LVCVA buys Las Vegas monorail after company files for Chapter 11 bankruptcy | New


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UPDATE: On Wednesday, the Las Vegas Convention and Visitors Authority announced it had acquired the Las Vegas monorail after the company filed for bankruptcy.

The United States bankruptcy court approved the sale on November 24.

LVCVA’s purchase of the monorail preserves an important transportation option in Las Vegas and paves the way for its operation in the future.

LVCVA is expected to discuss the purchase at the December 10 board meeting.

ORIGINAL STORY:

LAS VEGAS (FOX5) – The Las Vegas Monorail Company has filed for Chapter 11 bankruptcy, the company said Monday.

According to a media statement, the company “has filed for voluntary protection under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Nevada.”

The file was approved by the board of directors of the company.

“The Las Vegas monorail has served a critical mobility need in the resort corridor for more than 16 years, carrying more than 85 million passengers during that time. Like many other businesses, we were forced to close on March 18 due to the COVID-19 pandemic and are not yet able to reopen, ”Curtis Myles, President and CEO, said in a statement. writing. “Accordingly, it is in the best interest of the Las Vegas Monorail Company to file for bankruptcy and effect a sale of the assets of the system to a party who intends to keep the system in operation and to ensure that the mobility benefits provided by the Monorail continue during conventions, events and throughout the year.

The Monorail has entered into a sales agreement with the Las Vegas Convention and Visitors Authority, “which the Monorail will submit to bankruptcy court in an auction in which other qualified bidders can participate,” the Monorail said. communicated.

On September 1, the Clark County Commission unanimously approved the Las Vegas Convention and Visitors Authority’s request to acquire the Las Vegas monorail.

The agreement would allow LVCVA to manage the monorail and have exclusive rights to its route. Currently, the 3.9 mile monorail connects the MGM Grand on the Las Vegas Strip to the Sahara at the north end of the Strip. Included is a stop at the Las Vegas Convention Center, operated by LVCVA.

According to LVCVA, the $ 24.6 million acquisition “would preserve a key transportation solution for business and leisure travelers in Las Vegas.”

This is a developing story. Check back for updates.

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