Construction work on Dream Las Vegas has been temporarily halted.
According to a report from the Las Vegas Review-Journal, construction has “fully stopped, as the developers’ stalled financing plans left them owing tens of millions of dollars for the hotel-casino project.”
The project was expected to be completed in Q4 2024 with a grand opening. Dream developer Bill Shopoff told the Review-Journal that he owes about $25 million to $30 million for work on the resort and that construction “will restart once the terms of the financing are finalized.”
Dream is slated to cost $550 million to $575 million. The resort will be operated by Dream Hotel Group, a company that was recently acquired by Hyatt Hotels Corp.
Located at 5051 S. Las Vegas Blvd on the Las Vegas Strip, the vacant 5.25-acre parcel was acquired in a joint venture with Contour Real Estate in February 2020 to be developed into a full-service hotel branded Dream Las Vegas.
The property is located less than one mile from the new Allegiant Stadium (home to the National Football League’s Las Vegas Raiders) and provides close access to Harry Reid International Airport, T-Mobile Arena (home to the National Hockey League’s Las Vegas Golden Knights), as well as the numerous other hotels and casinos.
Construction commenced in August 2022.
In addition to Dream Hotel Group as the hotel manager, McCarthy Construction is the design-builder and oversees all design and construction aspects of the project.
McCarthy recently completed Allegiant Stadium as well as Circa Resort & Casino, the first new-build hotel in Downtown Las Vegas in several years.
Assuming it’s eventually completed, the final development will be a full-service, 19-story luxury hotel with 531 guest rooms and suites (branded and managed by Dream Hotel Group) and include eight food and beverage venues, 26,000 square feet of casino space, a theater/screening room, and 825 dedicated parking spaces.