Caesars Entertainment Corporation has announced the start of construction on the world's tallest observation wheel on the Vegas Strip. The Ferris Wheel-style attraction, dubbed the High Roller, will be 550 feet (168 meters) tall, nine feet (2.7 meters) taller than the Singapore Flyer—the current record holder—and 110 feet (33.5 meters) taller than the London Eye, the tallest in Europe.

High Roller's design features 28 air-conditioned cabins capable of accommodating 40 people each. The project would be 50 feet (15 meters) taller than a rival Vegas wheel called SkyVue currently under construction about three miles away.

Caesars' wheel is the centerpiece of a planned $550 million development, dubbed Linq, expected to open next year.

“Construction of the steel platform is under way, with four bases for the wheel's legs already in place,” the Las Vegas Review-Journal reported.

"This is exciting for us to get to this point," David Codiga, executive project director for The Linq told media at a press conference on Wednesday.