Dream Las Vegas hotel construction halted
Funding for the venue is reportedly stalled.
US.- Work has stopped on Dream Las Vegas, the $500m property branded by Dream Hotel Group under construction on Las Vegas Boulevard, apparently due to funding issues. Bill Shopoff, president and CEO of the developer Shopoff Realty Investments, told the Las Vegas Review-Journal that construction “will restart once the terms of the financing are finalised.”
He said work had “fully stopped at the site, other than anything required for safety.” He owes approximately $25m to $30m for work on the resort.
Shopoff added: “Dream is slated to cost $550m to $575m. The owners have been paying for the project with cash so far and are working on a $400m-plus funding package.”
Shopoff said his team is in daily contact with Dream’s lead builder, contractor McCarthy Building Companies, and that the project’s ownership group fully intends to honour its agreements, pay its builders and finish the 531-room resort.
Clark County records shows that a lien notice recorded March 10 by McCarthy stated that about $43.3m in payments had been received, but that almost $40.2m was “currently due for work performed” on the project.
County records indicate that several subcontractors on the project, including electrical, steel and drilling companies, have filed lien notices as well. McCarthy’s media contact for Las Vegas did not respond to requests by Las Vegas Review-Journal for comment.
Shopoff and real estate firm Contour, led by CEO David Daneshforooz, are partners on the project that broke ground in July 2022. The venue will sit on five acres beside McCarran Airport and will be the closest resort to the airport’s runways, separated by only a chainlink fence.
The $500m property will be much smaller than other resorts on Las Vegas Boulevard with 527 rooms. It aims to offer a boutique-style experience in an ultra-competitive market dominated by massive resorts.
The amenities will include gaming, dining and nightlife venues, a pool deck, 12,000 square feet of event space, a full-service spa, and a fitness centre. The venue is being developed by South California firms Shopoff Realty Investments and Contour and is expected to open by the end of 2024.