{"id":347466,"date":"2025-08-28T19:18:37","date_gmt":"2025-08-29T00:18:37","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2025\/08\/28\/dead-dream-handed-over-to-construction-company-due-to-unpaid-bills\/"},"modified":"2025-08-28T19:18:37","modified_gmt":"2025-08-29T00:18:37","slug":"dead-dream-handed-over-to-construction-company-due-to-unpaid-bills","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2025\/08\/28\/dead-dream-handed-over-to-construction-company-due-to-unpaid-bills\/","title":{"rendered":"Dead Dream Handed Over to Construction Company Due to Unpaid Bills"},"content":{"rendered":"

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\n By Scott Roeben<\/a>, on August 28 2025 <\/span><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

The developer of Dream Las Vegas has handed the keys to the dead project to a construction company he owes $40 million.<\/p>\n

The Dream Las Vegas hotel was announced with much fanfare, including a fanciful groundbreaking on July 8, 2022. In good faith, McCarthy Building Companies started work on the project, but the project stalled<\/a>, leaving behind tens of millions in unpaid bills.<\/p>\n

McCarthy has now been given the land by Dream\u2019s developer, Shopoff Realty Investment, to settle a portion of the debt. The land is worth $17.2 million. Awkward.<\/p>\n

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Foundations aren\u2019t buildings. See also the imaginary ballpark on the Trop site.<\/figcaption><\/figure>\n

Las Vegas history is littered with projects that started and stalled due to lack of funding. The Skyvue observation wheel (near the Dream site), Echelon (now Resorts World), Fontainebleau (now Fontainebleau), the St. Regis Residences at Venetian, All Net (hey, they moved dirt), the A\u2019s ballpark, the list goes on and on.<\/p>\n

Oh, we hear you. The A\u2019s ballpark hasn\u2019t technically stalled yet. Give it a minute. The project isn\u2019t funded. The A\u2019s are definitely following in All Net\u2019s footsteps<\/a>, dirt movingwise.<\/p>\n

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Oh, look, it\u2019s a video of dozens of guys masturbating for a month straight. pic.twitter.com\/Z1qXUJ8q1n<\/a><\/p>\n

\u2014 Vital Vegas (@VitalVegas) August 26, 2025<\/a><\/p>\n<\/blockquote>\n

The Dream fiasco is a perfect example of how starting construction isn\u2019t the same as finishing construction.<\/p>\n

What happens with the Dream site now? It sits, idle, until McCarthy sells it to try and claw back some of its losses.<\/p>\n

Oh, unless you believe the developer who, in full delusional developer mode, told the Review-Journal<\/a> he looks forward to buying the property back from McCarthy and \u201cultimately building the project.\u201d<\/p>\n

This is, as they say in the resort development business, pure horseshit.<\/p>\n

Shopoff not only screwed over McCarthy, but also a number of subcontractors, including electrical, steel and drilling companies.\u201d<\/p>\n

When work on the project was initially stopped, developer Bill Shopoff said financing would be finalized in two weeks. That happened in March 2023. The longest two weeks ever.<\/p>\n

So, now we get more blight on The Strip. Indefinitely. Nobody\u2019s building anything on that site, despite the proximity to the awesome Pinball Hall of Fame.<\/p>\n

A similar scenario is likely on the former Tropicana site. Bally\u2019s Corp. doesn\u2019t have the resources to build a resort and the ballpark is more than $1 billion short of funding.<\/p>\n

The ballpark activity is a Mortenson-McCarthy joint venture.<\/p>\n

We were told by Bally\u2019s Corp. they\u2019re paying for the work on the site. The A\u2019s say they\u2019re paying for it.<\/p>\n

Our suggestion to the builders is to get paid up front. Working on credit with hustlers can turn a dream into a nightmare.<\/p>\n<\/p><\/div>\n