Las Vegas monorail takes one step back to enable airport expansion
The Las Vegas monorail system has filed for Chapter 11 bankruptcy but will continue service as usual for its passengers. Running 4.4 miles between the Las Vegas Convention Center and hotels on the Strip since 2004, the service was hit hard by the economy’s deleterious effects on Las Vegas tourism and convention business. The Las Vegas Monorail Company set up operations banking on 20 million passengers per year, paying $2.50 each, but has seen only 27 million over 5 years. The company chose to file bankruptcy in order to lower payments to bondholders and free up capital for an expansion to McCarran International Airport, which will cost an estimated $500 million. Read full story.