Bill Shopoff, President and CEO of Shopoff Realty Investments, said: “Work has fully stopped at the site, other than anything required for safety.”
According to Dream developer Shopoff, he owes between $25m and $30m for work on the resort and once the funding arrangements are made, the development will resume.
Shopoff and real estate firm Contour, led by CEO David Daneshforooz, are partners on the project.
Shopoff said: “Dream is slated to cost $550m to $575m. The owners have been paying for the project with cash so far and are working on a $400m-plus funding package.”
Earlier, Ross Edwards, McCarthy’s SVP, said: “I can assure you our industry is filled with enthusiasm around the opportunity to help build a new Las Vegas landmark and will do so in a work environment that is committed to safety, and is welcoming, inclusive, and empowering to all.”
According to a lien notice filed by McCarthy on 10 March and signed by Edwards, the project had received roughly $43.3m in payments, but over $40.2m was "currently due for work performed," according to Clark County documents.
County records indicate that several subcontractors on the project, including electrical, steel and drilling companies, have filed lien notices as well.
The construction of Dream Las Vegas began with a groundbreaking ceremony in July 2022.
Dream was planned to have 531 rooms and a 20,000-square-foot casino and gaming floor when it opened in late 2024. Peninsula Pacific Entertainment (P2E) was planned to run the facility.
