Developers of the project, Shopoff Realty Investments and Contour, broke ground on the 20-story hotel and casino last July.

At the time, company officials had said Dream Las Vegas was expected to open with 531 guestrooms and suites, multiple dining and nightlife venues, including a third-level pool deck, a bar and lounge concept on the gaming floor and more.

Initially announced in Feb. 2020, the project was expected to open in late 2024.

In a statement provided to FOX5 on Tuesday morning, Shopoff Realty Investments CEO Bill Shopoff announced that work on the project has been “temporarily paused.”

Shopoff said in the statement that they are working “to finalize and close the construction financing” for the project.”

A full copy of Shopoff’s statement can be read below:

We have temporarily paused work on the Dream Las Vegas site while we work to finalize and close the construction financing. This is anticipated to occur in the near future, as we are in active discussions with our lenders to finalize terms. As soon as the financing is in place, the project’s construction will be restarted, and we have every intention to complete this project as planned. Additional work, such as permitting and other non-construction activities will continue to proceed, and all parties and agreements remain in place. We continue to work in concert with McCarthy, Hyatt, and Clark County Officials, and are thankful that we have their continued support.

Located at 5051 S. Las Vegas Boulevard on the south end of the Las Vegas Strip, the groups acquired 5.25 acres of vacant land for the project from Fort Lauderdale-based real estate firm Lily Funds for $21 million, according to a previous release from Lily Funds. The sale closed on Feb. 14, 2020, Lily Funds had said.

“When open, Dream Las Vegas will be unlike anything else currently available on the Las Vegas Strip, offering a new go-to destination for locals and out-of-town pleasure seekers alike,” Dream Hotel Group CEO Jay Stein said in a statement when the project was announced.

By Caitlin Lilly