It's the latest transformation for a town that has fully embraced sexy and hip hangouts for adults as the gold standard. But there could be a silver lining. The resort planned for the site is expected to include a giant "observation wheel" that would tower 12 stories over the Strip and feature 30 individual cars that would move slowly and offer stupendous views and plush group seating. In other words, luxury family entertainment.

At least that was the plan first approved by the Clark County Commission more than a year ago. But the story gets complicated from there.

There appear to be dual plans afoot to build giant wheels in Sin City and even hints of a legal battle, meaning it could be a while before anything resembling the famed "London Eye" makes its local debut.

Archon Corp., which owns the Wet 'n Wild parcel through its subsidiary Sahara Las Vegas Corp., received approval from county commissioners in February 2003 to build a 50-story hotel and time-share development anchored by a 12-story ferris wheel and man-made lake. The total price tag was estimated at $650 million.

Archon is controlled by the Lowden family, the former owners of the Sahara hotel and casino and developers of the Fiesta property in North Las Vegas. The company's primary asset is the Pioneer hotel and casino in Laughlin, a property that has more recently experienced a decline in revenue in response to competition from nearby tribal casinos.

At the time of the first approval, Archon was working with Voyager Entertainment Inc., a penny stock company that had been shopping around a ferris wheel concept on the Strip for several years.

Las Vegas architect Veldon Simpson -- designer of the Luxor, Excalibur and MGM Grand casinos -- was Voyager's chief executive before parting ways with the company. He still holds about 5.1 million shares of Voyager stock after selling about 105,000 shares this month.

Archon also cut ties with Voyager and amended its resort plans with the county, including minor changes to the configuration of the giant wheel. Those amended plans were approved by the county in January.

Simpson's attorney and current business partner, Las Vegas attorney Orin Grossman, said Archon and Simpson are still on track to build a giant observation wheel at the Wet 'n Wild site. Voyager is out of the picture, Grossman said.

The concept for the wheel "belongs to Veldon," Grossman said. Simpson came up with the idea about 15 years ago and Voyager attempted to promote it, he said.

Simpson was traveling in Asia and could not be reached for comment.

Meanwhile, Voyager is continuing to talk with developers about building a giant wheel elsewhere.

Voyager President Richard Hannigan said the company is "looking at two locations on the Strip" but declined to elaborate on financing or potential sites.

Hannigan also declined to discuss any agreements that Simpson might have signed concerning the wheel while Simpson was CEO or whether Simpson's stake in Voyager would preclude him from building a wheel at the Wet 'n Wild site.

"I don't believe (Archon) will be able to secure financing for another giant wheel in this town," Hannigan said. "There will be one wheel. This town can't support two."

Archon officials could not be reached for comment. The Lowdens have talked with developers about selling the Wet 'n Wild parcel outright -- a plan that might mean it would take years before a major resort is built. Selling the land also might make sense now because of rising land prices at the north end of the Strip and because the county's green light for a resort might make the land even more valuable.

Disclosures filed with the Securities and Exchange Commission show that Voyager has no material assets or profit and is focused exclusively on building observation wheels in Las Vegas as well as in Dallas and Shanghai, China. The startup company has so far issued millions of shares of stock to fund ongoing operations and will need financing to survive, securities filings say.

Voyager held a news conference in December 2003 to announce that the company was in talks to build the project behind the Rio. However, Voyager and Rio owner Harrah's Entertainment Inc. decided to part ways a few months later. The companies have declined to comment further or discuss the timing of the scrapped plans. That was the latest setback for Voyager, which has announced plans elsewhere along the Strip over the past several years that have yet to result in a giant wheel.

Voyager is working with an A-list support team that includes gaming attorney Frank Schreck, architect Paul Steelman and public relations gurus Rogich Communications Group. Voyager's tourist attraction concept has merit, they say.

Meanwhile, Wet 'n Wild owner Palace Entertainment is looking at sites across the valley for another park, though escalating land prices could hurt those plans. As of Monday, company representatives said no decision had been made.

Liz Benston is a gaming and tourism writer for In Business Las Vegas and its sister newspaper, the Las Vegas Sun. She can be reached at (702) 259-4077 or by e-mail at benston@lasvegassun.com.