Dream Las Vegas Construction Grinds to a Halt

By Jane Shaw Senior Editor Updated: 04/03/2023

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Dream Las Vegas

It has been revealed that construction on the Dream Las Vegas resort on the famous Las Vegas Strip has had to grind to a halt.

Ground on the project was broken last year, but officials said that the owners are seeking new funding for the project, and construction work has had to stop in the meantime. The property is being developed by Bill Shopoff.

According to Shopoff, he currently owes around $25-$30 million for work being carried out at the new resort. He did confirm that construction would commence once again when he finalized the details of new financing for the project. It is hoped that the terms of the new financing will be finalized over the coming weeks, as the developer is already in talks with its lender.

Delayed with Financing

Shopoff said that all work has had to stop other than tasks relating to health and safety. The president and CEO of Shopoff Realty Investments admitted that there had been delays in getting some of the financing sorted, but that this should be resolved in the weeks to come. Once this is done, work on the resort can get underway again.

Problems have arisen with financing issues due to a number of reasons including interest rate hikes from the Federal Reserve and the instability within the banking sector. The project is expected to cost up to $575 million in total, and while tens of millions have already been paid for construction work, there is still around $40 million due for work performed.

A report from PlayUSA states:

A lien notice, recorded Mar. 10 by McCarthy and signed by Edwards, stated that about $43.3 million in payments had been received. But almost $40.2 million was ‘currently due for work performed,’ according to Clark County records.

Shopoff said that while it was taking longer than expected to get the finance sorted out, this should be completed within the next 2-4 weeks. This will then allow the construction workers to get back to work and get the project back on track.

Huge Impact on Local Area

Around 1,200 construction workers had been working on the development, and the new project has had a huge positive impact on construction jobs in the area. It will also have a positive impact on jobs overall, as the resort will need to employ many casino professionals once it is completed.

In the meantime, officials from the development company have said that they have every intention of ensuring construction workers and companies are paid as agreed and that the resort is completed.

The developer remains in regular contact with the construction company, McCarthy Building Companies, to ensure everyone stays up to date on the project’s progression and information about funding.

Once complete, the new casino resort will offer an exciting addition to the Las Vegas Strip. It will come with a 21-story hotel, a range of dining and entertainment venues, more than 530 luxury guest rooms, and a huge convention center. There will also be a spa, a small casino, and a rooftop pool deck.