Las Vegas’ long-delayed north Strip resort has seen owners come, go and, in one case, return.
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A long-shuttered motel site on the Las Vegas Strip is getting a new owner: a North Dakota tribal nation that owns nearly 22 acres along the south edge of the famed resort corridor.
The developer said he owes approximately $25 million to $30 million for work on the resort, and that construction “will restart once the terms of the financing are finalized.”
A tribal nation that acquired most of the Route 91 site is buying the former White Sands Motel for more than $10 million.
The hotel-casino’s shopping district will span 90,000 square feet and feature around 35 “luxury retail concepts.”
Dream Las Vegas is estimated to cost around $550 million and slated to open in late 2024.
The north Strip skyscraper’s history is marked by bankruptcy proceedings, halted construction, different sets of owners, and national economic meltdowns.
The towering north Strip hotel-casino will feature a pillarless ballroom spanning more than 105,000 square feet, one of the largest in Las Vegas.
After years of seeing big plans come and go, the north edge of Las Vegas’ famed casino corridor is showing more momentum than it has in years.
Observers have said the north Strip property could initially siphon guests from competitors but also boost tourism overall to Las Vegas.
The long-planned $4.3 billion property could bring more tourists to the north Strip and a surge of visitors overall to Las Vegas.
The new owners of the Drew property did not release details Thursday on their plans for the site, including whether they will change the name back to the Fontainebleau or when they expect to resume construction.
Travel spending, including on transportation, hotels and attractions, is projected to fall by $355 billion this year, the group said.
Developer David Daneshforooz and Shopoff Realty Investments teamed up to acquire a 5.25-acre plot of land on Las Vegas Boulevard just south of Russell Road for $21 million.
The former Fontainebleau — the blue-tinted tower that has blighted the Strip for a decade — is slated to open as the Drew in the second quarter of 2022.