Stalled Las Vegas Dream Casino Resort Changes Hands

Posted on: August 27, 2025, 11:46h. 

Last updated on: August 27, 2025, 12:10h.

Corey Levitan Read More
Expertise: Commercial Gaming, Entertainment, Expert Insight, Las Vegas, Restaurants, Vegas Myths Busted.
  • Ownership of the stalled Dream Las Vegas has moved from the project’s original developer to its lead contractor
  • McCarthy Companies now controls the ambitious project on the south end of the Strip
  • The future of the planned boutique hotel remains in doubt

The lead developer of the stalled Dream Las Vegas has transferred his dream to the unfinished casino hotel’s lead contractor, according to the Las Vegas Review-Journal.

The reality of Dream Las Vegas, which since 2023, has been a 20% complete construction site blighting the Las Vegas Strip just north of the “Welcome to Fabulous Las Vegas” sign. (Image: Wikipedia)

McCarthy Building Companies, which built Allegiant Stadium in a joint venture with Mortenson Construction, now owns the project on the south end of the Strip, having acquired it for $17.2 million plus additional payments to settle outstanding loans.

The St. Louis-based construction company filed a lien on the property in 2023, claiming that developer Bill Shopoff owed it $40 million for work performed.

Dream On

Shopoff told the Review-Journal that he and his partner, David Daneshforooz of Contour, still intend to reclaim the property if they can secure the funding that’s eluded them since mid-2022.

While they had a term sheet in hand, rising interest rates and banking volatility derailed the deal. Until then, the developers had been self-financing the project and were seeking a $400 million-plus package to finish construction.

By early 2023, work had ground to a halt with only 20% of the resort complete (site grading, basement excavation, foundation work, and initial plumbing and electrical infrastructure). More than $123 million had already been spent, and Shopoff’s revised estimate for completion ballooned to $550–$575 million — nearly double the original $300 million projection.

Dreaming Big

Dream Las Vegas as it was initially pitched. (Image: Dream Las Vegas)

Dream Las Vegas was planned as a 20-story, 527-room boutique resort plus a 20K square-foot casino — an ambitious push into the southern end of the Strip, where luxury development had never ventured.

That all changed when the area was announced as the home of the future Raiders Stadium in early 2017, sparking a land rush among speculators and builders.

In mid-2023, McCarthy sued the development group in Clark County District Court to recover its unpaid balance. A settlement was reached in May, according to the R-J, and the deed officially transferred on August 21.

McCarthy has yet to announce its intentions for the site, but told the Review-Journal it remains “deeply invested in Las Vegas” and plans to work with local officials to determine “the best long-term solution for the community.”