Las Vegas Monorail Company Secures Funding for Expansion
LAS VEGAS (KLAS) – The Las Vegas Monorail Company has secured the long-term financing needed to help finance the construction of a new station at Sands Avenue. Thursday’s announcement revealed that the money will also be used to replace a short-term loan facility.
The new station will provide a direct connection to the Sands Expo Center, The Venetian and The Palazzo complexes, as well as the MSG Sphere, the 18,000-seat entertainment venue currently under construction.
The transaction is part of the company’s expansion program, which will also include a subsequent expansion of the Mandalay Bay Resort near the Allegiant Stadium.
âCompletion of this initial funding is an important and necessary step in our strategy to expand this system, which already offers substantial mobility benefits along our busy resort corridor,â said Curtis Myles, President and CEO of Las Vegas Monorail Company. âWith two new resorts, we will multiply these benefits for our customers, resort partners, sponsors and our community.â
The Sands Avenue station is expected to be completed and opened concurrently with the opening of the Sphere project. Last month, Las Vegas Monorail Company announced a new sponsorship program led by Pharris Media, Inc. to promote its âgreenâ advertising initiative.
The Las Vegas monorail system is fully electric, zero-emission vehicles eliminate over 27 tonnes of emissions per year and approximately 462 tonnes since it opened.
With the addition of the Sands Avenue station, the expanded eight-station system will be connected to over 30,000 hotel rooms and over 8 million square feet of convention space when completed.