which means Howard Hughes Corp (NYSE:HHC) can double the size of the project (if they just go lateral, if they go vertical (which they will), they can easily 3x or 4x it). Based on conversations with some of the retailers there, demand was simply off the charts.

This thing is going to be a cash cow…..

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Todd Sullivan is a Massachusetts-based value investor and a General Partner in Rand Strategic Partners. He looks for investments he believes are selling for a discount to their intrinsic value given their current situation and future prospects. He holds them until that value is realized or the fundamentals change in a way that no longer support his thesis. His blog features his various ideas and commentary and he updates readers on their progress in a timely fashion. His commentary has been seen in the online versions of the Wall St. Journal, New York Times, CNN Money, Business Week, Crain’s NY, Kiplingers and other publications. He has also appeared on Fox Business News & Fox News and is a RealMoney.com contributor. His commentary on Starbucks during 2008 was recently quoted by its Founder Howard Schultz in his recent book “Onward”. In 2011 he was asked to present an investment idea at Bill Ackman’s “Harbor Investment Conference”.

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