Las Vegas Monorail Secures Funding for New Station Serving Venetian and MSG Sphere
The Las Vegas Monorail Company has secured the long-term financing needed to help finance the construction of a new station at Sands Avenue and to replace a short-term loan facility. The new station will provide a direct connection to the Sands Expo Center, The Venetian and Palazzo complexes, and 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 provides substantial mobility benefits along our busy resort corridor,â said Curtis Myles, President and CEO of Las Vegas Monorail Company. “With two new resorts, we will multiply these benefits for our customers, resort partners, sponsors and our community.”
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. With the addition of the Sands Avenue station, the expanded eight-station system will be connected to more than 30,000 hotel rooms and more than 8 million square feet of convention space by its completion.
The new monorail station funded by this transaction expands creative opportunities to showcase sustainability-focused sponsorship programs. The Las Vegas monorail system has carried more than 87 million passengers since its opening, providing additional mobility and capacity in one of the most popular and congested visitor lanes in the world. These are fully electric, zero-emission vehicles that eliminate over 27 tonnes of emissions per year, and around 462 tonnes since opening. Additionally, the mobility provided by the system removes 2.1 million vehicle kilometers from Las Vegas roads each year – totaling more than 29 million vehicle kilometers since the system began operating.