A ground-breaking ceremony was held today on the Las Vegas Strip for The Skyvue Las Vegas Super Wheel.

The $175 million privately funded project will include 200,000 square feet of entertainment space next to the Mandalay Bay hotel capped by a giant 500 foot observation wheel.

Upon completion, the Super Wheel will be the tallest Ferris Wheel in the Western Hemisphere and third largest in the world. It will feature 40 gondolas, each capable of holding up to 25 passengers. 

Plans for the project were unanimously approved by Clark County Commissioners back in March. Officially set to open in early 2013, organizers hinted today that the project could be completed in time for New Years Eve 2012.

Source: KLAS-TV