Clark County officials have greenlit the development of a new resort on one of the Las Vegas Strip’s most infamous vacant lots — the site of the former SkyVue ferris wheel, where its towering twin concrete columns have loomed untouched since 2011.
Real estate developer Eli Applebaum, representing Kulik River Capital, received authorization this past Wednesday to construct a 29-story, heart-shaped hotel-casino featuring 752 accommodations directly across from Mandalay Bay.
The proposed resort will feature a striking heart-shaped glass curtain wall adorned with an expansive LED display. It will also boast over 42,000 square feet dedicated to convention space, a gaming area, various dining options, retail shops, a pool space, and a covered pedestrian plaza reminiscent of the Fremont Street Experience.
This spring, Applebaum acquired the approximately 12-acre property for $70 million from the family of Seattle businessman Wayne Perry, who obtained the land through a bankruptcy auction in 2020. Initially, Applebaum sought approval for an 874-room tower but reduced the height by 60 feet to comply with FAA regulations.
Vue to a Buzzkill
The two incomplete support towers at the site will be reinforced and integrated into a 265-foot-high dining establishment suspended above the land. Locals have nicknamed these structures “the pillars of sadness,” which have long symbolized the downfall of SkyVue’s ambitious 500-foot “Las Vegas Super Wheel,” outdone by a competitor with substantial funding: Caesars Entertainment’s High Roller.
While some media outlets have voiced doubts regarding the realization of this ambitious project, MGM Resorts is reportedly excited about the idea of removing the longstanding eyesore that Mandalay Bay patrons have endured for over 15 years.
SkyVue was initially proposed in 2011 as a $100 million-plus entertainment complex featuring a ferris wheel, a roller coaster, and a retail promenade. Though construction commenced, it eventually halted due to financial challenges, leaving only the two concrete columns as remnants.