Developer of Financially Struggling Dream Las Vegas Relinquishes Incomplete Gambling Establishment to Construction Firm
In a surprising turn of events, California-based developer Bill Shopoff has transferred the ownership of the unfinished Dream Las Vegas hotel-casino site to McCarthy Building Companies. The transfer was confirmed by the President and CEO of Shopoff Realty Investments, and it appears to be due to unpaid bills estimated to be worth tens of millions of dollars.
According to reports by LVR-J, Shopoff Realty owes millions to both McCarthy and other subcontractors for work on the property. The amount of funds Shopoff is working to secure for reacquiring the site was not specified.
The location of the Dream Las Vegas is just south of Russell Road and close to the "Welcome to Fabulous Las Vegas" sign. The project, which started in 2015, has stalled, with construction only 19% complete. According to Clark County records, a tall wooden wall surrounds the site on the southern edge of the Strip, with rusted rebar still visible and a construction crane still towering overhead.
McCarthy Senior Vice President Ross Edwards confirmed the transfer was due to non-payment of bills. However, McCarthy is not planning to develop the 4.7-acre site themselves. Instead, they are working with Clark County and others to identify a long-term solution for the community.
Shopoff, in a phone interview with LVR-J, stated his firm's intention to buy the site back. He also expressed his eagerness to work with McCarthy again and build the project. McCarthy, in response, stated they would consider working with Shopoff again "if and when his firm secures the necessary funding."
In a twist of events, Wynn Resorts announced they will try to repurchase the Dream Las Vegas Hotel-Casino site. The total value/sales price of the site is $17.2m, as listed in the deed for the ownership switch.
Construction bills were allegedly stopped by Shopoff's firm as far back as 2022. This led to McCarthy filing a lien against Dream in March 2023 claiming Shopoff Realty owed it $40m for work on the site.
As the situation unfolds, the future of the Dream Las Vegas hotel-casino project remains uncertain. However, one thing is clear - the project, which was once a beacon of hope for the Las Vegas community, is now a symbol of unfulfilled promises and financial woes.
