Las vegas mall

Anthony Deering bet heavily on a Las Vegas mall and won

Anthony Deering inherited a mixed bag when he became general manager of Rouse Co., a major mall owner, in 1995. Rouse owned trophy properties, including the Perimeter Mall in Atlanta and Paramus Park in New Jersey. , but some of its malls were Slowly Dying.

“You spend all your time on properties that don’t perform well,” Deering said in 1996. He was selling some of the worst laggards to local developers who had to convert them to other uses.

For growth, Mr. Deering has bet on Las Vegas. In 1996, Rouse acquired Howard Hughes Corp.

for $ 520 million, winning a real estate mishmash in Nevada and Southern California. These holdings included a 75% stake in the Fashion Show mall on the Las Vegas Strip.

Rouse has embarked on a $ 365 million expansion and renovation of the mall, including $ 12 million for a giant awning dubbed “The Cloud.” Mr. Deering promised the effect would be “a big wow!” The first phase of the expansion opened in 2002.

Two years later, Mr. Deering cashed in his chips. Rouse accepted a $ 7.2 billion takeover bid from General Growth Properties Inc.

Mr. Deering died on November 17 at his home in Baltimore. He was 72 years old after suffering from lung disease.

Mr. Deering owned approximately 1.2 million Rouse shares as of March 2004, including options. This amounted to a total value of $ 81 million, before taxes and option exercise costs, at a purchase price of $ 67.50 per share.

He was then a director of Under Armor Inc., a sportswear company, and served on the board of directors of Johns Hopkins University. His family donated to institutions including Johns Hopkins and the Baltimore Museum of Art.

Anthony Wayne Deering was born January 28, 1945 in Chevy Chase, Maryland, and raised in Cherry Hill, New Jersey. His first jobs included picking peaches and working in a restaurant. Although his high school grades were poor, he managed to get into Drexel University by promising a dean that he would get an A in any course the dean assigned him. He received a Bachelor of Science degree from Drexel in 1969 and an MBA from the Wharton School at the University of Pennsylvania two years later.

In 1972 he became a strategic planner at Rouse, a company co-founded in 1939 by James W. Rouse, a pioneer in shopping center development and urban renewal who developed Columbia, Maryland, a planned community between Washington and Baltimore. .

Mr. Deering then took on the role of CFO of Rouse. In 1990, Mr. Deering suddenly found himself heir to the company’s most senior position when Rouse chairman Michael Spear died in a plane crash. Rouse promoted him to president in 1993 and CEO in 1995. He added the title of president in 1997.

Mr Deering is survived by his wife of 48 years, former Kathryn Evelyn Regan, known as Lynn, along with their three children and six grandchildren.

Write to James R. Hagerty at [email protected]

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