Some people have asked: just what those two concrete poles are that sitting in that dirt lot across from the Mandalay Bay Resort?
Ask The Vegas Tourist
Those are the remains of what was supposed to be “Skyvue”. A hotel resort and entertainment complex that was to be anchored by a 500-foot big wheel type of a ride. The Big Wheel was not only going to be the world’s largest observation wheel, but it was also going to be the largest LED advertising sign as well.
SkyVue is the first phase of a larger 3-phase project—London, Las Vegas. As its name aptly suggests, London, Las Vegas combines the same excitement and sophistication of Europe’s most prestigious city, with all the thrills of the entertainment capital of the world. skyvuelasvegas.com
The entire, 3-phase project uses London, England as its design inspiration. When completed, the 38.5-acre property will feature 1,300 hotel rooms, a casino, a 500-foot-tall observation wheel, and 550,000 square feet of restaurants and shops—all of which will be architectural replicas of various British landmarks and neighborhoods.
Phase I of London, Las Vegas—SkyVue—is comprised of the construction, management, and operation of a 500-foot-high observation wheel, including 122,000 square feet of LED advertising signage and approximately 550,000 square feet of retail space with more than 600 feet of frontage on the Las Vegas Strip.
Yea, you know where this is going, don’t you??
The ironic thing is that all this happened long after the worldwide and Las Vegas economic meltdown. This was proposed and started to break ground in 2011. People were still not confident in the Las Vegas real estate market. The project went overseas looking for money by getting it designated as an EB-5 project. “EB-5 provides 10,000 foreign nationals annually the opportunity to obtain permanent residency (a green card) by investing in the U.S. economy and creating jobs.”
The developers seemed to be chasing money and needed to prove they really were going to build. So as they got some investment money, they would work on the project until they ran out of funds instead of waiting to get all of the financings first. Thus, two poles and a big hole is all the farther they got
What finally killed the project?
As the poles were being built in May of 2012 and the developers still hustling for money and getting semi-favorable media coverage, Caesars Entertainment robbed the spotlight with the announcement of their “Big Wheel” to be built near center Strip. Yes, Caesars was deep in debt, but they still could be counted on to finish a project they started. So if you were an investor, where would you put your money? On a project with shaky financials and was located at the south end of the Strip? Or one that had a track record and a better position for attracting tourists? The Skyvue project was toast.
So if you were an investor, where would you put your money? On a project with shaky financials and was located at the south end of the Strip? Or one that had a track record and a better position for attracting tourists? We know the answer. The Skyvue project was toast.
January 2014, The Linq Entertainment District opened for business along with the Worlds Largest Observation Wheel. In mid-2015, the Skyvue land was put on the market for an undisclosed price.
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