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The casino dream of “Dream Las Vegas” is over. The 20-story resort under construction for 531 hotel rooms and a 1.900 sqm casino has not received a third construction extension from the Clark County district. According to the LVRJ, work on the 19% completed construction will definitely not continue; instead, initial offers for the site are being submitted. Anyone wishing to set up a casino at the southern end of the Las Vegas Strip must currently bid at least $50 million to take over the site, including the basement construction.
Read more After 100 bracelets there are 18 rings – WSOP Circuit and WSOP Daily Deepstacks in Las Vegas!
Dream Las Vegas
The site near Allegiant Stadium, located between the Pinball Hall-of-Fame, Mandalay Bay Resort, the Bali Hai Golf Club, and the iconic Las Vegas Sign, was acquired for 21 million dollars to build a hotel and casino resort there. The hotel was to be managed by the Dream Hotel Group, and the casino by Peninsula Pacific Entertainment, which is primarily based in Iowa. The concept was to create a boutique hotel for $550 million (before the redesign $300 million) that, with 531 rooms, offers a more familiar and personal environment than the neighboring mega-complexes on the Strip.
In addition to the 531 hotel rooms and the 1.900sqm casino, restaurants, meeting and event rooms, numerous entertainment options for the legendary nightlife, and a pool deck on the 3. floor were to be available to future guests.
Since construction began in 2022, 19% of the building structure has been completed to date, which includes the concrete piles for the construction, the underground utilities, and the basement construction.
Corona, Airport Security, Financing Gaps, and Permit Stop
Building a casino resort from scratch is certainly anything but child’s play, but the owners had to manage more than one challenge to get this far. In the end, they lacked not only the money but also, in one place or another, simply the luck.
The choice of location for Dream Las Vegas was risky due to its accessibility alone, as it is placed at the southern end of the Strip across from the Pinball Hall-of-Fame and near the “Welcome to Las Vegas” sign. With the construction, the casino part of the Strip would essentially be extended, which could certainly offer opportunities. However, the Harry Read International Airport, located in the immediate vicinity, also offered opportunities for trouble of all kinds. By law, no buildings higher than 30m are allowed around the airport, but the casino hotel had planned a tower with a height of 70m. After consultation with the airport, however, it conceded that buildings up to 74m would not be a problem at the Dream location without obstructing visibility. So, according to the planning, construction could have actually started, were it not for the concerns typical in the US and another pandemic getting in the way.
Originally, construction was scheduled to begin in early 2021, but the COVID-19 pandemic initially thwarted those plans. When it was finally supposed to start months later, the TSA (Transportation Security Administration) was not sure whether a casino near the airport would be feasible; after all, the tower could be used for laser attacks on aircraft, the service road for car bombs, and the balconies for a mass shooting, like the one that occurred in Las Vegas in 2107.
Read more After 100 bracelets there are 18 rings – WSOP Circuit and WSOP Daily Deepstacks in Las Vegas!
After drastic design changes, such as moving the tower from the airport side to the Strip, scrapping all previous balconies, and tightening access requirements for the service road, construction was able to start on 8. July 2022, and was scheduled to be completed by the end of 2024.
After safety concerns and the pandemic were out of the way, the cash flow finally stalled in 2023, and there were liabilities to the contractor of more than 30 million dollars. This led to the site passing into the possession of the contractor, while the original owner tried to arrange financing with which he could buy back the site and continue financing the construction.
To this end, an extension of the building permit was obtained from the responsible Clark County district, which could be extended a second time before its first expiration. However, the third application for an extension was rejected, and the construction project was marked as “abandoned” by the district.
$50M+ Offers for the “Dream Las Vegas” Site
With the final construction stop, the site with the 19% completed hotel-casino building is now to be sold. There is no specific selling price for it, but several offers have since arrived, ranging between $50M and $60M.
If you have always harbored the dream of owning a casino on the Las Vegas Strip, you now know where and with what budget you can strike.
Read more After 100 bracelets there are 18 rings – WSOP Circuit and WSOP Daily Deepstacks in Las Vegas!
The current situation in the 7@7 video:
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