LAS VEGAS (KTNV) — Construction on the Dream Hotel and Casino on the south end of the Las Vegas Strip could restart in January 2024.
The new resort will be located at 5051 South Las Vegas Boulevard, near the Pinball Hall Of Fame and Welcome To Fabulous Las Vegas sign.
Developers broke ground on the project in July 2022. However, they paused construction in March 2023.
At the time, Fort Lauderdale-based Shopoff Realty Investments, which is working on the project, told Channel 13 time was needed to "finalize the financing plan." That same reason was echoed again in new documents that were filed with Clark County this week.
"Due to the destabilization of the financial markets over the last eight or nine months, construction loan financing was stalled, which has caused a temporary work stoppage on the site," the documents read in part. "[We] anticipate the bridge loan to close within the next two weeks followed by the close of the full capital stack [equity and debt] by Dec. 2023 with a full restart of construction by McCarthy Construction on Jan. 1, 2024."
The documents were filed by the property owner who is also asking Clark County officials for a year-long extension for certain building permits that may expire by the time that financing is finalized. That includes a performance agreement, development agreement, design review for signage and lighting plan, and an on-site crane that was approved by the Federal Aviation Administration.
According to developers, the new resort is expected to be 20 stories tall with 531 guestrooms and suites as well as dining and nightlife venues, a pool deck, a bar, and a lounge space on the gaming floor and on-site parking.
The project was announced in Feb. 2020 after Shopoff Realty Investments purchased the 5.25-acre property for $21 million.
The resort was originally scheduled to open in Fall 2024. As of Wednesday afternoon, it's unclear how far that timeline will be pushed back due to the construction delay.
