Developers of Dream Las Vegas have been forced to ‘fully stop’ construction due to stalled financing. Dream developer Bill Shopoff reported to the Las Vegas Review-Journal that he owes nearly $30m.
Shopoff, President and CEO of Shopoff Realty Investments, has said, “Work has fully stopped at the site, other than anything required for safety.”
The hotel and casino, reported by Shopoff to cost between $550m to $575m, had a ceremonial groundbreaking last July. Shopoff said, “Clearly, we’re delayed on getting some financing.” However, he expects terms to be finalized within the next few weeks.
McCarthy Building Companies has been serving as Dream’s lead builder and Shopoff claims his team is currently in daily contact with the contractor. Shopoff said, “They will be paid, and the project will get built.” The project’s ownership group plans to honor all agreements.
In a news release after breaking ground, McCarthy SVP Ross Edwards noted that approximately 1,200 construction professionals would be involved in completing the 531-room resort. Edwards said, “I can assure you our industry is filled with enthusiasm around the opportunity to help build a new Las Vegas landmark.”
A March 10 lien notice signed by Edwards stated that $43.3m had been received, but that almost $40.2m in payments was “currently due for work performed.” Clark County records show that electrical, steel and drilling subcontractors have also filed lien notices.
Dream’s original development plans were revealed in February 2020, but it has since undergone several redesigns due to its proximity to both Las Vegas’ airport and the Pinball Hall of Fame, the latter of which encroached by “at least eight feet” on Dream’s property and resulted in a lawsuit.
The Dream Hotel Group, a company acquired by Hyatt Hotels Corp, will operate the resort upon completion.
