$550 million hotel-casino, the latest in Las Vegas entertainment

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diving letter:

  • Construction has begun on a new 20-story hotel-casino at the southern end of the Las Vegas Strip. according to a press release from the project.
  • The development by Shopoff Realty Investments and Contour in partnership with Dream Hotel Group will include seven restaurants and nightclubs, 12,000 square feet of meeting and event space and a 20,000 square foot casino. McCarthy Building Companies is the design-build contractor for the project.
  • The 531-room hotel and casino is the latest sign of positive sentiment in Las Vegas’ construction industry, despite recession concerns.

Dive insight:

Nonetheless, demand for entertainment and hotel projects in Sin City, such as Dream Las Vegas, remains strong economic headwind and signs of crater consumer confidence. Because non-residential construction could weather this economic headwind better than others longer planning and financing periodssaid Bill Shopoff, President and CEO of Shopoff Realty Investments.

“We think there’s a good pipeline of commercial projects that should be able to weather the recession if one hits,” Shopoff said. “We do not expect the recession to be of the depth or duration to seriously affect construction demand.”

The Dream Las Vegas Hotel and Casino, expected to be completed in late 2024, is expected to generate significant tax revenue and create 4,000 new direct and indirect construction jobsaccording to the project’s press release.

“Given how long commercial projects take to build compared to single-family projects, which can be stopped much quicker, we expect things to remain strong,” Shopoff said. “We believe our timing is on track with a planned delivery in late 2024. If there are economic headwinds, they should be well behind us by the time we open.”

The proposed venue is just one of many entertainment projects under construction in Las Vegas. For example, Toronto-based Colliers just brokered a $240 million deal for a 40-acre land Formula 1 development on the Strip. Other significant entertainment projects underway in Las Vegas include a $3 billion entertainment development by Oak View Groupas well as MSG sphere.

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