World's tallest Ferris wheel opens in Las Vegas

A general view of the Las Vegas High Roller at The LINQ on March 30, 2014 in Las Vegas, Nevada. Ethan Miller, Getty Images

LAS VEGAS -- Riders are getting their first turns on a skyline-changing Las Vegas Strip observation wheel that's opening as the world's tallest.

A ceremony Monday at 11:30 a.m. local time marks the completion of the 550-foot High Roller - built by Caesars Entertainment Corp. as part of its $550 million LINQ development at the heart of the glittery Strip resort corridor.

The Ferris-style wheel has 28 glass-enclosed and air-conditioned gondolas that can each hold up to 40 people.

A full revolution takes 30 minutes. Tickets are $24.95 in the daytime and $34.95 at night.

The height tops the nearly 443-foot London Eye and the 541-foot Singapore Flyer.

A group in New York plans a 625-foot Ferris wheel on Staten Island with a view of the Statue of Liberty and the Manhattan skyline.

UNLV Center for Gaming Research Director Dave Schwartz told CBS affiliate KLAS-TV that attractions like the High Roller will draw crowds.

"I think there's money to be made on attractions like the High Roller, so they're building them," he said. "I think it's really looking at it rationally and saying, 'What do people want to do?' instead of just saying, 'This is what we do, and if you don't like it, you can go somewhere else.' It's like, hey, what do people want and build that here."

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