Construction work on Dream Las Vegas has been temporarily suspended.
According to a report of the Las Vegas review magazineconstruction is “completely halted, as developers’ stalled funding plans have forced them to pay tens of millions of dollars for the hotel-casino project.”
The project was expected to be completed in the fourth quarter of 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 begin again once financing terms are finalized.”
Dream is expected to cost $550 million to $575 million. The resort will be managed 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 5.25-acre vacant lot was acquired in a joint venture with Contour Real Estate in February 2020 to be transformed into a full-service hotel under the Dream Las Vegas brand .
The property is less than a mile from the new Allegiant Stadium (home of the National Football League’s Las Vegas Raiders) and offers easy access to Harry Reid International Airport, T-Mobile Arena (home of the National Football League’s Las Vegas Golden Knights hockey league), as well as the numerous other hotels and casinos.
Construction started in August 2022.
In addition to Dream Hotel Group as manager of the hotel, McCarthy Construction is the designer and oversees all design and construction aspects of the project.
McCarthy recently completed Allegiant Stadium and Circa Resort & Casino, the first newly constructed hotel in downtown Las Vegas in several years.
Assuming eventually completed, the final development will be a 19-story full-service luxury hotel with 531 guest rooms and suites (branded and operated by Dream Hotel Group) and will include eight food and beverage outlets, 26,000 square feet of casino space, a theatre/projection and 825 dedicated parking spaces.