Published on: August 27, 2025, 11:46 AM.
Updated on: August 27, 2025, 12:10 PM.
- Ownership of the halted Dream Las Vegas project has shifted from its initial developer to the main contractor
- McCarthy Companies now oversees this ambitious venture at the southern end of the Strip
- The future of the proposed boutique hotel remains uncertain
According to the Las Vegas Review-Journal, the main developer of the halted Dream Las Vegas has handed over control to the project’s lead contractor.
McCarthy Building Companies, known for constructing Allegiant Stadium in partnership with Mortenson Construction, now controls the project on the southern Strip, acquiring it for $17.2 million and additional payments to resolve outstanding debts.
The St. Louis-based construction firm placed a lien on the property in 2023, asserting that developer Bill Shopoff owed $40 million for services rendered.
Hopes for Revival
Shopoff mentioned to the Review-Journal that he and his partner, David Daneshforooz of Contour, aim to reclaim the property if they can secure the funding that has been lacking since mid-2022.
Although they had a term sheet ready, escalating interest rates and banking instability led to the collapse of the deal. Until then, the developers had been financing the project themselves while seeking over $400 million to complete construction.
By the beginning of 2023, progress had come to a standstill, with only 20% of the resort completed (including site grading, basement excavation, foundation work, and initial plumbing and electrical infrastructure). Already, over $123 million had been spent, and Shopoff’s revised cost estimate for completion surged to between $550–$575 million, nearly double the original estimate of $300 million.
A Grand Vision
Dream Las Vegas was envisioned as a 20-story, 527-room boutique hotel with a 20,000-square-foot casino—an ambitious foray into the southern Strip, where luxury developments had historically been absent.
This landscape changed dramatically when the area was revealed as the future site of the Raiders Stadium in early 2017, igniting a rush of speculation and development.
In mid-2023, McCarthy filed a lawsuit against the development team in Clark County District Court to collect the unpaid balance. A settlement was reached in May, as reported by the R-J. The deed transfer was finalized on August 21.
McCarthy has yet to disclose its plans for the site but has communicated to the Review-Journal that it is “deeply invested in Las Vegas” and intends to collaborate with local officials to explore the “best long-term solutions for the community.”