The Vegas Strip could soon be home to a new theme park and a towering 500-foot Ferris wheel thanks to a plan approved Wednesday by the Clark County Council.

The commissioners unanimously approved a developer’s permit for a 10-acre amusement park and retail center to be built near Mandalay Bay.

If built, the Ferris wheel would be the third largest in the world, taller even than the famous “London Eye.”

Although initially approved, the plan could still run into some difficulties. In his permit request, developer Howard Bulloch did not specify how he would fund the project and the park would surely face stiff competition from casino giant Caesars Entertainment, which recently announced plans for a Strip Ferris wheel of its own.

Still, Bulloch remains optimistic that his plan is the right one for Las Vegas. "It's time for an attraction like this on the Strip," he said. "We think this will be a phenomenal attraction for the city."

Source: Las Vegas Review Journal