LVCVA to Pursue Acquisition of Las Vegas Monorail System
LAS VEGAS (KTNV) – The Las Vegas Convention and Visitors Authority is moving forward with its plan to own and operate the Las Vegas Monorail.
Clark County Commissioners gave the go-ahead to transfer franchise rights at a meeting on Tuesday and LVCVA’s Board of Directors approved the acquisition of the Las Vegas Monorail System for up to $24.26 million.
The board said it would preserve a key transportation solution for business and leisure travelers to Las Vegas.
“The action of the Board of Directors today was significant as it is the first step towards keeping this very important transportation system at the heart of the resort corridor,” said Steve Hill, CEO and President of LVCVA. . “Convenient and efficient transportation around Las Vegas is an essential aspect of the visitor experience.”
CONCERNING THE MONORAIL:
The Las Vegas Monorail Company plans to file for bankruptcy after COVID-19 forced it to close, and the LVCVA plans to file in court to resolve the bankruptcy.
The monorail began operations in 2004 and is currently owned by the Las Vegas Monorail Company, a private nonprofit, but has suspended operations since March 18 due to the pandemic.
Hill says he thinks the LVCVA can run the system more efficiently, in part because it has access to low-interest loans.
“Nearly a third of our convention attendees ride this monorail,” Hill said. “Our customers, trade show organizers, have contacted us asking us to ensure that the monorail remains a transportation option for their customers and our customers in Las Vegas.”
The monorail carries approximately 5 million passengers per year and generates just over $2 million per year.
If successful in acquiring the monorail, the LVCVA says it will contract with an outside company to manage and operate the monorail system.
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