Eli Applebaum Completes Purchase of SkyVue Site for Heart-Shaped Resort Project
Tina Bennett · Jul 25, 2026
Eli Applebaum Completes Purchase of SkyVue Site for Heart-Shaped Resort Project
The transaction closed when local developer Eli Applebaum acquired the nearly 12-acre SkyVue property on Las Vegas Boulevard directly across from Mandalay Bay, and the deal included all remnants of the long-stalled Ferris wheel project that once occupied part of the land. The purchase price reached $70 million, and the buyer now controls a prime Strip-adjacent parcel that had remained undeveloped for years after earlier plans collapsed. Reports indicate the new owner intends to move forward with an 874-room hotel-casino resort anchored by a distinctive heart-shaped tower, and the exterior of that tower would feature a continuous LED screen capable of displaying advertisements, artwork, and coordinated light shows.
Property Background and Acquisition Details
Observers note that the SkyVue site sat idle for an extended period following the abandonment of its original Ferris wheel concept, yet the underlying land retained significant value because of its position on the southern end of the Las Vegas Strip corridor. The completed sale transferred ownership to Applebaum without any immediate changes to zoning or entitlements, and the $70 million figure reflects the current market assessment of the parcel in its partially improved but unfinished state. Those familiar with the transaction confirm that no construction schedule or financing package has been released publicly at this stage.
Proposed Resort Design Elements
Plans call for an 874-room hotel-casino that would occupy the bulk of the acreage, while the signature heart-shaped tower would serve as both the visual centerpiece and a large-scale media surface. The LED wrapping would allow the structure to function as a programmable canvas for dynamic content, and designers envision sequences that could synchronize with events or seasonal themes. Because the property sits opposite Mandalay Bay, the tower's illumination would be visible to heavy vehicular and pedestrian traffic moving along Las Vegas Boulevard. No architectural renderings or engineering studies have been submitted to Clark County or the City of Las Vegas for formal review.
Current Status of Approvals and Timeline
County records show that the project remains in the conceptual phase, and neither the Nevada Gaming Control Board nor local planning departments have received formal applications for the casino license or building permits. Applebaum's team has not disclosed a projected groundbreaking date or an estimated cost for vertical construction, and industry sources indicate that such announcements typically follow land acquisition by several months or longer. The absence of confirmed timelines leaves the development schedule open, although the buyer has stated an intention to pursue the heart-shaped tower concept once preliminary studies are complete.
Site Characteristics and Location Advantages
The parcel spans nearly 12 acres and retains concrete foundations plus steel remnants from the earlier Ferris wheel installation, features that could either be removed or incorporated into new site work depending on engineering decisions. Its frontage along Las Vegas Boulevard places the future resort within the established tourism corridor, while proximity to Mandalay Bay and other southern Strip properties offers potential synergies for visitor flow. Because the land already carries commercial zoning compatible with casino use, the primary regulatory hurdles ahead involve gaming licensing rather than basic land-use approvals.
Next Steps for the Developer
Applebaum must now coordinate environmental assessments, traffic studies, and preliminary design work before any public hearings can occur, and each of those tasks requires time before formal submissions. The developer has not indicated whether additional partners or investors will be brought into the project, nor has any branding for the eventual hotel-casino been announced. Until those elements are finalized and submitted, the property will continue to appear largely unchanged from its current condition.
Conclusion
The purchase of the SkyVue site by Eli Applebaum for $70 million marks a concrete step toward redevelopment of a long-vacant Strip parcel, yet the absence of submitted plans or approved timelines keeps the ultimate outcome uncertain. The proposed 874-room resort with its heart-shaped LED tower remains a conceptual vision that will require multiple layers of regulatory review before any construction can begin. Observers will continue to monitor public filings from Clark County and the Nevada Gaming Control Board for the first official indications of progress on the project.