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Challenger’s New York observation wheel making “fantastic” progress

The wheel’s foundations have now been completed, while the legs which the wheel will sit on have been delivered to the site in Brooklyn

manhattan skyline
Each year, an estimated 3.5mln visitors will be able to enjoy the views of the Manhattan skyline

Giant observation wheel investor Challenger Acquisitions Limited (LON:CHAL) has said its New York wheel project is making “fantastic” progress and is on schedule to open in April 2018.

The foundation for the wheel pad has now been completed, while the four legs on which the wheel will sit have been delivered to the site.

A 465ft crane has also arrived at the site in Brooklyn to start he erection process for some of the main components of the wheel, which will be assembled on-site next month.

Challenger – which has a 2% equity stake in the US$590mln project – added that that the foundation for the terminal building is “mostly” finished, and will be structurally complete in December, while the majority of the attraction’s car park is now operational.

“The New York wheel project continues to make fantastic progress in advancing towards its commercial opening,” said chief executive mark Gustafson.

“Now that the above ground additions are underway, including the terminal building and the wheel itself, the next 18 months will be very exciting as we progress towards the grand opening targeted for April 2018.”

As manufacturing on the major components of the wheel continue, the next big step will be when the pedestals for the legs are delivered in the next few weeks.

Once finished, the New York wheel will be around 50% bigger than the London Eye and it is hoped it will be able to carry around 3.5mln passengers each year.

Shares were flat at 16.8p. 

Quick facts: Challenger Acquisitions Limited

Price: 0.13 GBX

LSE:CHAL
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Market Cap: £410.2 k
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