This is a statue of the mythical Naga, the seven-headed serpent. According to legend, Naga was a protector of Buddha.
Later in the day we went up in that balloon in the distance. The balloon is attached to a winch. They let out a few hundred feet of cable, you float around for 15 minutes, and then they pull it down. It's a super efficient tourist machine! Yet the staff was very nice, the view was glorious, and it felt well worth $15.00.
Waiting for the sunset