Although it's called "Project Link" internally, a source with Harrah's tells GlobeSt.com it is still in concept stage and likely will remain that was for some time. There is a computerized rendering but thus far it has been released only to the Las Vegas Sun.

"There's really no pedestrian-friendly, outdoor area on the Strip…and very few if anyone could deliver anything like it," says the source. "Our landholdings and existing resort structure wouldn't require us to remove a resort or a casino floor and take that revenue offline."

The pedestrian-only walkway would extend approximately 1,000 feet in from the Strip on a jagged, diagonal path and be lined with 25 to 30 eating and drinking establishments. At the end of the walkway would be a 600-foot "observation wheel" similar to the London Eye or the Singapore Flyer, which at 541 feet is currently the tallest in the world.

"It's a concept we've been holding onto for a couple of years," the source says.

And with reasonably priced equity and debt nearly impossible to come by and preleasing activity almost nonexistent, Project Link likely will remain in conceptual form for at least another couple of years.

If it is eventually built, while Harrah's likens it to Bourbon Street in New Orleans' French Quarter, it's hard not to liken it to something much closer, the Fremont Street Experience, currently the most successful open-air, pedestrian-friendly urban gaming and entertainment destination in the Las Vegas market. With several casinos, dozens of restaurants, on-street entertainment and a massive overhead video screen, Fremont Street annually lures 17 million visitors to historic Downtown Las Vegas--46% of all visitors to the region-- despite the area being home to only 5% of the hotel rooms in the broader market.

"Anything that can help bring more people to Las Vegas as a destination is good for the whole market," Fremont Street's director of marketing Tom Bruny tells GlobeSt.com. "We believe we have a very compelling destination--including the largest video screen in the world and two concert stages--that is unique and cannot be duplicated or replicated on the Strip."

Las Vegas Mayor Oscar Goodman and Frank Volk, a local retail brokerage executive with Strip leasing experience, also were contacted for this story but could not immediately be reached for comment.