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A and B waiting for C to bring more leaked photos of XXX.
A「C、早く来ないでござるかなぁ……XXXの写真、早く見たいでござるよ」
B「どんどん過激になってきてますからね～。今度はパンモロとかかもしれませんよ！？」
A「それは夢がないでござるよ！ パンツはチラリと見えるくらいが至高でござる！」
それは夢がないでござるよ - "that" (full panty shot) is not a dream, just a glimpse....
それは夢がないでござるよ has to mean something closer to "that's a pipe dream is it not" to make logical sense, but how does it get there?
First of all, you seem to have ignored the basic grammar; が is a subject marker and ～がない means "there is no ～".
So それは夢がないでござるよ literally means "There is no dream in it (=パンモロ)" or "パンモロ has no dream". I think you can now guess the meaning, but here 夢がない ("having no dream", "dreamless") means something like "does not stir one's imagination", "has no room for imagination", "too explicit and thus not exciting", etc. 夢がある means "promising", "dreamy", "fantastic", "not very realistic but exciting anyway", etc.
