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Sep 10, 2013 12:53 PM by NBC News

Las Vegas' new "High Roller" Ferris Wheel

(KSNV)The giant Las Vegas observation wheel is reaching new heights. The outer wheel of the 55-story High Roller ride is scheduled to be hoisted into place Monday.

It's the largest Ferris wheel in the world and it's expected to open next year to riders on the Las Vegas Strip.

At 550 feet the High Roller wheel will be 100 feet taller than the London Eye.

The giant wheel will be the focal point of The LINQ, a $550 million development next to Harrah's.

The project director, David Codiga, says they are getting closer and closer to opening.

"All the buildings are built," Codiga said. "The streets are being done, the landscaping is being done, the tenants are beginning their work. We're really getting to the last few months here."

The outdoor development will include retail shops and restaurants.

"When people come to experience the LINQ, they're going to experience a wide array of shopping, dining, nightlife, entertainment, a great bar scene, it's really a critical mass of all those things in an outdoor environment," said Jon Gray, the general manager of the LINQ.

Another company has plans to construct a second observation wheel across the street from Mandalay Bay, but the developer, Howard Bulloch, says he SkyVue project is on hold due to a lack of funding.

In a statement to News 3, Bulloch said "We expect to resume construction by the end of the year and have a mid-2015 opening."

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