A financing interruption has brought the construction of the $575 million, 531-room Dream Las Vegas hotel-casino on the Strip to a complete stop, the Las Vegas Review-Journal reports.
This leaves the developer, Bill Shopoff, chief executive officer of Shopoff Realty Investments, owing as much as $30 million to vendors for work on the project, which was envisioned as a boutique alternative to the larger resorts on the Strip. He told the Review-Journal that work “will restart once the terms of the financing are finalized.”
He added, “Work has fully stopped at the site, other than anything required for safety.”
Shopoff said he is in discussions with the lender about new terms. “Clearly, we’re delayed on getting some financing,” he told the Review-Journal.
He added that the project’s ownership group intends to honor its agreements, including to the builders. “They will be paid, and the project will get built,” he said.
“Obviously people want to get paid for their work, and we want them to be paid.”
