Here's how Ferris wheel idea has fared elsewhere
What would George Ferris say?
The steel rides, invented by a bridge engineer for the 1893 Chicago World's Fair, are seeing a resurgence now that they've morphed into what are often called observation wheels. But they're not being built at amusement parks, because they're considered to be too tame by the thrill seekers who flock to Kings Island and other similar locations.
"Big wheels are seen as a way to create a defining element for destination projects," reported Urban Land, the magazine of the Urban Land Institute, in 2014. "There are cities all over the world that have an interest in something that is iconic," Wil Armstrong, president of Starneth, an engineering and construction firm working on wheels in New York City and Dubai, told the magazine.
Interest in the big wheels was sparked by the London Eye, which opened in 2000.
Newport on the Levee officials and the Price Group, the Levee's owner, said earlier this week they have a letter of intent to build an observatory/Ferris wheel on the riverfront to offer views of Downtown and Northern Kentucky.
If completed, Newport would be one of a growing number of cities, both in the United States and throughout the world, to offer an observation wheel keep tourists engaged with the city. Some have become solid attractions, while others have fallen short of ridership expectations.
Construction began last month on the world's tallest observation wheel, standing at 630 feet. The New York Wheel will cost more than $500 million, all of it private money, said chief marketing officer Travis Noyes.
Projected to open in May 2017, the wheel will be able to hold 1,440 people in 36 gondolas. It is estimated the wheel could have as many as 30,000 visitors per day and more than 4 million each year.
By comparison, the Levee gets 3.5 million visitors each year. The wheel being discussed for Newport would be 180 feet tall.
Ryan Marnell, a manager at the Newport Hofbrauhaus, said he isn't sold on the idea yet.
"It's a unique and aggressive take on helping the tri-state area, but it's also kind of terrifying, the amount of money a project like this will take," Marnell said. "I don't think an observation wheel would be my first, second or third choice as a project to bring to the area.
"It would be really cool to have that and it's going to trickle down to all the businesses here eventually, but at what cost?" he said.
Bill Lawson, 49, of Bethel, has already seen and heard enough of the project to know he wants it.
"It'll be quite a spectacle, and it'll cost plenty, but I wish it was already here, to tell you the truth," Lawson said. "It'll be great for everyone here. It'll look great on the river. It's a good thing."
In New York, ride the ferry and a wheel?
Noyes, the New York Wheel marketing director, said developers have been trying to get a wheel into New York City for many years. Staten Island is a good location because it has a great view of the Manhattan skyline and many tourists are already taking the Staten Island Ferry.
"These two things together made an ideal location for a wheel," Noyes said.
But many tourists will take the ferry and head right back to Manhattan, so Noyes believes the wheel will give them a reason to stay and spend money on the island. Each ticket is estimated to cost $35.
Not every observation wheel has been a surefire success.
Pensacola Beach, Florida, had a wheel for a year. It didn't draw crowds as expected, so it was disassembled and moved to Atlanta.
Marketing, ridership concerns in Vegas
Las Vegas' 550-foot High Roller wheel, currently the tallest observation wheel in the world, also has been a bit of a disappointment.
The High Roller had about 5,000 visitors each day from the end of 2014 to the beginning of March, the Associated Press reported.
The attendance was 3,000 fewer riders per day than was expected when the ride opened earlier in 2014. The owner, Caesars Entertainment, had hoped for 8,000 to 11,000 visitors each day, which could generate $60 million in annual revenue.
Marketing the ride has also been a challenge for the company that has traditionally focused on casinos, hotels and other types of entertainment. It assumed the High Roller would be most popular when hotels on the Strip were the fullest, but that hasn't been the case.
But the main riders so far have been leisure tourists, families and locals – not casino-goers or convention attendees.
Each cabin of High Roller can hold 40 people. The large cabins allow for parties that can be booked in advance and which include a bar and bartender inside the cabin.
There is also a "Happy Half Hour," in which the 30-minute ride features an open bar. According to the article, "Happy Half Hour" riders have accounted for one in every four.
Tickets are $26.95 during the day and $36.95 at night (after 6 p.m.) for adults.
Other Ferris/observation wheels across the country
Orlando Eye
The Orlando Eye reaches 400 feet in the air. Tickets can be bought in person or online.
The Eye offers flex tickets and a VIP experience, which features priority boarding and a glass of champagne.
It does not run throughout the winter months. Tickets for the attraction, on Orlando's International Drive, are $25 if you walk up to buy them but can be as low as $18 in advance.
Skyview Atlanta
Skyview Atlanta is a 20-story tall Ferris wheel above Centennial Park in downtown Atlanta.
Riders complete four rotations on the wheel, which lasts about 9 to 15 minutes, and two to six people can fit into each gondola. Skyview Atlanta can also be rented for parties and events.
Admission is $13.50 plus tax for adults.
Skyview Atlanta, which is located on private property, operates under a contract with the city government (because it's near city property), according to the Atlanta Journal Constitution.
Capital Wheel at National Harbor
The Capital Wheel, which is located on the Potomac River in suburban Oxon Hill, Maryland, features gondolas that can hold eight people. Each rotation is about 12-15 minutes.
Participants can also book VIP rides or other private events.
Tickets are $15.
The Associated Press contributed.