{"id":424,"date":"2025-08-28T10:51:44","date_gmt":"2025-08-28T10:51:44","guid":{"rendered":"http:\/\/www.sourceforterminals.com\/?p=424"},"modified":"2025-08-29T15:13:22","modified_gmt":"2025-08-29T15:13:22","slug":"owner-of-cash-strapped-dream-las-vegas-transfers-unfinished-casino-to-contractor","status":"publish","type":"post","link":"http:\/\/www.sourceforterminals.com\/index.php\/2025\/08\/28\/owner-of-cash-strapped-dream-las-vegas-transfers-unfinished-casino-to-contractor\/","title":{"rendered":"Owner of Cash-Strapped Dream Las Vegas Transfers Unfinished Casino to Contractor\u00a0"},"content":{"rendered":"

The post Owner of Cash-Strapped Dream Las Vegas Transfers Unfinished Casino to Contractor\u00a0<\/a> appeared first on Vegas Slots Online News<\/a>.<\/p>\n

<\/div>\n

Unpaid bills prompt transfer<\/h2>\n

California-based developer Bill Shopoff has signed his unfinished Dream Las Vegas hotel-casino site over to its lead contractor because of unpaid bills reportedly worth tens of millions of dollars.\u00a0\u00a0<\/p>\n

According to the Las Vegas Review-Journal <\/em>on Wednesday, the President and CEO of Shopoff Realty Investments confirmed his firm transferred ownership of the site to McCarthy Building Companies as part of a legal settlement.<\/p>\n

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total value\/sales price $17.2m<\/p>\n<\/blockquote>\n

McCarthy Senior Vice President Ross Edwards also confirmed Shopoff recently transferred the stalled casino\u2019s land to his firm over \u201cnon-payment\u201d of bills.\u00a0The deed for the ownership switch listed Dream Las Vegas\u2019 total value\/sales price at $17.2m.\u00a0<\/p>\n

According to reports, Shopoff Realty owed millions to both McCarthy and other subcontractors for work on the property.<\/p>\n

Unfinished Dream<\/h2>\n

Clark County records have revealed that construction on Dream Las Vegas stalled with the project build only 19% complete. According to the LVR-J<\/em>, a tall wooden wall currently surrounds the site on the southern edge of the Strip \u201cwith rusted rebar still visible<\/a> and a construction crane still towering overhead.\u201d<\/p>\n

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stopped paying construction bills as far back as 2022<\/p>\n<\/blockquote>\n

While the concept behind Dream, and its location just south of Russell Road and close to the \u201cWelcome to Fabulous Las Vegas\u201d sign promised a rosy future, Shopoff\u2019s firm allegedly stopped paying construction bills as far back as 2022.\u00a0<\/p>\n

Dream\u2019s market positioning was that it would offer a boutique-style hotel-casino experience on the Strip for visitors seeking an alternative to the steel-and-glass giants surrounding it.<\/div>\n

Clark County gave the 20-story, 527-room hotel-casino project its approval in fall 2021. But after ex-Governor of Nevada Steve Sisolak broke ground with a golden shovel in summer 2022, the Dream\u00a0 project went downhill fast.\u00a0<\/p>\n

McCarthy wrote in a court filing that Shopoff\u2019s firm stopped paying its invoices \u201cdue to an alleged lack of funds and circumstances beyond their control\u201d in September 2022.\u00a0<\/p>\n

McCarthy filed a lien against Dream in March 2023 claiming Shopoff Realty owed it $40m for work on the site. According to reports, multiple subcontractors, including electrical, steel and drilling firms, also filed liens against Shopoff\u2019s firm.\u00a0<\/p>\n

What next?<\/h2>\n

McCarthy stated on Wednesday that it didn\u2019t have any plans for the 4.7-acre site, but that it would keep working with Clark County and others to \u201cidentify the best long-term solution for the community.\u201d<\/p>\n

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firm intends to buy site back<\/p>\n<\/blockquote>\n

LVR-J<\/em> cited a phone interview with Shopoff, however, in which the real estate tycoon stated his firm intends to buy the site back from McCarthy.\u00a0<\/p>\n

Shopoff stated he\u2019s working to secure the extra funds needed to reacquire the site and finish construction, and is looking forward to working with McCarthy again and \u201cultimately building the project.\u201d<\/p>\n

McCarthy responded it would consider working with Shopoff again \u201cif and when his firm secures the necessary funding.\u201d<\/p>\n

The post Owner of Cash-Strapped Dream Las Vegas Transfers Unfinished Casino to Contractor\u00a0<\/a> appeared first on Vegas Slots Online News<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The post Owner of Cash-Strapped Dream Las Vegas Transfers Unfinished Casino to Contractor\u00a0 appeared first on Vegas Slots Online News. […]<\/p>\n","protected":false},"author":1,"featured_media":237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[],"_links":{"self":[{"href":"http:\/\/www.sourceforterminals.com\/index.php\/wp-json\/wp\/v2\/posts\/424"}],"collection":[{"href":"http:\/\/www.sourceforterminals.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.sourceforterminals.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.sourceforterminals.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.sourceforterminals.com\/index.php\/wp-json\/wp\/v2\/comments?post=424"}],"version-history":[{"count":1,"href":"http:\/\/www.sourceforterminals.com\/index.php\/wp-json\/wp\/v2\/posts\/424\/revisions"}],"predecessor-version":[{"id":425,"href":"http:\/\/www.sourceforterminals.com\/index.php\/wp-json\/wp\/v2\/posts\/424\/revisions\/425"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.sourceforterminals.com\/index.php\/wp-json\/wp\/v2\/media\/237"}],"wp:attachment":[{"href":"http:\/\/www.sourceforterminals.com\/index.php\/wp-json\/wp\/v2\/media?parent=424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.sourceforterminals.com\/index.php\/wp-json\/wp\/v2\/categories?post=424"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.sourceforterminals.com\/index.php\/wp-json\/wp\/v2\/tags?post=424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}