“I can assure you our industry is filled with enthusiasm around the opportunity to help build a new Las Vegas landmark and will do so in a work environment that is committed to safety, and is welcoming, inclusive, and empowering to all,” Edwards said at the time.Ī lien notice recorded March 10 by McCarthy - and signed by Edwards - stated that about $43.3 million in payments had been received, but it indicated that almost $40.2 million was “currently due for work performed” on the project, Clark County records show.Ĭounty records indicate that several subcontractors on the project, including electrical, steel and drilling companies, have filed lien notices as well. In a news release on Dream’s ceremonial groundbreaking last July, McCarthy Senior Vice President Ross Edwards indicated that roughly 1,200 construction professionals would be working on-site. “Obviously people want to get paid for their work, and we want them to be paid,” Shopoff said. He figured his team is two to four weeks from completing its financing “to get this project back on track.” He pointed to last year’s interest rate hikes by the Federal Reserve - moves that raised borrowing costs in a bid to fight inflation - and recent turmoil in the banking industry. “They will be paid, and the project will get built,” he said.ĭream’s developers had a term sheet from a lender last summer, when they broke ground on the resort, but closing the deal has taken longer than expected, Shopoff indicated Friday.

Shopoff said his team is in daily contact with Dream’s lead builder, contractor McCarthy Building Companies, and the project’s ownership group fully intends to honor its agreements, pay its builders and finish the 531-room resort.

The owners have been paying for the project with cash so far and are working on a $400 million-plus funding package. “Clearly, we’re delayed on getting some financing,” he said in an interview Friday.ĭream is slated to cost $550 million to $575 million, Shopoff said. Shopoff said his group is in “active” discussions with its lender and expects terms to be finalized potentially in the next couple of weeks. Shopoff and real estate firm Contour, led by CEO David Daneshforooz, are partners on the project. It is designed to offer a smaller, boutique-style experience in a corridor dominated by massive hotel-casinos with thousands of rooms apiece.

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