Question of the Day - 08 November 2024

We last tackled this question in April. The answer started out with, "Don’t look now, Las Vegas, but we may have another ‘failsino’ on our hands." And that was from a report dating back a year to April 2023. 

If completed, Dream, which is located on the east side of the south Strip next door to the Pinball Museum and across from the Welcome to Las Vegas sign just south of Russell Road, would encompass 531 rooms, a casino, two restaurants, showroom, nightclub, and pool/dayclub complex. 

However, over the last 18-plus months, as you've observed, nothing has changed. In April 2023, Fort Lauderdale-based Shopoff Realty Investments promised it had “every intention to complete this project as planned.” Shopoff said it was in “active discussions” with potential lenders, having spent roughly $175 million on the $575 million property and on the hook for as much as $30 million in debt. In fact, CEO Bill Shopoff told the Las Vegas Review-Journal he would have the requisite financing in hand “in the next couple of weeks.”

So much for that prediction.

In addition, Dream Hotel Group parent company Hyatt has, tellingly, not lifted a finger to rescue the project. 

Recently, however, it was reported that Dream is making "incremental progress" and requested a two-year extension of the building permits. The Paradise Town Advisory Board approved the extension, though the vote is non-binding, meaning Clark County has to take up the issue, which it's expected to do later this month or in early December. 

At the Paradise Board meeting, representatives for Dream insisted that progress is being made, to wit, "site grading, basement excavation, pile and foundations, plumbing and electrical, and foundation walls,” with 20% of the project completed, $123 million spent on construction, and $413,000 spent on permits to date. 

Still, it reminds us of the so-called progress reports for All Net Arena, which ultimately failed, though it took more than 10 years and countless broken promises to do so. And this is the second extension request for Dream. We do wish them well and we'd certainly like to see the place open, so we'll wait and see what transpires next.