Clark County commissioners approved plans for a novel resort on a site that’s been a glaring reminder of past failures—the former SkyVue ferris wheel location on the South Vegas Strip. Developer Eli Applebaum, operating through Kulik River Capital, has secured the go-ahead to construct a 29‑story, heart‑shaped hotel-casino with 752 rooms, right across from Mandalay Bay. The design features a unique heart-shaped glass curtain wall equipped with a full-height LED display.
In This News
Transformation of a Notorious Site
The SkyVue project, initially conceived as a $100 million entertainment extravaganza, stalled after financial troubles emerged, leaving behind two towering concrete columns. Still, these unfinished support towers, locally dubbed “the pillars of sadness,” are set to be transformed rather than demolished. They’ll be integrated into a 265-foot-high dining establishment. Still, this pivot from an abandoned amusement project to an new resort underscores a major redevelopment strategy. Applebaum purchased the nearly 12-acre site earlier this year for $70 million from the hands of Wayne Perry’s family, who picked it up during a bankruptcy auction back in 2020. Although Applebaum originally proposed a more ambitious 874-room structure, he revised the plan, trimming it down by 60 feet to align with FAA guidelines.
Skepticism Meets Optimism
While some media outlets question the likelihood of this ambitious project coming to fruition—given the site’s fraught history—MGM Resorts reportedly welcomes any progress that would replace the longtime eyesore. Still, for years, guests at Mandalay Bay have found their views dominated by the failed SkyVue’s skeletal remains. Applebaum’s revised vision aims to bring over 42,000 square feet of convention space, a gaming floor, dining options, retail offerings, and a covered pedestrian plaza reminiscent of the lively Fremont Street Experience. It’s a tall order, but one that proponents say could rejuvenate this stretch of the Strip.
Regulatory and Market Context
This isn’t the first time Las Vegas has seen grand plans falter. The city’s market is littered with ambitious projects that never quite took off. Yet, regulatory bodies appear cautiously optimistic, likely spurred by a stronger local economy and the growing attraction of Vegas as a global entertainment hub. However, achieving FAA compliance is non-negotiable for any developer in the area, a fact Applebaum seems to have taken to heart with his adjusted plans. Historically, the site’s failed transformation attempts have underscored the risks inherent in the volatile Las Vegas market. The monumental SkyVue project fell victim to competition and financial overreach—a cautionary tale for all new developments.
Next Steps and Expectations
The road ahead is still long. Applebaum and his team must finalize detailed plans and secure additional permits before breaking ground. The timeline for construction remains uncertain, but the regulatory hurdles have been mostly cleared. Industry insiders will be watching closely—whether this heart-shaped dream turns into reality or becomes yet another chapter in Vegas’ tumultuous development history remains to be seen. The board is expected to revisit progress reports in early Q1 next year, marking the next pivotal checkpoint for this high-profile undertaking.
Eri Gaitu leads the news desk at Best in Slot, tracking breaking developments across the gambling world in real time. From exclusive bonus offers and casino launches to licensing updates and regulatory shifts, Eri ensures readers are always first to know about the changes that matter to their gaming experience.
