{"id":265269,"date":"2023-03-20T20:21:51","date_gmt":"2023-03-21T01:21:51","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=265269"},"modified":"2023-10-24T16:30:16","modified_gmt":"2023-10-24T21:30:16","slug":"construction-stops-on-las-vegas-dream-funding-blamed","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/construction-stops-on-las-vegas-dream-funding-blamed\/","title":{"rendered":"Construction Stops on Dream Las Vegas, Funding Blamed"},"content":{"rendered":"

Construction on Dream Las Vegas has stalled in tandem with the developers\u2019 financing plans, according to a new report by the Las Vegas Review-Journal.<\/em><\/p>\n

Between $25M and $30M are owed by the developer for the boutique luxury hotel, the newspaper reported.<\/p>\n

\"\"
Construction on Dream Las Vegas, a boutique casino hotel planned for the Strip’s southern end, shown last year. It has now been halted as its owners seek new funding. (Image: Scott Roeben\/Vital Vegas<\/em>)<\/figcaption><\/figure>\n

In February 2020, Southern California firms Shopoff Realty Investments and Contour, a privately owned commercial real estate development group, announced that they had purchased 5.25 acres of undeveloped Las Vegas Boulevard land next to Harry Reid International Airport.<\/a><\/p>\n

\"\"
The Dream Hotel Group released this rendering in 2020. (Image: Dream Hotel Group)<\/figcaption><\/figure>\n

Dream Hotel Group — a New York City-based operator of four Manhattan luxury properties and hotels in Miami Beach, Hollywood, and Nashville — signed on to run the planned 21-story luxury hotel. It would include 531 guestrooms, seven dining and nightlife venues — one being a rooftop pool deck — a 12,000 square-foot convention center, spa, and a small casino floor. After being delayed by the pandemic shutdown, the casino hotel broke ground<\/a> on July 8, 2022.<\/p>\n

The End of a Dream?<\/b><\/h2>\n

Dream Las Vegas was originally estimated to cost $300M to complete, but that estimate has now nearly doubled to $550M-$575M. Developer Bill Shopoff, president and CEO of Shopoff Realty Investments, told the R-J<\/em> he blames inflation, combined with the interest hikes on borrowing imposed last year by the Federal Reserve to control it. He said work would resume once he and his partners strike a new financing deal, which he expects to happen \u201cin the next couple of weeks.\u201d<\/p>\n

\n

According to the R-J,<\/em> the project\u2019s owners have been paying lead contractor McCarthy Building Companies to build the project with cash and are trying to secure $400M more to continue. According to the newspaper, a lien notice filed on March 10 by McCarthy recorded $43.3M in payments received and $40.2M more due for work already performed.<\/p>\n<\/div>\n

\u201cThey will be paid, and the project will get built,\u201d Shopoff told the R-J.<\/em><\/p>\n

Dream Hotel Group was acquired by Hyatt Hotels Corp.<\/a> in February 2023. The corporation reportedly paid a base price of $125M, with an additional $175M due over the next six years \u201cas properties come into the pipeline and open.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Construction on Dream Las Vegas has stalled in tandem with the developers\u2019 financing plans, according to a new report by the Las Vegas Review-Journal. Between $25M and $30M are owed by the developer for the boutique luxury hotel, the newspaper reported. In February 2020, Southern California firms Shopoff Realty Investments and Contour, a privately owned […]<\/p>\n","protected":false},"author":78,"featured_media":265271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81886],"tags":[85528,85526,82533,82012,85527],"acf":[],"yoast_head":"\nConstruction Stops on Dream Las Vegas, Funding Blamed - Casino.org<\/title>\n<meta name=\"description\" content=\"Construction on Dream Las Vegas has stalled in tandem with the developers\u2019 financing plans, according to a new report by the Las Vegas Review-Journal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/construction-stops-on-las-vegas-dream-funding-blamed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Construction Stops on Dream Las Vegas, Funding Blamed - 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