According to Madame Tussauds, Master Chief is the first video game character immortalized by them in their 250-year history. Sadly, his first big photo-op after being revealed was with Fall Out Boy's Pete Wentz. Master Chief is only on display at the Madame Tussauds in Las Vegas located near the Venetian Casino. A Tussauds rep tells Joystiq, "The Master Chief may go on loan to other locations, but his permanent home will be in Las Vegas."
It looks like GamerTagRadio definitely had the scoop on this story, the statue was created in London and flown to Vegas for the big reveal. In the end the Master Chief statue is 7'2" tall and weighs 275 lbs, he required ten artists who worked 892 man-hours. And he's not made out of wax like we would think, it actually took 1,000 pounds of clay to put him together. Madame Tussauds tells us that there will be an event at the Vegas location for the Halo 3 launch, but details are still being worked out with Microsoft. The statue is currently on display with plenty of Halo related merchandising, merchandising -- where the real money from the game is made.