The Clark County Commission has granted unanimous approval for the construction of a 752-room hotel-casino resort on the Las Vegas Strip, initiating the redevelopment of the long-neglected SkyVue Ferris wheel location opposite Mandalay Bay.
Developer Eli Applebaum secured almost 12 acres of land this spring for $70 million from previous owners who acquired the site through bankruptcy proceedings.
The proposed resort will showcase a heart-shaped hotel tower featuring an extensive LED facade, a sheltered pedestrian plaza influenced by the Fremont Street Experience, an aerial restaurant integrated with the remaining SkyVue concrete supports, along with retail shops, dining establishments, an outdoor recreational area, and a parking facility.
This initiative aims to revitalize a property that has been predominantly vacant for over a decade, following the financial troubles that halted the SkyVue observation wheel project. The incomplete concrete towers, commonly referred to as “matchsticks,” will be reinforced and incorporated into the new design rather than being demolished.
Nancy Amundsen, a land-use consultant representing Applebaum, described these structures as “the two matchsticks.”
Amundsen mentioned she engaged in discussions with MGM Resorts International, the operator of Mandalay Bay, which is located across Las Vegas Boulevard from the site.
“They simply want progress on this site,” she stated, alluding to the long-stalled redevelopment.
Initially, Applebaum proposed a larger resort with 874 rooms, but subsequently reduced its height by about 60 feet after collaborating with the Federal Aviation Administration and Clark County’s Department of Aviation for approval, lowering the room count to 752.
According to Amundsen, the remaining SkyVue towers will be strengthened with an additional pillar to support the intended sky restaurant, aiming to make the current unfinished structures appear more aesthetically pleasing.
The original SkyVue project was estimated at over $100 million, including a 500-foot observation wheel, roller coaster, and various dining and retail options. Announced in 2011, the project faced construction halts due to financial constraints.
Former SkyVue developer Howard Bulloch remarked that the property had been “in escrow multiple times,” but potential buyers “were unable to secure financing as anticipated.”
The necessary zoning-related approvals for Applebaum’s development were unanimously passed by the Clark County Commission.