But at least one company working on the site says it has been business as usual since the shock announcement on May 26 that Bank of Scotland International (BOS), the financial backer of stage one, had had Melview (Kawarau Falls Station) Development Ltd and Melview (Kawarau Falls Station) Investments Ltd placed in receivership.
Contractor Rilean Construction director Stephen McLean said his company was one of four contractors still working on the 6.4ha site and was spending between $700,000 and $1 million a month.
He had 50 workers, including 25 carpenters, building three luxury apartment complexes.
"We are due to be finished at the end of the year or early January."
Stage one of the three-stage development was well-advanced, he said.
Roofs and windows were being put in and fit-out would start soon on "prototype apartments".
The Otago Daily Times understands as much as $500,000 a day has been poured into the site in recent months.
Hawkins Construction is working on The Westin Hotel and Naylor Love on the Quadrant hotel; both could open early next year.
Fulton Hogan is working on roading and infrastructure.
KordaMentha receiver Brendon Gibson said in May the bank had confirmed funding would be available to allow construction to continue on stage one for at least two weeks while the review of costs and associated revenue streams was undertaken.
He has not made any public statement since and could not be reached for comment yesterday.
