
The Dream Las Vegas project, a much-anticipated boutique casino resort, hints at a revival from its development doldrums. The kernel of hope lies in a recent application to extend its building permits, suggesting progress after a period of financial stagnation.
Dream Las Vegas’ construction came to an abrupt halt in March, with unsettled debts ranging from $25M to $30M. New documents filling the desks of Clark County’s officials indicate a possible recommencement in early 2024. These documents highlight clearly defined resolutions for the fiscal issues that temporarily placed the project into dormancy.
A persuasive justification letter penned by the developers’ legal counsel sketches an optimistic future. It specifies a bridge loan’s closure by November, which paves the way for a full capital stack by December 2023.
When asked about the halt in construction, Bill Shopoff, the developer and president of Shopoff Realty Investments, voiced his confidence about a forthcoming favorable financing deal.
The vision of Dream manifests as a result of the combined efforts of Shopoff and Contour, a privately owned commercial real estate group. The duo acquired a 5.25-acre plot of untapped land along the Las Vegas Boulevard, adjacent to Harry Reid International Airport, in early 2020. Dream Hotel Group, a premier operator of multiple luxury properties across the United States, was earmarked to manage the 21-story luxury hotel.
The hotel is envisaged with 531 guest rooms, seven dining and nightlife outlets, among which a rooftop pool deck will be one, a 12,000-square-foot convention center, a spa, and a small casino floor. The hotel broke ground on July 8, 2022, with its development mired by pandemic-induced delays.
Initially, Dream Las Vegas was estimated to cost $300M, but the price tag quickly inflated to a staggering $550M-$575M. The blame has been placed on inflation and the rising borrowing costs imposed by the Federal Reserve.
In a significant corporate move, Dream Hotel Group was procured by Hyatt Hotels Corp. in February 2023. The renowned hotel corporation allegedly paid an initial $125M, with an added $175M to be paid over the following six years, contingent on more properties joining in the portfolio and commencement of their operations.
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