Proposals to build a rock and roll-themed visitor attraction in Eloy, Pinal County, Arizona, US, have moved a step closer to reality after receiving the greenlight from the Senate.

The Phoenix-based developers of the scheme – a team which includes Peter Alexander, president of Themed Future Concepts and Tim Macy, formerly of Six Flags and Universal Studios – will now hope that its plans for a 950-acre scheme will be given final approval by Governor Janet Napolitano.

The US$750m (£380m, 482m euro) project, to be called Decades Music Theme Park, would include a 240-acre rock and roll theme park, a luxury hotel and retail space and according to the Arizona Republic, is designed to attract around 5.4 million visitors a year.

According to a study by Elliot Pollack & Associates, the attraction will create an economic output of nearly US$447.1m (£227m, 287m euro) annually, creating gross tax proceeds of around US$180m (£91m, 116m euro) for the City of Eloy.