In a news release on Dream’s ceremonial ground-breaking last July, Edwards said: McCarthy Senior Vice President Ross Edwards indicated that roughly 1,200 construction professionals would work on-site. $43.3M in payments received, $40.2M more due for work already done He estimated his team is two to four weeks from completing its financing, which would get the project back on track. But closing the deal has been prolonged, taking longer than expected. Shopoff referred to last year’s interest rate hikes by the Federal Reserve and recent instability in the banking industry. The project’s ownership group “fully intends” to honor its agreements, pay its builders and finish the resort.ĭevelopers had a term sheet from a lender last summer when they broke ground on the resort.
He said: “The owners have been paying for the project with cash so far and are working on a $400 million-plus funding package.”Īs the Review-Journal reports, Shopoff mentioned his team is in daily contact with Dream’s lead builder, the contractor McCarthy Building Companies.
The Dream is taking longer than expectedĪs Shopoff explained, Dream will cost $550 million to $575 million. Shopoff and real estate firm Contour, led by CEO David Daneshforooz, are partners on the project. Once completed in late 2024, the project would feature: “Clearly, we’re delayed on getting some financing,” he said in an interview.ĭream should come in the form of a smaller, boutique-style experience with thousands of rooms apiece. Shopoff said his group is in “active discussions” with its lender and expects terms to finalize in the upcoming weeks. Shopoff, president, and CEO of Shopoff Realty Investments said: “Work has fully stopped at the site, other than anything required for safety.”
He said construction “will restart once the terms of the financing are finalized.” Dream Las Vegas casino developer owes between $25 – $30 millionĭream developer Bill Shopoff told the Las Vegas Review-Journal that he owes between $25 to 30 million for work on the resort. The Las Vegas casino-hotel broke ground on Las Vegas Boulevard south of Russell Road last year. Construction work on Dream Las Vegas has fully stopped, according to the local media, Las Vegas Review-Journal. The developers had to stop the project as its owners sought new funding for the hotel-casino project.
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