The delay follows warnings from construction industry experts on growing concerns around financing, especially following the closures of Silicon Valley Bank and Signature Bank a few weeks ago.
Contractors can expect tightening and some tension from small and regional banks, said Greg Ross, industry managing partner at Grant Thornton, a Chicago-based accounting firm. Those bank failures and subsequent turbulence throughout the banking system may trigger recession during the second half of 2023, according to Fannie Mae.
Shopoff said the company has “every intention to complete this project as planned.” The hotel and casino venue was originally scheduled to open in 2024.
