A new $500-million development project on the Las Vegas Strip has been given the green signal. The highlight of this venture will be a 550-foot-high observation wheel with 28 cabins that can hold 40 people – second only to the world’s existing tallest Ferris wheel, the 541-foot Singapore Flyer.
Scheduled for completion in 18 months, Project Linq will also include the refurbishment of the Imperial Palace and O’Sheas and the addition of 326,000 square feet of retail, dining, and shopping space connecting prominent tourist attractions Imperial Palace and Flamingo Las Vegas.
Earlier this month, Clark County commissioners permitted Ceasars Entertainment to begin work on this initiative, which officials hope will revive the Las Vegas strip.
It is estimated that Project Linq will require 3,000 construction workers and, once established, will lead to the creation of 1,500 new jobs.
“This project is another sign of growing confidence in the Las Vegas market,” Commissioner Larry Brown told the Las Vegas Sun. “A $400 million investment, thousands of new jobs — the type of commitment that builds tremendous momentum for our economy.”
Commissioner Steve Sisolak agreed.
“It will create thousands of jobs, both construction and permanent, and be another amenity on the Las Vegas Strip for tourists to visit and enjoy,” Sisolak said. “It will also provide an economic stimulus to county revenues.”
Project Linq’s wheel will be accompanied by Compass Investments’ 500-foot wheel on Las Vegas Boulevard that will be erected by 2013.