A stalled casino project site on Las Vegas Boulevard is officially for sale after a troubled development history marked by construction halts, lawsuits, and ownership changes.
The 4.7-acre property, located near the south end of the Strip just south of Russell Road and close to the “Welcome to Fabulous Las Vegas” sign, once aimed to become Dream Las Vegas—a 20-story, 527-room boutique resort. Despite over $123 million already invested and substantial work completed (grading, basement excavation, plumbing, and electrical), construction stopped less than a year after breaking ground in summer 2022.
McCarthy Building Companies, the project’s lead contractor, took control of the site earlier this year after a legal settlement over unpaid bills, including more than $40 million in claimed work. Several subcontractors also filed liens. The original developers, Shopoff Realty Investments and Contour, cited volatile financing markets and pandemic-related disruptions as causes for delay. They had purchased the land for $21 million just before the pandemic hit.
Colliers International is now marketing the unfinished site, with unsolicited offers reportedly around $50 million, though there is no formal asking price. The sale includes approved project plans and completed initial construction, offering buyers the chance to quickly resume development of a high-end boutique property.
The site’s appeal is enhanced by its proximity to the under-construction Athletics baseball stadium and Allegiant Stadium, both about a mile away. However, the Dream brand is no longer associated with the project.
Development faced further complications, including design changes for security due to its proximity to Harry Reid International Airport and a property boundary dispute with the neighboring Pinball Hall of Fame, which was resolved in court.
The Clark County Commission has granted multiple extensions to keep the project’s approvals alive, despite county staff recommending denial and considering the project abandoned. The property is now positioned for a new buyer to potentially revive or reimagine the stalled resort project on one of the most prominent corridors in Las Vegas.