Owner Change for Dream Las Vegas as Stalled Resort Project Moves Forward

Originally, the resort was planned as a 20-story, 527-room boutique hotel featuring a 20,000 square-foot casino. As of mid-2023, only about 20% of construction had been completed, with foundational work, site grading, initial plumbing and electrical infrastructure in place. Cost overruns and difficulty raising capital (amid rising interest rates and lending instability) had derailed progress. The revised estimate for completion ballooned to $550–575 million, nearly double the original budget. 

McCarthy has not yet announced its detailed plan for finishing the project but has indicated it is “deeply invested in Las Vegas” and will coordinate with local officials to determine the best long-term use of the site. Observers believe that this handover could signal renewed momentum — if financing can be secured — but warn that the market for new resorts has cooled, making investor confidence and cost controls critical for success.