Remember SkyVue Las Vegas? Condemned ferris wheel land for sale

Posted: May 17, 2022, 4:41 a.m.

Last update: May 17, 2022, 4:41 a.m.

A 26-acre lot on the Las Vegas Strip that was once part of an aborted “London Las Vegas” project is on the market, the Las Vegas Review-Journal reports.

SkyVue Las Vegas
The owner of the land on which these two strange columns stand is asking $7 million per acre. (Image: LVRJ)

The land, south of the Strip’s edge, is currently home to two dilapidated monoliths that were designed to hold “SkyVue Las Vegas Super Wheel,” a giant Ferris wheel that never existed. The two 60-foot concrete columns stood aimlessly in front of Mandalay Bay for the better part of a decade.

But the neighborhood is booming, thanks to its proximity to Allegiant Stadium and the T-Mobile Arena, and the rejuvenation of Las Vegas’ post-pandemic gambling market.

The CBRE Group real estate brokerage recently launched the advertisement of the land for sale, The Las Vegas Review-Journal rreports. Its owner, Shotgun Creek Investments, is asking for $182 million, or $7 million per acre.

Downward spiral

Developer Howard Bulloch envisioned the SkyVue project as the first phase of “London Las Vegas”. Approved in 2011, it was to be a 500ft observation wheel that would briefly have been the world’s tallest had it been opened on schedule. The 550ft Linq High Roller was unveiled in 2014 and has since been eclipsed by the 820ft Dubai Eye.

The initial phase was to include a roller coaster, as well as retail and restaurant space, and a display billed as “the world’s largest outdoor advertising LED screen”.

Phases two and three involved the construction of London Las Vegas, which was envisioned as a 1,300-room hotel-casino with 550,000 square feet of restaurants and shops. All of these would be architectural fascimilies of London’s landmarks and districts.

But the two concrete horrors were about as far as the project went before it ran into financial difficulties, and Las Vegas has been struggling ever since.

To buckle the buckle

The land was put up for sale in 2015 for $10 million per acre, but it didn’t sell. Shotgun, which had funded the SkyVue project, acquired the land through bankruptcy proceedings in 2020.

“Never in a million years did we imagine that we would end up owning a big chunk of the Las Vegas Strip,” said Greg Perry, general counsel for Shotgun Creek. LVRJ. “But after a long bankruptcy, here we are.”

Perry added that there had been little enthusiasm among interested parties to revive the SkyVue project and the columns would likely be demolished.