Ar! BUT! You're not a newbie!
For once my inexperienced voice is relevant!
The prizes on the wheel are FANTASTIC for newbies! The Governor's Villa, brilliant! Wishing Well, troops, boosts, medals.....
Yes, perhaps to someone who's been playing for a long time, and maybe has a diamond farm of 20 wishing wells the rewards are insignificant, but trust me, if you've been playing less than a month or maybe longer, and you're still in an era before the High Middle Ages, and you don't have Great Buildings, or even just have maybe one or two at low levels, then this event is WONDERFUL!
I'd go even further and say it is worth investing in buying doubloons for the prizes.
The wheel seems to stop pretty fairly at each position, with equal chances of winning the "gold" prize as say a 10% supply boost or frame house, based on my own numerous spins (ahem
)