Dream Las Vegas, a 20-story, 531-room hotel and casino, is under construction and slated to open on the Las Vegas Strip in late 2024.

The property, near the “Welcome to Fabulous Las Vegas” sign south of Mandalay Bay and the Bali Hai Golf Club, is being developed by Shopoff Realty Investments and Contour in partnership with Dream Hotel Group.

The $550 million development, under a contemporary glass and metal facade, will feature seven dining and nightlife venues, 12,000 square feet of meeting and event space and a 20,000 square foot managed casino by Peninsula Pacific Entertainment. It will include a third level pool and day club; a café-café and a gelateria on the ground floor; and a fitness center by TechnoGym.

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“This project represents a new kind of hotel experience in Las Vegas, offering tourists and locals a unique boutique hotel option on the Las Vegas Strip,” said William Shopoff, President and CEO of Realty. Investments.

Dream Hotel Group executives said Las Vegas will be an important asset in the company’s growing portfolio, which includes 15 hotels and 25 sites in various stages of development around the world.

“At Dream, we are all proud to play a part in creating what will be one of the most spectacular new additions to Las Vegas,” said Jay Stein, CEO of Dream Hotel Group. “Las Vegas is a destination just like our Dream Hotels brand, marked by vibrant, youthful energy and a vibrant culture and entertainment scene like nowhere else in the world.”