judge approves sale of Las Vegas monorail to tourism agency | Nevada News
LAS VEGAS (AP) – A judge has approved the sale of the Las Vegas monorail to the Las Vegas Convention and Visitors Authority.
U.S. bankruptcy court judge Natalie Cox has said she will sign the order approving the $ 24 million sale. Most of the money generated from the sale will be distributed to creditors, the Las Vegas Review-Journal reported on Tuesday.
The elevated train runs on a 6-kilometer route along the Las Vegas Strip, but operations have been suspended since March due to the coronavirus. The railway line was owned and operated by the private Las Vegas monorail company.
“We are delighted that the US Bankruptcy Court has today approved the sale of the assets of Las Vegas Monorail Company to LVCVA and look forward to the transaction closing in the coming weeks,” said the CEO of LVCVA, Steve Hill, in a statement.
Las Vegas Monorail Company CEO Curtis Myles said the sale “secures the future viability of the system and creates a way forward for LVCVA and experienced monorail operators to work together to reopen the system at the appropriate time to transport. again millions of visitors, eliminating vehicle emissions and traffic jams and helping the recovery of our tourism economy. â
Las Vegas monorail executives, including Myles, are expected to be hired through Western Management Group to oversee the system due to their familiarity with how it works.
The authority had approved an agreement in October with Western Management Group to manage the monorail under a contract not exceeding $ 500,000.
The tourism authority expects the system to have a remaining lifespan of around 10 years, KSNV-TV reported.
The system serves around 5 million people per year. It was not immediately clear when it should be working again.
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