Gargantuan Ferris wheel nearly complete in Vegas

The world's largest ever Ferris wheel High Roller is nearly complete in Las Vegas.

The outer frame of the 55-story wheel will be mounted Tuesday thus turning the ride into the world's largest wheel in the world, for now.

Staten Island, New York is currently waiting to receive approval for their very own 625-feet wheel which would be 75 feet higher than the Las Vegas ride.

New York Mayor Michael Bloomberg announced plans to build the wheel in September 2012 as part of a $480 million investment plan to revive Staten Island's waterfront.

Singapore's Flyer currently holds the record of the world's largest wheel at 541 feet tall, which is nearly 100 feet taller than England's London Eye. The High Roller will top both wheels at approximately 550 feet when finished.

The High Roller will be outfitted with 1,500 LED lights over the next few months and with the outer wheel in place, it will be visible from all parts of the city. The baskets will hold up to 40 passengers and each revolution will take about 30 minutes to complete, according to project director David Codiga.

While eating and smoking are not allowed inside the cabins, passengers will be able to enjoy a cocktail during their ride.

The High Roller is part of a $500 million development plant from Caesars Entertainment Corp., to lure more people to the gambling mecca. The wheel is expected to open to the public in 2014.