The stalled casino resort project Dream Las Vegas at the south end of Las Vegas Boulevard has officially been listed for sale. The project was halted due to financing issues and legal disputes. After taking over the property, the former general contractor McCarthy Building Companies has entrusted Colliers International with the sales. The compliance process for related Las Vegas gaming projects can be queried through the PASA official website.
Project Background: Boutique Resort Dream Shattered, Investment Exceeds $123 Million
The project's progress has been fraught with setbacks! In the summer of 2022, the developer initiated the construction of this boutique resort, planning a 20-story building with 527 rooms, positioned as a mid-sized high-end property on Las Vegas Boulevard. By the time construction was halted, more than $123 million had been invested, completing site leveling, basement excavation, and the installation of water and electrical pipelines, but in 2023, construction came to a complete standstill due to failed financing negotiations, less than a year into the work.
Change of Ownership: Legal Dispute Settled, Contractor Takes Over Sale
After resolving the dispute, the sale phase finally began! In March 2023, McCarthy Building Companies filed a lien lawsuit for not receiving over $40 million in construction payments, followed by claims from several subcontractors. After court mediation, both parties reached a settlement, and McCarthy officially took over this 4.7-acre plot in August 2025. Currently, there is no official price for the project, but potential buyers have already made indicative offers around $50 million, serving as a reference for the sale.
Core Advantages: Complete Approvals, Adjacent to Sports Venues
The new buyer actually picks up a project with convenient approvals! The project has received all construction approvals from Clark County, and the buyer can resume work immediately without restarting the lengthy approval process. Additionally, the plot is located about 1 mile from Allegiant Stadium and the under-construction Athletics baseball stadium, offering potential for sports betting facilities. Moreover, the original Dream brand has been unbound from the project, allowing the buyer to freely reshape the brand positioning.
Potential Challenges: Past Regulatory and Property Disputes
The project still harbors some historical issues! Due to its proximity to Harry Reid International Airport, the developer had to adjust the design at the request of the Transportation Security Administration and airlines; also, the adjacent Pinball Hall of Fame Museum once encroached on 8 feet of the project's land due to a survey error, although this has been resolved legally, it may still affect subsequent construction planning. However, Clark County has recently extended the project's approval period for the third time, giving the new buyer ample space to push forward.
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