Owned and operated by Caesars Entertainment, it opened to the public on March 31, 2014 as the world's tallest Ferris wheel. It is 9 ft (2.7 m) taller than the 541-foot (165 m) Singapore Flyer, which had held the record since 2008. Since October 2021 it is the world's second tallest Ferris wheel after Ain Dubai.

The High Roller, the world's second-tallest observation wheel located in Las Vegas, is owned by Caesars Entertainment. It is the centerpiece of The LINQ Promenade, an outdoor shopping, dining, and entertainment district owned by the same company. In 2026, Caesars continues to operate the wheel as one of its flagship non-gaming attractions, often bundling tickets with stays at its nearby properties like Caesars Palace, The LINQ Hotel, or Flamingo. While there were rumors of a potential sale during the corporate restructuring of the early 2020s, the wheel remains a highly profitable asset for the company due to its "Happy Half Hour" (open bar cabins) and its role as an iconic part of the Las Vegas skyline. The land beneath it is managed under a long-term lease agreement typical of major Strip properties, but the physical structure and the "High Roller" brand are fully under the corporate umbrella of Caesars Entertainment, Inc.