The Las Vegas Strip is about to get a new casino resort next to the airport, Dream Las Vegas, with a ceremonial ground-breaking taking place on Friday.

The 531-room property is expected to open in late 2024. The project’s price tag is near the $550m mark and it will feature restaurants, nightlife, a third-level pool deck and meeting and event space.

Developed by Southern California firms Shopoff Realty Investments and Contour, Dream will be smaller than the existing resorts on Las Vegas Boulevard.

It will offer “a boutique-style experience” in an ultra-competitive market dominated by hotels with thousands of rooms, huge casino floors and other amenities.

Bill Smith, senior vice president of design and construction at Shopoff, said the resort will be the flagship property for operator Dream Hotel Group of New York City. It already boasts Dream-branded locations in Manhattan, Miami Beach and Nashville, among others.