“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.
