LAS VEGAS (KTNV) — New reports say that construction on the Dream Las Vegas hotel is on hold, for now.
In a statement to Channel 13, Fort Lauderdale-based Shopoff Realty Investments said time is needed to finalize the financing plan for construction of the hotel on Las Vegas Boulevard.
"As soon as the financing is in place, the project's construction will be restarted, and we have every intention to complete this project as planned," Shopoff stated.
Shopoff president and CEO Bill Shopoff said additional work, like permitting and other non-construction tasks, will continue while financing is being finalized.
Developers broke ground on the hotel-casino at 5051 S. Las Vegas Blvd. in July 2022.
It's set to have more than 500 rooms and suites, as well as eight food and beverage venues and 26,000 square feet of casino space.
The full statement from Shopoff can be read below:
"We have temporarily paused work on the Dream Las Vegas site while we work to finalize and close the construction financing. This is anticipated to occur in the near future, as we are in active discussions with our lenders to finalize terms. As soon as the financing is in place, the project’s construction will be restarted, and we have every intention to complete this project as planned. Additional work, such as permitting and other non-construction activities will continue to proceed, and all parties and agreements remain in place. We continue to work in concert with McCarthy, Hyatt and Clark County Officials, and are thankful that we have their continued support."
